Yonhap News Summary

The following is the second summary of major stories moved by Yonhap News Agency on Friday.

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(LEAD) Seoul shares dip over 1 pct on inflation jitters

SEOUL -- Seoul shares slumped by over 1 percent to extend their losing streak to the fourth session Friday, weighed down by concerns about inflation and a slowdown in the global economy. The Korean won steeply fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) retreated 29.57 points, or 1.13 percent, to close at 2,595.87 points. The key index fell 2.8 percent from a week ago.

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Yoon gives credentials to new ambassador to U.S.

SEOUL -- President Yoon Suk-yeol gave credentials to new Ambassador to the United States Cho Tae-yong on Friday.

Cho received the credentials during a ceremony at the presidential office before heading to Washington this weekend. A former vice foreign minister, Cho recently served as a lawmaker of the ruling People Power Party.

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S. Korea calls for quick ratification of trade deal with Indonesia

SEOUL -- South Korea on Friday asked Indonesia to quickly ratify their trade deal as they seek to strengthen cooperation on supply chains and other economic issues.

South Korea's National Assembly endorsed the Comprehensive Economic Partnership Agreement in June last year, which is meant to eliminate tariffs on products being traded with Indonesia. CEPA is equivalent to a free trade agreement but focuses on a broader scope of economic cooperation.

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Police vow to sternly deal with illegal acts by anti-Moon demonstrators

SEOUL -- Police said Friday they will guarantee rallies and demonstrations in front of former President Moon Jae-in's residence in the southeastern city of Yangsan but illegal activities will be dealt with sternly.

The National Police Agency said in a statement that strict actions will be taken in accordance with the law and principles against illegalities by anti-Moon demonstrators, such as noises exceeding the permissible level and infringements on the peaceful private lives of local residents.

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DSME signs tie-up deal on onboard CO2 capture, storage

SEOUL -- South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Friday it has signed a business partnership agreement with Greek shipper GasLog and the American Bureau of Shipping (ABS) to jointly develop an onboard carbon dioxide (CO2) capture and storage (OCCS) unit.

Under the deal recently signed during the world's top shipping fair, Posidonia 2022 in Greece, the three companies will set up a joint working council to be in charge of designing an OCCS system and installing it on liquefied natural gas (LNG) carriers to be constructed by DSME.

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Stab wounds found on victims of arson attack in Daegu: police

DAEGU -- Stab wounds have been found on the bodies of two people killed in a deadly arson attack in the southern city of Daegu, prompting police to seek autopsies to determine the exact cause of their deaths, officials said Friday.

The fire broke out at an office building in Daegu, about 300 kilometers south of Seoul, a day earlier, killing seven people, including a lawyer and five employees from the same law office on the building's second floor.

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N. Korea keeps mum on key party meeting in unusual move

SEOUL -- North Korea has not yet made public the details of the latest major ruling Workers' Party meeting in what the South Korean government views as a highly unusual move

On Thursday, the North's state media reported that the fifth enlarged plenary meeting of the party's eighth Central Committee kicked off in Pyongyang the previous day with leader Kim Jong-un in attendance.

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S. Korean Kim Jae-youl elected new int'l skating chief

SEOUL -- A veteran South Korean sports administrator Kim Jae-youl was elected as the new president of the International Skating Union (ISU) on Friday, becoming the first non-European leader of the world skating governing body.

Kim won the election held during the 58th Ordinary ISU Congress in Phuket, Thailand, on Friday. According to the Korea Skating Union (KSU), Kim garnered 77 out of 119 votes, beating out three candidates: Patricia St. Peter of the United States, Susanna Rahkamo of Finland and Slobodan Delic of Serbia.

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