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Yonhap News Summary

All News 17:09 July 29, 2022

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

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Heavy rains forecast for Jeju, southern regions on weekend as Typhoon Songda passes

SEOUL -- Heavy rains are expected to soak the southern island of Jeju and other southern regions over the weekend as the year's fifth typhoon, Songda, is forecast to pass by Jeju, the weather agency said Friday.

The typhoon passed over the waters 740 kilometers east of Japan's Okinawa at 9 a.m. and is expected to pass by Jeju Island to reach the seas 290 km east of China's Shanghai at 9 p.m. Saturday before dissipating into a tropical depression between Sunday and Monday, the Korea Meteorological Administration said.

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Justice ministry to review candidates for presidential pardons for Liberation Day next month

SEOUL -- The Justice Ministry will soon review candidates for presidential pardons to be granted on the occasion of Liberation Day next month, sources said Friday, with Samsung heir Lee Jae-yong and ex-President Lee Myung-bak said to be among possible candidates.

The ministry's nine-member pardon review board will hold a meeting between Aug. 9 and 10 to evaluate candidates to be recommended to President Yoon Suk-yeol for special pardons to be granted in celebration of the Aug. 15 Liberation Day, the legal sources said.

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Elementary school entry age to be lowered to five

SEOUL -- Starting as early as 2025, all children in South Korea will likely be allowed to enter elementary school one year earlier, according to an education ministry report Friday.

Reporting this year's key policy plans to President Yoon Suk-yeol, the ministry said it will soon begin full-fledged discussions on lowering the school starting age from six to five.

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S. Korean high jumper Woo Sang-hyeok rises to No. 1 in world rankings

SEOUL -- South Korean high jumper Woo Sang-hyeok has risen to No. 1 in the official world rankings after winning the silver medal at the world championships last week.

According to the latest rankings by the World Athletics on Friday, Woo scored 1,388 points to top the list for men's high jump, followed by Gianmarco Tamberi of Italy with 1,377 points and Andriy Protsenko of Ukraine with 1,332.

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(LEAD) LG Electronics' Q2 profit drops 12 pct on slow demand, high logistics costs

SEOUL -- LG Electronics Inc. on Friday said its second-quarter operating profit decreased 12 percent on-year amid rampant inflation that hurt consumer demand for TVs and other home appliances.

Its operating income came in at 792 billion won (US$609 million) for the April-June quarter, falling short of analysts' expectations surveyed by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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(2nd LD) Samsung SDI logs best-ever results in Q2 on robust EV battery sales

SEOUL -- Samsung SDI Co. said Friday it posted record high operating income and sales in the second quarter, driven by strong sales of electric vehicle (EV) batteries.

Operating income reached 429 billion won (US$330.4 million) in the April-June period, up 45.3 percent from a year earlier, the company said in a regulatory filing.

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(LEAD) Seoul shares extend winning streak to 5th day on hope for Fed's less aggressive rake hikes

SEOUL -- South Korean stocks advanced for the fifth consecutive session Friday as investors speculated that a second consecutive quarterly contraction in the U.S. economy may prod the U.S. Federal Reserve to take rate hikes that are less aggressive than previously expected. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 16.23 points, or 0.67 percent, from the previous session to close at 2,451.5 points. The figure is up 2.44 percent from a week ago.

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S. Korea's homegrown KF-21 fighter succeeds in 2nd flight test

SEOUL -- South Korea's homegrown KF-21 fighter jet successfully carried out its second flight test Friday following its maiden flight earlier this month, an informed source said.

The fighter took off from the Air Force's 3rd Flying Training Wing in Sacheon, about 300 kilometers south of Seoul, at 11:02 a.m., and flew for 39 minutes, according to the source.

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Special parliamentary committee passes bill aimed at lowering fuel tax rate

SEOUL -- A special parliamentary committee on improving people's livelihoods on Friday passed a bill raising the flexibility rate of fuel taxes from the current 30 percent to 50 percent until the end of 2024 as part of efforts to lower skyrocketing oil prices.

The committee also approved a bill expanding tax exemption on meal allowances for employed workers from 100,000 won (US$77) to 200,000 won per month.
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