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Yonhap News Summary

All News 17:10 August 02, 2022

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

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(LEAD) Presidential office hoping for swift normalization of ruling party

SEOUL -- The presidential office said Tuesday it hopes the ruling party is quickly normalized, shortly after the People Power Party (PPP) decided to convene a meeting to discuss switching to an emergency leadership system.

"The party is going through a complicated and difficult problem, and we just hope it will be stabilized soon," a presidential official said.

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(LEAD) Yoon orders public discussion on plan to lower school entry age

SEOUL -- President Yoon Suk-yeol has ordered the education ministry to swiftly put to public debate the government's proposal to lower the elementary school starting age by one year to 5, an official said Tuesday.

Yoon also instructed the ministry to play a role in facilitating bipartisan discussions about the plan in the National Assembly because the plan is subject to parliamentary approval, said senior presidential secretary for social affairs Ahn Sang-hoon.

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SK hynix completes 576 bln-won acquisition of chip contract firm Key Foundry

SEOUL -- SK hynix Inc., South Korea's second-largest chipmaker, said Tuesday it has wrapped up a 576 billion-won (US$492 million) acquisition of local chip contract manufacturer Key Foundry.

The company said it has recently completed the official acquisition process of the 8-inch wafer foundry manufacturer from Magnus Investment Partners LLC, a private equity fund, under a 100 percent stake-purchase deal signed in October of last year.

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Foreign ministry refuses to comment on Pelosi's expected visit to Taiwan

SEOUL -- South Korea's foreign ministry refused Tuesday to comment on U.S. House of Representatives Speaker Nancy Pelosi's expected visit to Taiwan but reiterated its position on the importance of "stability and peace" in the Taiwan Strait.

Pelosi was reportedly expected to arrive in Taiwan later in the day, a high-profile trip that Beijing has opposed, as it views the self-governing island as part of its territory under a one-China principle.

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Ex-KBO strikeout king Dan Straily rejoins Lotte Giants

SEOUL -- Two years after leading the South Korean league in strikeouts, American right-hander Dan Straily is coming back.

The Lotte Giants of the Korea Baseball Organization (KBO) announced Tuesday that Straily has rejoined the team at US$400,000 for the rest of this season. The 33-year-old pitcher is replacing Glenn Sparkman, who was waived Sunday after going 2-4 with a 5.31 ERA in 19 starts in his first season here.

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S. Korea seeks Vietnam's support for corporate participation in power plant projects

SEOUL -- South Korea's industry minister on Tuesday asked for Vietnam's support to ensure that Korean companies can participate in gas-fueled power plant projects in the Southeast Asian country, his office said.

Lee Chang-yang, minister of trade, industry and energy, made the request during a meeting with his Vietnamese counterpart, Nguyen Hong Dien, who is in Seoul for a four-day visit as part of an 18-member delegation.

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(LEAD) Seoul shares snap 6-day winning streak amid recession woes

SEOUL -- Seoul shares ended lower Tuesday, snapping a six-day winning streak, as investors remain watchful on escalating U.S.-China tension over Taiwan amid global recession worries. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index fell 12.63 points, or 0.52 percent, to close at 2,451.5 points.
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