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Yonhap News Summary

All News 13:30 August 03, 2022

The following is the first summary of major stories moved by Yonhap News Agency on Wednesday.

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(LEAD) S. Korea's new COVID-19 cases rise to over 3-month high, cumulative cases top 20 mln

SEOUL -- South Korea's new COVID-19 cases rose further on Wednesday amid a fresh wave of infections driven by a highly infectious omicron variant.

The country added 119,922 new COVID-19 infections, including 600 from overseas, bringing the total caseload to 20,052,305, the Korea Disease Control and Prevention Agency (KDCA) said.

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PPP lawmaker calls for early national convention to recoup ruling party

SEOUL -- An interim leadership system that the ruling People Power Party (PPP) is trying to install should run the party for the shortest possible time until a national convention is held to elect a new leader, a ranking lawmaker said Wednesday.

The PPP is trying to break up the current leadership and switch to an "emergency committee system" as party members try to hold floor leader Kweon Seong-dong accountable for the embarrassing disclosure of texts he exchanged with President Yoon Suk-yeol.

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Presidential office calls for regional peace through dialogue after Pelosi's visit to Taiwan

SEOUL -- The presidential office called Wednesday for regional peace and stability through dialogue as U.S. House Speaker Nancy Pelosi made a high-profile visit to Taiwan.

Pelosi, who is set to arrive in South Korea as part of her Asian tour, visited Taiwan late Tuesday, becoming the highest-ranking elected U.S. official to visit self-ruled island in 25 years. China, which claims sovereignty over Taiwan, has strongly protested against Pelosi's visit.

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Seoul shares up late Wed. morning amid China tension

SEOUL -- Seoul shares extended gains late Wednesday morning, with investors eyeing the impact of U.S. House Speaker Nancy Pelosi's trip to Taiwan amid recession worries.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.20 points, or 0.50 percent, to trade at 2,451.82 points as of 11:20 a.m.

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(LEAD) Hyundai, Kia's July U.S. sales fall 11 pct amid chip shortage

SEOUL -- Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States fell 11 percent last month from a year earlier amid the prolonged global chip shortage.

Hyundai, its independent Genesis brand, and Kia sold 128,283 vehicles in the world's most important automobile market in July compared with 143,779 units a year ago, according to the companies' sales data.

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(News Focus) S. Korea turns to traditional deterrence playbook

SEOUL -- South Korea appears to be turning to a tried-and-true deterrence playbook marked by its arms buildup, a threat of "unsparing" punishment and scaled-up military drills as it faces evolving North Korean security challenges, analysts said Wednesday.

That playbook revolves around three Cs: military capabilities, communication to a recalcitrant North Korea and the credibility of its military strength -- a confluence of requirements to rein in Pyongyang's provocations, like a possible nuclear test, according to them.

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Kakao Games' Q2 net profit skyrockets over 165 times on 'Odin,' 'Musume' success

SEOUL -- Kakao Games Corp., the gaming unit of South Korean tech giant Kakao Corp., said Wednesday its second-quarter net profit skyrocketed over 165 times from a year earlier thanks to the success of its blockbuster mobile title "Odin Valhalla Rising" and "Uma Musume Pretty Derby," its latest Japanese licensed game published in May.

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