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Yonhap News Summary

Yonhap News Summary 17:30 August 09, 2022

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

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(LEAD) Seoul shares rise to 2-month high amid inflation, rate hike uncertainties

SEOUL -- South Korean stocks closed moderately higher Tuesday to extend their winning streak to a fifth day, as investors keep a wary eye on upcoming U.S. inflation data that might offer a clue as to the Federal Reserve's next move in its monetary policy. The local currency inched up against the U.S. dollar.

After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 10.36 points, or 0.42 percent to 2,503.46, the highest since June 13 when the index ended at 2,504.51. Trading volume was moderate at 446.4 million shares worth 8.74 trillion won (US$6.69 billion) with gainers outstripping decliners 422 to 412.

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(4th LD) 8 dead, 6 missing in heaviest rainfall in 80 years

SEOUL -- The heaviest rainfall in 80 years has pounded Seoul and surrounding regions, leaving eight people dead and six others missing, as well as flooding homes, vehicles, buildings and subway stations, officials said Tuesday.

Parts of Seoul, the western port city of Incheon and Gyeonggi Province that surrounds Seoul received heavy rains of over 100 millimeters per hour Monday night, with per-hour precipitation in Seoul's Dongjak district surpassing 141.5 mm at one point, the highest downpour per hour since 1942.

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(LEAD) PPP approves leadership shift, names interim leader

SEOUL -- The ruling People Power Party (PPP) amended the party charter Tuesday to switch to an emergency leadership system and named a five-term lawmaker an interim leader as the embattled party sped up efforts to put internal turmoil to rest.

In a general meeting, PPP lawmakers endorsed Rep. Joo Ho-young, who has served as the party's floor leader and in other senior positions, as the interim leader candidate to chair the envisioned emergency leadership committee.

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Vice education minister hints at scrapping proposal to lower school entry age

SEOUL -- Vice Education Minister Jang Sang-yoon said Tuesday it has become "realistically difficult" to continue to push ahead with a widely unpopular proposal to lower the elementary school starting age by one year to 5.

The remark was seen as meaning the government is scrapping the proposal after Education Minister Park Soon-ae stepped down a day earlier amid an outcry from teachers and parents against the plan to advance the school starting age.

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Cars abandoned on Seoul streets after heavy downpours and flooding

SEOUL -- A disaster movie-like scene unfolded in southern Seoul on Tuesday morning, as a large number of cars abandoned the previous night by flood-stricken motorists were left unattended on streets.

The heaviest rainfall in 80 years battered the Seoul metropolitan area this week, causing flash flooding and submerging many roads and buildings in southern Seoul, in particular.

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(LEAD) Yoon visits semi-basement apartment where flood killed 3

SEOUL -- President Yoon Suk-yeol visited a semi-basement apartment in Seoul on Tuesday where a flash flood the previous night killed a family of three.

Yoon visited the apartment in southern Seoul after presiding over an emergency government meeting on the response to the heavy rains that have pounded the capital and central areas this week.

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S. Korean regulator to probe Google, Apple, ONE store over alleged in-app billing irregularities

SEOUL -- South Korea's telecommunications regulator said Tuesday it will launch an official fact-finding investigation into the app stores of Google Inc., Apple Inc. and ONE store Co. next week, saying that the companies may be in violation of the country's in-app payment laws.

The Korea Communications Commission (KCC) said it will launch the probe into the three markets -- Google Play, App Store and ONE store -- on Aug. 16, following provisional inspections of the stores since May 17 over potential violations of the country's revised Telecommunications Business Act.
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