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Yonhap News Summary

Yonhap News Summary 17:24 August 12, 2022

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

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POSCO International pushing to merge with energy affiliate

SEOUL -- POSCO International Corp., a trading arm of South Korean steel giant POSCO Holdings Co., said Friday it will push to merge with an energy affiliate, as it seeks to expand its business portfolio into renewable and other green energy sectors.

POSCO International's board earlier approved the plan and it will be put to a vote at a shareholders meeting on Nov. 4. The process will be completed by Jan. 1, the two companies said in regulatory filings.

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SK hynix plans to select site for U.S. chip packaging plant early next year

SEOUL -- SK hynix Inc. said Friday it aims to select a site for a semiconductor packaging plant in the United States as early as in the first half of next year.

Earlier in the day, Reuters reported that the world's second-largest memory chip maker aims to invest billions of dollars to build an advanced chip manufacturing factory in the U.S. with a goal to start operation by 2025-26.

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(2nd LD) S. Korean F-4E fighter crashes into Yellow Sea, no causalities: Air Force

SEOUL -- A South Korean F-4E fighter jet crashed into the Yellow Sea following a security mission Friday, the Air Force said, with its two pilots having escaped safely.

The decades-old jet slammed into the sea 9 kilometers south of Jeongok Port in Hwaseong, some 40 kilometers south of Seoul, at 12:20 p.m. It was on the way back to its base in Suwon, 35 km south of the capital.

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(LEAD) Yoon to hold press conference to mark 100 days in office

SEOUL -- President Yoon Suk-yeol will hold a press conference next week to mark his first 100 days in office, a presidential official said Friday.

The press conference will be held at the presidential office at 10 a.m. on Wednesday to coincide with the 100th day and last 40 minutes, Choi Young-bum, senior presidential secretary for public relations, said at a press briefing.

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(News Focus) Samsung's Lee expected to solidify leadership, step up biz activities after receiving pardon

SEOUL -- Samsung Electronics Vice Chairman Lee Jae-yong was given a presidential pardon on Friday, in a move widely expected to help him consolidate his leadership and speed up business decision-making in the country's biggest conglomerate.

The decision comes as the tech giant has been faced with intensifying global competition from smaller rivals, including those in China, and growing economic uncertainty from global inflation, monetary tightening and worries over an economic slowdown.

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POSCO Holdings to cancel 672 bln won worth of own stocks

SEOUL -- POSCO Holdings Co., South Korea's top steelmaker, said Friday it has decided to cancel 672 billion won (US$517 million) worth of its stocks to boost shareholder value.

Some 2.61 million treasury shares subject to the move represent about 3 percent of its total stock issued.

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Biz circle welcomes pardons of Samsung heir Lee, other moguls

SEOUL -- South Korea's business circle on Friday welcomed President Yoon Suk-yeol's decision to grant special pardons to Samsung heir Lee Jae-yong and other business leaders, and vowed efforts to help the nation tide over the economic crisis.

Earlier in the day, President Yoon approved his first special pardons of Samsung Electronics Vice Chairman Lee, Lotte Group Chairman Shin Dong-bin and 1,691 others on the occasion of the Aug. 15 Liberation Day anniversary.
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