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Yonhap News Summary

All News 13:30 September 05, 2022

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

(LEAD) S. Korea braces for powerful Typhoon Hinnamnor

SEOUL -- Super Typhoon Hinnamnor has gradually moved northward to reach waters off the southern island of Jeju on Monday, the state weather agency said, as South Korea braces for what could be the most powerful storm ever to hit the country.

As of 5 a.m., the typhoon, the 11th this year, was located 550 kilometers south-southwest of Jeju's Seogwipo, moving north at a speed of 22 kilometers per hour, according to the Korea Meteorological Administration (KMA).

Trade chief to visit U.S. for talks on EV tax credit

SEOUL -- South Korea's Trade Minister Ahn Duk-geun will depart for the United States on Monday for talks on the U.S. Inflation Reduction Act (IRA) that excludes electric vehicles assembled outside North America from tax incentives.

The IRA, signed by U.S. President Joe Biden in August, gives tax credits to buyers of EVs assembled only in North America, sparking concerns that carmakers here will lose ground in the U.S. market as they make EVs at domestic plants for export.

(LEAD) Opposition DP to file complaint against Yoon on charges of stating false information

SEOUL -- The main opposition Democratic Party (DP) decided Monday to file a complaint against President Yoon Suk-yeol on charges of violating the election law by stating false information, days after the prosecution summoned DP leader Lee Jae-myung for questioning over similar charges.

The DP plans to file the complaint with the Seoul Central District Prosecutors' Office on Monday afternoon in connection with Yoon's remarks about stock manipulation allegations involving first laday Kim Keon-hee, the party said in a text message to reporters.

Won hits over 13-year low per dollar in intraday trading

SEOUL -- The South Korean currency on Monday fell to the 1,370-won level against the U.S. dollar for the first time in more than 13 years during its intraday trading amid the Federal Reserve's aggressive monetary tightening.

The local currency had been trading at 1,370.90 as of 11:26 a.m., down 8.30 won from the previous session's close. The won fell to as low as 1,371.90 per dollar at one point.

(LEAD) Current account surplus likely to narrow amid energy costs, slowing demand: minister

SEOUL -- South Korea's finance minister said Monday the country's current account surplus could narrow as the trade balance will likely deteriorate amid a hike in energy prices and slowing global demand.

Finance Minister Choo Kyung-ho also said the government will take stern actions against foreign exchange market-disturbing behaviors during the extended Chuseok fall harvest holiday amid the won's sharp weakness against the U.S. dollar.

S. Korea expected to become world's most aged country in 2044

SEOUL -- South Korea is expected to become the country with the largest share of people aged 65 years or older in the world in 2044 due to rapid aging, data showed Monday.

The proportion of senior citizens in South Korea is forecast to account for 36.7 percent of the total population in 2044, outstripping the world's most aged country of Japan with 36.5 percent, according to data from Statistics Korea.

At IFA 2022, Samsung goes big on energy efficiency

BERLIN -- At Europe's biggest tech show this year, Samsung Electronics Co. went big, not on eye-catching, new consumer gadgets, but on a more pressing issue facing the continent and, by extension, the world: saving energy.

Greater energy efficiency has become all the more important issue as energy prices have soared after Russia cut gas supplies earlier this year.

S. Korea-bound corn shipment departs from war-torn Ukraine

SEOUL -- POSCO International Corp., a South Korean commodities trader, said Monday its shipment of Ukrainian corn departed from a port in the war-torn country and will arrive home later this month.

A vessel carrying 61,000 tons of corn left Pivdennyi Port in Ukraine on Aug. 16 and is on its way via a sea route to reach Incheon, 27 kilometers west of Seoul, around late September, the trading arm of POSCO Holdings Co. said in a release.

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