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Yonhap News Summary

Yonhap News Summary 17:01 September 08, 2022

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

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(LEAD) Vice Nat'l Assembly Speaker Chung endorsed as ruling party's new interim chief

SEOUL-- The ruling People Power Party (PPP) on Thursday approved Vice National Assembly Speaker Chung Jin-suk as its new interim leader, completing the process to launch a new emergency leadership committee.

The PPP's national committee passed a motion appointing Chung as the chair of the new emergency committee that will replace the old one, which a court effectively ruled invalid last month.

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(LEAD) S. Korea, U.S. to resume key high-level deterrence talks next week

SEOUL -- South Korea and the United States will hold a key high-level deterrence dialogue in Washington, D.C., next week for the first time since 2018, the defense and foreign ministries said Thursday, amid the allies' move to bolster joint efforts to counter North Korea's evolving military threats.

The Extended Deterrence Strategy and Consultation Group (EDSCG), a gathering of the two countries' vice-ministerial defense and diplomatic officials, is scheduled to take place on Sept. 16 (Washington time), they said.

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Unionists at HD Hyundai's shipyards to hold strike vote in Oct.

ULSAN -- Unionized workers at HD Hyundai's three shipyard units are likely to take a strike vote in late October amid little progress in their collective negotiations, sources said Thursday.

Unionists at the three shipbuilders -- Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. -- are slated to take a joint strike vote from Oct. 19-21.

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(LEAD) Banks' household loans up in Aug. amid increased home-backed lending

SEOUL -- Household loans extended by banks in South Korea rebounded in August from the previous month's dip due in part to increased home-backed borrowing, central bank data showed Thursday.

Banks' outstanding household loans came to 1,060.8 trillion won (US$771.2 billion) as of end-August, up 300 billion won from a month earlier, according to the data from the Bank of Korea (BOK).

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Highways nationwide clog with traffic as Chuseok exodus begins

SEOUL -- Sections of expressways nationwide became clogged with traffic Thursday as South Koreans headed to their hometowns for family reunions one day ahead of the four-day Chuseok holiday.

This year's Chuseok holiday, or the Korean fall harvest celebration, runs from Friday to Monday. Traditionally, Koreans head back to their hometowns to spend time with their families and bow at their ancestors' altars and graves.

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Seoul shares end higher on institutional buying amid recession woes

SEOUL -- Seoul shares ended higher Thursday helped by institutional buying amid worries over the Fed's aggressive rate hikes and their impact on the global economy. The Korean won rose against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) rose 0.33 percent, or 7.82 points, to 2,384.28. Trading volume was moderate at 410.57 million shares worth 8.79 trillion won (US$6.3 billion), with gainers outpacing decliners 508 to 333.

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Baseball pennant race, football battles among sports action to watch during Chuseok holiday

SEOUL -- While the nation enjoys one of its biggest holidays over a four-day weekend, there will be no shortage of sports action to keep fans entertained.

The Chuseok holiday starts Friday and runs through Monday, just as the pennant race in the Korea Baseball Organization (KBO) heads toward the final stretch.

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Gucci to hold fashion show at royal palace as planned

SEOUL -- Luxury fashion brand Gucci will hold a fashion show at a royal place in Seoul as planned in November, the company announced Thursday, more than a week after the event was known to have been canceled following controversy over improper use of another historical site in the capital.

"We will present the Gucci Cosmogonie collection at Seoul's Gyeongbok Palace on Nov. 1," the company said in a release.
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