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Yonhap News Summary

Yonhap News Summary 17:32 September 13, 2022

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

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SK hynix to run overseas working program for employees

SEOUL -- SK hynix Inc. said Tuesday it will start an overseas working and training program to help its employees have a broader perspective of the global semiconductor industry.

The Global eXperience Program (GXP) will run for five weeks from the end of October at SK hynix's overseas branches as well as at the offices of other chip companies, including Dutch semiconductor equipment maker ASML, the world's second-largest memory chip maker said.

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Exports down 16.6 pct during first 10 days of September

SEOUL -- South Korea's exports fell 16.6 percent on-year in the first 10 days of September due mainly to fewer working days over the Chuseok holiday, data showed Tuesday.

The country's outbound shipments stood at US$16.25 billion in the Sept. 1-10 period, compared with $19.5 billion a year earlier, according to the data from the Korea Customs Service.

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ECB's hike, Powell's remarks within expectations but volatility likely to mount amid global tightening: BOK

SEOUL -- The recent rate hike decision by the European Central Bank (ECB) and the U.S. Federal Reserve chair's remarks on monetary policy were in line with expectations but worries over aggressive monetary tightening in major countries will likely heighten volatility in financial markets, Seoul's central bank said Tuesday.

From Friday to Monday, including the weekend, the South Korean markets were closed due to the Chuseok holiday during which the ECB hiked its rate by 0.75 percentage point and Fed Chair Jerome Powell reaffirmed his commitment to fighting inflation, suggesting that the U.S. central bank will continue its aggressive rate increases.

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S. Korea seeks to introduce tighter rules to improve fiscal health

SEOUL -- South Korea's finance ministry said Tuesday it will push to introduce fiscal rules that would mandate a sharp drop in the deficit in case the national debt exceeds 60 percent of gross domestic product (GDP).

The move came in line with the Yoon Suk-yeol government's push to implement a belt-tightening policy as part of effort to improve the country's financial soundness following years of expansionary fiscal spending.

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Ex-President Lee to file for extension of imprisonment suspension

SEOUL -- Former President Lee Myung-bak, who has been out of prison for health problems, plans to file a request with the prosecution that the suspension of his prison sentence be extended, a lawyer said Tuesday.

Lee was released from prison in late June after the prosecution suspended his 17-year prison sentence for three months due to chronic illnesses, including diabetes. The suspension is scheduled to expire later this month.

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(3rd LD) 'Squid Game' wins best drama series actor, director at Emmys

SEOUL -- The South Korean phenomenon survival drama "Squid Game" has become the first non-English TV series to win best actor and director in a drama series at the prestigious Primetime Emmy Awards.

At the ceremony for the 74th edition at the Microsoft Theater in Los Angeles on Monday (U.S. time), Hwang Dong-hyuk, who produced, wrote and directed "Squid Game," took home the prize of Outstanding Directing and Writing For a Drama Series for the Netflix series' first episode, "Red Light, Green Light."

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(2nd LD) S. Korea warns N. Korea's nuclear use would lead to regime's 'self-destruction'

SEOUL -- South Korea's defense ministry warned Tuesday that North Korea's attempt to use nuclear weapons would lead to its regime's "self-destruction," responding to Pyongyang's recent codification of an apparently assertive nuclear policy.

Col. Moon Hong-sik, the ministry's deputy spokesperson, issued the warning after the North promulgated a law on its nuclear policy on Thursday last week that hinted at the possibility of the regime launching a preemptive nuclear strike in a contingency.

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POSCO restarts all typhoon-hit blast furnaces in Pohang

SEOUL -- South Korean steel giant POSCO said Tuesday that its three blast furnaces are back in operation, about a week after the shutdown of the facilities over Typhoon Hinnamnor.

POSCO halted the three blast furnaces at its main steel mill in the southeastern city of Pohang last week as the facilities and related equipment were damaged by floods when the typhoon hit the country.

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S. Korea, U.S. to hold working-level talks on EV tax credits

SEOUL -- South Korea and the United States will hold working-level talks this week on ways to minimize impacts the U.S.' Inflation Reduction Act (IRA) would have on South Korean electric vehicles over its discriminatory tax incentives rules, the trade chief said Tuesday.

The IRA, signed by U.S. President Joe Biden in August, gives up to US$7,500 in tax credits to buyers of EVs assembled only in North America, sparking concerns that Hyundai Motor Co. and Kia Corp. will lose ground in the U.S. market as they make EVs at domestic plants for export.
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