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Yonhap News Summary

Yonhap News Summary 17:00 September 14, 2022

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

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Yoon may meet party leaders after 3-nation trip: official

SEOUL -- A meeting between President Yoon Suk-yeol and the leaders of the ruling and main opposition parties may take place after his upcoming visit to Britain, the United States and Canada, a presidential official said Wednesday.

"There is a need to consider President Yoon meeting the respective leaders and floor leaders of the parties following his overseas visit," Lee Jin-bok, the senior presidential secretary for political affairs, told reporters following a meeting with the new interim leader of the ruling People Power Party.

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(3rd LD) Won hits over 13-yr low following disappointing U.S. inflation data, rate hike woes

SEOUL -- The South Korean currency on Wednesday tumbled below the 1,390 won mark against the greenback for the first time in over 13 years as the higher-than-expected inflation data in the United States stoked worries over the Federal Reserve's more aggressive monetary tightening.

The local currency closed at 1,390.9 won against the U.S. dollar, down 17.3 won from the previous session's close. The won dipped to as low as 1,395.5 at one point.

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Arrest warrants issued for Terraform founder Do Kwon and 5 others

SEOUL -- Prosecutors have set out to apprehend Do Kwon, the CEO of Terraform Labs, as part of a probe into the massive collapse of the blockchain firm's Luna and TerraUSD cryptocurrencies in May, officials said Wednesday.

The Seoul Southern District Prosecutors Office has recently had arrest warrants issued for Kwon and five others, including Terraform founding member Nicholas Platias, on charges of violating the capital market law, prosecution officials said.

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(LEAD) Google, Meta together fined record 100 bln won for unauthorized personal data collection

SEOUL -- The Personal Information Protection Commission (PIPC) on Wednesday slapped a combined fine of 100 billion won (US$71.9 million) on Google and Meta Platforms for collecting personal information without users' consent and using it for personalized online advertising and other purposes, officials said.

In a general meeting, the commission approved the fines of 69.2 billion won for Google and 30.8 billion won for Meta Platforms, respectively, in the commission's first penalties handed out over personalized advertisement data collection.

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Yoon's meeting with China's top legislator being arranged for Friday

SEOUL -- President Yoon Suk-yeol's meeting with China's top legislator Li Zhanshu is being arranged for later this week, although the details have yet to be fixed, according to the presidential office Wednesday.

Li, China's third-ranked official and chief of the Standing Committee of the National People's Congress, will lead a large government delegation to Seoul on Thursday at the invitation of National Assembly Speaker Kim Jin-pyo.

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Samsung's Lee not to attend trial due to business trip abroad

SEOUL -- Samsung Electronics said Wednesday its Vice Chairman Lee Jae-yong will skip attending his trial this week as he continues to visit Samsung's overseas operation sites and drum up support for South Korea's efforts to host the 2030 World Expo.

Samsung said Lee met President Laurentino Cortizo of Panama on Tuesday in the capital of Panama City to discuss ways to boost Samsung's business in the Central American nation.

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Insurers' household loans grow slower in Q2 amid high borrowing costs

SEOUL -- Insurers' household lending grew in the second quarter of this year but at a slower pace from a year earlier amid rising borrowing costs, data showed Wednesday.

Outstanding household loans extended by local insurers had stood at 129.5 trillion won (US$92.9 billion) as of end-June, up 700 billion won from three months earlier, according to the data from the Financial Supervisory Service (FSS).

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(LEAD) Assembly speaker discusses economic cooperation with Spanish, Portuguese leaders

MADRID/LISBON/SEOUL -- National Assembly Speaker Kim Jin-pyo met with the Spanish Senate leader and the Portuguese president to discuss ways to widen economic cooperation with Korea during his two-nation trip to the respective countries, his office said Wednesday.

During their 30-minute meeting in Madrid on Tuesday (local time), Kim and Ander Gil Garcia, president of the Senate of Spain, discussed how they could enhance cooperation in areas like renewable energy, electric vehicles, construction and infrastructure.

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Seoul shares dip over 1.5 pct as U.S. inflation data signals more aggressive rate hikes

SEOUL -- South Korean stocks fell more than 1.5 percent Wednesday, as the hotter-than-expected U.S. inflation data fueled concerns over the Federal Reserve's looming sharp rate hikes. The local currency fell sharply against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) retreated 38.12 points, or 1.56 percent, to close at 2,411.42. Trading volume was moderate at 454 million shares worth 7.53 trillion won (US$5.41 billion) with decliners outnumbering gainers 721 to 167.
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