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Yonhap News Summary

Inter-Korean Summit 13:30 October 07, 2022

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

(2nd LD) Samsung Electronics Q3 profit estimated to have declined 31.7 pct on-year

SEOUL -- Samsung Electronics Co. said Friday its preliminary third-quarter operating profit declined by nearly 32 percent from a year earlier, as the company has faced macroeconomic headwinds that weakened consumer demand for electronic devices.

The world's largest memory chip and mobile phone maker said its operating profit for the three months ending in September was predicted to come in at 10.8 trillion won (US$7.7 billion), down 31.7 percent from 15.82 trillion won from the year-ago period.

U.S. will hold N. Korea accountable for provocative missile launches: State Dept.

WASHINGTON -- The United States has a range of ways to hold North Korea accountable for its provocative actions, a state department spokesperson said Thursday, one day after China and Russia blocked a U.S.-led move to put U.N. Security Council sanctions on Pyongyang.

Vedant Patel, principal deputy spokesperson for the state department, also said the U.S. continues to closely monitor North Korea and will take additional action if necessary.

(LEAD) S. Korea posts current account deficit in Aug. amid slowing exports

SEOUL -- South Korea posted a current account deficit for the first time in four months in August, as exports grew at a slower pace and import bills continued to mount amid high crude oil and raw material prices, central bank data showed Friday.

The gloomy data has added to worries over Asia's fourth-largest economy beset with various challenges at home and abroad, including high inflation, fast-rising interest rates and a widening trade deficit.

Yoon refrains from commenting on possibility of scrapping inter-Korean military agreement

SEOUL -- President Yoon Suk-yeol said Friday he would not comment in advance on the possibility of scrapping an inter-Korean military tension reduction agreement in the event North Korea goes ahead with another nuclear test.

Some members of the ruling party have argued the Sept. 19 agreement, signed after a 2018 summit between then President Moon Jae-in and North Korean leader Kim Jong-un, should be scrapped amid the North's increased missile testing in recent weeks.

PPP calls for thorough probe into allegations against ex-FM Chung in N.K. fishermen repatriation

SEOUL -- The ruling People Power Party (PPP) called for a thorough probe into the 2019 repatriation of North Korean fishermen Friday after a news report that then National Security Adviser Chung Eui-yong ordered that their expression of a desire to defect be removed from a report on their questioning.

Citing prosecution sources, the news report said Thursday that Chung, who also served as foreign minister in the Moon Jae-in administration, ordered officials probing the fishermen to remove certain phrases showing their willingness to defect to South Korea.

(LEAD) BOK to maintain monetary tightening stance amid high inflation

SEOUL -- South Korea's central bank said Friday it will maintain its position to raise interest rates going forward to combat inflation that is expected to stay in the 5-6 percent range "for a considerable period of time."

In a report submitted to lawmakers for a parliamentary audit, the Bank of Korea (BOK) voiced concerns a sharp slide of the local currency against the U.S. dollar will likely apply upward pressure on prices.

Yoon says he and Kishida agreed on benefit of improving bilateral ties

SEOUL -- President Yoon Suk-yeol said Friday he and Japanese Prime Minister Fumio Kishida agreed on the benefit of improving bilateral relations for the two countries' economies.

Speaking to reporters as he arrived for work, Yoon said he discussed North Korea's recent ballistic missile launches with Kishida during their Thursday phone call and the two agreed to firmly respond to the North's nuclear and missile provocations through close trilateral cooperation between their countries and the United States.

Yoon says gender ministry's abolition aimed at better protecting women

SEOUL -- President Yoon Suk-yeol on Friday defended his plan to abolish the gender ministry, saying it is aimed at better protecting women and other vulnerable groups.

Yoon had pledged to abolish the Ministry of Gender Equality and Family during the presidential campaign, sparking fierce opposition from politicians and activists who feared it would undermine women's rights.

S. Korea's new COVID-19 cases below 30,000 for 2nd day

SEOUL -- South Korea's new COVID-19 cases were below 30,000 for the second straight day Friday, as the virus wave continued to show signs of slowing down.

The country reported 22,298 new COVID-19 infections, including 54 from overseas, bringing the total caseload to 24,933,756, the Korea Disease Control and Prevention Agency (KDCA) said.


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