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Yonhap News Summary

All News 13:30 November 03, 2022

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

(5th LD) N. Korea's ICBM launch seems to have ended in failure: source

SEOUL -- North Korea fired an intercontinental ballistic missile (ICBM) and two short-range ones toward the East Sea on Thursday, South Korea's military said.

The ICBM was launched from the Sunan area in Pyongyang at around 7:40 a.m. and flew about 760 kilometers at an apogee of around 1,920 km at a top speed of Mach 15, according to the Joint Chiefs of Staff (JCS). Following the second stage separation, however, the missile seems to have failed in normal flight, a defense source said later on background.

(LEAD) Police to request probe into Yongsan police chief, Seoul police situation monitoring officer

SEOUL -- The National Police Agency decided to request a probe into the head of the Yongsan Police Station and a situation monitoring officer at the Seoul Metropolitan Police Agency in connection with the bungled police response to the deadly Itaewon crush, officials said Thursday.

The decision came as criticism of police has been mounting following revelations that police did little to prevent the crush even though a total of 11 emergency calls alerting them to overcrowding in Itaewon were filed before the accident.

Seoul stocks remain bearish after Fed's policy meeting

SEOUL -- Seoul stocks remained in bear territory Thursday morning, as the Federal Reserve's rate-setting meeting dampened investor sentiment.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.04 points, or 0.64 percent, to 2,321.83 as of 11:20 a.m.

Funeral procedures of 121 out of 156 Itaewon crush victims completed

SEOUL -- Out of 156 dead victims of the Itaewon crush, funeral procedures of 121 South Koreans have been completed, authorities said Thursday.

The bodies of seven out of 26 foreign nationals killed during the crowd surge in the popular nightlife district of Itaewon have also been sent to their home countries, the Central Disaster and Safety Countermeasures Headquarters said.

(LEAD) S. Korea dealt devastating World Cup blow with Son Heung-min surgery

SEOUL -- South Korea's chances of reaching the knockouts at this year's World Cup, slim as they already may have been, were dealt a massive blow Thursday morning, when the news of surgery for their best player arrived via London.

In a statement released on their website, Tottenham Hotspur announced that Son Heung-min, the reigning Premier League Golden Boot winner, will undergo surgery "to stabilize a fracture around his left eye." The South Korea captain sustained the injury during the first half of Spurs' Group D match at Marseille in the UEFA Champions League on Tuesday.

(LEAD) Finance ministry monitoring impact of Fed rate hike, N. Korea's provocations

SEOUL -- South Korea's finance ministry said Thursday it is closely monitoring the potential impact of the U.S. Federal Reserve's overnight rate hike and North Korean provocations on the country's economy.

"Following the Fed's rate hike, uncertainties for the South Korean and global financial markets have grown. We plan to respond by staying more vigilant than any other time," the Ministry of Economy and Finance said in a press release.

S. Korea in preparation for legal disputes with U.S. over IRA

SEOUL -- South Korea has been preparing for legal disputes with the United States over the Inflation Reduction Act (IRA) for its discriminatory features against non-North American carmakers, sources said Thursday.

The IRA, signed into law 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 South Korea's Hyundai Motor and Kia Corp. could lose ground in the U.S. market as the two South Korean carmakers make EVs at domestic plants for export to the United States.

(LEAD) SK Innovation logs steep Q3 net decline amid falling oil prices

SEOUL -- SK Innovation Co. said Thursday its third-quarter net profit sank 65.5 percent from a year earlier on narrowing refinery margins amid a fall in global oil prices.

Net income reached 175.2 billion won (US$122.7 million), compared with 507.1 billion won the previous year, the refinery and energy unit of SK Group said in a regulatory filing.

(LEAD) Hybe posts highest Q3 revenue ever

SEOUL -- Hybe, the entertainment company behind K-pop superstars BTS, on Thursday reported a revenue of 445.5 billion won (US$314 million) for the third quarter of the year, up 30.6 percent from a year ago.

It marks the highest-ever third-quarter sales in the company's history.


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