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Yonhap News Summary

K-pop 16:57 November 14, 2022

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

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Yoon says digital transition is key to overcoming global economic crisis

BALI -- President Yoon Suk-yeol said Monday that a digital transition is key to overcoming the global economic crisis as the combination of digital technologies with existing industries has led to an endless emergence of new businesses.

Yoon made the remark during a keynote speech at the B20 summit in Bali, noting that the world has undergone repeated economic crises, but each one was caused by different factors, with the 2008 financial crisis triggered by a collapse of the financial system and the 2020 pandemic crisis prompted by a sharp reduction in demand during worldwide lockdowns.

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Police set up reform task force following Halloween crowd crush

SEOUL -- Police said Monday that they have set up a task force to overhaul the agency in an effort to prevent the recurrence of tragedies such as the crowd crush in Seoul's Itaewon neighborhood.

Lee Chang-won, president of Hansung University, and Cho Hyun-bai, former chief of the Coast Guard, will chair the task force, which will hold the first meeting sometime soon, the National Police Agency (NPA) said in a written statement.

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Prosecution demands 3-yr sentence for YG Entertainment founder in whistleblower blackmail case

SEOUL -- The prosecution sought three years in prison for Yang Hyun-suk, founder and former head of K-pop powerhouse YG Entertainment, Monday for blackmailing a whistleblower in an attempt to block an investigation into a drug scandal involving a singer-rapper with the company.

Yang was indicted for threatening a former trainee who testified to police in 2016 about drug suspicions surrounding B.I, a former member of YG's boy band iKON.

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JYP founder-singer Park Jin-young to drop new single

SEOUL -- Park Jin-young, the founder of K-pop powerhouse JYP Entertainment and singer, will put out his new single, titled "Groove Missing," next week, his agency said Monday.

The single will mark his first release in two years and three months since "When We Disco," his collaboration single with Sunmi, a soloist from now-disbanded girl group Wonder Girls, released in August 2020.

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Samsung's Lee expected to meet MS, ASML CEOs this week

SEOUL -- Samsung Electronics Executive Chairman Lee Jae-yong will meet chief executive officers of Microsoft and chip equipment maker ASML later this week, sources said Monday.

Microsoft CEO Satya Nadella will arrive in Seoul on Wednesday to attend the Microsoft Ignite Spotlight on Korea, an annual conference for developers and IT professionals. Nadella last visited Seoul in 2018.

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(LEAD) Seoul shares close lower on tech losses

SEOUL -- Seoul stocks ended lower Monday as investors moved to cash in part of recent gains on cautions that it would be too early to expect the Federal Reserve to slow down its aggressive rate hikes push.

After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) lost 8.51 points, or 0.34 percent, to close at 2,474.65.

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High-ranking police officer temporarily suspended in crowd crush probe

SEOUL -- A high-ranking police official was temporarily suspended from his post on Monday as part of the investigation into the deadly crowd crush in Seoul's Itaewon neighborhood.

Park Sung-min, a superintendent general, is under suspicion of ordering the deletion of an internal intelligence report giving prior warnings of a possible safety accident during the Halloween period in a suspected attempt to cover up inaction. A superintendent general is the fourth-highest rank.
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