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Yonhap News Summary

Yonhap News Summary 13:30 November 23, 2022

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

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(LEAD) Yoon-Elon Musk
(LEAD Yoon asks Elon Musk to build EV plant in S. Korea
(ATTN: UPDATES with details; CHANGES headline; ADDS photo)

SEOUL -- President Yoon Suk-yeol asked Tesla CEO Elon Musk to build an electric vehicle plant in South Korea during a virtual meeting with the billionaire entrepreneur on Wednesday, his office said.

Yoon made the request after Musk explained Tesla's plans to build a gigafactory in Asia to produce finished EVs, and the CEO responded positively, the office said in a press release.

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S. Korean defense chief holds talks with Indonesian, Philippine, Vietnamese counterparts

SEOUL -- South Korea's Defense Minister Lee Jong-sup has held bilateral talks with his counterparts from Indonesia, the Philippines and Vietnam in Cambodia to discuss arms industry cooperation and other security issues, Seoul's defense ministry said Wednesday.

The talks took place in Siem Reap on Tuesday on the sidelines of the three-day Association of Southeast Asian Nations (ASEAN) Defense Ministers' Meeting-Plus (ADMM-Plus), which ends Thursday.

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S. Korea's new COVID-19 cases over 70,000 for 2nd day

SEOUL -- South Korea's new COVID-19 cases stayed above 70,000 for the second straight day Wednesday, fanning concerns over a new virus wave this winter.

The country reported 70,324 new COVID-19 infections, including 69 cases from overseas, bringing the total caseload to 26,725,053, the Korea Disease Control and Prevention Agency (KDCA) said.

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KRX probing 2 foreign brokerages for improperly affecting stock prices

SEOUL -- South Korea's bourse operator has launched a probe into two foreign brokerages on suspicions that they might have improperly affected stock prices through massive trading ahead of a global index rebalancing last year, market sources said Wednesday.

The Korea Exchange (KRX) is looking into whether those firms -- Morgan Stanley and CLSA -- engaged in large-scale trading on some stocks and affected their closing prices in May last year before the Morgan Stanley Capital International (MSCI) rebalancing was announced.

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Ruling party leader urges unionized truckers to call off 'political strike'

SEOUL -- Ruling party floor leader Joo Ho-young on Wednesday pressed unionized truckers to call off a planned strike while urging the government to deal sternly with the nationwide walkout feared to cause supply disruptions in key sectors.

On Tuesday, the government and the ruling People Power Party agreed to extend a freight rate system guaranteeing a basic wage for truck drivers for three years after unionized truckers threatened to launch a general strike against a planned phase-out of the system later this year.

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Seoul stocks up late Wed. morning amid eased concerns over rate hikes

SEOUL -- Seoul stocks traded slightly higher late Wednesday morning amid expectations that the U.S. Federal Reserve might ease aggressive monetary tightening down the road.

The benchmark Korea Composite Stock Price Index (KOSPI) had inched up 4.12 points, or 0.17 percent, to 2,409.39 as of 11:20 a.m.

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