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Yonhap News Summary

Economy 13:30 November 24, 2022

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

(2nd LD) BOK hikes policy rate by quarter point, lowers growth projection for next year

SEOUL -- South Korea's central bank raised its policy rate by a quarter percentage point Thursday to tame persistently high inflation but slowed the pace of monetary tightening amid worries over high borrowing costs and their impact on economic growth.

The monetary policy board of the Bank of Korea (BOK) voted to lift the benchmark seven-day repo rate from 3 percent to 3.25 percent at this year's last policy meeting earlier in the day.

Truckers go on strike for 2nd time this year amid supply disruption woes

SEOUL -- Unionized truckers in South Korea launched a nationwide strike Thursday, the second of its kind in less than six months, stoking worries over supply disruptions amid post-pandemic recovery efforts.

The government vowed to take a zero-tolerance stance against the strike, warning of stronger action than the last time.

Rival parties set to kick off parliamentary probe into Itaewon tragedy

SEOUL -- Rival political parties are set to officially kick off a parliamentary investigation Thursday into the Itaewon crowd crush in accordance with the agreement they reached the previous day.

A special parliamentary committee on the probe plans to hold its first meeting Thursday morning to draw up a 45-day investigation plan and pass the motion at the National Assembly's plenary session later in the day.

BTS' Jin to enter front-line boot camp next month: sources

SEOUL -- Jin, a member of the K-pop superband BTS, will join a front-line Army boot camp north of Seoul next month to start his mandatory military service, defense sources said Thursday.

The 29-year-old is set to enter the boot camp of a front-line Army division in Yeoncheon, 60 kilometers north of the capital, on Dec. 13 and undergo a five-week training program, according to the sources.

(LEAD) N. Korean leader's sister lambasts Yoon Suk-yeol gov't over talk of sanctions on Pyongyang

SEOUL -- The sister of North Korean leader Kim Jong-un on Thursday lashed out at South Korea's Yoon Suk-yeol administration for seeking more independent sanctions on Pyongyang, calling it a "faithful dog" to Washington.

Kim Yo-jong, vice department director of the Central Committee of the Workers' Party of Korea, harshly criticized the South for labeling the North's military exercise as a "provocation" and pushing to slap additional sanctions on Pyongyang.

Ex-national security adviser quizzed in 2020 death of fisheries official

SEOUL -- Prosecutors on Thursday brought in former National Security Adviser Suh Hoon for questioning as part of an investigation connected to the 2020 death of a fisheries official at the hands of North Korea.

Suh was accused of involvement in the then Moon Jae-in government's ungrounded conclusion that the fisheries official was killed while attempting to defect to the North.

(World Cup) After beating Germany, Japanese players wish S. Korea best vs. Uruguay

AL RAYYAN -- Putting aside their countries' bitter sporting rivalry, Japanese players wished South Koreans the best in their upcoming FIFA World Cup match, following their dramatic rally past Germany on Wednesday in Qatar.

Japan netted two second-half goals to take down Germany 2-1 in Group E action at Khalifa International Stadium in Al Rayyan, just west of Doha. This was the second surprise win by an Asian team in two days, following Saudi Arabia's shock victory over world No. 3 Argentina on Tuesday.


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