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Yonhap News Summary

Yonhap News Summary 17:10 December 02, 2022

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

Decision on additional return-to-work order for striking truckers likely to be delayed

SEOUL -- The office of President Yoon Suk-yeol appears to be delaying a decision on whether to impose additional return-to-work orders for striking truckers, apparently shifting to a letup from its previous hard-line stance.

The presidential office was previously expected to convene an extraordinary Cabinet meeting as early as Friday to invoke a back-to-work order on fuel tanker drivers, following a similar order issued earlier this week for cement truck drivers.

Senior defense official discusses regional security issues with CSIS experts

SEOUL -- South Korea's Vice Defense Minister Shin Beom-chul met with a visiting group of U.S. experts Friday to discuss North Korean threats, the bilateral alliance and other issues, his ministry said.

The group included John Hamre, the president of the Center for Strategic International Studies (CSIS), its Senior Vice President for Asia Victor Cha and Kathleen Stephens, former U.S. ambassador to South Korea. They came here to attend a forum earlier this week.

National Assembly misses legal deadline to pass gov't budget bill

SEOUL -- The National Assembly missed the legal deadline Friday to handle the government's budget proposal for next year, as rival parties refused to budge in their standoff over the budget plan and a dismissal motion against the interior minister over the deadly crowd crush in Seoul.

Friday is the legal deadline for lawmakers to pass the first annual budget plan drawn up by the Yoon Suk-yeol administration since it came to power in May.

S. Korea sends 2nd official feedback to U.S. on Inflation Reduction Act

SEOUL -- South Korea sent another official written opinion to the United States on Friday regarding the Inflation Reduction Act (IRA) that stipulates tax incentives for clean energy sectors, the industry ministry said.

The U.S. Treasury Department is requesting public input to devise guidance on the implementation of the IRA amid mounting complaints over its discriminatory nature of giving up to US$7,500 in tax credits to buyers of electric vehicles assembled only in North America.

Prosecution demands 5-year prison term for ex-justice minister

SEOUL -- Prosecutors on Friday demanded five years in prison and a fine of 12 million won (US$9,225) for former Justice Minister Cho Kuk, who stands accused of academic irregularities involving his children and interference with an inspection into a corruption case.

Cho was indicted in December 2019 for fabricating documents to help his children get into prestigious schools and for receiving bribes in the form of a scholarship for his daughter.

Yoon offers condolences over death of former Chinese leader Jiang

SEOUL -- President Yoon Suk-yeol on Friday offered his condolences over the death of former Chinese leader Jiang Zemin as he visited a memorial altar at the Chinese Embassy in Seoul, Yoon's office said.

Yoon is also expected to send a letter of condolence to China to mourn the passing of Jiang.

(LEAD) Seoul shares plunge 1.8 pct after Fed-driven rally

SEOUL -- South Korean stocks fell nearly 2 percent on Friday, snapping a three-day winning streak as foreigners and institutions dumped shares after recent rallies fueled by optimism over a possible downshift in U.S. rate hikes. The local currency inched down against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) retreated 45.51 points, or 1.84 percent, to 2,434.33. Trading volume was moderate at 462.1 million shares worth 7.2 trillion won (US$5.53 billion), with decliners outnumbering gainers 604 to 262.

Yoon meets with head of U.S. think tank

SEOUL -- President Yoon Suk-yeol met with John Hamre, the president of the Center for Strategic International Studies (CSIS), on Friday and discussed issues ranging from South Korea-U.S. relations to North Korea's provocations, his office said.

During their meeting at the presidential office, Yoon complimented the U.S. think tank for its trailblazing role in advancing research on the two countries' bilateral relations, deputy presidential spokesperson Lee Jae-myoung said in a statement.

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