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Yonhap News Summary

Yonhap News Summary 17:11 December 12, 2022

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

(LEAD) Seoul shares fall ahead of Fed's rate-setting meeting

SEOUL -- South Korean stocks finished lower Monday as investors remained cautious about the United States' monetary policy direction ahead of a rate-setting meeting amid deepening recession fears. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index lost 16.02 points, or 0.67 percent, to close at 2,373.02.

Trading volume was a bit light at 489.54 million shares worth 5.72 trillion won (US$4.37 billion), with decliners outstripping gainers 486 to 363.

S. Korea's financial market may rebound in H2 of 2023: KDI president

SEOUL -- The South Korean financial market is likely to remain in the doldrums for the time being, but it may rebound later in 2023, when the monetary tightening comes into effect, the head of the Korea Development Institute (KDI) said Monday.

"The economy started contracting in the second half of this year, and this trend will continue in 2023 as well," Cho Dong-chul, president of the state-run think tank, told reporters.

Top S. Korean, Chinese diplomats hold virtual talks: ministry

SEOUL -- The top diplomats of South Korea and China held virtual consultations Monday to discuss pending bilateral issues, Seoul's foreign ministry said.

Foreign Minister Park Jin held the talks with his Chinese counterpart, Wang Yi, to follow up on what was discussed in summit talks between their leaders -- President Yoon Suk-yeol and President Xi Jinping -- in Indonesia last month.

(LEAD) S. Korea, China resume public-private dialogue on economic, trade cooperation

SEOUL -- South Korea and China held a business dialogue Monday involving business leaders and former and incumbent government officials, following last month's summit between the leaders of the two countries.

Increasing high-level talks and 1.5-track public-private dialogue platforms were among the areas President Yoon Suk-yeol and Chinese President Xi Jinping agreed on during their first summit in Bali in November, which took place on the sidelines of a Group of 20 meeting.

Hyundai Motor to supply hydrogen fuel-cell systems to German truck company

SEOUL -- South Korean auto giant Hyundai Motor Group said Monday it will supply more than 1,000 hydrogen fuel-cell systems to a German environment-friendly vehicle maker in a three-year deal.

Under the contract, Hyundai Motor Group will supply 1,100 hydrogen fuel-cell systems for eco-friendly garbage and cargo trucks to be manufactured by Enginius, a subsidiary of German carmaker Faun Group, the company said in a statement.

Yoon's office says minister's dismissal should be considered after probe into Itaewon tragedy

SEOUL -- The office of President Yoon Suk-yeol said Monday the question of dismissing Interior Minister Lee Sang-min should be considered after an investigation into the Itaewon crowd crush is completed.

The statement comes a day after the opposition-controlled National Assembly passed a dismissal motion against Lee to hold him responsible for the government's bungled response to the tragedy that killed 158 people on Oct. 29.

Ex-President Lee, other politicians seen as likely beneficiaries of next pardons

SEOUL -- Former President Lee Myung-bak and former South Gyeongsang Province Gov. Kim Kyoung-soo are among those being talked about as potential beneficiaries of the next presidential pardons later this month, sources said Monday.

President Yoon Suk-yeol is reportedly planning to grant his second special pardons effective Dec. 28, with Prime Minister Han Duck-soo presiding over a Cabinet meeting the previous day to deliberate on the matter.

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