Yonhap News Summary

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

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Heavy snowfall forecast to hit S. Korea's capital, central areas

SEOUL -- Heavy snow was forecast to hit South Korea's capital and central regions Thursday, with some parts of the Gyeonggi, Gangwon and North Chungcheong provinces predicted to see snowfalls of more than 10 centimeters, the weather agency said.

Beginning in the morning, the greater Seoul area, parts of the Gangwon, North Chungcheong and South Chungcheong provinces are likely to receive snowfall between 3 cm and 8 cm, the Korea Meteorological Administration (KMA) said.

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(LEAD) Uncertainty still remains high even after Fed's rate hike: finance chief

SEOUL -- The U.S. Federal Reserve's latest interest rate hike was in line with market expectations, but uncertainty still remains high over high inflation and an economic downturn, Seoul's finance chief said Thursday.

Finance Minister Choo Kyung-ho made the remarks during an emergency macroeconomic meeting with Bank of Korea (BOK) Gov. Rhee Chang-yong and top financial regulators after the Fed slowed the pace of its rate hike to a half-point Wednesday (U.S. time) from its previous 75 basis point increases.

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(Yonhap Interview) Vietnamese President Phuc vows support for S. Korean businesses to develop 'win-win' economic ties

HANOI/SEOUL -- Vietnamese President Nguyen Xuan Phuc has pledged to make his "utmost" efforts to support South Korean businesses striving to secure a foothold in the Southeast Asian country's market while voicing hopes for "win-win' bilateral economic cooperation.

Speaking to Yonhap News Agency CEO Seong Ghi-hong in Hanoi on Wednesday, Phuc stressed his steadfast commitment for the Korean firms, voicing expectation that trade volume between the two countries would top US$100 billion next year and rise to 150 billion in 2030. Last year, two-way trade stood at $80.7 billon.

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Arrest warrants sought for 2 men in high-profile development scandal

SEOUL -- Prosecutors sought arrest warrants Thursday for two men on suspicion of helping a key suspect in a high-profile real estate development scandal conceal his assets.

The scandal centers on the allegations that a small private asset management company, Hwacheon Daeyu, was allowed to reap astronomical investment profits from the development project in Daejang-dong in Seongnam, just south of Seoul.

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Import prices down in Nov. on stronger won, fall in oil prices

SEOUL -- South Korea's import prices fell for the first time in three months in November thanks to the local currency's rise against the U.S. dollar and a fall in crude oil prices, central bank data showed Thursday.

The import price index stood at 148.07 in November, down 5.3 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

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Public sector debt hit record high last year amid pandemic: data

SEOUL -- South Korea's public sector debt exceeded the 1,400 trillion-won (US$1.08 trillion) mark for the first time last year on the government's expansionary policy to cope with the fallout from the COVID-19 pandemic, the finance ministry said Thursday.

The country's public sector debt, known as D3, came to 1,427.3 trillion won last year, up 11.5 percent from the previous year, according to the data from the ministry.

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S. Korea votes in favor of Iran's removal from U.N. women's rights body

SEOUL -- South Korea has voted in favor of a resolution ousting Iran from a U.N. women's body on Wednesday (New York time), along with 28 other countries, amid Tehran's monthslong crackdown on protests.

The 54-member U.N. Economic and Social Council (ECOSOC) adopted a resolution to oust Iran from the Commission on the Status of Women (CSW), effectively removing Tehran from the remainder of its four-year term till 2026. Eight countries, including China and Russia, voted against the resolution.

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'Decision to Leave' nominated for Critics Choice Awards

SEOUL -- Park Chan-wook's romance thriller "Decision to Leave" has been nominated for best foreign film for this year's Critics Choice Awards.

According to the nominations announced by the Critics Choice Association on Wednesday (U.S. time), the Korean film starring Park Hae-il and Tang Wei was listed in the best foreign language film category, along with five other movies.
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