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Yonhap News Summary

Yonhap News Summary 17:01 January 12, 2023

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

(2nd LD) Gov't mulls compensating forced labor victims via public foundation despite victims' opposition

SEOUL/GWANGJU/TOKYO -- The South Korean government is considering a method to compensate victims of Japan's wartime forced labor through a public foundation fund rather than direct payment from responsible Japanese firms, officials here confirmed during a public hearing Thursday.

Victims and supporting civic groups, however, strongly protested the move, saying that the issue is not about money but that of addressing past human rights violations of Japan.

China should not restrict arrivals for reasons beyond COVID-19 response measures: foreign ministry

SEOUL -- China should not restrict people's entry across its border for reasons other than those of pandemic response measures, Seoul's foreign ministry said Thursday, following Beijing's suspension of visa services for South Koreans in retaliation against Seoul's strengthened antivirus curbs against arrivals from China.

Lim Soo-suk, spokesperson for the ministry, said during a regular press briefing that Seoul has made clear to Beijing through diplomatic channels "there should never be restrictions on entry based on factors other than those of coronavirus quarantine measures."

(LEAD) Seoul stocks up for 7th day on hopes for U.S. inflation slowdown

SEOUL -- South Korean stocks extended their winning streak to a seventh session on Thursday, largely on anticipation of slower inflation in the United States. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 5.57 points, or 0.24 percent, at 2,365.1 points.

S. Korea to extend foreign exchange trading hours

SEOUL -- South Korea will extend trading hours of its foreign exchange market as part of its efforts to make Asia's No. 4 economy a more attractive investment destination, the finance minister said Thursday.

Finance Minister Choo Kyung-ho said the South Korean government will consider extending its foreign-exchange trading hours to 2:00 a.m. as early as the second half of 2024.

Kakao Entertainment secures 1.2 tln won in investment from sovereign wealth funds

SEOUL -- Kakao Entertainment Corp., an entertainment, media and publishing unit under the South Korean tech giant Kakao Corp., said Thursday that it has secured a 1.2 trillion-won ($963.8 million) investment from global sovereign wealth funds.

The company said it is the largest overseas investment raised by a South Korean content production firm.

Appellate court orders additional compensation for families of 2014 ferry disaster victims

SEOUL -- An appellate court on Thursday ordered additional compensation to be paid to the bereaved families of those killed in the 2014 sinking of the Sewol ferry, acknowledging their privacy rights were infringed by a state body's surveillance of them.

On April 16, 2014, the 6,800-ton vessel, carrying 476 passengers en route to the resort island of Jeju, capsized in waters off the southern coast, killing 304 people, mostly high school students on a school trip.

S. Korean World Cup star sees Premier League as 'ultimate destination'

WANJU, South Korea -- Having reportedly fielded offers from multiple European clubs, South Korean World Cup hero Cho Gue-sung said Thursday the Premier League in England is his "ultimate destination."

Cho, striker for Jeonbuk Hyundai Motors who led the K League 1 with 17 goals in 2022, had a star turn at the FIFA World Cup in Qatar last year.

Man gets 30-yr jail term for murdering wife in front of stepdaughter

INCHEON -- A 43-year-old man was sentenced to 30 years in prison Thursday for murdering his wife and stabbing his mother-in-law in front of his stepdaughter.

The Incheon District Court also barred the man, whose identity has been withheld, from employment at children and youth facilities for five years.

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