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Yonhap News Summary

Yonhap News Summary 17:03 January 13, 2023

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

Appellate court acquits 3 officials in McDonald's tainted patty case

SEOUL -- A former official of McDonald's Korea and two others were acquitted Friday on charges of lying about the amount of tainted patties in its inventory in an attempt to avoid administrative measures.

An appellate division of the Seoul Central District Court reversed an earlier conviction of a 5 million-won (US$4,000) fine handed down to the former executive director of the global fast food giant, surnamed Kim.

Top court confirms damages payment to investors over Bithumb service outage

SEOUL -- The Supreme Court has finalized a ruling that ordered damages payment totaling 251.4 million won (US$202,400) to investors over a service outage at the country's largest cryptocurrency exchange Bithumb, officials said Friday.

Transaction service at Bithumb was put on hold for 1 1/2 hours on Nov. 12, 2017, after the average amount of orders per hour instantly doubled to throttle transaction flows.

LGES-Honda EV battery venture sets sail in U.S.

SEOUL -- LG Energy Solution Ltd. (LGES) said Friday its joint U.S. electric vehicle (EV) battery venture with Japan's Honda Motor Co. has officially set sail, taking a step further in the advance into the American market.

The launch of L-H Battery Co. Inc., the venture's official name, came about five months after the two companies announced in August the US$4.4 billion venture deal to build an EV battery manufacturing facility in the United States. LGES and Honda will own 51 percent and 49 percent in the venture, respectively.

(LEAD) Seoul shares gain for 8th straight session on weak U.S. inflation data

SEOUL -- Seoul shares closed up for the eighth consecutive session on Friday as weak inflation data in the United States bolstered expectations for the Federal Reserve to slow the pace of monetary tightening. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 20.99 points, or 0.89 percent, to close at 2,386.09 points.

PM orders thorough probe of death of soldier during winter training

SEOUL -- Prime Minister Han Duck-soo on Friday ordered the defense ministry to conduct a thorough investigation into the death of a soldier during a winter training course.

The instruction came a day after the Army private was found dead at a tent while training in cold weather in the northeastern city of Taebaek, Gangwon Province.

Former lawmaker Na submits resignation letter to quit presidential committee

SEOUL -- Former four-term lawmaker Na Kyung-won tendered her written resignation as vice chair of the presidential committee on low birthrates Friday, giving rise to widespread views that she is likely to declare a run for leader of the ruling People Power Party.

Na submitted the hard-copy resignation as President Yoon Suk Yeol has shown no reaction for days after she expressed her intention to quit in a text message and a phone call to presidential officials earlier this week.

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