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Yonhap News Summary

Yonhap News Summary 17:30 January 18, 2023

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

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(LEAD) BOK to pay 'additional attention' to trade-offs on growth, financial stability in executing monetary policy

SEOUL -- South Korea's central bank will pay "additional attention" to implications that previous steep rate increases could have on economic growth and financial stability in carrying out its monetary policy going forward, its chief said Wednesday.

Rhee Chang-yong, governor of the Bank of Korea (BOK), told a meeting with foreign correspondents in Seoul that the central bank will execute its monetary policy "in a refined manner," while pushing to enhance "transparency" in its communication with markets in the process.

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(LEAD) Seoul shares fall for 2nd day amid earnings woes

SEOUL -- South Korean stocks closed lower for the second straight day Wednesday, as investors were cautious to make risky bets ahead of the earnings season set to kick off next week. The local currency inched up against the U.S. dollar.

The benchmark Korea Composite Stock Price Index lost 11.07 points, or 0.47 percent, to 2,368.32. Trading volume was moderate at 528.3 million shares worth 5.43 trillion won (US$4.38 billion) with decliners outpacing gainers 548 to 296.

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(LEAD) Opposition leader claims innocence but agrees to comply with summons for questioning

SEOUL -- Opposition leader Lee Jae-myung said Wednesday he will appear before prosecutors for questioning over development corruption allegations, claiming once again that he is innocent and accusing the prosecution of fabricating charges against him.

The Seoul Central District Prosecutors Office has asked Lee to show up for questioning on Jan. 27 as part of an investigation involving a high-profile property development project in Daejang-dong in Seongnam, just south of Seoul, launched while Lee was serving as mayor of Seongnam.

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(LEAD) S. Korea to ease set of tax regulations in property market

SEOUL -- South Korea's finance ministry said Wednesday it plans to revamp a set of tax regulations on the property market to ease the financial burden of people amid soaring borrowing costs.

Under the plan, South Korea will allow owners of two homes to pay less taxes if they dispose of one of them during an extended period amid a slump in the home market, according to the Ministry of Economy and Finance.

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20 indicted for moving 4 tln won overseas for cryptocurrency 'kimchi premiums'

SEOUL -- Prosecutors have indicted 20 people on charges of illegally remitting about 4 trillion won (US$3.2 billion) worth of funds overseas to buy cryptocurrencies abroad and sell them back in South Korea at a premium, officials said Wednesday.

The Seoul Central District Prosecutors Office, in collaboration with the Seoul branch of the Korea Customs Service, indicted 11 of them with detention and the nine others without detention, the officials said.

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S. Korean football legend Lee Dong-gook named vice president of nat'l federation

SEOUL -- Lee Dong-gook, the all-time leading scorer in South Korean club football, was named a vice president of the sport's national governing body Wednesday.

The Korea Football Association (KFA) said Lee, 43, was elected one of its three new vice presidents, along with Cho Byeong-deuk, who previously served in the post from 2016 to 2021, and Lee Seok-jae, head of Gyeonggi Province Football Association.
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