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Yonhap News Summary

Yonhap News Summary 13:30 January 19, 2023

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

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Danish wind turbine producer to invest US$300 mln in S. Korea

DAVOS, Switzerland -- Danish wind turbine producer Vestas Wind Systems will invest US$300 million in South Korea and move its Asia-Pacific headquarters to the country, the presidential office said Wednesday.

The investment will be made toward a large-scale turbine parts plant that will produce key equipment for wind turbines for export to the entire Asia-Pacific region.

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Local think tank lowers 2023 growth projection for S. Korea to 1.8 pct

SEOUL -- A local think tank on Thursday projected South Korea's economy will grow 1.8 percent this year, downgrading its earlier forecast as global recession worries mount and domestic demand is expected to dwindle amid high inflation and interest rates.

Hyundai Research Institute said in a report it has revised down its growth projection for South Korea to 1.8 percent for 2023 from a 2.2 percent gain it predicted in September last year.

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S. Korea's new COVID-19 cases down to lowest Thursday tally in 13 weeks

SEOUL -- South Korea's new COVID-19 cases fell to the lowest Thursday tally in 13 weeks, in a sign that the country is past the peak of the latest winter COVID-19 wave.

The country reported 29,816 new COVID-19 infections, including 63 from overseas, bringing the total to 29,927,958, the Korea Disease Control and Prevention Agency (KDCA) said. Among the imported cases, 36 cases, or 57.1 percent, were from China.

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Netflix plans biggest-ever lineup of Korean content in 2023

SEOUL -- Netflix is set to release its biggest-ever lineup of 34 Korean films, series and reality shows this year to entertain global fans of Korean content.

Looking ahead, the global streaming service recently unveiled titles of the new and returning series in various genres, ranging from thriller and sci-fi to romance and action.

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(LEAD) N. Korea holds key parliamentary meeting without leader Kim's attendance

SEOUL -- North Korea has convened a two-day parliamentary session in Pyongyang to discuss budgetary and other issues, including legislation against foreign cultural influences, its state media said Thursday.

Without its leader in attendance, the North held the 8th session of the 14th Supreme People's Assembly (SPA) on Tuesday and Wednesday, according to the official Korean Central News Agency (KCNA). No messages by Kim Jong-un were issued in public in regard to South Korea or the United States.

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(LEAD) S. Korea discusses nuclear power cooperation with Poland, Czech Republic

SEOUL -- South Korea's Industry Minister Lee Chang-yang has met with senior officials from Poland and the Czech Republic to discuss ways to enhance cooperation in nuclear power generation and other advanced industry sectors, his office said Thursday.

The meetings were held in Davos on Wednesday (local time) on the sidelines of the annual meeting of the World Economic Forum (WEF), as Lee visited there accompanying President Yoon Suk Yeol, according to the Ministry of Trade, Industry and Energy.

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BTS' Jin completes basic training in military

SEOUL -- Jin, a member of the K-pop superband BTS, has shared his first photos taken after joining the military as he completed five weeks of basic training at a front-line boot camp.

Jin entered the army recruit training center of the 5th Infantry Division in Yeoncheon, 60 kilometers north of Seoul, on Dec. 13 to begin 1 1/2 years of mandatory military service.

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Global chip revenue up only 1.1 pct in 2022: report

SEOUL -- Global semiconductor revenue grew only around 1 percent on-year last year, a recent report showed Thursday, with the memory chip sector suffering the most.

According to tech research firm Gartner, worldwide chip revenue is estimated to have risen 1.1 percent to US$601.7 billion in 2022, a significant drop from a 26.3 percent annual growth seen the previous year.

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LG Chem completes acquisition of AVEO Pharmaceuticals

SEOUL -- LG Chem Ltd., a major South Korean chemicals firm, said Thursday it will complete the acquisition of AVEO Pharmaceuticals Inc., a U.S. bio firm focused on renal cell carcinoma, later this week.

It has invested US$571 million in its U.S. affiliate, LG Chem Life Science Innovation Center, to take over the U.S. company and will complete the process Friday, LG Chem said in a press release.

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Korea Aerospace partners with U.S. firm for eVTOL development

SEOUL -- Korea Aerospace Industries Co. (KAI), the country's sole aircraft manufacturer, said Thursday it has partnered with a U.S. firm to develop an unmanned electric vertical take-off and landing (eVTOL) aircraft.

KAI has signed a memorandum of agreement with Northrop Grumman Corp. for technology cooperation in the unmanned eVTOL business, the company said in a statement.

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Home of Hankook Tire's chief raided in embezzlement probe

SEOUL -- Prosecutors raided the home of Hankook Tire & Technology Co.'s chief and other company places on Thursday as part of their ongoing investigation into embezzlement allegations.

Investigators from the Seoul Central District Prosecutors Office seized relevant documents from the home of Chairman Cho Hyun-bum, as well as the headquarters and offices of the nation's leading tiremaker.
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