Yonhap News Summary

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

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(LEAD) S. Korea to accelerate Quad working group participation: official

WASHINGTON/BEIJING -- South Korea plans to "proactively accelerate" its participation in the Quad working group, while it has not yet formally joined the U.S.-led team also involving Australia, India and Japan, a senior Seoul official said.

"Although we have not yet joined the Quad, the Yoon Suk Yeol government has been emphasizing its importance in terms of its Indo-Pacific strategy," the official told reporters Tuesday on the condition of anonymity during a visit to Washington, D.C.

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Former activist returns to sexual slavery protest following court ruling on corruption scandal

SEOUL -- Youn Mee-hyang, a lawmaker who previously led a civic group supporting victims of Japan's wartime sexual slavery, returned to the group's street rally Wednesday after a three-year absence, during which she struggled with allegations of corruption.

Youn was indicted in September 2020 on eight counts, including the misappropriation of donations and state subsidies intended for the elderly victims.

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Key figure in development corruption case additionally indicted

SEOUL -- The owner of an asset management firm at the center of a high-profile development corruption scandal was additionally indicted Thursday on charges of concealing criminal proceeds.

The Seoul Central District Prosecutors Office indicted Kim Man-bae, the largest shareholder of Hwacheon Daeyu Asset Management, under detention on charges of stashing a combined 39 billion won (US$29.5 million) of illegal proceeds from the development project from October 2021 to November last year.

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Yoon calls for unity at ruling party convention

SEOUL -- President Yoon Suk Yeol attended the ruling People Power Party's (PPP) national convention Wednesday, and called for unity among its members and soon-to-be leaders.

Yoon gave congratulatory remarks at the convention at the KINTEX exhibition center in Goyang, just northwest of Seoul, before the PPP was to announce the results of a vote on who should lead the party through next year's general elections.

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Hankook Tire chairman attends court hearing on his arrest warrant

SEOUL -- The chief of tire giant Hankook Tire & Technology Co. attended a court hearing Wednesday on an arrest warrant requested earlier this week for him on charges of illicit inter-affiliate trading, embezzlement and breach of trust.

Hankook Tire Chairman Cho Hyun-bum, appearing for the hearing at the Seoul Central District Court shortly after 3 p.m., remained tight-lipped in the face of reporters' questions.

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S. Korea to help Turkey build temporary homes for earthquake survivors

SEOUL -- South Korea plans to help Turkey set up shelters for the survivors of last month's devastating earthquake in the European country, the foreign ministry said Wednesday.

The decision was made at an interagency meeting on ways to provide assistance to Turkey struggling with recovery and reconstruction efforts after the 7.8 magnitude quake hit the nation.

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(LEAD) Seoul stocks snap 5-day winning streak on renewed rate hike fears; won down sharpest in 1 month

SEOUL -- Seoul stocks dipped by more than 1 percent to snap their five-day winning streak Wednesday on renewed rate hike fears. The Korean won fell by the most in one month against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 31.44 points, or 1.28 percent, to finish at 2,431.91. Trading volume was moderate at 413.6 million shares worth 9.5 trillion won (US$7.2 billion), with decliners outnumbering gainers 697 to 195.
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