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Yonhap News Summary

Yonhap News Summary 13:30 May 17, 2023

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

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(LEAD) DP decides to refer Rep. Kim Nam-kuk to parliamentary ethics committee over cryptocurrency scandal
(ATTN: UPDATES with more info throughout)

SEOUL -- The main opposition Democratic Party (DP) decided Wednesday to refer Rep. Kim Nam-kuk, a former party member, to the parliamentary ethics committee over his dubious cryptocurrency dealings.

Kim departed from the DP earlier this week after revelations that he owned a significant amount of coins, fueling questions about the source of the funds and whether the independent lawmaker had access to insider information.

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(2nd LD) N. Korean leader inspects military spy satellite facility: state media
(ATTN: ADDS more info in paras 7-8,11-12; CHANGES photos)

SEOUL -- North Korean leader Kim Jong-un inspected the country's first military reconnaissance satellite and gave the green light for its next action plan, Pyongyang's state media said Wednesday, adding that the satellite is "ready for loading" on a rocket.

Kim made the on-site inspection to the Non-permanent Satellite Launch Preparatory Committee a day earlier to check the overall status of the spy satellite and approved of its "future action plan," the Korean Central News Agency (KCNA) said, in a move that signals the launch could be imminent.

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S. Korea to introduce measures to beef up display industry this week

SEOUL -- South Korea's finance minister said Wednesday the government plans to come up with measures to bolster the competitiveness of the display industry with the goal of reclaiming the top position in the global market.

"South Korea had been the leading player in the display sector from 2004 to 2020, but the competition has been intensifying due to the rise of latecomers, such as China, particularly in the OLED sector," Finance Minister Choo Kyung-ho said ahead of a meeting with economy-related ministers.

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S. Korea signs preliminary deal to offer low-interest loans to Ukraine

SEOUL -- South Korea signed a preliminary agreement with Ukraine to offer low-interest rate loans to Ukraine under the Economic Development Cooperation Fund (EDCF) project, the finance ministry said Wednesday.

Finance Minister Choo Kyung-ho signed the deal that paves the way for Asia's No. 4 economy to support Ukraine via the EDCF during his meeting with Ukrainian counterpart Yulia Svyrydenko in Seoul, according to the Ministry of Economy and Finance.

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Montenegrin prosecutors appeal court decision to grant bail to Terraform co-founder

ROME -- Montenegrin prosecutors have appealed a court decision to grant bail to Do Kwon, cryptocurrency firm Terraform Labs' co-founder accused of fraud in South Korea and the United States in connection with the crash of the firm's TerraUSD and Luna coins.

A district prosecutors office in Podgorica, Montenegro, recently filed the appeal against the court decision to grant bail to Kwon and an aide of Kwon, known only by his family name Han, according to a report by Vijesti, a Montenegrin newspaper.

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'Washington Declaration' a huge but not last step in deterring N. Korean provocation: experts

WASHINGTON -- The recent agreement reached between South Korea and the United States on strengthening U.S. extended deterrence is a significant step in dealing with North Korea's evolving nuclear threat but possibly not the last step to be taken by the allies, U.S. experts said Tuesday.

They also insisted that while the agreement, dubbed the Washington Declaration, may enhance the allies' joint deterrence against North Korea, it may fall short of preventing future provocations by the reclusive North.


(END)

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