Yonhap News Summary

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

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(LEAD) Seoul shares down for 2nd day on high oil prices, rate hike woes

SEOUL -- South Korean stocks finished lower Wednesday, as rising global oil prices renewed concerns about inflation and the continued push for monetary tightening by major economies. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index shed 18.84 points, or 0.73 percent, to close at 2,563.34, extending a losing streak to the second session. Trading volume was moderate at 415.9 million shares worth 7.55 trillion won (US$5.66 billion), with losers outpacing gainers 588 to 288.

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(2nd LD) Yoon urges immediate halt to attempts to seek military cooperation with N. Korea

JAKARTA -- South Korean President Yoon Suk Yeol on Wednesday urged an immediate halt to any attempts to seek military cooperation with North Korea, amid reports Russia and the North are eyeing arms and defense technology trade.

Yoon made the remark during a summit with leaders of the Association of Southeast Asian Nations (ASEAN) in Jakarta, after The New York Times reported that North Korean leader Kim Jong-un may travel to Vladivostok in Russia next week to meet with Russian President Vladimir Putin and discuss a possible arms deal.

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(LEAD) S. Korea's inflation set to moderate toward 2 pct by end-2024: IMF team
By Kang Yoon-seung

SEOUL -- An International Monetary Fund (IMF) team said Wednesday that South Korea's inflation is likely to "moderate" down the road to reach the government's target of 2 percent by the end of 2024.

South Korea's consumer prices increased on-year at a faster-than-expected pace in August at 3.4 percent due to higher prices of agricultural and manufactured goods.

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4 injured as passengers try to evacuate subway train in mistaken fear of random attack

SEOUL -- Passengers in a subway train in Seoul dashed toward the exit doors en masse Wednesday after mistaking a screaming passenger for the occurrence of a crime, leaving four people injured in the rush, police said.

The episode occurred at 8:22 a.m. when a passenger screamed inside a Line 2 subway train heading toward Euljiro 4-ga Station. Others passengers took it as a sign that a crime was happening and ran out of the train when it stopped at the station, according to the Seoul Metro and the police.

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S. Korean defense firms seek to bolster foothold in Poland at int'l arms exhibition

KIELCE (Yonhap-Joint Press Corps) -- Major South Korean defense companies have showed off tanks, guided weapons and other key weapons systems at an annual arms exhibition under way in Poland, as they seek to solidify their presence in the European country on the back of successful deals signed last year.

The 31st International Defense Industry Exhibition, or MSPO, got under way Tuesday for a four-day run in Kielce, Poland, after South Korean companies secured major deals last year to supply K2 tanks, K9 self-propelled howitzers, FA-50 light attack aircrafts and Chunmoo multiple rocket launchers to Warsaw.

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Prosecution, opposition leader continue to conflict over questioning schedule

SUWON -- The prosecution and opposition leader Lee Jae-myung continued to clash Wednesday over the timing of his appearance for questioning regarding his alleged involvement in a company's illegal money transfers to North Korea.

The Suwon District Prosecutors Office requested that the leader of the main opposition Democratic Party (DP) appear for questioning between Thursday and Saturday. Earlier in the day, lawyers for Lee, who has been on an anti-government hunger strike since Thursday, notified the prosecution that he would attend next Tuesday.
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