yna--2020-07-30--(3rd LD) After strong Q2 results, Samsung expects solid chip demand, recovery in mobile biz

For NAND , Samsung said the bit growth declined by a low single-digit percentage , but its ASP climbed by @ @ @ @ @ digits .
In the third quarter , market growth for NAND is expected to be @ @ @ @ @ but Samsung said its performance could be better than that .

(ATTN: CHANGES headline, lead; UPDATES with more info from 9th para; ADDS photo)
By Joo Kyung-don
SEOUL, July 30 (Yonhap) -- Samsung Electronics Co. said Thursday it expects solid demand of chips and a gradual recovery in the mobile phone sector in the second half of the year as the world's largest memory chipmaker racked up strong second-quarter earnings.
Samsung's net profit stood at 5.55 trillion won (US$4.7 billion) in the April-June period, up 7.23 percent from a year earlier, the world's largest smartphone vendor said in a regulatory filing.
Its operating profit jumped 23.5 percent on-year to 8.15 trillion won in the second quarter of the year, but sales fell 5.6 percent on-year to 52.97 trillion won over the cited period.
Samsung's operating margin for the second quarter stood at 15.4 percent, the highest since the fourth quarter of 2018.
Compared to the first quarter, its operating profit soared 26.3 percent, while net profit rose 13.7 percent. Sales declined 4.3 percent
The figures were in line with the earnings guidance announced earlier this month that beat the market consensus.
Graphic Samsung Electronics Earnings (Yonhap)
Samsung said its upbeat performance was anchored by its device solutions (DS) division as demand for memory chips from data centers remained solid with the pandemic-driven, stay-at-home trend.
The second-quarter bottom line was also helped by one-time gains from its display panel (DP) business. Samsung did not disclose the exact amount of one-off profit, but industry insiders speculate it received more than $900 million from Apple Inc., which apparently failed to buy contracted volumes of Samsung Display Co.'s mobile display panels.
Looking to the second half, Samsung expects solid demand of memory chips helped by new smartphones and gaming console launches.
"Overall demand for DRAM is expected to pick up from new smartphone launches, while uncertainties remain around geopolitical issues, including trade disputes and the pace of higher content-per-box adoption," it said. "As for NAND, mobile demand is expected to recover on the back of growing mid- to low-end products despite continuing uncertainties."
The company also projected a gradual recovery in demand for its mobile devices, with a sales increase expected in the current quarter. Samsung will introduce its new flagship mobile devices, including the Galaxy Note 20 and the Galaxy Z Fold 2, next week.
Samsung also expected improved earnings from the Consumer Electronics (CE) division with sales of premium products.
"For the second half of the year, both TVs and digital appliances are expected to see better performance in sales compared with the first-half results once COVID-19 lockdowns ease and year-end holiday spending gathers pace," it said.
For its display business, Samsung predicted "a full-fledged rebound" in earnings in the fourth quarter of the year, citing a recovery in mobile phone demand during the third quarter will likely be limited to budget models.
This file photo, taken April 7, 2020, shows the outdoor sign of Samsung Electronics Co. at its office building in Seoul. (Yonhap)
In the second quarter of the year, revenue from the semiconductor unit stood at 18.23 trillion won, up 13.3 percent from a year earlier. Its operating profit from the chip business nearly doubled to 5.43 trillion won from 3.4 trillion won a year ago.
"The memory business saw robust demand for cloud applications related to remote working and online education as the impact from COVID-19 continued, while demand for mobile was relatively weak," Samsung said.
For DRAM, Samsung said the bit growth increased by a low single-digit percentage in the second quarter, with its average selling price (ASP) rising by around 10 percent. In the third quarter, Samsung expects DRAM bit growth to be flat.
For NAND, Samsung said the bit growth declined by a low single-digit percentage, but its ASP climbed by a percentage in the mid-single digits. In the third quarter, market growth for NAND is expected to be in the mid-single digits, but Samsung said its performance could be better than that.
Samsung said its inventory for both DRAM and NAND are at normal levels.
Samsung said earnings for its system LSI business fell due to a drop in demand for mobile components. However, its foundry business achieved a record quarterly and half-yearly revenue as its customers' inventory buildups increased.
Samsung's display business returned to the black, thanks to one-time gains. It logged 6.72 trillion won in sales and an operating profit of 300 billion won.
Its display business suffered an operating loss of 290 billion won in the first quarter.
Samsung said OLED panels accounted more than 80 percent of the unit's sales in the second quarter.
This photo, provided by Samsung Electronics Co. on May 21, 2020, shows the company's chip plant in Pyeongtaek, south of Seoul. (PHOTO NOT FOR SALE) (Yonhap)
Samsung's IT & Mobile Communications (IM) division suffered a sales decline, but its performance was better than expected.
The mobile business unit posted 20.75 trillion won in sales in the second quarter, down 19.7 percent from a year earlier, but the unit's operating profit surged 25 percent on-year to 1.95 trillion won.
"Efficient cost management, including reductions of marketing expenses and offline promotions, helped deliver solid profits," the company said.
Samsung said it sold 57 million units of handsets in the second quarter, with around 95 percent of them being smartphones. ASP for its devices, including tablets, was at $226.
In the third quarter, Samsung expected shipments to increase for both handsets and tablets, as well as a rise in ASP.
Samsung's home appliance division, comprised of visual display and digital appliance businesses, chalked up sales of 10.17 trillion won, down 8.1 percent from a year earlier, but operating profit climbed 2.8 percent on-year to 730 billion won.
"Profit for the visual display business rose despite softness in sales as the company sought new sales opportunities online to overcome difficulties sparked by global lockdowns," the company said. "Seasonal demand for air conditioners on top of cost-effective marketing strategies also helped earnings."
Samsung said its TV sales volume declined by around 15 percent in the second quarter of the year, but it expected to rise by at least 40 percent in the third quarter.
This photo taken July 7, 2020, shows Samsung Electronics Co.'s foldable smartphones displayed at a store in Seoul. (Yonhap)
Samsung assessed uncertainties from the pandemic and growing competition remain in the second half of the year, but it will try to boost demand through flexible global supply chain management to ensure a timely supply to customers.
For its chip business, Samsung said it will focus on reinforcing its technological prowess in DRAM with application of 1Z-nm and extreme ultraviolet (EUV) lithography-based products. For NAND, the company plans to improve its cost competitiveness and accelerate conversion to 6th-generation V-NAND.
For the mobile business, Samsung said it will try to improve profitability through optimizing product portfolio, with focus on boosting its mass-market lineup.
In the second quarter, Samsung said its capital expenditures reached 9.8 trillion won, which includes 8.6 trillion won spent on semiconductors and 0.8 trillion won on displays. Its total capital expenditures in the first half were tallied at 17.1 trillion won.
Samsung said investment in the memory business was mainly spent on equipment for capacity expansion and finer process technology. For the foundry business, the company focused on beefing up its 5-and 8-nanometer processes.
Meanwhile, Samsung said it will pay 354 won in dividends per share, delivering a total of 2.4 trillion won to its shareholders.
kdon@yna.co.kr
(END)


yna--2020-07-30--(LEAD) New unification minister renews willingness to work with N. Korea to tackle coronavirus

`` More than anything else , I am concerned about North Korean people 's heath possibly getting worse and their @ @ @ @ @ carry on , '' he added .
`` If there is an opportunity , I @ @ @ @ @ coronavirus-related cooperation not only for Kaesong but anywhere in North Korea . ''

(ATTN: ADDS ministry's meeting in paras 5-6)
By Koh Byung-joon
SEOUL, July 30 (Yonhap) -- New Unification Minister Lee In-young said Thursday that South Korea is willing to work with North Korea to prevent a coronavirus outbreak in the border city of Kaesong or anywhere in the communist nation.
Lee made the remark during a visit to the National Cemetery in Seoul after the North said over the weekend that it has declared a state of emergency and sealed off Kaesong after a defector returned home from South Korea with coronavirus symptoms.
"We take the quarantine measures in and around Kaesong seriously and are closely watching the situation," Lee told reporters during the visit to the cemetery in his first public event after taking office earlier this week.
"More than anything else, I am concerned about North Korean people's heath possibly getting worse and their daily lives becoming harder to carry on," he added. "If there is an opportunity, I think we have to render coronavirus-related cooperation not only for Kaesong but anywhere in North Korea."
On Friday, Lee plans to meet with officials from Korea NGO Council for Cooperation with North Korea (KNCCK) to discuss health-related issues, a unification ministry official said.
KNCCK is an umbrella organization of 55 nongovernmental organizations established in 1999 to facilitate cooperation among NGOs assisting the North.
On Sunday, North Korea said it has put Kaesong on lockdown, claiming a "runaway" defector suspected of having COVID-19 recently came back from the South. Seoul later said a North Korean defector is believed to have swum across the border but doubted he had contracted the virus.
The North has claimed it is virus-free, but outside observers have questioned the claim given that it has a long and porous border with China and is known to be underequipped and understaffed to cope with such a highly contagious disease.
South Korea has offered joint efforts with North Korea against the virus, but the North has not responded amid strained inter-Korean relations that have deteriorated recently over the sending of anti-Pyongyang leaflets into the country by activists in the South.
Since his appointment earlier this month, Lee has prioritized the resumption of talks with North Korea, saying it is the first step toward normalizing the chilled cross-border relations.
New Unification Minister Lee In-young burns incense to pay tribute to South Korean patriotic martyrs and war dead at the National Cemetery in Seoul on July 30, 2020. (Yonhap)
kokobj@yna.co.kr
(END)


yna--2020-07-30--Seoul stocks trim gains late Thursday morning due to profit-taking

The local currency was trading at 1,191.00 won against the U.S. dollar , up 2.1 won from the previous session @ @ @

SEOUL, July 30 (Yonhap) -- South Korean shares trimmed some earlier gains late Thursday morning due to profit-taking.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.55 points, or 0.11 percent, to 2,277.21 as of 11:20 a.m.
The index hit a yearly high, aided by a continued rise in top-cap Samsung Electronics, which delivered strong second-quarter earnings but shed part of the gains.
Large caps traded mixed.
Market bellwether Samsung Electronics gained 0.34 percent as its quarterly operating profit spiked 23.5 percent on-year in the April-June period.
Internet giant Naver stayed flat after reporting forecast-beating earnings for the second quarter.
The country's no. 2 chipmaker SK Hynix stayed flat, and Kakao, the operator of mobile messenger app Kakao Talk, edged up 0.15 percent.
Leading automaker Hyundai Motor jumped 2.4 percent, with its smaller affiliate Kia Motors advancing 2.02 percent.
Among decliners, pharmaceutical heavyweight Samsung Biologics shed 0.81 percent, and Celltrion lost 0.66 percent.
The local currency was trading at 1,191.00 won against the U.S. dollar, up 2.1 won from the previous session's close.
jwc@yna.co.kr
(END)


yna--2020-07-30--Doosan Heavy gets approval for aerospace-related 3D printing technology

Between March and June , two state-run banks -- the Korea Development Bank ( KDB ) and the Export-Import Bank @ @ @ @ @ -- injected a total of 3.6 trillion won into the group 's power plant builder @ @ @ @ @ afloat , as the group drew up a 3 trillion-won self-rescue plan .

By Nam Kwang-sik
SEOUL, July 30 (Yonhap) -- Power plant builder Doosan Heavy Industries & Construction Co. said Thursday that it has obtained approval for aerospace-related 3D printing technology from Lloyd's Register, a British quality assurance and risk management company.
"The approval will help expand Doosan Heavy's 3D printing technology to aerospace parts from power plant parts," Doosan Heavy said in an emailed statement.
Doosan Heavy said it aims to increase annual sales in the 3D printing-related sector to post more than 200 billion won (US$168 million) from 2025.
Global 3D printing market researcher SmarTech Analysis predicted the global metal printing market to rapidly grow up to $10 billion in 2024 from $590 million in 2018.
This photo shows the logo of Doosan Group in front of the group's building Doosan Tower. (Yonhap)
After introducing 3D printing technology to produce power-generating parts such as gas turbines in 2014, Doosan Heavy has been building a parts factory using 3D printing technologies in Changwon, 398 kilometers southeast of Seoul, the company said.
In early July, Doosan Heavy sold its golf course Club Mow to overcome its cash shortages caused by poor management and decreased orders in its main power plant building business.
Between March and June, two state-run banks -- the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Eximbank) -- injected a total of 3.6 trillion won into the group's power plant builder Doosan Heavy to keep it afloat, as the group drew up a 3 trillion-won self-rescue plan.
ksnam@yna.co.kr
(END)


yna--2020-07-30--BOK to extend special lending program amid pandemic

SEOUL , July 30 ( Yonhap ) -- The Bank of Korea ( BOK ) said Thursday it will extend @ @ @ @ @ local banks , brokerages and insurers by three months to help them fend off a @ @ @ @ @ funds easily amid the new coronavirus outbreak .

SEOUL, July 30 (Yonhap) -- The Bank of Korea (BOK) said Thursday it will extend a special loan scheme for local banks, brokerages and insurers by three months to help them fend off a possible funding squeeze and raise funds easily amid the new coronavirus outbreak.
In May, the BOK launched the 10 trillion-won (US$8.4 billion) lending program to allow banks, brokerages and insurers to take out loans from the central bank against collateral.
The BOK's monetary policy board decided to extend the special loan facility, originally set to expire on Aug. 3, by three months until Nov. 3.
It marked the first time that, excluding banks, the BOK has directly provided loans to brokerages and insurers.
The collateral is good corporate bonds, including ones rated AA-, which come to maturity within five years.
South Korea has taken a set of measures to minimize the economic fallout of the COVID-19 pandemic on the local financial system.
The steps include the BOK's "unlimited" purchase of local bonds in repo operations to boost market liquidity.
sooyeon@yna.co.kr
(END)


yna--2020-07-30--SK E&S to set up JV with U.S. solar energy firm

SEOUL , July 30 ( Yonhap ) -- SK E & S Co. , a leading South Korean gas provider @ @ @ @ @ will invest US $ 115.8 million to set up a joint venture ( JV ) @ @ @ @ @ Sunrun Inc. in its latest move to expand its energy solution business in the United @ @

SEOUL, July 30 (Yonhap) -- SK E&S Co., a leading South Korean gas provider, said Thursday that it will invest US$115.8 million to set up a joint venture (JV) with U.S. solar energy company Sunrun Inc. in its latest move to expand its energy solution business in the United States.
Under the plan, SK E&S will buy new shares of Sunrun, the largest residential solar company in the U.S., for $74.9 million.
The move, which is meant to develop residential solar energy solutions in the U.S., is the latest in a series of investments by SK E&S in the U.S.
Last year, SK E&S set up Electrodes Holdings, which operates a virtual power plant in California based on an energy storage system, in a 50:50 JV with SUSI Partners, a Swiss fund manager specializing in clean energy infrastructure investments.
In 2013, SK E&S signed a 20-year deal to import liquefied natural gas (LNG) from an LNG liquefaction terminal in Freeport located on the Gulf of Mexico.
This image provided by SK E&S Co. shows its corporate logo. (PHOTO NOT FOR SALE) (Yonhap)
entropy@yna.co.kr
(END)


yna--2020-07-30--Traditional Korean archery designated as nat'l cultural heritage

South Korea has been a leading force in the field of modern Western archery in the Olympics and other international @ @ @ @ @ country 's talent pool is so deep that a domestic competition may have the intensity @ @ @ @ @

SEOUL, July 30 (Yonhap) -- The art of traditional Korean archery has been designated as a national intangible cultural heritage, the Cultural Heritage Administration (CHA) announced Thursday.
CHA said it recognized the value of "hwalssogi," or Korean traditional archery, for its significance in the history of Korean traditional martial arts.
The administration cited the hwalssogi's frequent reference in historical literature and culture, detailed documentations and transmissions of the production processes of bows and arrows, and its relevance in Korean martial arts history.
An undated file photo provided by the Cultural Heritage Administration of a bow artisan testing a Korean traditional bow and arrow. (PHOTO NOT FOR SALE) (Yonhap)
"The term hwalssogi was used because it's a pure Korean phrase meaning archery that appears frequently in Goryeo and Joseon-era documents," CHA said.
Hwalssogi was known to have been central to military training and tactics in Korean history since the Three Kingdom era (57 B.C. 57-A.D. 668), with the Silla Kingdom prominently empowering a warrior class known as the Hwarang, a group of elite male youths, heavily influenced by Buddhism.
South Korea has been a leading force in the field of modern Western archery in the Olympics and other international stages for decades, The country's talent pool is so deep that a domestic competition may have the intensity of an international event.
Other national intangible cultural heritages include the traditional folk song "Arirang," the Korean wrestling called "ssireum," the "ondol" heating system and the culture of "haenyeo," or the female divers of Jeju Island who are also recognized as an intangible cultural heritage by UNESCO.
Traditional Korean bows are shown in this photo provided by the Cultural Heritage Administration. (PHOTO NOT FOR SALE) (Yonhap)
odissy@yna.co.kr
(END)


yna--2020-07-30--S. Korea, U.S. have 'firm shared understanding' on importance of USFK: defense ministry

`` There have been no discussions between the South and the U.S. about adjusting American troop levels in South Korea @ @ @ @ @ a regular press briefing .
`` South Korea and the U.S. have a firm shared @ @ @ @ @ importance of USFK for the peace and stability of the Korean Peninsula and Northeast Asia @ @

SEOUL, July 30 (Yonhap) -- South Korea and the United States share a "firm" understanding on the role and importance of the U.S. Forces Korea (USFK), the defense ministry said Thursday, amid concerns Washington may try to cut USFK troop levels just as it did for troops in Germany.
The U.S. military earlier announced the plan that calls for withdrawing about 12,000 troops out of 36,000 U.S. forces and relocating about half of them to other regions in Europe to keep Russia in check.
Addressing the possibility that President Donald Trump's administration could come up with a similar plan for USFK, deputy ministry spokesperson Col. Moon Hong-sik said the two countries have not discussed any possible adjustment in the size of U.S. troops stationed in South Korea.
"There have been no discussions between the South and the U.S. about adjusting American troop levels in South Korea," Moon said during a regular press briefing. "South Korea and the U.S. have a firm shared understanding on the role and importance of USFK for the peace and stability of the Korean Peninsula and Northeast Asia."
Talk of a possible troop drawdown from South Korea came to the fore last month when former U.S. Ambassador to Germany Richard Grenell said in an interview that Trump was clear about his intent to bring American forces home from a number of countries, and he mentioned South Korea as one of them.
The Wall Street Journal reported earlier this month the Pentagon had offered the White House options to reduce American troop levels in South Korea.
U.S. Defense Secretary Mark Esper later denied issuing any orders about a withdrawal of troops from the ally but said the military was looking at adjustments to deployments worldwide.
Seen here is a gate of the U.S. base Camp Humphreys in Pyeongtaek, south of Seoul. (Yonhap)
scaaet@yna.co.kr
(END)


yna--2020-07-30--Celltrion gets clinical trial approval for coronavirus treatment in Britain

The company also said it plans to begin the production of its antiviral antibody treatment at its plant in Songdo @ @ @ @ @ of Incheon when the drug demonstrates therapeutic efficacy and safety in the second phase clinical @ @

By Kim Han-joo
SEOUL, July 30 (Yonhap) -- Celltrion, a leading pharmaceutical firm in South Korea, said Thursday that it has won approval to conduct a phase one clinical trial for its antibody treatment against the new coronavirus in Britain.
The Medicines and Healthcare products Regulatory Agency (MHRA) gave the green light to administer Celltrion's CT-P59 to COVID-19 patients with mild symptoms to evaluate the safety and efficacy of the antiviral antibody treatment.
This image, provided by Celltrion Inc., shows the company's corporate logo. (PHOTO NOT FOR SALE) (Yonhap)
Celltrion said it plans to conduct phase two and three clinical studies for the candidate on COVID-19 patients with severe symptoms by the end of this year.
In South Korea, Celltrion is currently conducting a phase one clinical trial for its CT-P59 by enrolling 32 healthy volunteers who have not contracted COVID-19.
The initial tests in Britain are to be completed by the third quarter, and if they are successful, Celltrion will subsequently conduct second and third phase clinical trials.
Celltrion earlier said that its antiviral antibody treatment showed a hundredfold reduction in the viral load of SARS-CoV-2, the virus known to be causing COVID-19, in animal testing.
The company also said it plans to begin the production of its antiviral antibody treatment at its plant in Songdo in the western port city of Incheon when the drug demonstrates therapeutic efficacy and safety in the second phase clinical trial.
khj@yna.co.kr
(END)


yna--2020-07-30--NIS to be renamed, barred from domestic politics: ruling party official

Speaking at the tripartite meeting earlier in the day , DP floor leader Kim Tae-nyeon said that `` the focal @ @ @ @ @ agencies , after they had sway over people in the past , reborn as those @ @ @ @ @ checks and balances . ''

SEOUL, July 30 (Yonhap) -- The state intelligence agency will be renamed and barred from intervening in domestic politics and probing spy cases under new comprehensive reform measures aimed at limiting the power of national investigative agencies, a ruling party official said Thursday.
The measures were announced shortly after a joint meeting at the National Assembly between officials of the ruling Democratic Party (DP), the government and Cheong Wa Dae.
The three parties will seek a legal revision to rename the National Intelligence Service (NIS) to what can be roughly translated as the External Security and Intelligence Service, Rep. Cho Jeong-sik, the DP's chief policymaker, said in a press briefing.
Under the reform measures, the NIS will also be stripped of its mission to investigate espionage cases and come under enhanced outside control by the legislature and the Board of Audit and Inspection, Cho said.
Intelligence agents who illegally meddle in domestic politics will face heavier criminal punishment, he added.
Reforming the NIS and other powerful state investigative institutions accused of yielding excessive power was part of President Moon Jae-in's key campaign pledges.
As for the prosecution service, the three parties will confine its rights to open its own primary probe to cases in six major fields -- corruption, economy, public servants, election, defense projects and disasters -- the party official said.
The prosecution will be required to consult with the police in the event that their judgments vary in the investigation process on important cases.
To reform the police, the party and the government will seek to introduce a new self-governing regional-level police system in addition to the existing national police system.
If the new system takes force, police committees under regional cities and provinces will be put in charge of supervising regional-level police forces independently of the national police forces, according to the announcement.
The DP vowed to step up efforts to pass related laws through the assembly to legally back the reform measures.
"As the ruling party, the DP will proactively provide its support so that related laws could be revised for the reforms," Cho noted.
Speaking at the tripartite meeting earlier in the day, DP floor leader Kim Tae-nyeon said that "the focal point is making the powerful agencies, after they had sway over people in the past, reborn as those that serve the public through checks and balances."
Justice Minister Choo Mi-ae said that the relevant part of the measures aims to "spread out the (investigative) power that has been concentrated on the prosecution."
Government, Democratic Party and Cheong Wa Dae officials make their way to a meeting on reforms of state agencies on July 30, 2020. (Yonhap)
pbr@yna.co.kr
(END)


yna--2020-07-30--S. Korea to allow big firms to have venture capital units

In late March , the BOK and the U.S. Federal Reserve signed the bilateral currency swap deal to help ease @ @ @ @ @ the COVID-19 pandemic .
The swap agreement , initially set to end on Sept. 30 @ @ @ @ @ March 31 , 2021 .

SEJONG, July 30 (Yonhap) -- South Korea plans to allow big companies to have venture capital affiliates as it seeks to encourage them to increase investments, Finance Minister Hong Nam-ki said Thursday.
However, the government will impose some restrictions on such firms in a precautionary measure to prevent big companies from using such financial units as private coffers, Hong said.
A big company's venture capital unit will be barred from borrowing more than 200 percent of its paid-in capital, according to the finance ministry.
Founding family members of a conglomerate and its financial affiliates will be barred from investing their money into such an entity, the ministry said.
The government will revise related laws by the end of this year to allow big companies to have venture capital units.
Finance Minister Hong Nam-ki speaks at a meeting with economy-related ministers on July 30, 2020 in Seoul. (Yonhap)
Hong said the government will provide 40 trillion won (US$33.6 billion) in financial supports to 1,000 innovative firms over the next three years.
Hong said the extension of the currency swap deal with the United States is expected to help stabilize financial markets.
The extension is "meaningful because it resolved uncertainty at the time of expiration," Hong said.
Earlier in the day, the two countries agreed to extend a $60 billion bilateral currency swap agreement by six months in an effort to help ease lingering market uncertainties amid the new coronavirus outbreak.
In late March, the BOK and the U.S. Federal Reserve signed the bilateral currency swap deal to help ease financial market jitters caused by the COVID-19 pandemic. The swap agreement, initially set to end on Sept. 30, will be extended until March 31, 2021.
kdh@yna.co.kr
(END)


yna--2020-07-30--N. Korea launched ship-based missile in early July as part of regular summertime exercise: officials

The last known major missile test by North Korea was conducted on April 14 , when multiple surface-to-ship cruise missiles @ @ @ @ @ coastal town of Munchon , which flew around 150 kilometers .
They are known to @ @ @ @ @ coastal defense cruise missile , or the KN-19 , which the North first launched in @ @ @ @ @ the officials .

SEOUL, July 30 (Yonhap) -- North Korea fired an anti-ship cruise missile from waters off the east coast earlier this month as part of its regular summertime exercise, South Korean military officials said Thursday.
The test was belatedly known to the media, as neither the South Korean military authorities nor North Korean media outlets announced the launch.
According to the Seoul officials, the ship-to-ship missile was fired from a ship in the East Sea on July 6 and flew less than 100 kilometers.
The exact type of the missile is not known, but the officials hinted that this type of missile had been test-launched previously.
"We see this as part of the North's regular maritime exercise," Joint Chiefs of Staff (JCS) spokesperson Col. Kim Jun-rak said. "We are closely monitoring the North's military moves and maintain a tight readiness posture."
The summertime exercise began around early July and is under way. The summertime program usually lasts until around August, according to the officials.
These photos published by the North's Rodong Sinmun daily newspaper on June 9, 2017, show the launch of the country's new surface-to-ship cruise missile. The report said the country's leader Kim Jong-un observed the missile launch, which South Korea detected a day earlier. The North's media said the test-firing was aimed at verifying the "combat application efficiency of the overall weapon system." (For Use Only in the Republic of Korea. No Redistribution) (Yonhap)
The last known major missile test by North Korea was conducted on April 14, when multiple surface-to-ship cruise missiles were fired from its eastern coastal town of Munchon, which flew around 150 kilometers. They are known to bear similarities to the Kumsong-3 coastal defense cruise missile, or the KN-19, which the North first launched in June 2017, according to the officials.
Experts say cruise missiles fly at a low altitude by nearly skimming the sea, so they are quite hard to detect. The Kumsong-3 is also believed to be highly accurate thanks to its so-called waypoint maneuvering, which means the weapon reorients itself during flight.
North Korea has sought to beef up its defense capabilities, focusing on the development of conventional weapons, amid stalled denuclearization talks with the United States.
Excluding the April cruise missile test, North Korea has conducted major weapons tests four times so far this year, all in March involving short-range ballistic missiles, along with small-scale artillery firing drills.
In June, tensions on the peninsula escalated sharply, as Pyongyang blew up an inter-Korean liaison office and threatened to take military action in anger over anti-regime propaganda leaflets sent via balloons from the South.
On June 24, however, leader Kim Jong-un put military action plans against the South on hold. Seoul's defense ministry said earlier this week that no unusual movements by the North Korean military have been detected.
North Korean leader Kim Jong-un delivers a speech at the national conference of veterans held to mark the 67th anniversary of the end of the Korean War, in this photo captured from the website of the Rodong Sinmun, the country's official newspaper, on July 28, 2020. During the speech, Kim said its "reliable and effective self-defense nuclear deterrence" will guarantee its security and future forever. (For Use Only in the Republic of Korea. No Redistribution) (Yonhap)
graceoh@yna.co.kr
(END)


yna--2020-07-30--New unification minister renews willingness to work with N. Korea to tackle coronavirus

By Koh Byung-joon
SEOUL, July 30 (Yonhap) -- New Unification Minister Lee In-young said Thursday that South Korea is willing to work with North Korea to prevent a coronavirus outbreak in the border city of Kaesong or anywhere in the communist nation.
Lee made the remark during a visit to the National Cemetery in Seoul after the North said over the weekend that it has declared a state of emergency and sealed off Kaesong after a defector returned home from South Korea with coronavirus symptoms.
"We take the quarantine measures in and around Kaesong seriously and are closely watching the situation," Lee told reporters during the visit to the cemetery in his first public event after taking office earlier this week.
"More than anything else, I am concerned about North Korean people's heath possibly getting worse and their daily lives becoming harder to carry on," he added. "If there is an opportunity, I think we have to render coronavirus-related cooperation not only for Kaesong but anywhere in North Korea."
On Sunday, North Korea said it has put Kaesong on lockdown, claiming a "runaway" defector suspected of having COVID-19 recently came back from the South. Seoul later said a North Korean defector is believed to have swum across the border but doubted he had contracted the virus.
The North has claimed it is virus-free, but outside observers have questioned the claim given that it has a long and porous border with China and is known to be underequipped and understaffed to cope with such a highly contagious disease.
South Korea has offered joint efforts with North Korea against the virus, but the North has not responded amid strained inter-Korean relations that have deteriorated recently over the sending of anti-Pyongyang leaflets into the country by activists in the South.
Since his appointment earlier this month, Lee has prioritized the resumption of talks with North Korea, saying it is the first step toward normalizing the chilled cross-border relations.
New Unification Minister Lee In-young burns incense to pay tribute to South Korean patriotic martyrs and war dead at the National Cemetery in Seoul on July 30, 2020. (Yonhap)
kokobj@yna.co.kr
(END)


yna--2020-07-30--LG Uplus expands contactless services amid pandemic

Starting in September , visitors to the mobile carrier 's flagship store in Gangnam , southern Seoul , will be @ @ @ @ @ to change phone plans and buy USIM cards on their own , according to the @ @

SEOUL, July 30 (Yonhap) -- South Korean telecom operator LG Uplus Corp. said Thursday it will introduce digital kiosks and new online shopping services as part of its shift toward going "contactless" amid the pandemic.
Starting in September, visitors to the mobile carrier's flagship store in Gangnam, southern Seoul, will be able to use the kiosks to change phone plans and buy USIM cards on their own, according to the company.
The telecom operator plans to gradually expand the service to other outlets to boost contactless services as people shun contact to reduce the risk of COVID-19 infection and more young consumers prefer online interactions.
Models showcase LG Uplus Corp.'s digital kiosk that customers can use to change phone plans on their own, in this photo provided by LG Uplus on July 30, 2020. (PHOTO NOT FOR SALE) (Yonhap)
The carrier said it started live shopping broadcasts on its online store, in which users can directly interact with shopping hosts via live chats. It will also provide more promotions on its online store by partnering with retailers, including convenience store chain GS25.
LG Uplus said the share of mobile product purchases from its online store currently account for just 5 percent of the total.
Local telecom operators are in the early stages of launching contactless services amid the pandemic.
Telecom giant KT Corp. partnered with a local food delivery business earlier this month to strengthen delivery services for online purchases, while leading mobile carrier SK Telecom Co. is reportedly preparing to open a contactless store this fall.
yunhwanchae@yna.co.kr
(END)


yna--2020-07-30--The Korea Interbank Offered Rates (KORIBOR)

SEOUL , Jul .
30 ( Yonhap ) -- The Korea Interbank Offered Rates ( KORIBOR ) as posted by @ @ @ @ @ news and information arm of Yonhap News Agency , at 11:00 a.m .

(URGENT) N. Korea says Travis King decided to come over to N. Korea because he harbored ill feeling within the U.S. Army: KCNA


yna--2020-07-30--Free trade deals help S. Korea cushion pandemic fallout

According to the data by the Korea Customs Service ( KCS ) , South Korea posted a surplus of US @ @ @ @ @ with such countries in the first half of this year .

SEOUL, July 30 (Yonhap) -- South Korea has reported a surplus in trade with countries with which it signed free trade pacts, data showed Thursday, in a sign that such deals help Seoul cushion the negative impact of the coronavirus pandemic.
According to the data by the Korea Customs Service (KCS), South Korea posted a surplus of US$19.9 billion in trade with such countries in the first half of this year.
In comparison, South Korea reported a deficit of $9.1 billion in trade with countries with which it doesn't have such deals.
Total trade volume between South Korea and countries with which it signed free trade deals fell 6.8 percent in the first half, according to the data.
But the volume between South Korea and countries with which it doesn't have such deals dropped by a shaper margin of 17.4 percent in the first half.
Free trade deals have a "buffer role" for South Korea to minimize the pandemic's impact on trade, the KCS said.
South Korea has implemented or struck 18 sets of free trade deals with 58 countries as of November last year.
Asia's fourth-largest economy has been ramping up efforts to expand its free trade agreement networks to overcome the economic jitters sparked by the new coronavirus pandemic.
The move came amid concerns that the pandemic is putting strains on the nation's economy as it depends heavily on exports.
South Korea's exports fell 10.9 percent in June, marking the fourth consecutive month of decline. The country's outbound shipments already suffered from the Sino-American trade war in 2019.
Exports dropped 12.8 percent on-year in the first 20 days of July as well.
(END)


yna--2020-07-30--Retail sales up 4.6 pct in June on strong online demand

The combined sales of 26 major offline and online retailers reached 11.14 trillion won ( US $ 9.32 billion ) @ @ @ @ @ 10.65 trillion won a year earlier , according to the data compiled by the Ministry @ @ @ @ @ Energy .

By Kang Yoon-seung
SEOUL, July 30 (Yonhap) -- Retail sales in South Korea expanded 4.6 percent in June from a year earlier despite the new coronavirus pandemic as more people purchased groceries and home appliances through online platforms, data showed Thursday.
The combined sales of 26 major offline and online retailers reached 11.14 trillion won (US$9.32 billion) last month, up from 10.65 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.
Online platforms led the growth with their revenue advancing 15.9 percent over the period, the data showed.
Sales of foodstuffs from online shops increased 37.2 percent, with those of furniture also rising 27.4 percent.
The file photo taken July 13, 2020, shows a shopper looking at protective masks at a supermarket in Seoul. (Yonhap)
Shipments of electronic goods from online shops advanced 26.7 percent. The demand of air conditioners and dehumidifiers shot up as more people spent time at home amid the country's social-distancing drive.
Sales of tour packages, however, dipped 29.1 percent from online platforms, as global air travels were virtually suspended due to the COVID-19 pandemic.
Offline stores, which have been falling behind online shops even before the virus outbreak, continued to lose ground, with their sales decreasing 3 percent on-year in June.
Convenience stores were the sole winners among offline shops on the rising demand of sanitary items, with their revenue edging up 2.4 percent.
Sales of cigarettes there also advanced 6 percent, as consumers were no longer able to purchase tobacco products from duty-free shops amid the suspended air travels.
In department stores, sales of luxury items shot up 22.1 percent, but the demand of other products, including casual clothes, lost ground as people refrained from going outside.
South Korea has reported more than 14,000 COVID-19 cases, with imported cases putting great strains on the country's virus fight.
Over the first half of 2020, the combined retail sales reached 66.79 trillion won, up 3.7 percent from the previous year. Shipments by online stores advanced 17.5 percent, while those of offline stores dipped 6 percent.
In 2019, retail sales in South Korea rose 4.8 percent on-year. Revenue at online shopping malls advanced 14.2 percent, while that of offline stores shed 0.9 percent.
colin@yna.co.kr
(END)


yna--2020-07-30--S. Korea holds hearing on potential FTA with Uzbekistan

South Korea has been making efforts to diversify its trade portfolio to not only ease its dependence on the U.S. @ @ @ @ @ overcome the economic jitters caused by the COVID-19 pandemic .

SEOUL, July 30 (Yonhap) -- South Korea said Thursday it will hold a public hearing on the envisioned free trade pact with Uzbekistan, as the country aims to boost exports in the face of the new coronavirus pandemic.
The meeting will be held Friday by inviting representatives from business, energy and agricultural groups, according to the Ministry of Trade, Industry and Energy.
South Korea and Uzbekistan have already completed a feasibility study on the proposed free trade agreement.
Earlier this month, Finance Minister Hong Nam-ki and Sardor Umurzakov, Uzbekistan's deputy prime minister for investment and foreign economic relations, held talks in Seoul, during which they agreed to speed up preparations for the FTA.
Uzbekistan was the 35th-largest export destination for South Korea last year. Outbound shipments to the central Asian country reached US$2.3 billion in 2019, up 10.4 percent from a year earlier.
South Korea's overall exports dropped more than 10 percent in 2019 on-year due to the growing trade row between the United States and China, along with a drop in chip prices.
The world's top two economies accounted for nearly 40 percent of South Korea's combined exports last year.
South Korea has been making efforts to diversify its trade portfolio to not only ease its dependence on the U.S. and China but also to overcome the economic jitters caused by the COVID-19 pandemic.
Exports are expected to fall 9 percent on-year in July, possibly extending a slump to the fifth consecutive month, a poll by Yonhap Infomax, the financial news arm of Yonhap News Agency, showed this week.
This week, Seoul and Phnom Penh launched their first round of negotiations to clinch yet another FTA.
colin@yna.co.kr
(END)


yna--2020-07-30--Biz sentiment for Aug. remains weak on virus impact: survey

`` South Korea 's economy contracted 3.3 percent in the second quarter , in the worst quarterly performance in more @ @ @ @ @ support is badly needed for manufacturers hit hard by the pandemic to continue operations , @ @ @ @ @ .

SEOUL, July 30 (Yonhap) -- Business sentiment in South Korea remains weak for August due mainly to the new coronavirus' impact on major industries, a local think tank said Thursday.
The business survey index (BSI) of the country's top 600 companies by sales came to 81.6 for August, slightly up from the 73.7 given for July, the Korea Economic Research Institute (KERI) said in a statement.
A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite.
The BSI has stayed below 100 for 27 consecutive months after reaching 100.3 in May 2018, said KERI, a research institute under the Federation of Korean Industries.
KERI's analysis for this month gave an index of 84.2, which improved from a month earlier as the new coronavirus outbreak seems to have passed its peak, it said.
"South Korea's economy contracted 3.3 percent in the second quarter, in the worst quarterly performance in more than 20 years. Policy support is badly needed for manufacturers hit hard by the pandemic to continue operations," a KERI official said.
As of Wednesday, South Korea has reported 14,251 confirmed COVID-19 cases and 300 deaths.
KERI said 342 out of the 600 companies responded to the survey, which was conducted from July 16-23.
kyongae.choi@yna.co.kr
(END)


yna--2020-07-30--Stock-related transactions soar 19 pct in H1

SEOUL , July 30 ( Yonhap ) -- The amount of stock-related transactions in South Korea leaped almost 19 percent @ @ @ @ @ year , largely as a low interest rate provided ample liquidity in the local financial @ @ @ @ @ .

SEOUL, July 30 (Yonhap) -- The amount of stock-related transactions in South Korea leaped almost 19 percent in the first half this year, largely as a low interest rate provided ample liquidity in the local financial markets, data showed Thursday.
The total amount of such transactions through the Korea Securities Depository (KSD) in the January-June period stood at 26.06 quadrillion won (US$21.92 trillion), up 18.9 percent from a year ago, KSD data showed.
Of the total, transactions of securities, bonds and other derivatives took up 91.8 percent, or 23.92 quadrillion won.
South Korea's stock market has performed well in the first half, after suffering a sharp drop in March amid the new coronavirus pandemic.
The benchmark Korea Composite Stock Price Index (KOSPI) stood at 2,270.67 points as of 10:23 a.m. Thursday, returning to pre-pandemic levels.
The logo of the Korea Securities Depository (KSD) (Yonhap)
jwc@yna.co.kr
(END)


yna--2020-07-31--Prosecutors charge key suspects in suspected hedge fund fraud

According to the investigators , they are accused of deceiving investors into putting a total of 200 billion won into @ @ @ @ @ by Lime Asset , though the money was actually intended to be used to redeem @ @ @ @ @ .

SEOUL, July 31 (Yonhap) -- Prosecutors have indicted the chief executive officer of an asset management company over his alleged involvement in a massive hedge fund scandal.
The Seoul Southern District Prosecutors Office on Thursday indicted Won Jong-jun, head of Seoul-based fund operator Lime Asset Management Co., on charges of fraud and violation of capital market and financial investment laws.
A senior marketing executive, only identified by his surname Lee, has been also indicted on the same charges.
They were allegedly involved in the firm's cover-up of massive losses and subsequent suspension of fund redemption worth an estimated 1.6 trillion won (US$1.3 billion).
The undated file photo shows Lee Jong-pil (L), a former executive at Lime Asset Management Co., and Won Jong-jun (R), the company's CEO. (Yonhap)
According to the investigators, they are accused of deceiving investors into putting a total of 200 billion won into 18 trade finance funds operated by Lime Asset, though the money was actually intended to be used to redeem the company's existing funds.
Lime Asset investors filed criminal complaints against Won and Lee in March, arguing they had suffered huge losses after investing in the firm's trade finance funds due to the company's deceptive fundraising.
Won has been in pre-trial detention since July 14.
In a related development, Lee Jong-pil, a former vice president of Lime Asset, and Kim Bong-hyun, a financier believed to be the largest financial source for the fund operator, have also been arrested and indicted for their alleged involvement in the scandal.
Founded in 2012 as an investment adviser, Lime Asset was granted a license to operate private funds in 2015. The company was managing a record high of 5.7 trillion won as of June last year.
In October, however, the company froze withdrawals, citing an inability to liquidate enough assets to meet redemption requests, prompting the nation's financial watchdog to conduct a probe and conclude the company duped investors by concealing losses and continuing sales of related products.
jaeyeon.woo@yna.co.kr
(END)


yna--2020-07-31--Korea Shipbuilding wins 891 bln-won order for LNG carriers this year

Hyundai Heavy Industries Co. has bagged a 445.6 billion-won deal to construct two LNG carriers from a shipper in Bermuda @ @ @ @ @ Industries Co. has won a 445.6 billion-won deal to build two LNG carriers from a @ @ @ @ @ said in a regulatory filing .

By Nam Kwang-sik
SEOUL, July 31 (Yonhap) -- South Korea's shipbuilding conglomerate Korea Shipbuilding & Offshore Engineering Co. said Friday its two affiliates have signed deals amounting to a combined 891 billion won (US$750 million) to build four liquefied natural gas (LNG) carriers.
Hyundai Heavy Industries Co. has bagged a 445.6 billion-won deal to construct two LNG carriers from a shipper in Bermuda, while Hyundai Samho Heavy Industries Co. has won a 445.6 billion-won deal to build two LNG carriers from a European company, Korea Shipbuilding said in a regulatory filing.
The two shipbuilders will deliver the LNG vessels starting in 2023, Korea Shipbuilding said.
This photo provided by Hyundai Heavy Industries Co. shows a LNG carrier built by the shipbuilder. (PHOTO NOT FOR SALE) (Yonhap)
Korea Shipbuilding has three shipbuilders -- Hyundai Heavy, Hyundai Samho and Hyundai Mipo Dockyard Co.
The holding company said its three shipbuilding subsidiaries have clinched a combined $2.9 billion in orders to build 42 ships in the January-July period, meeting 19 percent of their annual order targets of $15.7 billion.
Korea Shipbuilding posted 400 million won in net profit in the second quarter, compared with a profit of 201.6 billion won a year earlier as orders sharply fell due to COVID-19.
ksnam@yna.co.kr
(END)


yna--2020-07-31--(LEAD) New virus cases rebound, imported cases still hampering virus fight

Of the newly identified imported cases , 10 cases were from Uzbekistan , followed by the United States with four @ @ @ @ @ two .
The total caseload of cases coming in from overseas reached 2,396 .

(ATTN: UPDATES with more info throughout; CHANGES photo)
SEOUL, July 31 (Yonhap) -- South Korea's new coronavirus cases bounced back to above 30 Friday as infections coming in from overseas have showed no signs of letting up amid resurgences in global virus cases.
The country added 36 cases, including 22 imported cases, raising the total caseload to 14,305, according to the Korea Centers for Disease Control and Prevention (KCDC). The number of locally transmitted cases reached 14.
The tally doubled from 18 new virus cases reported Thursday but was smaller than 48 cases Wednesday.
The country's imported cases have recently surged as infections spiked among South Korean workers returning home from Iraq and Russian sailors. Daily imported cases, which hit a record high of 86 on Saturday, have risen by double-digit numbers for more than a month.
South Korean workers arrive at Incheon International Airport, the country's main gateway, west of Seoul, on July 31, 2020, as they returned home from virus-hit Iraq on a chartered flight. (Yonhap)
Of the newly identified imported cases, 10 cases were from Uzbekistan, followed by the United States with four cases and the Philippines with two. The total caseload of cases coming in from overseas reached 2,396.
Infections traced to Russian ships docked in South Korean ports have become a source of cluster infections here since last month, with the number of related cases hitting 91 so far.
Starting Monday, sailors aboard ships departing from Russia will be required to submit a certificate showing they have tested negative for COVID-19 as cluster infections tied to Russian ships have continued to grow.
South Korea also began on-board quarantine inspections on not only ships coming from Russia but also vessels departing from six high-risk countries -- Bangladesh, Pakistan, Kazakhstan, Kyrgyzstan, the Philippines and Uzbekistan.
At least 121 South Korean workers returning from Iraq have been confirmed to have been infected with the virus. Of some 290 people who returned home last Friday, 77 workers have tested positive for the virus.
South Korea brought home hundreds of nationals from virus-hit Iraq three times in July, including 72 workers who arrived here earlier in the day.
The KCDC said of the 72 arrivals, 31 workers showed virus symptoms and are currently taking COVID-19 tests.
Health authorities also said they will strengthen checks on self-quarantine places for foreigners with long-term residence permits.
"If the places are deemed inappropriate for self-isolation, health authorities plan to place them in state-designated quarantine facilities," Yoon Tae-ho, a senior health official, said in a briefing.
A medical worker wearing protective gear cools off with an air conditioner at a screening center in the southwestern city of Gwangju on July 30, 2020, in this photo provided by an office of the city's Buk Ward. (PHOTO NOT FOR SALE) (Yonhap)
Meanwhile, of the newly reported local infections, Seoul reported eight cases, followed by four cases from Gyeonggi Province that surrounds the capital and two from the eastern Gangwon Province.
The number of daily new locally transmitted cases bounced back to a double-digit figure, after it fell to seven Thursday.
Of six families involving 18 people who went camping together in the eastern city of Hongcheon, six people tested positive for the virus.
The KCDC called on people not to lower their guard against COVID-19 even at outdoor places, including beaches, mountains and camping sites during summer vacations.
"We repeatedly stress that it is important to maintain quarantine measures during our daily lives, in particular, during vacations," Yoon said.
The government also warned a professional baseball club in the southeastern port city of Busan for not adhering to social distancing guidelines at its home stadium earlier in the week.
Spectators started being allowed to attend sports events last weekend on a limited basis under conditions that professional baseball and football teams will implement strict sanitary measures.
Health authorities are staying vigilant over another wave of virus outbreaks in the summer amid sustained rises in local infections and cases coming in from overseas.
The country reported one additional death, raising the death toll to 301, according to the KCDC. The fatality rate reached 2.1 percent.
The number of patients fully cured of the virus reached 13,183, up 51 from the previous day.
South Korea has carried out 1,563,796 tests since Jan. 3.
A professional baseball game between the KT Wiz and the Kia Tigers is held without spectators in the southwestern city of Gwangju on July 30, 2020, amid stricter social distancing guidelines. (Yonhap)
sooyeon@yna.co.kr
(END)


yna--2020-07-31--Seoul stocks trade nearly flat late Friday morning on virus uncertainties

The index remained choppy , as investors attempted to lock in gains after the U.S. economy contracted by the most @ @ @ @ @ second quarter .

SEOUL, July 31 (Yonhap) -- South Korean shares traded nearly flat late Friday morning, as economic uncertainties loom large amid the new coronavirus pandemic.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.18 points, or 0.14 percent, to 2,267.01 as of 11:20 a.m.
The index remained choppy, as investors attempted to lock in gains after the U.S. economy contracted by the most in 73 years in the second quarter.
In contrast, South Korea's industrial output, retail sales and facility investment showed on-month growth in June. It is the first time in six months that all three indices increased.
Large caps traded mixed in Seoul.
Market bellwether Samsung Electronics dropped 0.51 percent, and No. 2 chipmaker SK hynix lost 1.64 percent.
Top pharmaceutical company Samsung Biologics edged up 0.14 percent, with Celltrion down 0.33 percent.
Internet giant Naver climbed 1.7 percent, with its rival Kakao advancing 3.16 percent.
Hyundai Motor, the country's largest automaker, shed 0.39 percent, with its smaller affiliate Kia Motors dipping 1.23 percent.
Auto parts maker Hyundai Mobis fell 2.11 percent.
The local currency was trading at 1,187.70 won against the U.S. dollar, up 6.7 won from the previous session's close.
jwc@yna.co.kr
(END)


yna--2020-07-31--Exports of passenger cars dip 41 pct in Q2 amid pandemic

Industry leader Hyundai Motor Co. and four other automakers produced 1.63 million vehicles in the January-June period , down 19.8 @ @ @ @ @ , according to the data from the Korea Automobile Manufacturers Association ( KAMA ) .

SEOUL, July 31 (Yonhap) -- Exports of South Korean-made passenger cars plunged 40.6 percent on-year in the second quarter as the coronavirus pandemic ravaged demand, data showed Friday.
Local carmakers shipped passenger cars with a combined value of US$6.2 billion during the April-June period, according to the data compiled by the Korea Customs Service (KCS).
The number of units also plunged 47.4 percent on-year to 350,000, the data showed.
In the second quarter, South Korea's imports of passenger cars jumped 17.7 percent on-year to $2.9 billion, according to the data.
Exports of passenger cars to the United States fell 14.4 percent in the second quarter, while those to Canada declined 25.4 percent.
The customs data also showed that exports of eco-friendly cars reached $3.1 billion in the second quarter, up 22.3 percent on-year.
The average export price of cars reached $17,750 in the April-June period, the data showed
South Korea's auto output sank nearly 20 percent to an 11-year low in the first half of the year due to the coronavirus outbreak.
Industry leader Hyundai Motor Co. and four other automakers produced 1.63 million vehicles in the January-June period, down 19.8 percent from a year earlier, according to the data from the Korea Automobile Manufacturers Association (KAMA).
It was the lowest figure since the 1.53 million units produced in the first half of 2009.
(END)


yna--2020-07-31--Marine Corps general to be relieved of command over security failure in N.K. defector's border cross

Marine Corps general to be relieved of command over security failure in N.K. defector's border crossing

The border crossing by the 24-year-old man , surnamed Kim , became known after North Korea reported Sunday that a @ @ @ @ @ in the border city of Kaesong with coronavirus symptoms and that the entire city was @ @ @ @ @ spread of the virus .

SEOUL, July 31 (Yonhap) -- The military decided to relieve a two-star Marine Corps general of his command over a border security failure in connection with a North Korean defector's recent return to his communist homeland, a military official said Friday.
The border crossing by the 24-year-old man, surnamed Kim, became known after North Korea reported Sunday that a "runaway" returned home in the border city of Kaesong with coronavirus symptoms and that the entire city was blocked off to prevent the spread of the virus.
South Korean officials said Kim had been under investigation over allegations he raped a female defector.
(ENG·日文·中文) 탈북민 재입북 경로 해부…왔던 길로 다시 갔다 Youtube https://youtu.be/DlFxvkwlzv4
scaaet@yna.co.kr
(END)


yna--2020-07-31--(LEAD) More S. Korean workers return home from virus-hit Iraq

The workers returning home will have to stay at a temporary shelter for two weeks even if they test negative @ @ @ @ @ Those who test positive for COVID-19 will be transported to hospitals or treatment centers .

(ATTN: UPDATES 2nd para)
SEOUL, July 31 (Yonhap) -- Another group of South Korean workers returned home from virus-hit Iraq on Friday on a chartered plane, which may jack up imported cases here down the road, health authorities said.
The plane carrying 72 South Korean nationals who worked at Iraqi construction sites arrived at Incheon International Airport earlier in the day. Of the arrivals, 31 showed symptoms of the novel coronavirus, health authorities said.
South Korea last week airlifted 293 workers from Iraq on two military planes. Of them, 77 have tested positive for COVID-19.
Health workers guide South Korean workers returning home from virus-hit Iraq at Incheon International Airport in Incheon on July 31, 2020. (Yonhap)
The government decided to help South Korean nationals in Iraq following the worsening virus situation in the Middle East country. As of Friday, Iraq has reported 18,300 confirmed cases of COVID-19 with more than 4,600 deaths, according to World Health Organization data.
The workers returning home will have to stay at a temporary shelter for two weeks even if they test negative for the novel coronavirus. Those who test positive for COVID-19 will be transported to hospitals or treatment centers.
Since February, the government has provided chartered evacuation flights to bring back citizens from the central Chinese city of Wuhan, the initial epicenter of the pandemic, as well as Japan, Iran, Peru, Italy and Ethiopia.
kdon@yna.co.kr
(END)


yna--2020-07-31--The Korea Interbank Offered Rates (KORIBOR)

SEOUL , Jul .
31 ( Yonhap ) -- The Korea Interbank Offered Rates ( KORIBOR ) as posted by @ @ @ @ @ news and information arm of Yonhap News Agency , at 11:00 a.m .


yna--2020-07-31--(URGENT) Marine Corps general relieved of command over security failure in N.K. defector's border cr

(URGENT) Marine Corps general relieved of command over security failure in N.K. defector's border crossing


yna--2020-07-31--S. Korea to offer US$5 mln to developing nations fighting coronavirus

The approval is part of the nation 's plans to provide more than $ 400 million in loans and grants @ @ @ @ @ to help them push for health projects against the novel coronavirus .

SEJONG, July 31 (Yonhap) -- South Korea's finance ministry said Friday it will offer US$5.15 million via the World Bank to six developing nations combating the coronavirus pandemic.
The fund will be provided through the Korea-World Bank Group Partnership Facility, the ministry said in a statement.
The fund is expected to help developing nations improve their digital infrastructure to better cope with the virus outbreak and boost productivity in their farm industry, the ministry said.
Last month, the ministry approved $75.5 million in health care aid for 13 nations to better combat the pandemic.
The approval is part of the nation's plans to provide more than $400 million in loans and grants to developing nations this year to help them push for health projects against the novel coronavirus.
Globally, more than 17 million people have been infected by the new coronavirus and more than 670,000 have died, according to a tally by Johns Hopkins University.
kdh@yna.co.kr
(END)


yna--2020-07-31--Unification minister promises support for NGOs' efforts to expand cross-border exchange

`` In that sense , I would like to say that the ministry will go in tandem with the activity @ @ @ @ @ the KNCCK by providing support in terms of policy and finance , '' he added @

SEOUL, July 31 (Yonhap) -- Unification Minister Lee In-young said on Friday that he will provide necessary support for aid organizations in their efforts to expand cross-border exchanges and cooperation with North Korea.
Lee made the remark at a meeting with the leaders of Korea NGO Council for Cooperation with North Korea (KNCCK), an umbrella group of 55 nongovernmental organizations established to facilitate cooperation among NGOs assisting the North.
"The unification ministry will respect the autonomy of civic groups like the KNCCK as much as possible if they seek to take the road toward exchanges and cooperation," Lee said.
"In that sense, I would like to say that the ministry will go in tandem with the activity of civic groups, including the KNCCK by providing support in terms of policy and finance," he added.
Lee also reiterated that he is ready to resume humanitarian assistance to North Korea, saying that such exchanges will contribute to building mutual trust, which he said would serve as a foundation to move stalled inter-Korean relations forward.
His meeting with the civic group leaders drew attention as it came a day after he expressed a willingness to work with North Korea to prevent a coronavirus outbreak in the border city of Kaesong or anywhere in the communist nation.
North Korea said over the weekend that it has declared a state of emergency and sealed off Kaesong after a defector returned home from South Korea with coronavirus symptoms.
On Thursday, the ministry said it approved an aid organization's plan to send about 800 million won (US$668,900) worth of disinfectants, protective suits and virus test kits to North Korea. This marked the first approval of an aid project in the North since Lee took office earlier this week.
Unification Minister Lee In-young speaks at a meeting with leaders of the Korea NGO Council for Cooperation with North Korea (KNCCK) on July 31, 2020. (Yonhap)
kokobj@yna.co.kr
(END)


yna--2020-07-31--EU imposes first cyber sanctions against N.K., Chinese, Russian entities and individuals

Chosun Expo is suspected of involvement in major cyberattacks around the world , including those against Hollywood film studio Sony @ @ @ @ @ as cybertheft from the Bangladesh Bank and attempted cybertheft from the Vietnam Tien Phong Bank @ @ @ @ @ in a document on the sanctions .

SEOUL, July 31 (Yonhap) -- The European Union has imposed its first-ever cyber sanctions against North Korean, Chinese and Russian entities and individuals for their involvement in cyberattacks or attempted cyberattacks against the regional bloc.
On Thursday, the EU slapped the sanctions, such as travel bans and the freezing of assets, on six individuals and three entities, including Chosun Expo, a North Korean company.
Chosun Expo is suspected of involvement in major cyberattacks around the world, including those against Hollywood film studio Sony Pictures Entertainment, as well as cybertheft from the Bangladesh Bank and attempted cybertheft from the Vietnam Tien Phong Bank, the European Council said in a document on the sanctions.
Pyongyang has long denied such accusations, calling them "fabrications." Some analysts argue the North's denials stem from its awareness of the difficulties of proving online crimes perpetrated outside its territory.
"Chosun Expo provided financial, technical or material support for and facilitated a series of cyberattacks with a significant effect originating from outside the Union and constituting an external threat to the Union or its member state," the European Council said.
South Korea and other countries have been tightening their vigilance against potential North Korean cyberattacks, as the North is suspected of carrying out economic espionage and other cyber operations to help overcome economic woes stemming from global sanctions.
The cyber sanctions list also included the department for special technologies of the Russia military intelligence entity, called the Main Directorate of the General Staff of the Armed Forces of the Russian Federation.
The department is accused of two cyberattacks in 2017 that struck some European companies, and of cyberattacks on a Ukrainian power grid in 2015 and 2016.
The EU also sanctioned Chinese firm Haitai Technology Development, which was accused of facilitating a series of cyberattacks, called Operation Cloud Hopper, that targeted information systems of multinationals in Europe and on other continents.
sshluck@yna.co.kr
(END)


yna--2020-07-31--Tougher penalty for inbound foreigners registering false self-quarantine address: PM

In the latest such case , the police decided earlier this week to deport three Vietnamese nationals in their 20s @ @ @ @ @ a quarantine facility in Gimpo , west of Seoul , on Monday .
They were @ @ @ @ @ there after entering the country on July 20 .

SEOUL, July 31 (Yonhap) -- South Korea will toughen the punishment for foreign residents who hurt the country's quarantine efforts by reporting false self-quarantine addresses when they reenter the country after an overseas trip, the prime minister said Friday.
The decision was unveiled by Prime Minister Chung Sye-kyun during a regular government virus response meeting as South Korea is struggling to contain imported infection cases.
"We have recently had some botched quarantine cases because many longtime foreign residents here reported false self-quarantine addresses when they returned to the country (misleading quarantine officials)," the prime minister said.
To prevent similar cases, the government will exhaustively verify if local addresses registered by inbound foreigners upon their entrance to South Korea match where they actually live, he noted.
Any inbound travelers, both Koreans or foreign nationals, are required under the local quarantine law to put themselves in self-quarantine for two weeks upon their arrival in the country.
This image provided by the Korea Sports Promotion Foundation shows a national athlete training center in Incheon, previously used as a government quarantine facility. (Yonhap)
"The government will conduct on-site inspections of longtime foreign residents and stiffen the punishment for those who present false addresses," the prime minister said.
The government also plans to inspect and verify if residences registered by inbound foreigners are fit for self-quarantine. If not, they will be put in a dedicated quarantine facility, Chung added.
South Korea has been dealing with cases of foreigners defying the local quarantine law and guidelines, upsetting the country's quarantine efforts.
In the latest such case, the police decided earlier this week to deport three Vietnamese nationals in their 20s after they slipped out of a quarantine facility in Gimpo, west of Seoul, on Monday. They were under the mandatory two-week quarantine there after entering the country on July 20.
The prime minister also called for extra caution over infection risks during the approaching summer vacation season, urging people to strictly follow the quarantine guidelines.
Prime Minister Chung Sye-kyun presides over a government virus response meeting on July 31, 2020. (Yonhap)
pbr@yna.co.kr
(END)


yna--2020-07-31--More S. Korean workers return home from virus-hit Iraq

SEOUL, July 31 (Yonhap) -- Another group of South Korean workers returned home from virus-hit Iraq on Friday on a chartered plane, which may jack up imported cases here down the road, health authorities said.
The plane carrying 72 South Korean nationals who worked at Iraqi construction sites arrived at Incheon International Airport earlier in the day.
South Korea last week airlifted 293 workers from Iraq on two military planes. Of them, 77 have tested positive for COVID-19.
Health workers guide South Korean workers returning home from virus-hit Iraq at Incheon International Airport in Incheon on July 31, 2020. (Yonhap)
The government decided to help South Korean nationals in Iraq following the worsening virus situation in the Middle East country. As of Friday, Iraq has reported 18,300 confirmed cases of COVID-19 with more than 4,600 deaths, according to World Health Organization data.
The workers returning home will have to stay at a temporary shelter for two weeks even if they test negative for the novel coronavirus. Those who test positive for COVID-19 will be transported to hospitals or treatment centers.
Since February, the government has provided chartered evacuation flights to bring back citizens from the central Chinese city of Wuhan, the initial epicenter of the pandemic, as well as Japan, Iran, Peru, Italy and Ethiopia.
kdon@yna.co.kr
(END)


yna--2020-07-31--New virus cases rebound, imported cases still hampering virus fight

SEOUL, July 31 (Yonhap) -- South Korea's new coronavirus cases bounced back to above 30 Friday as infections coming in from overseas have showed no signs of letting up amid resurgences in global virus cases.
The country added 36 cases, including 22 imported cases, raising the total caseload to 14,305, according to the Korea Centers for Disease Control and Prevention (KCDC). The number of locally transmitted cases reached 14.
The tally doubled from 18 new virus cases reported Thursday but was smaller than 48 cases Wednesday.
The country's imported cases have recently surged as infections spiked among South Korean workers returning home from Iraq and Russian sailors. Daily imported cases, which hit a record high of 86 on Saturday, have risen by double-digit numbers for more than a month.
A chartered flight carrying about 70 South Korean workers from the virus-hit Iraq arrives at Incheon International Airport, South Korea's main gateway west of Seoul, on July 31, 2020. (Yonhap)
Of the newly identified imported cases, 10 cases were from Uzbekistan, followed by the United States with four cases and the Philippines with two. The total caseload of cases coming in from overseas reached 2,396.
Infections traced to Russian ships docked in South Korean ports have become a source of cluster infections here since last month, with the number of related cases hitting 91 so far.
Starting Monday, sailors aboard ships departing from Russia will be required to submit a certificate showing they have tested negative for COVID-19 as cluster infections tied to Russian ships have continued to grow.
South Korea also began on-board quarantine inspections on not only ships coming from Russia but also vessels departing from six high-risk countries -- Bangladesh, Pakistan, Kazakhstan, Kyrgyzstan, the Philippines and Uzbekistan.
At least 121 South Korean workers returning from Iraq have been confirmed to have been infected with the virus. Of some 290 people who returned home last Friday, 77 workers have tested positive for the virus.
South Korea brought home hundreds of nationals from virus-hit Iraq three times in July, including 72 workers who arrived here earlier in the day.
A medical worker wearing protective gear cools off with an air conditioner at a screening center in the southwestern city of Gwangju on July 30, 2020, in this photo provided by an office of the city's Buk Ward. (PHOTO NOT FOR SALE) (Yonhap)
Meanwhile, of the newly reported local infections, Seoul reported eight cases, followed by four cases from Gyeonggi Province that surrounds the capital and two from the eastern Gangwon Province.
The number of daily new locally transmitted cases bounced back to a double-digit figure, after it fell to seven Thursday.
Of six families involving 18 people who went camping together in the eastern city of Hongcheon, six people tested positive for the virus.
The KCDC called on people not to lower their guard against COVID-19 even at outdoor places, including beaches, mountains and camping sites during summer vacations.
The government also warned a professional baseball club in the southeastern port city of Busan for not adhering to social distancing guidelines at its home stadium earlier in the week.
Spectators started being allowed to attend sports events last weekend on a limited basis under conditions that professional baseball and football teams will implement strict sanitary measures.
Health authorities are staying vigilant over another wave of virus outbreaks in the summer amid sustained rises in local infections and cases coming in from overseas.
The country reported one additional death, raising the death toll to 301, according to the KCDC. The fatality rate reached 2.1 percent.
The number of patients fully cured of the virus reached 13,183, up 51 from the previous day.
South Korea has carried out 1,563,796 tests since Jan. 3.
A professional baseball game between the KT Wiz and the Kia Tigers is held without spectators in the southwestern city of Gwangju on July 30, 2020, amid stricter social distancing guidelines. (Yonhap)
sooyeon@yna.co.kr
(END)


yna--2020-07-31--Tenant protection laws take effect amid spiking prices

After the 4-year contract period , landlords are able to raise jeonse deposits by up to 5 percent .
The @ @ @ @ @ prices could be lowered depending on policies of provincial governments .
Owners of homes are @ @ @ @ @ if they move into their homes themselves .

SEOUL, July 31 (Yonhap) -- Laws designed to protect tenants went into effect on Friday as the government seeks to enhance tenants' rights in the face of rising home prices.
On Thursday, the National Assembly passed two of three bills aimed at protecting tenants.
The new legislation on housing leases will allow tenants to extend their two-year "jeonse" contracts for another two years. The first two-year contract has been guaranteed under the current law, according to the transport ministry.
After the 4-year contract period, landlords are able to raise jeonse deposits by up to 5 percent. The 5 percent limit on jeonse prices could be lowered depending on policies of provincial governments. Owners of homes are allowed to refuse additional extensions if they move into their homes themselves.
This photo taken on July 15, 2020, shows high-rise apartments in the southeastern Seoul ward of Songpa as seen from an observatory at Lotte Wold Tower, also in Songpa. Songpa is regarded as one of the four southern Seoul wards where housing prices are higher compared with other areas of the capital. (Yonhap)
Jeonse is a localized property lease system in which tenants pay a large deposit instead of monthly rent. It usually consists of a two-year contract, with the homeowner paying back the principal upon the completion of the contract.
Under the laws, if tenants want to extend their first two-year jeonse contracts by two more years, they are required to notify landlords of their intention to stay at least one month before the contracts end.
A third bill requiring landlords to report to the government actual rent prices didn't pass the National Assembly. It is expected to be put up for a vote in a plenary parliamentary session scheduled for next Tuesday.
The government has announced 22 rounds of measures to stabilize the real estate market in the past three years, but the measures fell short of curbing home prices amid low interest rates and ample liquidity in the markets.
Earlier this month, the government announced its toughest measures yet to rein in rising housing prices, as a series of steps, including tax hikes and loan regulations, failed to put the brakes on soaring home prices.
Next week, the government plans to unveil a set of plans to supply more homes in the capital and neighboring areas.
kyongae.choi@yna.co.kr
(END)


yna--2020-07-31--(2nd LD) LG Chem Q2 net profit jumps 5 times on EV battery output

LG Chem said it is on track to boost its production capacity to 100 gigawatt hours by the end of @ @ @ @ @ enough to supply batteries for about 1.7 million electric cars .

(ATTN: UPDATES with details in paras 5, 7-12)
SEOUL, July 31 (Yonhap) -- LG Chem Ltd., South Korea's leading chemical firm, said Friday that its second-quarter net profit jumped five times from a year earlier on the back of improved production of electric vehicle (EV) batteries.
Net profit reached 419.1 billion won (US$352 million) in the April-June period, compared with 83.8 billion won a year earlier, the company said in a regulatory filing.
LG Chem said its EV battery plant in Poland began to produce products in a stable manner as the defect rate declined, which in turn improved its bottom line.
LG Chem also operates electric vehicle battery plants in South Korea, China and the United States.
Cha Dong-seok, chief financial officer at LG Chem, said the company's improved efficiency led to the forecast-beating earnings, despite the fallout of the COVID-19 pandemic.
LG Chem's factory in Cheongju (Yonhap)
LG Chem said its operating income surged 131.5 percent on-year to 571.6 billion won, and sales rose 2.3 percent to 6.93 trillion won over the cited period.
LG Chem said its battery business unit achieved an operating income of 155.5 billion won in the second quarter on quarterly record sales of 2.82 trillion won.
Cha said the EV battery business unit could continue to post sharp growth in the current quarter due to increased shipments of EV batteries to Europe and increased sales of cylindrical batteries.
LG Chem is a key supplier of batteries to electric vehicles, including those of GM, Ford, Renault, Volvo, Audi, Volkswagen and Daimler, as well as South Korea's largest carmaker, Hyundai Motor Co., and its smaller affiliate, Kia Motors Corp.
LG Chem said it is on track to boost its production capacity to 100 gigawatt hours by the end of this year, which is enough to supply batteries for about 1.7 million electric cars.
LG Chem said its order backlog for EV batteries is currently valued at more than 150 trillion won.
The EV battery market has been on a roll as automakers around the world race to go electric and eco-friendly due to tightened regulations on greenhouse gas emissions, which scientists say are to blame for global warming.
entropy@yna.co.kr
(END)


yna--2020-07-31--(URGENT) 51 more released from coronavirus treatment, total now at 13,183: KCDC

(URGENT) N. Korea says Travis King decided to come over to N. Korea because he harbored ill feeling within the U.S. Army: KCNA


yna--2020-07-31--(URGENT) S. Korea reports 1 additional coronavirus-related death, total now at 301: KCDC


yna--2020-07-31--(URGENT) S. Korea reports 36 more cases of new coronavirus, total now at 14,305: KCDC


yna--2020-07-31--(LEAD) Central, southern regions gripped by contrasting weather conditions

The port of Incheon , west of Seoul , said that with the heavy rain weather advisory in place , @ @ @ @ @ placed on standby .
Upward of 50 mm of rain per hour was forecast for @ @ @ @ @ over the weekend , which could lead to flooding and mudslides .
Municipal authorities have @ @ @ @ @ .

(ATTN: UPDATES with fatalities, weather forcast in paras 4, 10)
SEOUL, July 31 (Yonhap) -- Sharply contrasting weather conditions are unfolding across the Korean Peninsula, with the central regions drenched by heavy downpours and the southern regions gripped by sweltering heat, meteorologists said Friday.
As the seasonal rain front was advancing north, Daejeon, 150 kilometers south of Seoul, and surrounding areas in central South Korea were battered by over 200 millimeters of rain this week, suffering casualties and extensive property and facility damage.
Army soldiers and volunteers engage in restoration work at a flooded apartment complex in Daejeon, central South Korea, on July 31, 2020. (Yonhap)
In Daejeon, hit by the heaviest downpours in 20 years, two people were killed, 56 residents in 28 households were rendered homeless and 449 cases of flood damage, including 103 inundated homes, were reported.
The port of Incheon, west of Seoul, said that with the heavy rain weather advisory in place, all emergency workers have been placed on standby. Upward of 50 mm of rain per hour was forecast for some parts of the city over the weekend, which could lead to flooding and mudslides. Municipal authorities have advised people to stay indoors.
In sharp contrast, however, residents on Jeju Island and in the nation's southern regions that include Busan and Gwangju were groaning under scorching heat, as the rain spell has retreated from those areas.
The tropical night phenomenon, defined by the nighttime low staying above 25 C, has occurred on Jeju Island for the fifth consecutive day, while a heat wave advisory was issued for Busan and nearby Ulsan as of 11 a.m. Friday, according to the Korea Meteorological Administration (KMA).
The agency said the daytime highs will remain in the range of 30 C to 33 C in the southern regions and on Jeju for the time being.
Tourists and Jeju Island residents enjoy themselves at a beach on the southern resort island on July 31, 2020, amid sweltering heat. (Yonhap)
But in Daejeon and surrounding South Chungcheong Province, located virtually halfway between Seoul and Busan, a heavy rain advisory was again issued as of 11 a.m., as the KMA forecast up to 150 mm of additional rain for the central regions on the day.
North Jeolla Province, located between Daejeon to the north and Gwangju to the south, was also drenched by heavy rain on the day, with daily precipitation reaching 49.4 mm in Jeongeup and 34.5 mm in Jeonju, the KMA added.
The local fire department said one of its rescuers was killed while trying to rescue a vacationer at Mount Jiri National Park earlier in the day. The loss occurred when the 28-year-old was swept away by a fast-moving stream.
The KMA forecast cloudy and rainy weather for the entire nation on Saturday. Rain will start falling in Seoul and surrounding Gyeonggi Province at dawn before spreading to the central regions, North Jeolla Province and North Gyeongsang Province later in the day, the agency said.
ycm@yna.co.kr
(END)


yna--2020-07-31--S. Korea raises standard median income by 2.68 pct for 2021

In 2021 , South Korea will give livelihood benefits to those who earn less than 30 percent of the median @ @ @ @ @ also be offered to those who earn less than 40 percent of the median income @ @ @ @ @ and education subsidies to those who earn less than 45 and 50 percent of the @ @ @ @

SEOUL, July 31 (Yonhap) -- South Korea marked up its standard median income by some 2.68 percent on-year for 2021 as it moves to better provide for the socially disadvantaged who have been hard hit by the coronavirus outbreak, the welfare ministry said Friday.
Under the changes approved by the basic living review committee, the median income of a four-person household in the country has been set at just under 4.75 million won (US$3,990), from 4.87 million won this year, the Ministry of Health and Welfare said.
Median income is a measure of income distribution that divides society into two equal halves, with the median falling exactly at the center. Seoul, like other countries, uses this marker as a means to provide support to those in the lower half, though the median differs by the size of a household, with benefits being given by the state, based on actual earnings.
The ministry said under the new guidelines, a four-person household earning less than 1.46 million won per month will be eligible for so-called livelihood benefits, so their income will reach the minimum level.
"For example, a household making just 460,000 won will get a million won, while those making nothing can apply to receive the full 1.46 million won," the ministry said.
It said a family making less than 1.95 million won per month can get housing support money to bolster their earnings, with those earning 2.19 million won and 2.43 million won, respectively qualified to get medical and education subsidies from the government that can ease their outlay burdens.
The ministry said for a single-person household, the median income for next year has been set at 1.82 million won, while for two-and three-person households, it has been set at 3.08 million won and 3.98 million, respectively. For a six-person family, the median income is 6.62 million won.
The ministry said the updated median income for next year is aimed at helping the disadvantaged and reflects the Korean New Deal plan that called for more balanced fair growth. It added that the change can benefit families that have been most affected by the COVID-19 pandemic.
In 2021, South Korea will give livelihood benefits to those who earn less than 30 percent of the median income. Medical support will also be offered to those who earn less than 40 percent of the median income and some form of housing and education subsidies to those who earn less than 45 and 50 percent of the median, respectively.
Benefits, meanwhile, will differ by region, with other factors affecting allowances people may receive, the ministry said.
yonngong@yna.co.kr
(END)


yna--2020-07-31--Unification minister vows to seek ways to resume Mt. Kumgang tour

`` I 'll actively look for ways to restart the Mount Kumgang tour project , '' he said while visiting @ @ @ @ @ northeast of Seoul , near the Demilitarized Zone that separates two Koreas .
`` The @ @ @ @ @ will send a message of peace on the Korean Peninsula and revive the economy of @ @ @ @

SEOUL, July 31 (Yonhap) -- Unification Minister Lee In-young said Friday that he will seek to resume a long-suspended tour program to North Korea's Mount Kumgang.
"I'll actively look for ways to restart the Mount Kumgang tour project," he said while visiting Jejin Station in Goseong, northeast of Seoul, near the Demilitarized Zone that separates two Koreas. "The resumption of the tour program will send a message of peace on the Korean Peninsula and revive the economy of border regions."
The minister also said he will go ahead with plans to reconnect the rail network to North Korea in a bid to create a new economic order on the Korean Peninsula.
During his confirmation hearing earlier this month, Lee said he would look for a "creative solution" to restart the tour program to North Korea's scenic mountains in the form of individual tours as a way to improve inter-Korean relations without violating international sanctions imposed on Pyongyang.
Started in 2003, the project was suspended after a South Korean tourist was shot dead near the mountain resort in 2008. The program's formal resumption requires a sanctions waiver, as it involves bulk cash transfer to the North.
Unification Minister Lee In-young (L) speaks at Jejin Station in the border town of Goseong on July 31, 2020, in this photo provided by the Goseong county government. (PHOTO NOT FOR SALE) (Yonhap)
(END)


yna--2020-07-31--Lotte kin shoulder at least 450 bln won in tax for late chairman's inherited assets

Dong-bin and his elder brother Dong-joo have been at the center of a high-profile family feud over succession at the @ @ @ @ @ had controlled the company 's operations in Japan and South Korea , respectively .

SEOUL, July 31 (Yonhap) -- Lotte Group Chairman Shin Dong-bin and his siblings may have to pay at least 450 billion won (US$378 million) in tax in South Korea for their late father's inherited assets, but their tax payment may swell when assets in Japan are counted.
Lotte Group founder Shin Kyuk-ho died of a chronic illness at age 99 in January, survived by Dong-bin and three other adult children.
Details about changes in their stakeholdings inherited from the late chairman were revealed Friday, the deadline for them to report inheritance taxes.
The Lotte kin's inheritance taxes are calculated based on the estimated values of listed affiliates of retail giant Lotte Group and its unlisted sister companies, as well as real estate in South Korea.
The late chairman's assets in South Korea and Japan are estimated at some 1 trillion won.
Lotte, which started as a small chewing gum manufacturer in Japan in the late 1940s, is South Korea's fifth-largest conglomerate, with its business portfolio ranging from retail and hotels to entertainment and chemicals across South Korea and Japan.
The conglomerate has dozens of affiliates, such as Lotte Holdings, Lotte Chilsung Beverage, Lotte Shopping and Lotte Confectionary.
Dong-bin and his elder brother Dong-joo have been at the center of a high-profile family feud over succession at the group, as the two had controlled the company's operations in Japan and South Korea, respectively.
Dong-bin officially became the successor to his father after defending a series of attempts by his elder brother to take the helm.
Dong-bin has been cementing his grip on the group's subsidiaries in South Korea and Japan. He was appointed president and CEO of Lotte Holdings in late June.
This photo, taken on Jan. 22, 2020, shows Lotte Group Chairman Shin Dong-bin (L) and his siblings attending the memorial service of his late father Shin Kyuk-ho. (Yonhap)
sooyeon@yna.co.kr
(END)


yna--2020-07-31--Constitutional petition filed against collecting mobile phone data in handling Itaewon cluster

The five groups led by two influential civic groups -- MINBYUN-Lawyers for a Democracy Society and People 's Solidarity for @ @ @ @ @ Wednesday that it was a violation of people 's freedom and thus `` unconstitutional '' @ @ @ @ @ extensively collected and used cell phone signals to find visitors to the Itaewon area in @ @ @ @ @ novel coronavirus from spreading in communities .

By Woo Jae-yeon
SEOUL, July 31 (Yonhap) -- Civic groups have petitioned the Constitutional Court to declare that the government's massive collection of mobile phone data for contact tracing to stem the spread of COVID-19 was unconstitutional.
The five groups led by two influential civic groups -- MINBYUN-Lawyers for a Democracy Society and People's Solidarity for Participatory Democracy -- claimed on Wednesday that it was a violation of people's freedom and thus "unconstitutional" that the authorities in May extensively collected and used cell phone signals to find visitors to the Itaewon area in an effort to stop the novel coronavirus from spreading in communities.
The popular nightlife district was a virus hotspot in May and June, with a total of 189 cases linked to its nightclubs and bars.
In order to stop the virus's rapid spread, authorities aggressively searched for visitors to the area using cellphone signals and credit card transaction data.
The groups, representing a plaintiff who asked not to identified and whose gender was also withdrawn, said in a statement on Thursday that the person received a text message from the Seoul city government on May 18 saying to get tested for the virus.
The plaintiff visited a restaurant in the area in late April located far away from the nightclubs that a COVID-19 patient used in the early hours of May 2.
Believing it was an unfair practice, the plaintiff asked the authorities on what legal grounds they were gathering sensitive personal data without consent, but the person allegedly heard only equivocal answers from them that just referred to the loosely worded law on infectious disease prevention.
The groups, citing news reports, argued that personal information of 10,905 people was collected by the authorities in such a manner to cope with the Itaewon cluster outbreaks.
"It is illegitimate to extensively collect personal information of some 10,000 visitors just because an infection broke out in the Itaewon area," they said in a statement, adding that the wording in the relevant law about people suspected of coming in contact with an infected person is also too broad.
Seoul city requested that the country's three big telecom companies turn in information about cell phone users who stayed in the area for more than 30 minutes anytime between midnight and 5 a.m. from April 24 to May 6. The received information contained names, phone numbers and addresses.
The authorities, assuming the visitors might carry the virus, lacked reasonable legal grounds to use their location data to amass private information, the groups argued.
"Unless collecting location data is proved to help effectively prevent an infectious disease," the practice used in the Itaewon cluster case is believed to be too "extensive" and inappropriate and in violation of human rights guaranteed by the Constitution, they said.
Volunteer workers disinfect a street in Itaewon in the central Seoul ward of Yongsan on May 12, 2020. (Yonhap)
jaeyeon.woo@yna.co.kr
(END)