Yonhap News Summary

The 19th Joint Conference on Disarmament and Nonproliferation Issues will take place via video links Wednesday for a two-day run @ @ @ @ @ think tank experts from more than 20 countries , as well as those from international @ @ @ @ @ part .

The following is the second summary of major stories moved by Yonhap News Agency on Tuesday
Parties agree on 558 tln-won budget for 2021, plan to pass it this week
SEOUL -- Rival parties on Tuesday agreed on a 558 trillion-won (US$504 billion) state budget bill for next year that includes nearly 4 trillion won earmarked for additional COVID-19 relief funds and coronavirus vaccine purchases.
The agreement was made during a meeting of floor leaders and two other senior lawmakers from the ruling Democratic Party and the main opposition People Power Party held earlier in the day.
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Court ruling clears 1st hurdle for Korean Air's Asiana takeover
SEOUL -- A South Korean court on Tuesday rejected an injunction filed by a local equity fund against Hanjin KAL's stock sales meant to fund its affiliate Korean Air Lines Co.'s takeover of smaller rival Asiana Airlines Inc., clearing one of the hurdles for the largest deal ever in the airline sector.
The Seoul Central District Court dismissed the injunction filed by the Korea Corporate Governance Improvement (KCGI) against Korean Air's parent Hanjin KAL's stock sales worth 800 billion won (US$723 million) to Asiana's main creditor Korea Development Bank (KDB).
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National Assembly passes bill on allowing recognized pop stars to defer enlistment
SEOUL -- The National Assembly passed a bill Tuesday that would allow globally recognized male pop culture artists to postpone their mandatory military duties.
The assembly's plenary session gave the nod to the bill on revising the Military Service Act to grant an exceptional right to defer national defense duties to acclaimed pop artists, such as K-pop megastars BTS, who helped elevate the country's global reputation.
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Moon, justice minister discuss top prosecutor's job suspension
SEOUL -- President Moon Jae-in on Tuesday met with Justice Minister Choo Mi-ae to discuss the escalating political tensions over the suspension of Prosecutor General Yoon Seok-youl, sources said.
Last week, Choo suspended Yoon from duty as she sought a disciplinary measure against him over six counts of alleged misdeeds, including collecting personal information of justices in charge of cases related to a former justice minister and suspected election interference by presidential officials.
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Netflix expanding investment in S. Korean content
SEOUL -- U.S. media giant Netflix is beefing up efforts to secure popular Korean-made films and shows as part of a strategy to boost its presence in the global streaming service market.
Netflix, which launched its Korean service in 2015, said it set up a separate production firm, Netflix Entertainment Korea, which deals with fostering and financing up-and-coming Korean-language content, in September.
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Hospital bed shortage looms amid surge in critical COVID-19 patients
SEOUL -- Concerns are mounting over a possible shortage of hospital beds for novel coronavirus patients in critical condition, as daily new cases in the country continue to pile up.
South Korea reported 451 new COVID-19 cases on Tuesday, raising the total caseload to 34,652, according to the Korea Disease Control and Prevention Agency (KDCA). Tuesday's daily tally stayed in the 400 range for the third day in a row.
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Seoul stocks soar to new record high on economic recovery hopes
SEOUL -- South Korean stocks rebounded from a sharp decline the previous session to hit a new all-time high Tuesday on the back of upbeat economic data, lifting hopes for a faster-than-expected recovery amid the pandemic. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 42.91 points, or 1.66 percent, to close at 2,634.25.
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S. Korea, U.N. disarmament office to hold joint conference on emerging weapons technologies
SEOUL -- South Korea and the U.N. disarmament office will hold a joint conference on disarmament and nonproliferation this week, with a focus on emerging weapons, such as killer robots and hypersonic missiles, the foreign ministry said Tuesday.
The 19th Joint Conference on Disarmament and Nonproliferation Issues will take place via video links Wednesday for a two-day run, with government officials and think tank experts from more than 20 countries, as well as those from international organizations, expected to take part.
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BTS makes history as 'Life Goes On' becomes first Korean song to top Billboard main singles chart
WASHINGTON/SEOUL -- K-pop megastar BTS has achieved another milestone with its new song "Life Goes On," becoming the first Korean song to land at No. 1 on the Billboard's main singles chart.
"'Life Goes On' officially debuts at No. 1 on this week's Hot 100," Billboard said in a Twitter post Monday (U.S. time), one day before the weekly chart will be refreshed.
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GM Korea workers vote against 2020 wage deal
SEOUL -- Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., voted down a tentative wage deal for the year amid the COVID-19 pandemic, the company said Tuesday.
In a vote held from Monday to Tuesday, 54 percent of 7,364 union workers rejected the tentative deal, GM Korea and its union said.
(END)


yna--2020-12-01--(LEAD) Court issues injunction to halt top prosecutor's suspension

`` Since we are not able to properly prepare ( for the disciplinary meeting ) , we have requested the @ @ @ @ @ later date when the necessary steps are taken , '' he said , pointing out @ @ @ @ @ should be guaranteed .

(ATTN: UPDATES throughout with a court decision; CHANGES slug of story sent earlier under the 'justice ministry-committee result' slug)
SEOUL, Dec. 1 (Yonhap) -- A Seoul court on Tuesday granted a preliminary injunction requested by Prosecutor General Yoon Seok-youl over his suspension, in the first legal decision in a monthslong feud between Justice Minister Choo Mi-ae and the top prosecutor.
The decision by the Seoul Administrative Court allows Yoon to get back to work immediately. But his days still might be numbered, as the ministry will convene a seven-member committee Wednesday to decide on disciplinary action against Yoon.
Earlier in the day, the ministry's inspection committee also took Yoon's side by advising against the suspension during a three-hour meeting, citing "procedural flaws."
The committee unanimously concluded that there were serious flaws in the decision-making process, as Yoon had not been properly informed of allegations against him in advance and had not been given enough time to explain his positions on them.
"Seeking disciplinary measures, suspending him from duty and launching investigations against him were not appropriate," the committee said.
In a short statement, the ministry squarely refuted the committee's findings but said it would "fully take note of the recommendation."
The committee's conclusion, while not legally binding, could work in favor of Yoon during the disciplinary meeting.
The undated file photo shows Justice Minister Choo Mi-ae (L) and Prosecutor General Yoon Seok-youl (R). (Yonhap)
Early last week, the justice minister barred Yoon from duty as she sought a disciplinary measure against him over six counts of alleged misdeeds, including collecting personal information of justices in charge of cases related to a former justice minister and suspected election interference by presidential officials.
Yoon sought a court injunction Wednesday to stop the unprecedented order from going into effect, and filed a lawsuit the next day.
In the latest twist to the contentious case, Yoon requested in the late afternoon the disciplinary meeting be postponed, citing lack of time to prepare for his case.
Lee Wan-kyu, who represents Yoon, said in a statement that the ministry has not responded to the request for access to documents related to the chief prosecutor's suspension.
"Since we are not able to properly prepare (for the disciplinary meeting), we have requested the date be changed until a later date when the necessary steps are taken," he said, pointing out that the right to defend should be guaranteed.
Yoon also asked to call in three witnesses to explain parts of the allegations against him.
If the ministry turns down the request, they will boycott the meeting on-site, Lee said.
Prosecutor General Yoon Seok-youl rides in a car on his way to work at the Supreme Prosecutors Office on Nov. 20, 2020. (Yonhap)
jaeyeon.woo@yna.co.kr
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yna--2020-12-01--Carmakers' Nov. sales dip 5 pct amid pandemic

The five carmakers in South Korea -- Hyundai Motor Co. , Kia Motors Corp. , GM Korea Co. , Renault @ @ @ @ @ Motor Co. -- sold a combined 674,040 vehicles in November , down from 710,466 units @ @ @ @ @ to data from the companies .

By Choi Kyong-ae
SEOUL, Dec. 1 (Yonhap) -- South Korean carmakers' sales fell 5 percent last month from a year earlier as the coronavirus outbreak continued to sap demand around the globe, industry data showed Tuesday.
The five carmakers in South Korea -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 674,040 vehicles in November, down from 710,466 units a year ago, according to data from the companies.
Weak overseas demand and a series of strikes weighed on the carmakers' overall sales results.
These photos show logos of the country's five carmakers: (clockwise from top L) Hyundai Motor, Kia Motors, SsangYong Motor, GM Korea and Renault Samsung Motors. (Yonhap)
Their domestic sales rose 5 percent to 143,591 units in November from 136,414 a year ago. But their overseas sales declined 7.6 percent to 530,449 units from 574,052 during the same period.
Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales, reduced production at their overseas plants to manage inventories as the COVID-19 pandemic continued.
A three-day walkout at Kia's domestic plants last month also affected the carmakers' combined sales.
In November, Hyundai's sales fell 4.3 percent to 376,704 autos from 393,694, while Kia's rose 2 percent to 256,019 from 250,952 over the cited period.
Strong demand for Hyundai's Palisade, Tucson and Santa Fe SUVs and Kia's Sportage SUV and the Carnival minivan buoyed the results.
Hyundai and Kia said they will continue to make efforts to minimize the negative impact of the pandemic on vehicle sales in global markets while focusing on boosting sales of SUV models.
GM Korea and Renault Samsung, the South Korean units of General Motors Co. and Renault S.A., reported poor sales results last month due to suspended production at their plants.
GM Korea's sales plunged 46 percent to 21,384 units last month from 39,317 a year ago. Renault Samsung's auto sales plummeted 49 percent to 8,074 from 15,749 during the same period.
GM Korea workers staged several rounds of partial strikes from Oct. 30, demanding an end to a wage freeze and a new vehicle production plan at the plant.
GM Korea may suffer further output losses as its union members on Tuesday voted against a tentative wage deal.
The strikes cost GM Korea about 25,000 vehicles in lost production. The company suffered output losses of 60,000 vehicles in the first half due to impact of the pandemic.
Renault Samsung halted its only plant in Busan last month due to lower demand for its models.
From January to November, the five carmakers sold a total of 6,283,652 units, down 13 percent from 67,232,728 in the same period of last year.
Their domestic sales rose 6.2 percent to 1,483,974 in the first 11 months from 1,388,327 but overseas sales fell 18 percent to 4,809,678 from 5,844,401.
kyongae.choi@yna.co.kr
(END)


yna--2020-12-01--(3rd LD) BTS makes history as 'Life Goes On' becomes first Korean song to top Billboard main singles

(3rd LD) BTS makes history as 'Life Goes On' becomes first Korean song to top Billboard main singles chart

The song is about going ahead with life whatever comes its way , with the lyrics `` One day the @ @ @ @ @ n't know to wait/showed up not even a minute late '' poetically depicting a world @ @ @ @ @ sudden pause .
It then goes on to suggest how things will eventually be OK @ @ @ @ @ in the forest/the day will come back around/as if nothing happened/yeah life goes on .
@

(ATTN: UPDATES with further chart results in paras 11-13)
By Byun Duk-kun and Lee Minji
WASHINGTON/SEOUL, Dec. 1 (Yonhap) -- K-pop megastar BTS has achieved another milestone with its new song "Life Goes On," becoming the first Korean song to land at No. 1 on the Billboard's main singles chart.
"'Life Goes On' officially debuts at No. 1 on this week's Hot 100," Billboard said in a Twitter post Monday (U.S. time), one day before the weekly chart will be refreshed.
"'Life Goes On' is also the first Hot 100 No. 1 in the chart's 62-year history sung predominantly in Korean," the U.S. music publication said, adding that the song "drew 14.9 million U.S. streams and sold 150,000 in the week ending Nov. 26."
This composite image provided by Big Hit Entertainment shows members of K-pop group BTS in the music video for the song "Life Goes On." (PHOTO NOT FOR SALE) (Yonhap)
Apart from being the first single predominantly sung in Korean to top the main singles chart, BTS set a spate of new milestones with the achievement.
It marks the second BTS song to debut at No. 1 on the Billboard's main single chart after its pop-disco track "Dynamite" debuted at the top of the chart earlier in the year.
"BTS is now the first and only group in history with multiple No. 1 debuts on the Hot 100," Billboard tweeted.
"Dynamite" is still ranked at No. 3 on this week's Hot 100, according to the Billboard.
With its latest song, BTS now has three top-charted songs that include BTS remix version of "Savage Love" by U.S. singer Jason Derulo and New Zealand producer Jawsh 685.
All three songs reached the summit of the Billboard singles chart within a span of just three months, Billboard said, noting how BTS became the first act to earn "the fastest accumulation of three Hot 100 No. 1s in 42 years, since the BeeGees earned three No. 1s in two months and three weeks."
Storming Billboard success places BTS alongside The Beatles Youtube https://youtu.be/cXXgQ2VFb98
"Life Goes On" is also the first song "sung mostly in a non-English language" since "Despacito" by Luis Fonsi in 2017 to reach No. 1 on the Billboard Hot 100, it added. The previous record before the two hits came two decades ago with Los Del Rio's "Macarena (Bayside Boys Mix)" in 1996.
Including "Life Goes On," a total of seven songs from the eight-track album "BE" charted on the Hot 100, according to Billboard. Its previous "Map of the Soul: 7," released in February, has three Hot 100 songs including "On," which rose to the fourth place.
Along with No. 1 "Life Goes On" and No. 3 "Dynamite," "Blue & Grey" placed 13th and "Stay" came in 22nd. "Fly to My Room" ranked 69th, followed by "Telepathy" in 70th and "Dis-ease" in 72nd.
"Skit," a non-musical spoken word piece, is the only track that failed to make the top 100.
BTS thanked its fans, also known as ARMY, for their unwavering support in the group's record-breaking musical journey.
"Thank you so, so much. We are grateful for No. 1 and to have two of our songs in the top three," the band tweeted in Korean. "We sincerely thank all ARMY who love us. We will do our best to give you a better album going forward."
"Life Goes On," a relaxed ballad in which members RM, Suga and J-Hope took part in songwriting, is the lead track for the septet's latest album "BE." It recently became their fifth album to top the Billboard's main albums chart, the Billboard 200.
The song is about going ahead with life whatever comes its way, with the lyrics "One day the world stopped/without any warning/spring didn't know to wait/showed up not even a minute late" poetically depicting a world that has come to a sudden pause. It then goes on to suggest how things will eventually be OK, "Like an echo in the forest/the day will come back around/as if nothing happened/yeah life goes on."
This image, from the Billboard Twitter account (@billboardcharts) on Dec. 1, 2020, shows the rankings for its main singles chart, the Hot 100, for the week ending Nov. 26. (PHOTO NOT FOR SALE) (Yonhap)
In media interviews and a showcase marking the album's release on Nov. 20, the band said they hope to provide a message of hope and comfort with it.
"'Life Goes On' is a song that is weighty and firm but also soft and comforting in a sincere way," RM said in the Nov. 20 press conference. "It's a track in which we tried to show the obvious yet stern truth that life goes on, in a warm way through the color of BTS."
The album, packed with eight songs, including the smash hit "Dynamite," addresses what it means to live at a time when traveling is no longer possible and meeting fans in person is a distant dream.
"We encountered a situation where everything came to a stop," Jin said. "I feel that the past year was spent in confusion and in emptiness. ... We tried to honestly put in that sentiment in the album."
This photo, provided by Big Hit Entertainment, shows a concept photo for BTS' latest album "BE." (PHOTO NOT FOR SALE) (Yonhap)
bdk@yna.co.kr
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yna--2020-12-01--S. Korea, U.N. disarmament office to hold joint conference on emerging weapons technologies

SEOUL, Dec. 1 (Yonhap) -- South Korea and the U.N. disarmament office will hold a joint conference on disarmament and nonproliferation this week, with a focus on emerging weapons, such as killer robots and hypersonic missiles, the foreign ministry said Tuesday.
The 19th Joint Conference on Disarmament and Nonproliferation Issues will take place via video links Wednesday for a two-day run, with government officials and think tank experts from more than 20 countries, as well as those from international organizations, expected to take part.
Ham Sang-wook, South Korea's deputy foreign minister for multilateral and global affairs, and Izumi Nakamitsu, U.N. undersecretary-general of disarmament affairs, will each deliver an opening speech.
The conference has traditionally focused on evaluating international efforts to prevent the spread of nuclear weapons and discussing the future of the Non-Proliferation Treaty (NPT).
But this year, it plans to also address the emergence of new weapons technologies, including the Lethal Autonomous Weapons (LAW), like killer robots, weapons developed using synthetic biology, and super-fast, low-flying hypersonic weapons.
Participants are expected to discuss the impact that such new types of weapons will have on the existing international disarmament and nonproliferation regimes, as they have become a pressing matter that warrants attention, a ministry official said.
The conference will also include a special session for young people, where about 25 youth representatives from Seoul and the U.N. will join to talk about disarmament-related issues.
Last year, the U.N. disarmament committee adopted a South Korea-drafted resolution on encouraging youth participation in disarmament and nonproliferation issues.
This image, provided by Seoul's foreign ministry on Dec. 1, 2020, shows a promotional poster for the 19th South Korea-U.N. Joint Conference on Disarmament and Non-Proliferation Issues, slated to take place via virtual links this week. (PHOTO NOT FOR SALE) (Yonhap)
elly@yna.co.kr
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yna--2020-12-01--(LEAD) Seoul stocks soar to new record high on economic recovery hopes

SEOUL , Dec. 1 ( Yonhap ) -- South Korean stocks rebounded from a sharp decline the previous session to @ @ @ @ @ Tuesday on the back of upbeat economic data , lifting hopes for a faster-than-expected recovery @ @ @ @ @ Korean won rose against the U.S. dollar .

(ATTN: ADDS bond yields at bottom; CHANGES photo)
SEOUL, Dec. 1 (Yonhap) -- South Korean stocks rebounded from a sharp decline the previous session to hit a new all-time high Tuesday on the back of upbeat economic data, lifting hopes for a faster-than-expected recovery amid the pandemic. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 42.91 points, or 1.66 percent, to close at 2,634.25.
Trading volume was high at about 1.1 billion shares worth some 15.7 trillion won (US$14.2 billion), with gainers outnumbering losers 541 to 294.
Institutions purchased a net 267.6 billion won, and foreigners picked up a net 73.4 billion won. Retail investors offloaded a net 345.2 billion won.
Electronic signboards at a Hana Bank dealing room in Seoul show the Korea Composite Stock Price Index (KOSPI) closed at a new record high of 2,634.25 on Dec. 1, 2020, up 42.91 points, or 1.66 percent from the previous session's close. (Yonhap)
The benchmark index got off to a strong start as investor sentiment was buoyed by promising economic data.
South Korea's economy grew 2.1 percent in the July-September period from the previous quarter, faster than its earlier estimate of 1.9 percent.
The country's exports also rose 4 percent in November from a year earlier on continued global chip demand.
"Strong exports will lead to increased expectations of better performance for export-oriented companies," Kiwoom Securities analyst Seo Sang-young said.
Hopes of a COVID-19 vaccine becoming available soon also added to the market sentiment.
U.S.-based Moderna said Monday (U.S. time) it will seek emergency approval for its COVID-19 vaccine from U.S. and European health regulators.
Most large caps in Seoul ended higher.
Market bellwether Samsung Electronics rose 1.65 percent to 67,800 won, and No. 2 chipmaker SK hynix jumped 3.08 percent to 100,500 won.
Leading chemical maker LG Chem added 1.12 percent to 809,000 won, and rechargeable battery maker Samsung SDI spiked 2.63 percent to 547,000 won.
Pharmaceutical giant Samsung Biologics climbed 0.89 percent to 793,000 won, and Celltrion rose 1.18 percent to 344,000 won.
Internet portal giant Naver added 2.88 percent to 285,500 won, with its rival Kakao hiking 1.77 percent to 374,500 won.
Hyundai Motor, the country's largest automaker, climbed 1.1 percent to 183,500 won.
The local currency closed at 1,106.2 won per dollar, up 0.3 won from the previous session's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 0.1 basis point to 0.982 percent, and the return on the benchmark five-year government bond fell 0.2 basis point to 1.335 percent.
yunhwanchae@yna.co.kr
(END)


yna--2020-12-01--(URGENT) Court issues injunction to halt top prosecutor's suspension

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


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yna--2020-12-02--(LEAD) S. Korea confirms 2nd highly pathogenic bird flu case from farms

South Korea has raised its guard against the disease since late October , when it found a highly pathogenic H5N8 @ @ @ @ @ a creek in Cheonan , 92 km south of Seoul .
It was the first @ @ @ @ @ from wild birds in 32 months .

(ATTN: RECASTS headline, lead; ADDS details throughout)
By Kang Yoon-seung
SEOUL, Dec. 2 (Yonhap) -- South Korea on Wednesday confirmed another highly pathogenic avian influenza (AI) case from local poultry farms, sparking further concerns over possible nationwide transmission of the disease.
A suspected case reported from an egg farm in Sangju, 270 kilometers southeast of Seoul, earlier this week tested to be highly pathogenic, according to local authorities.
On Saturday, South Korea confirmed a highly pathogenic AI case at a duck farm in Jeongeup. It marked the first such case to be reported from a poultry farm since March 2018.
An official sprays disinfectant at a seasonal home for migratory birds in Gwangju, 330 kilometers south of Seoul, on Nov. 30, 2020, in this photo provided by Buk Ward of Gawangju. (PHOTO NOT FOR SALE) (Yonhap)
South Korea has raised its guard against the disease since late October, when it found a highly pathogenic H5N8 strain of bird flu near a creek in Cheonan, 92 km south of Seoul. It was the first confirmed case of avian influenza from wild birds in 32 months.
The Ministry of Agriculture, Food and Rural Affairs said earlier in the day that two additional cases from wild birds were confirmed, in Anseong, 77 kilometers south of Seoul, and Jeongeup in North Jeolla Province, raising the total cases here since October to 12.
Highly pathogenic avian influenza is highly contagious and can cause severe illness and even death in poultry.
"Considering that the country has confirmed 12 highly pathogenic AI cases from wild birds since October, we are in a critical situation," an official from the ministry said.
colin@yna.co.kr
(END)


yna--2020-12-02--(LEAD) U.S. encouraged by S. Korea-Japan efforts to address differences: Knapper

`` The U.S. will continue to pursue bilateral and trilateral security and other cooperation with South Korea and Japan in @ @ @ @ @ , particularly as we together seek to address the North Korean nuclear and missile threats @ @ @ @ @ calling the South Korea-U.S. alliance the `` linchpin '' of peace and security in the @ @ @

(ATTN: ADDS remarks by defense minister, USFK commander at bottom)
By Choi Soo-hyang
SEOUL, Dec. 2 (Yonhap) -- The United States was "encouraged" by recent efforts by South Korea and Japan to "address their differences," a State Department official said Wednesday, highlighting the need for trilateral cooperation against North Korean nuclear and missile threats.
Marc Knapper, deputy assistant secretary for Korea and Japan at the East Asian and Pacific affairs bureau, made the remark in a webinar, apparently referring to a series of visits to Japan by senior South Korean officials on the occasion of the launch of the Yoshihide Suga administration.
"We are encouraged by South Korea and Japan's recent sincere discussions to address their differences to hopefully find a path forward for more constructive and productive relations," Knapper said.
In this captured image, Marc Knapper, deputy assistant secretary for Korea and Japan at the East Asian and Pacific affairs bureau, speaks during a webinar co-hosted by the Korea-U.S. Alliance Foundation and the Korea Defense Veterans Association on Dec. 2, 2020. (Yonhap)
Last week, President Moon Jae-in picked Kang Chang-il, a former four-term ruling party lawmaker, as South Korea's new ambassador to Tokyo, expressing hope that he will play a key role in improving relations between the neighboring countries.
Moon's choice of Kang, who has a wide web of personal networks in Japan, reflects the president's will to normalize Seoul-Tokyo relations in cooperation with the Suga government, according to a Cheong Wa Dae official.
The two sides have long been in diplomatic standoffs with each other especially over Korean victims of forced labor at Japanese mines, factories and other facilities during World War II.
"The U.S. will continue to pursue bilateral and trilateral security and other cooperation with South Korea and Japan in recognition of our shared interests, particularly as we together seek to address the North Korean nuclear and missile threats," Knapper said, calling the South Korea-U.S. alliance the "linchpin" of peace and security in the Indo-Pacific region.
The U.S. diplomat also used Wednesday's event to keep China in check, highlighting American companies' investment in South Korea over the decades, which he said "contributed to the growth of some of the largest and most important industries" in the Asian country.
"The same cannot be said about the People's Republic of China whose investment in ROK is minimal, barely 3 percent of the total foreign direct investment in South Korea. The United States is at 15 percent," he said. ROK stands for South Korea's official name, the Republic of Korea.
The webinar was co-hosted by the Korea-U.S. Alliance Foundation and the Korea Defense Veterans Association to mark the 70th anniversary of the 1950-53 Korean War's outbreak.
In a guest speech, Defense Minister Suh Wook said South Korea and the U.S. will maintain an "ironclad" combined defense posture, vowing to continue the push to transfer the wartime operational control of South Korean troops from Washington to Seoul.
U.S. Forces Korea Commander Gen. Robert Abrams said the Combined Forces Command between the two countries "remains fully committed to providing a ready, credible and enduring combined defense posture."
scaaet@yna.co.kr
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yna--2020-12-02--(News Focus) S. Koreans feel pinch of rising housing costs amid economic downturn

`` Apartment prices in Seoul were already high for me three to four years ago , but I had kind @ @ @ @ @ government policies may help me to buy a house someday , '' Moon Ji-na , @ @ @ @ @ toddlers , said .
`` Now , I think apartment prices are beyond my reach @ @ @ @ @ bought a house before Moon took office . ''

By Kim Eun-jung
SEOUL, Dec. 2 (Yonhap) -- Buying a house is often a competitive, costly and stressful process, especially so in Seoul, South Korea's epicenter of politics, business, culture and education.
For decades, buying an apartment in a decent neighborhood in the capital city has not been easy for a typical family, but it has become an even more elusive goal under the administration of liberal President Moon Jae-in that took office in May 2017.
Moon has made clear that houses should be for those who live in them, not for speculators, rolling out 24 rounds of measures to cool down the real estate market, including a tax hike, tighter lending rules and regulations on apartment reconstruction.
Prices of both home purchases and rentals, however, have continued their upward march in the Seoul metropolitan area, home to nearly half of the nation's 51.6 million population, supporting the long-held belief that putting money in real estate is a smart investment.
The average apartment price per 3.3 square meters in the capital soared 58 percent to 41.6 million won (US$37,585) during Moon's three-year presidency, which is 4.5 times the increase tallied for nine years under the preceding two conservative governments, according to data by the civic group Citizens' Coalition for Economic Justice.
High-rise apartments are seen from Lotte World Tower in southern Seoul on Nov. 18, 2020. (Yonhap)
Increasing house prices are certainly good news for home owners, albeit along with higher taxes to pay, but those on the other side have been left to question whether the draconian housing policy benefited those in need of a house or disadvantaged them.
"Apartment prices in Seoul were already high for me three to four years ago, but I had kind of a slim hope that government policies may help me to buy a house someday," Moon Ji-na, a 38-year-old mother of two toddlers, said. "Now, I think apartment prices are beyond my reach. I regret not having bought a house before Moon took office."
Middle-income families, who do not qualify for public rental houses and special supply for new apartments, complain of hardship in home purchases due to tight lending rules brought in to tame demand and rising household debt.
The loan-to-value ratio was cut to 40-50 percent in Seoul and other "speculative" areas in major cities, and the ratio goes down to 20 percent for the purchase of a home worth more than 900 million and less than 1.5 billion won.
The average price of Seoul apartments spanning 60-85 square meters, mostly with three rooms, was estimated at 900.7 million last month, surpassing the threshold for the first time, according to a real estate portal by KB Kookmin Bank.
Without access to the Bank of Mom and Dad, would-be buyers may find it hard to get a house in most areas of the capital city with their savings under the stricter mortgage rules.
A median-income Seoul citizen has to save his or her entire wage for more than 15 years to purchase a median-priced house in the city, separate data by KB showed.
The underlying causes of the bullish housing market are record-low interest rates and limited supply in the Seoul metropolitan area, while revised tenant protection laws fueled the recent trend.
Namsan Seoul Tower is visible from a window of 63 Square building in western Seoul on Nov. 29, 2020. (Yonhap)
While many non-homeowners prefer a two-year lease contract, locally called "jeonse," over monthly payments in the lieu of saving money for houses, finding such types of living has become an onerous task after a set of tenant protection laws took effect in July.
Jeonse is a home rental arrangement unique to South Korea, in which tenants pay a large sum of money as a deposit instead of paying monthly fees.
The new law allows tenants to extend their jeonse contracts for another two years and set a cap on deposit hike, but it brought in some unintended consequences in the early stage of implementation.
The average jeonse price of a Seoul apartment was estimated at 537.8 million won in October, marking a 7.5 percent hike compared with three months earlier, according to KB.
Experts said jeonse prices rose sharply in recent months due to shortage of supply as a growing number of home owners chose to move in or existing tenants exercised their right to renew their contracts.
"The real estate policy aimed at curbing house prices has lifted demand for jeonse houses, and the enactment of the tenant protection law is having ripple effects in the housing market," Heo Yoon-kyung, a researcher at Construction & Economy Research Institute of Korea, said. "The jeonse market is expected remain strong through 2022 due to limited supply."
With no signs of letup in the runaway house prices, some in their 30s, who are in prime time for marriage and having children, have started to take out loans to buy houses before prices go up even further.
Jeon So-hyun, 36, bought a three-room apartment in southwestern Seoul earlier this year, mobilizing all forms of debt she and her husband could get from banks and other institutions.
"I bought a 10-year-old apartment I thought was overvalued, fearing the prices would continue to rise despite the government's promises," Jeon said. "I was not in hurry to buy one until last year, but rising jeonse prices were a wake-up call."
The number of transactions of Seoul apartments by 30-somethings stood at 1,790 in September to account for 36.7 percent of the total, the highest ratio since the age group survey began in January 2019, according to the Korea Appraisal Board.
A pedestrian passes by a real estate brokerage office in western Seoul on Nov. 2020. (Yonhap)
As part of efforts to increase supply, the land ministry said last month it will add 114,000 public rental houses in the greater Seoul area within the next two years, by buying empty hotels and offices and converting them into residential studios.
The temporary stopgap measure, mostly targeting an increasing number of single, young renters, disappointed families with children searching for homes in school districts.
In response to criticism that the public housing scheme creates a mismatch between supply and demand, Land Minister Kim Hyun-mee said Monday, "If apartments were loaves of bread, I would bake them all night long," illustrating the predicament of how to increase the supply of decent homes.
This real estate boom comes at a time when Asia's fourth-largest economy is grappling with the fallout from COVID-19, boding ill for those who were hard hit by the pandemic.
Market watchers say the steep housing prices are adding burden to the nation's record-high household debt. Also, shrinking disposable income from interest payments could crimp domestic consumption.
In the long term, they worry the lack of affordable housing might discourage younger generations from marrying and having families, thwarting the government's efforts to tackle the world's lowest birth rate in the nation.
"Increased housing costs worsen financial burden on non-house owners and could potentially decrease the working-age population," Yoo Jin-sung, a researcher at the state-run Korea Economic Research Institute, said. "The government should ease real estate regulations and change the policy direction toward increasing supply of affordable homes."
ejkim@yna.co.kr
(END)


yna--2020-12-02--(LEAD) S. Korea braces for nat'l college entrance exam amid pandemic

`` Beyond social distancing , our goal for this year 's CSAT is to clearly distinguish between general test takers @ @ @ @ @ of COVID-19 ) , those in self-quarantine and patients , and then to completely separate @ @ @ @ @ antivirus measures at test centers to allow everyone to take the exam in a safe @ @ @ @ @ official said .

(ATTN: UPDATES figures in paras 2-3)
By Lee Haye-ah
SEOUL, Dec. 2 (Yonhap) -- South Koreans were on high alert Wednesday with only hours to go until hundreds of thousands of students would sit for the annual state college entrance exam amid the COVID-19 pandemic.
Around 490,000 high school seniors, graduates and others plan to take the College Scholastic Ability Test (CSAT) on Thursday amid a sharp increase in the number of coronavirus infections across the country.
Health workers disinfect a school in the central city of Sejong on Dec. 2, 2020 amid a resurgence of the coronavirus ahead of the national college entrance exam slated for Dec. 3. (Yonhap)
This photo shows the College Scholastic Ability Test situation room at Seoul Medical Center in Seoul on Dec. 1, 2020. (Yonhap)
That includes 37 coronavirus patients and 430 people in self-quarantine, according to Dec. 1 data from the education ministry. Hospital beds have been set up for up to 205 COVID-19 patients and special test centers for up to 3,775 people in self-quarantine.
Education authorities have said the exam will go ahead as planned with strict antivirus measures in place at 1,383 test centers and 31,291 classrooms nationwide. The CSAT was already postponed once from November.
"Beyond social distancing, our goal for this year's CSAT is to clearly distinguish between general test takers, those showing symptoms (of COVID-19), those in self-quarantine and patients, and then to completely separate their movements and take thorough antivirus measures at test centers to allow everyone to take the exam in a safe environment," a ministry official said.
The CSAT is the culmination of years of hard work for many students, and the government not only increases public transport to help students get to their test centers on time but also bans overhead flights during listening exams.
Test takers experiencing COVID-19 symptoms will be able to get tested for the virus until 10 p.m. Wednesday at designated public health centers. If the result comes back positive during the night, the student will still be able to take the exam at hospitals specializing in infectious diseases or other designated facilities.
All students will be required to wear a mask and get a temperature check before entering a test center. If an examiner asks to see the student's face for identification purposes, they will be required to briefly take down the mask and may face suspicions of cheating if they refuse.
During breaks, test takers will be asked to refrain from gathering and talking. They will also be required to bring a packed lunch to eat at their desks.
Water purifiers will not be installed at test centers as an antivirus precaution, and students will need to bring their own water.
Students are asked to dress appropriately to stay warm, as classrooms will be ventilated at the end of each session.
Seniors at Gudeok High School in Busan, 453 kilometers southeast of Seoul, study in their classroom on Nov. 24, 2020, nine days before the College Scholastic Ability Test. (Yonhap)
Under a two-week government campaign launched Nov. 19 to enhance antivirus measures ahead of the test, all high schools were required to conduct classes online starting Nov. 26, and all students were advised to stay home if possible and refrain from using crowded facilities.
With the increased number of test classrooms, the number of examiners and other staff on duty has also been increased by around 30 percent from last year to about 120,000.
Classroom capacity has been capped at 24 instead of 28, and each table has been fitted with a plastic divider as an added precaution.
An 18-year-old student living in Chuncheon, 85 kilometers northeast of Seoul, said he has been taking mock exams while wearing a mask to get used to the exam environment.
A mother in Osan, 55 km south of Seoul, said her entire family has been helping her son prepare for the exam by not going out if possible.
"We sometimes drove our son to a nearby beach so that he could get some fresh air because he's been staying home all day to prepare for the exam," she said. "We didn't leave the car and brought back take-out food to eat at home."
A parent prays at a Buddhist temple in Seoul on Nov. 22, 2020, to wish for a good outcome on the annual national college entrance exam set for Dec. 3. Hundreds of thousands of students will take the aptitude test, the score of which is a decisive factor in college admissions. (Yonhap)
President Moon Jae-in checks a plastic divider at Osan High School in Seoul on Nov. 29, 2020. (Yonhap)
At a meeting with his aides on Monday, President Moon Jae-in called for all-out preparations for any eventuality during the course of the exam.
"The entire world is watching our CSAT," he said, noting that many advanced countries have either canceled or postponed national exams due to the virus.
"If at this difficult time South Korea can safely administer the CSAT even among those in self-quarantine and those who have tested positive, the excellence of 'K-quarantine' will shine further," he added, referring to the nation's aggressive response to the coronavirus pandemic.
Education Minister Yoo Eun-hae visited a high school in Chuncheon on Tuesday to check preparations in the region.
"We will prepare without the slightest oversight," she said.
Moon also visited a high school in Seoul on Sunday.
"Everyone at the education ministry is highly edgy because of COVID-19," a ministry official said.
hague@yna.co.kr
(END)


yna--2020-12-02--(2nd LD) New virus cases bounce back to over 500 as effect of tougher curbs yet to be felt

They also warned that the country could report daily virus cases of between 700 and 1,000 in the next one @ @ @ @ @ current pace is curbed , as the country continues to report sporadic infection clusters of @ @ @

(ATTN: ADDS more info in 3-5, 15 paras; CHANGES photo)
SEOUL, Dec. 2 (Yonhap) -- The daily number of new coronavirus cases in South Korea bounced back to over 500 again Wednesday, adding to concerns that the country faces a bigger wave of the pandemic in winter amid tougher social distancing measures.
The country added 511 more COVID-19 cases, including 493 local infections, raising the total caseload to 35,163, according to the Korea Disease Control and Prevention Agency (KDCA). It reported no additional coronavirus fatalities, bringing the total to 526.
Quarantine officials disinfect a classroom on Dec. 2, 2020, one day before the country's nationwide college entrance test. (Yonhap)
The daily virus tally has appeared to be slowing over the past three days, staying in the 400 range after peaking at an eight-month high of 581 last Thursday, the KDCA said.
An average of 467 daily new cases were reported over the past week, it added.
Authorities said they will continue to vigorously monitor the current situation, stressing that social distancing measures will be quickly elevated if needed, amid worries over a possible surge in virus cases during winter.
They also warned that the country could report daily virus cases of between 700 and 1,000 in the next one or two weeks unless the current pace is curbed, as the country continues to report sporadic infection clusters of various sizes.
The greater Seoul area that includes the capital city, the surrounding Gyeonggi Province and the western port city of Incheon is under Level 2 social distancing measures in the five-tier system, but tighter restrictions have been applied to virus-prone facilities.
All other areas are under Level 1.5 distancing measures, up one notch, for two weeks.
Under the tougher distancing measures, the use of saunas and steam rooms in bathhouses is not allowed for one week in the greater Seoul area. Nine kinds of indoor exercises practiced in groups, including Zumba dancing, aerobics and kickboxing, are also banned
Hotels, party rooms and other guesthouses are also banned from hosting year-end or New Year's parties that are known to be prone to virus transmission.
A volleyball game between the Industrial Bank of Korea (IBK) and Korea Expressway takes place in an indoor stadium located in Gimcheon, 234 kilometers south of Seoul, with no spectators in attendance due to toughened social distancing steps to prevent the spread of new coronavirus. (Yonhap)
By region, 192 new virus cases were reported in Seoul, 143 cases in Gyeonggi Province that surrounds the capital and 21 cases in Incheon, west of Seoul, accounting for more than 70 percent of the daily new locally transmitted cases. The greater Seoul area is home to around half of the nation's 51.6 million population.
Other municipalities reported new infections, with the southern port city of Busan reporting 31 cases, followed by North Jeolla Province with 26 and North Chungcheong Province with 16 new cases.
A total of 137 new cases were reported outside of the greater Seoul area on Wednesday, exceeding the 100-mark for the past nine straight days.
The number of seriously or critically ill COVID-19 patients came to 101 as of midnight, up from 97 a day earlier.
Amid concerns over a possible shortage of hospital beds for patients in critical condition, health authorities said they have added 30 such beds at the National Medical Center in Seoul.
The country added 18 imported cases, sharply down from 31 a day earlier, coming mainly from the United States and Asian countries, excluding China, the KDCA said.
The total number of people released from quarantine after making full recoveries stood at 28,065, up 180 from the previous day.
khj@yna.co.kr
(END)


yna--2020-12-02--Seoul stocks set to hit record high on vaccine hopes

The local currency was trading at 1,104.6 won against the U.S. dollar , up 1.6 won from the previous session @ @ @

SEOUL, Dec. 2 (Yonhap) -- South Korean stocks traded higher late Wednesday morning, heading toward a record high, buoyed by the possible availability of COVID-19 vaccines and hopes of a large U.S. stimulus.
The Korea Composite Stock Price Index (KOSPI) rose 29.89 points, or 1.13 percent, to 2,664.14 as of 11:20 a.m.
The main index posted a firm start, briefly touching an all-time high of 2,675.28 points.
The prospect of Pfizer and Moderna's COVID-19 vaccines receiving emergency approval from the European health regulator fueled investor sentiment.
The two companies applied for approval for their respective vaccines from the European Medicines Agency a day earlier.
A $908 billion stimulus proposal from a bipartisan group of U.S. lawmakers on Tuesday (U.S. time) also kept hopes of a large relief package alive.
Most large caps in Seoul traded mixed.
Market bellwether Samsung Electronics jumped 2.36 percent, and No. 2 chipmaker SK hynix soared 7.46 percent.
Top chemical maker LG Chem added 3.46 percent, while top automaker Hyundai Motor fell 0.54 percent.
Pharmaceutical giant Samsung Biologics backtracked 1.13 percent, and Celltrion was down 0.58 percent.
Internet portal giant Naver dropped 1.23 percent, with rival Kakao slipping 0.67 percent.
The local currency was trading at 1,104.6 won against the U.S. dollar, up 1.6 won from the previous session's close.
yunhwanchae@yna.co.kr
(END)


yna--2020-12-02--KBO's MVP poised for another year-end trophy

Position players must have either led the league in at least one offensive category or have appeared in their fielding @ @ @ @ @ innings .
Pitchers must have met the minimum number of innings to qualify for the @ @ @ @ @ ) or , in the case of relief pitchers , must have recorded at least @ @ @ @ @ or 30 holds .

By Yoo Jee-ho
SEOUL, Dec. 2 (Yonhap) -- The 2020 regular season MVP in South Korean baseball is poised to pick up another piece of hardware this month.
Mel Rojas Jr. of the KT Wiz has been nominated for the Golden Glove in the outfield category, the Korea Baseball Organization (KBO) announced Wednesday.
This image, provided by the Korea Baseball Organization on Dec. 2, 2020, shows the emblem for the 2020 Golden Glove awards. (PHOTO NOT FOR SALE) (Yonhap)
The slugging right fielder captured the MVP award on Monday in a landslide after leading the KBO in home runs, RBIs, slugging percentage and runs scored. He became the sixth foreign player to take KBO's top individual award.
Rojas Jr. earned his first Golden Glove last year.
Voting by baseball writers, broadcasters and analysts will run from 10 a.m. Wednesday to 6 p.m. next Tuesday, and the winners will be announced during the awards ceremony in Seoul on Dec. 11.
Despite the name's connotation, the Golden Gloves have been often awarded to players who put up the best offensive and pitching numbers, instead of the best defensive players. In addition to the nine fielding positions, the KBO also hands out Golden Gloves to designated hitters. League leaders in major offensive and pitching categories all earn automatic nominations.
In 2017, the KBO added defensive innings played to the qualifying criteria, which expanded the pool of nominees and brought defensive contributions into consideration.
In this file photo from Nov. 10, 2020, Mel Rojas Jr. of the KT Wiz follows through on his solo home run against the Doosan Bears in the bottom of the third inning of Game 2 of the second-round series in the Korea Baseball Organization postseason at Gocheok Sky Dome in Seoul. (Yonhap)
Position players must have either led the league in at least one offensive category or have appeared in their fielding position for at least 720 innings. Pitchers must have met the minimum number of innings to qualify for the ERA title (144 innings) or, in the case of relief pitchers, must have recorded at least 10 wins, 30 saves or 30 holds.
All batters who had at least 297 plate appearances at DH automatically qualify for the DH category. That's two-thirds of the minimum plate appearances to qualify for the batting title.
The Wiz had the most nominees among 10 clubs with 14 players. The Wiz, the NC Dinos and the Doosan Bears have a nominee in all 10 categories.
Dinos' catcher Yang Eui-ji, runner-up to Rojas Jr. in the MVP voting, should handily win his third straight Golden Glove and his sixth overall.
In this file photo from Nov. 23, 2020, Yang Eui-ji of the NC Dinos celebrates his two-run home run against the Doosan Bears in the bottom of the sixth inning of Game 5 of the Korean Series at Gocheok Sky Dome in Seoul. (Yonhap)
On the mound, Bears' ace Raul Alcantara will go for his first Golden Glove after finishing third in the MVP race. Alcantara was the only 20-game winner in the regular season. Five of the past six winners in the pitcher category have been foreign hurlers.
There are 27 nominees for the pitching category, seven each for catcher, shortstop and DH, six each for first base and second base, and five for third base. And 22 outfielders will vie for three Golden Gloves up for grabs, regardless of their specific outfield positions.
The award ceremony will take place at 3:40 p.m. on Dec. 11 in Seoul. Due to social distancing rules and COVID-19 protocols, no fans or media will be on hand for the occasion. The proceedings will be broadcast and streamed live.
jeeho@yna.co.kr
(END)


yna--2020-12-02--The Korea Interbank Offered Rates (KORIBOR)

SEOUL , Dec. 2 ( Yonhap ) -- The Korea Interbank Offered Rates ( KORIBOR ) as posted by Yonhap @ @ @ @ @ and information arm of Yonhap News Agency , at 11:00 a.m .


yna--2020-12-02--(2nd LD) Samsung names new chiefs of its memory, foundry businesses

He is the first man from the consumer electronics business unit to earn the title of president , according to @ @ @ @ @ the development of hit home appliances , including the BESPOKE series , and has been @ @ @ @ @ digital appliances unit since January .

(ATTN: ADDS more info in last 6 paras)
SEOUL, Dec. 2 (Yonhap) -- Samsung Electronics Co. on Wednesday named the new chiefs of its memory and foundry businesses as the South Korean tech giant aims to further expand its presence in the chipmaking sector.
Samsung announced that Lee Jung-bae, 53, has been promoted to chief of its memory business, while Choi Si-young, 56, will head its foundry business.
Lee previously led Samsung's DRAM product and technology unit, while Choi served as head of the company's memory manufacturing technology center.
Samsung said the latest move is aimed at bolstering its technological competitiveness and occupying new markets with the next generation of leaders.
These photos, provided by Samsung Electronics Co. on Dec. 2, 2020, show the company's newly promoted senior executives. From left are Lee Jae-seung, now president and head of the digital appliances business; Lee Jung-bae, named president and head of the memory business; and Choi Si-young, appointed as president and head of the foundry business. (PHOTO NOT FOR SALE) (Yonhap)
Lee is an expert in the DRAM sector who played a pivotal role in Samsung becoming the dominant player in the memory industry.
The South Korean tech giant said it believes Lee will further widen the gap with competitors in the memory business, including DRAM, NAND flash and other solutions.
Samsung is the world's largest memory chip producer, with a 41.3 percent share in the DRAM market and a 33.1 percent share in the NAND flash sector in the third quarter of the year, according to market researcher TrendForce.
Choi is an expert in chip manufacturing and processing solutions, having served in various posts in Samsung's semiconductor business.
Samsung expects Choi to use his experience and expertise in chip producing processes to achieve its goal of becoming the leading player in the foundry sector.
Samsung was the No. 2 player in the contract chip making industry with a 17.4 percent share in the third quarter, trailing far behind Taiwan Semiconductor Manufacturing Co. (TSMC) that boasts a 53.9 percent market share.
Their predecessors have been assigned to new posts with the task of securing future technologies and managing broader research and development (R&D) projects.
Jin Gyo-young, who led the memory business, has been named head of the Samsung Advanced Institute of Technology (SAIT), while Jung Eun-seung, previously head of the foundry business, will serve as chief technology officer of Samsung's device solutions division.
This photo taken on March 18, 2020, shows CEOs of Samsung Electronics Co. at the company's shareholders' meeting in Suwon, south of Seoul. From left are Koh Dong-jin from IT and mobile communications division; Kim Hyun-suk from consumer electronics division; and Kim Ki-nam from device solutions division. (Yonhap)
Samsung said CEOs in its three major business divisions -- Kim Ki-nam at device solutions, Kim Hyun-suk at consumer electronics and Koh Dong-jin at IT and mobile communications -- will remain in their posts as the company sought stable management amid global uncertainties.
Meanwhile, Lee Jae-seung, current head of the company's digital appliances business, was promoted from executive vice president to president.
He is the first man from the consumer electronics business unit to earn the title of president, according to Samsung. The 60-year-old led the development of hit home appliances, including the BESPOKE series, and has been chief of the company's digital appliances unit since January.
Samsung said it will announce executive level reshuffle and unit reorganizing plans in the upcoming days.
Other Samsung Group affiliates also announced their senior executive reshuffles Wednesday.
Of them, Samsung Display Co., the world's leading mobile display panel maker, appointed Choi Joo-sun as its new CEO. The 57-year-old will replace Lee Dong-hoon.
Choi, who currently leads the company's large display business, will be tasked with completing Samsung Display's transition to quantum-dot (QD) displays business.
Samsung SDS Co., a major IT service provider in South Korea, named Hwang Sung-woo, current chief of SAIT, as its new CEO. He will succeed Hong Won-pyo.
Samsung Economic Research Institute named Kim Jae-youl to lead its global strategy group tasked with recruiting talented individuals from around the globe.
Kim is the husband of Lee Seo-hyun, the second daughter of late Samsung Group chief Lee Kun-hee and a younger sister of Samsung Electronics Vice Chairman Lee Jae-yong.
kdon@yna.co.kr
(END)


yna--2020-12-02--Exports tipped to rise 6 pct on chips amid pandemic fallout: trade association

SEOUL , Dec. 2 ( Yonhap ) -- - South Korea 's exports are set to rise 6 percent in @ @ @ @ @ expected to gradually recover and demand for chips and IT goods is likely to remain @ @ @ @ @ said Wednesday .

By Kang Yoon-seung
SEOUL, Dec. 2 (Yonhap) --- South Korea's exports are set to rise 6 percent in 2021 as pandemic-hit economies are expected to gradually recover and demand for chips and IT goods is likely to remain strong, a trade organization said Wednesday.
Outbound shipments are estimated to be valued at US$538.2 billion in 2021, compared with this year's estimated $507 billion, according to the Korea International Trade Association (KITA).
KITA said imports will reach $490 billion next year, also up 5.4 percent from $465 billion estimated for 2020, resulting in trade surplus of $48.1 billion, rising slightly from this year's $42.8 estimate.
The association attributed the recovery to the strong demand for chips and IT products amid the boom of the digital economy in the post-pandemic era.
Exports of chips are expected to expand 5.1 percent on-year in 2021 to reach $100 billion. The products account for roughly 20 percent of combined outbound shipments.
Trucks carrying export goods arrive at Incheon International Airport in Incheon, west of Seoul, on Dec. 1, 2020. (Yonhap)
Mobile devices and electronics, on the other hand, are expected to fall 9.8 percent and 3.3 percent, respectively, due to enhanced competition with China.
Overseas sales of automobiles and auto parts are to expand 11.9 percent and 16.2 percent, respectively, on-year in 2021, according to the KITA report, led mostly by strong demand for eco-friendly cars and sports-utility vehicles.
The recovery of crude price will lead to 11.4 percent and 23 percent increases in outbound shipments of petrochemicals and petroleum goods.
Despite the rosy perspective, the association said the prolonged discord between the United States and China, and a possible resurgence of new virus cases, still pose threats to exports.
In November, South Korea's exports rebounded 4 percent on-year in the latest sign of a possible recovery down the road.
Outbound shipments dipped more than 10 percent on-year in 2019, due to a slump in the global chip market coupled with the trade feud between the world's top two economies.
While the country's exports posted the first on-year increase in 14 months in February, the COVID-19 pandemic, which has haunted the global economy, has dashed hopes for an annual recovery.
Exports fell a whopping 25.6 percent in April, followed by another crash of 23.8 percent in May.
After extending that slump to a sixth month in August, they rebounded 7.3 percent in September, but edged down 3.8 percent in October.
colin@yna.co.kr
(END)


yna--2020-12-02--Berlin district council passes resolution seeking permanent installation of sex slave statue

The statue symbolizes 200,000 Asian women , mostly Koreans , who were forcibly sent to front-line brothels to work as @ @ @ @ @ during World War II .
The sexual slavery victims , euphemistically called `` comfort women @ @ @ @ @ the many thorny issues stemming from the 1910-45 period when Korea was a Japanese colony @

BERLIN, Dec. 1 (Yonhap) -- A Berlin district council has passed a resolution seeking to keep a statue of a girl symbolizing the victims of Japan's wartime sexual slavery permanently installed at a public site, officials and reports said Wednesday.
The resolution, approved by a majority vote at Berlin's Mitte district parliament on Tuesday (Berlin time), calls for measures to have the statue remain in the district while extending the statue's installation period by another six weeks to September next year.
The "Statue of Peace", erected at a public park in the German capital, has sparked a fresh row between Korea and Japan after Tokyo lodged a protest with Berlin over the statue's installation and asked for it to be removed.
In October, the Mitte district ordered its removal, but the civic group that set up the statue took legal action to suspend the order. Amid the activists' campaign and growing criticism, the district council adopted a resolution last month to retract the decision.
The statue symbolizes 200,000 Asian women, mostly Koreans, who were forcibly sent to front-line brothels to work as sex slaves for Japanese troops during World War II. The sexual slavery victims, euphemistically called "comfort women," are one of the many thorny issues stemming from the 1910-45 period when Korea was a Japanese colony.
Activists stage a campaign calling for Mitte District to retract its order to remove a sex slave statue erected in a public park in Berlin, Germany, on Oct. 3, 2020. (Yonhap)
(END)


yna--2020-12-02--7 more soldiers test positive for new coronavirus

The enlisted soldiers were confirmed to have contracted COVID-19 while in quarantine after cluster infections were reported at their boot @ @ @ @ @ of Yeoncheon , according to the ministry .
The total number of infections reported at @ @ @ @ @ .

SEOUL, Dec. 2 (Yonhap) -- Four Army officers and three enlisted soldiers have tested positive for the new coronavirus, the defense ministry said Wednesday, in the latest in a series of infections reported at barracks.
The enlisted soldiers were confirmed to have contracted COVID-19 while in quarantine after cluster infections were reported at their boot camp in the border county of Yeoncheon, according to the ministry. The total number of infections reported at the unit rose to 75.
An officer in Pocheon, north of Seoul, tested positive after coming into contact with a civilian who was later found to have contracted the virus, while an officer in Goyang, just northwest of the capital, tested positive following a family member's infection.
Two other officers in the northern county of Gapyeong and the central city of Jecheon were confirmed to have contracted the virus after showing symptoms. Contact tracing is under way to determine the route of their infections.
The latest cases brought the total number of coronavirus infections reported among the military population to 382.
Nationwide, South Korea added 511 more virus cases, raising the total caseload to 35,163.
Soldiers from the 8th Corps' 102nd Armored Brigade disinfect a classroom at a high school in the eastern coastal city of Sokcho on Nov. 27, 2020, six days ahead of the nationwide college entrance examination. (Yonhap)
scaaet@yna.co.kr
(END)


yna--2020-12-02--Romance film 'Josee' set for release in Asia this month

The remake is set for release in South Korea and Singapore on Dec. 10 and Taiwan the following day , @ @ @ @ @ .
It will then hit screens in Vietnam , Indonesia and Hong Kong on Dec. @ @ @ @ @ , respectively .

SEOUL, Dec. 2 (Yonhap) -- The romance film "Josee," based on the famous Japanese original movie, is set to hit theaters in Asia this month, the movie's distributor said Wednesday.
Starring Han Ji-min and Nam Joo-hyuk, "Josee" is a Korean adaptation of the 1985 Japanese short story, "Josee, the Tiger and the Fish," by Seiko Tanabe and the 2003 Japanese romance film of the same title, directed by Isshin Inudo.
The cinematic version of the coming-of-age story of a girl in a wheelchair, nicknamed Josee, and her boyfriend has been one of the highest-rated, coming-of-age movies in recent decades among film buffs in South Korea.
This image provided by Warner Bros Korea shows a scene from "Josee." (PHOTO NOT FOR SALE) (Yonhap)
This image provided by Warner Bros Korea shows a scene from "Josee." (PHOTO NOT FOR SALE) (Yonhap)
The remake is set for release in South Korea and Singapore on Dec. 10 and Taiwan the following day, according to Warner Bros Korea. It will then hit screens in Vietnam, Indonesia and Hong Kong on Dec. 18, 23 and 31, respectively.
The company said the film has also been sold for release in other countries, including China, Japan, Canada and the United States.
This image provided by Warner Bros Korea shows the poster for the upcoming romance film "Josee." (PHOTO NOT FOR SALE) (Yonhap)
mlee@yna.co.kr
(END)


yna--2020-12-02--U.S. encouraged by S. Korea-Japan efforts to address differences: Knapper

`` The same can not be said about the People 's Republic of China whose investment in ROK is minimal @ @ @ @ @ the total foreign direct investment in South Korea .
The United States is at 15 @ @ @ @ @ .
ROK stands for South Korea 's official name , the Republic of Korea .

By Choi Soo-hyang
SEOUL, Dec. 2 (Yonhap) -- The United States was "encouraged" by recent efforts by South Korea and Japan to "address their differences," a State Department official said Wednesday, highlighting the need for trilateral cooperation against North Korean nuclear and missile threats.
Marc Knapper, deputy assistant secretary for Korea and Japan at the East Asian and Pacific affairs bureau, made the remark in a webinar, apparently referring to a series of visits to Japan by senior South Korean officials on the occasion of the launch of the Yoshihide Suga administration.
"We are encouraged by South Korea and Japan's recent sincere discussions to address their differences to hopefully find a path forward for more constructive and productive relations," Knapper said.
In this captured image, Marc Knapper, deputy assistant secretary for Korea and Japan at the East Asian and Pacific affairs bureau, speaks during a webinar co-hosted by the Korea-U.S. Alliance Foundation and the Korea Defense Veterans Association on Dec. 2, 2020. (Yonhap)
Last week, President Moon Jae-in picked Kang Chang-il, a former four-term ruling party lawmaker, as South Korea's new ambassador to Tokyo, expressing hope that he will play a key role in improving relations between the neighboring countries.
Moon's choice of Kang, who has a wide web of personal networks in Japan, reflects the president's will to normalize Seoul-Tokyo relations in cooperation with the Suga government, according to a Cheong Wa Dae official.
The two sides have long been in diplomatic standoffs with each other especially over Korean victims of forced labor at Japanese mines, factories and other facilities during World War II.
"The U.S. will continue to pursue bilateral and trilateral security and other cooperation with South Korea and Japan in recognition of our shared interests, particularly as we together seek to address the North Korean nuclear and missile threats," Knapper said.
The U.S. diplomat also used Wednesday's event to keep China in check, highlighting American companies' investment in South Korea over the decades, which he said "contributed to the growth of some of the largest and most important industries" in the Asian country.
"The same cannot be said about the People's Republic of China whose investment in ROK is minimal, barely 3 percent of the total foreign direct investment in South Korea. The United States is at 15 percent," he said. ROK stands for South Korea's official name, the Republic of Korea.
scaaet@yna.co.kr
(END)


yna--2020-12-02--(LEAD) Samsung names new chiefs of its memory, foundry businesses

He is the first man from the consumer electronics business unit to earn the title of president , according to @ @ @ @ @ the development of hit home appliances , including the BESPOKE series , and has served @ @ @ @ @ 's digital appliances unit since January .

(ATTN: ADDS more info in paras 5-11, 15)
SEOUL, Dec. 2 (Yonhap) -- Samsung Electronics Co. on Wednesday named the new chiefs of its memory and foundry businesses as the South Korean tech giant aims to further expand its presence in the chipmaking sector.
Samsung announced that Lee Jung-bae, 53, has been promoted to chief of its memory business, while Choi Si-young, 56, will head its foundry business.
Lee previously led Samsung's DRAM product and technology unit, while Choi served as head of the company's memory manufacturing technology center.
Samsung said the latest move is aimed at bolstering its technological competitiveness and occupying new markets with the next generation of leaders.
These photos, provided by Samsung Electronics Co. on Dec. 2, 2020, show the company's newly promoted senior executives. From left are Lee Jae-seung, now president and head of the digital appliances business; Lee Jung-bae, named president and head of the memory business; and Choi Si-young, appointed as president and head of the foundry business. (PHOTO NOT FOR SALE) (Yonhap)
Lee is an expert in the DRAM sector who played a pivotal role in Samsung becoming the dominant player in the memory industry.
The South Korean tech giant said it believes Lee will further widen the gap with competitors in the memory business, including DRAM, NAND flash and other solutions.
Samsung is the world's largest memory chip producer, with a 41.3 percent share in the DRAM market and a 33.1 percent share in the NAND flash sector in the third quarter of the year, according to market researcher TrendForce.
Choi is an expert in chip manufacturing and processing solutions, having served in various posts in Samsung's semiconductor business.
Samsung expects Choi to use his experience and expertise in chip producing processes to achieve its goal of becoming the leading player in the foundry sector.
Samsung was the No. 2 player in the contract chip making industry with a 17.4 percent share in the third quarter, trailing far behind Taiwan Semiconductor Manufacturing Co. (TSMC) that boasts a 53.9 percent market share.
Their predecessors have been assigned to new posts with the task of securing future technologies and managing broader research and development (R&D) projects.
Jin Gyo-young, who led the memory business, has been named head of the Samsung Advanced Institute of Technology (SAIT), while Jung Eun-seung, previously head of the foundry business, will serve as chief technology officer of Samsung's device solutions division.
Samsung said CEOs in its three major business divisions -- Kim Ki-nam at device solutions, Kim Hyun-suk at consumer electronics and Koh Dong-jin at IT and mobile communications -- will remain in their posts as the company sought stable management amid global uncertainties.
Meanwhile, Lee Jae-seung, current head of the company's digital appliances business, was promoted from executive vice president to president.
He is the first man from the consumer electronics business unit to earn the title of president, according to Samsung. The 60-year-old led the development of hit home appliances, including the BESPOKE series, and has served as chief of the company's digital appliances unit since January.
Samsung said it will announce executive level reshuffle and unit reorganizing plans in the upcoming days.
kdon@yna.co.kr
(END)


yna--2020-12-02--Court rejects info disclosure request regarding deported N. Korean fishermen in 2019

The Seoul Administrative Court has made the ruling in a lawsuit launched by a group of conservative lawyers to demand @ @ @ @ @ National Security Office ( NSO ) and the National Police Agency ( NPA ) disclose @ @ @ @ @ Korean fishermen who were sent back to the North in November last year after being @ @ @ @ @ sea boarder .

SEOUL, Dec. 2 (Yonhap) -- A local court has rejected a request by a lawyers' group for the disclosure of government-owned information on last year's deportation of would-be North Korean defectors, saying such information cannot be made public due to its linkage to national security, according to judicial officials Wednesday.
The Seoul Administrative Court has made the ruling in a lawsuit launched by a group of conservative lawyers to demand that Cheong Wa Dae's National Security Office (NSO) and the National Police Agency (NPA) disclose all information on two North Korean fishermen who were sent back to the North in November last year after being captured near the eastern inter-Korean sea boarder.
This file photo, provided by the unification ministry, shows a North Korean fishing boat being towed by a South Korean ship. The boat was returned to the North on Nov. 8, 2019, a day after Seoul deported two North Koreans accused of killing 16 fellow crew members. (PHOTO NOT FOR SALE) (Yonhap)
The two fishermen confessed to killing 16 fellow crew members and expressed a desire to defect, but South Korean authorities dismissed their intentions as insincere. It was the first deportation of North Koreans since the 1950-53 Korean War.
The lawyers' group, which claims the deportation is a violation of the North Koreans' human rights, started the litigation after the NSO and the NPA dismissed its request for the disclosure of all relevant data, including their written statements and letters of intent of defection.
At that time, the government offices reportedly said the information on the deported North Korean fishermen is related to national security, defense, unification and foreign diplomatic affairs, and its disclosure might gravely undermine national interests.
Siding with the government offices, the Seoul court said the deportation-related information is classified as confidential and subject to non-disclosure under the Official Information Disclosure Act.
"The information contains clear content on national security and national defense, and if it is disclosed, it may cause major obstacles to future national security and anti-communist activities," the court said.
ycm@yna.co.kr
(END)


yna--2020-12-02--(2nd LD) S. Korea's consumer prices grow at faster pace in Nov.

The won 's gain will put downward pressure on inflation , but the possibility of higher raw material prices and @ @ @ @ @ for mobile phone bills will likely exert upward pressure on consumer prices , it added @

(ATTN: UPDATES with more details in paras 5-9,12-14; ADDS photo)
By Kim Soo-yeon
SEOUL, Dec. 2 (Yonhap) -- South Korea's consumer prices grew at a faster pace in November than a month earlier as prices of agricultural products and service charges went up, data showed Wednesday.
The consumer price index rose 0.6 percent on-year last month, compared with a 0.1 percent on-year gain in the previous month, according to the data by Statistics Korea.
In October, the country's inflation rate grew at the slowest pace in four months due to state subsidies for mobile phone bills.
Compared with a month earlier, the country's consumer inflation declined 0.1 percent last month following a 0.6 percent on-month fall in October.
Core inflation, which excludes volatile food and oil prices, gained 0.6 percent last month from the previous year.
"In November, the growth of consumer inflation picked up as the impact of one-off state subsidies for communications fees receded and prices of farm products rose," Ahn Hyung-joon, a senior Statistics Korea official, said at a press briefing.
This file photo, taken Oct. 6, 2020, shows a citizen shopping for groceries at a discount store in Seoul. (Yonhap)
Prices of agricultural products jumped 13.2 percent last month from a year earlier, while prices of services rose 0.4 percent on-year in November.
Prices for dining out inched up 0.9 percent from a year earlier as people refrained from going outside amid tougher social distancing measures. The statistics agency said such prices grew 2-3 percent on-year in the past.
Prices of petroleum products declined 14.8 percent on-year in November following a 14 percent on-year fall in October, as the local currency gained against the U.S. dollar.
Housing prices showed no letup despite the government's efforts to stabilize soaring home prices. Housing prices rose 0.6 percent on-year in November, the fastest gain since June 2018, when home prices also went up 0.6 percent.
Still, the country's inflationary pressure has remained low this year due mainly to low oil prices and the fallout from the new coronavirus outbreak.
"Inflation pressure has remained low, affected by low oil costs, the government's support for education fees and letup in prices of dining out amid the pandemic," Ahn said.
The finance ministry said consumer prices are expected to show a similar pattern in December to that of November.
The won's gain will put downward pressure on inflation, but the possibility of higher raw material prices and an end to the subsidies for mobile phone bills will likely exert upward pressure on consumer prices, it added.
Subdued inflation is expected to give South Korea's central bank more room to keep an accommodative monetary stance.
The Bank of Korea (BOK) froze its policy rate at a record low of 0.5 percent in November amid heightened economic uncertainties over the COVID-19 pandemic. The bank aims to keep inflation at 2 percent over the medium term.
The BOK revised up its 2020 forecast for inflation to 0.5 percent from its previous estimate of 0.4 percent, citing an economic recovery and a pickup in oil prices. The BOK also raised next year's inflation outlook to 1.5 percent from its August forecast of 1 percent.
This photo, taken on Nov. 29, 2020, shows a sign displaying gas prices at a filling station in Seoul. (Yonhap)
sooyeon@yna.co.kr
(END)


yna--2020-12-02--Seoul chosen as best international meeting destination

Business Traveler conducted an online survey in July and August for the 2020 Business Traveler Awards in 53 categories , @ @ @ @ @ airlines , airports , hotels and international meeting destinations , the city government said in @ @ @ @

SEOUL, Dec. 2 (Yonhap) -- Seoul has been selected as the top destination for international meetings by a global magazine on corporate travel, the city government said Wednesday.
Business Traveler conducted an online survey in July and August for the 2020 Business Traveler Awards in 53 categories, including the world's best airlines, airports, hotels and international meeting destinations, the city government said in a press release.
Some 200,000 magazine subscribers took part in the vote and chose Seoul as the Best International Meeting Destination.
It marks the seventh time the capital has won the award, according to the city government.
This image, provided by the Seoul city government, shows the logo of the 2020 Business Traveler Awards. (PHOTO NOT FOR SALE) (Yonhap)
"Seoul is a great city for both business and leisure activities," Joo Yong-tae, the head of the city government's tourism department, said.
He added that the city government will work to make Seoul the top international meeting destination in the post-coronavirus era.
In July, Seoul was ranked as the third-best international meeting destination for the fifth consecutive year in the International Meetings Statistics Report released by the Union of International Associations.
Last month, it was also given the Best Marketing Award by the International Congress and Convention Association.
nyway@yna.co.kr
(END)


yna--2020-12-02--Samsung names new chiefs of its memory, foundry businesses

Samsung said CEOs in its three major business divisions -- Kim Ki-nam at device solutions , Kim Hyun-suk at consumer @ @ @ @ @ IT and mobile communications -- will remain in their posts as the company sought stable @ @ @ @ @

SEOUL, Dec. 2 (Yonhap) -- Samsung Electronics Co. on Wednesday named the new chiefs of its memory and foundry businesses as the South Korean tech giant aims to further expand its presence in the chipmaking sector.
Samsung announced that Lee Jung-bae, 53, has been promoted to chief of its memory business, while Choi Si-young, 56, will head its foundry business.
Lee previously led Samsung's DRAM product and technology unit, while Choi served as head of the company's memory manufacturing technology center.
Samsung said the latest move is aimed at bolstering its technological competitiveness and occupying new markets with the next generation of leaders.
These photos, provided by Samsung Electronics Co. on Dec. 2, 2020, show the company's newly promoted senior executives. From left are Lee Jae-seung, now president and head of the digital appliances business; Lee Jung-bae, named president and head of the memory business; and Choi Si-young, appointed as president and head of the foundry business. (PHOTO NOT FOR SALE) (Yonhap)
Their predecessors have been assigned to new posts with the task of managing broader technology developments.
Jin Gyo-young, who led the memory business, has been named head of the Samsung Advanced Institute of Technology (SAIT), while Jung Eun-seung, previously head of the foundry business, will serve as chief technology officer of Samsung's device solutions division.
Samsung said CEOs in its three major business divisions -- Kim Ki-nam at device solutions, Kim Hyun-suk at consumer electronics and Koh Dong-jin at IT and mobile communications -- will remain in their posts as the company sought stable management amid global uncertainties.
Meanwhile, Lee Jae-seung, current head of the company's digital appliances business, was promoted from executive vice president to president.
Samsung said it will announce executive level reshuffle and unit reorganizing plans in the upcoming days.
kdon@yna.co.kr
(END)


yna--2020-12-02--Prosecution seeks arrest warrants for 3 officials over Wolsong-1 shutdown controversy

They allegedly destroyed 444 materials and files about the government 's decision to terminate the operation of Wolsong-1 , the @ @ @ @ @ , right before the Board of Audit and Inspection ( BAI ) ordered the submission @ @ @ @ @ year .

DAEJEON, Dec. 2 (Yonhap) -- The prosecution has sought arrest warrants for three government officials suspected of deleting documents related to the controversial closure of the Wolsong-1 nuclear reactor.
The Daejeon District Prosecutors Office on Wednesday requested that the court grant the warrants against three officials from the Ministry of Trade, Industry and Energy, whose names were withheld, on charges of disturbing the state auditors' examination.
They allegedly destroyed 444 materials and files about the government's decision to terminate the operation of Wolsong-1, the country's second-oldest nuclear reactor, right before the Board of Audit and Inspection (BAI) ordered the submission of the documents late last year.
The move came a day after Prosecutor General Yoon Seok-youl returned to work after a brief suspension amid a power struggle with Justice Minister Choo Mi-ae.
The closure of Wolsong-1 has remained a hot-button topic in domestic politics since President Moon Jae-in decided in 2017 to decommission the reactor earlier than scheduled in line with his energy policy.
The BAI earlier concluded that the shutdown decision was based on a biased research, which undervalued the reactor's economic viability.
This photo taken on Oct. 20, 2020, shows the now-decommissioned Wolsong-1 nuclear reactor (R) in Gyeongju, 370 kilometers southeast of Seoul. (Yonhap)
brk@yna.co.kr
(END)


yna--2020-12-02--(LEAD) 2021 budget to help S. Korea's economy rebound from virus fallout: finance minister

However , Hong said fiscal policy must play an active role to cope with an economic crisis like the coronavirus @ @ @ @ @ will also come up with measures to secure fiscal soundness .
( END )

(ATTN: ADDS remarks, details in last 4 paras)
SEJONG, Dec. 2 (Yonhap) -- Finance Minister Hong Nam-ki said Wednesday that next year's budget will help South Korea's economy recover from the fallout of the coronavirus pandemic.
Hong made the remarks shortly after the National Assembly passed a 558 trillion-won (US$506 billion) budget for 2021, a net increase of 2.2 trillion won to help virus-hit small merchants and secure vaccines.
"Next year, (the government) will surely achieve our economy's recovery and rebound," Hong said in a Facebook post.
It marked the first national budget approved by the National Assembly within the legal deadline since 2014, as fierce partisan wrangling often made it difficult to pass such bills on time.
Hong hailed lawmakers' approval of the 2021 budget within the legal deadline, saying the government will swiftly allocate the budget from Jan. 1 next year to help quickly overcome the pandemic.
Finance Minister Hong Nam-ki speaks at a National Assembly session on Dec. 2, 2020. (Yonhap)
Next year's budget includes 3 trillion won of relief funds to help small business owners hit by a recent resurgence of coronavirus infections.
In an interview with YTN television, Hong said the funds will be offered before the Lunar New Year's holiday season in February next year.
The record budget is expected to increase the ratio of state debt to gross domestic product to 47.3 percent next year, raising concerns over fiscal soundness.
However, Hong said fiscal policy must play an active role to cope with an economic crisis like the coronavirus pandemic and that the government will also come up with measures to secure fiscal soundness.
(END)


yna--2020-12-02--(2nd LD) National Assembly passes 558 tln-won national budget for 2021

Three trillion won will be used to financially help small business owners and others hit hard by the recent resurgence @ @ @ @ @ rest will be spent to vaccinate some 44 million people .

(ATTN: UPDATES with more info in paras 12-15; ADDS photo)
SEOUL, Dec. 2 (Yonhap) -- The National Assembly on Wednesday passed a 558 trillion-won (US$506 billion) national budget for 2021 that includes nearly 4 trillion won allotted for additional COVID-19 relief funds and coronavirus vaccine purchases.
The assembly's plenary session overwhelmingly approved the 2021 budget bill in a 249-26 vote. Twelve lawmakers abstained.
It marks the first national budget approved by the National Assembly within the legal deadline since 2014, as fierce partisan wrangling often made it difficult to pass such bills on time.
By law, the National Assembly is required to approve the state budget for the following year by Dec. 2 every year.
This year's prompt budget passage signifies rival parties' keen sense of urgency for the need to help the country ride out the COVID-19 pandemic and its economic devastation.
Lawmakers pass a 558 trillion-won (US$506 billion) national budget for 2021 during the National Assembly's plenary session in Seoul on Dec. 2, 2020. (Yonhap)
The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) together negotiated the inclusion of 3.9 trillion won to the government-proposed budget, to provide the country's third round of COVID-19 emergency relief funds and purchase coronavirus vaccines.
Three trillion won will be used to financially help small business owners and others hit hard by the recent resurgence of coronavirus infections and the rest will be spent to vaccinate some 44 million people.
The approved budget represents an increase of 2.2 trillion won from what the government initially proposed in September, before the recent third wave of mass virus infections.
The 2021 budget marks the most annual government spending the National Assembly has approved and an increase of 8.9 percent from this year's state budget of 512.3 trillion won.
The government allocated nearly 70 trillion won more this year for four rounds of extra budgets in its battle against COVID-19.
The approved 2021 government spending would push up South Korea's sovereign debts to 956 trillion won, which accounts for 47.3 percent of its gross domestic product, according to ruling party officials.
President Moon Jae-in welcomed the chamber's swift budget approval in a social networking service message.
"Next year's budget contains the government's determination to overcome the coronavirus crisis and make a leap toward becoming an advanced nation," Moon wrote on his SNS account.
"During difficult times like this, national finance should fully perform its role in safeguarding the lives and the quotidian routines of the people," the president said, expressing "deep gratitude" to lawmakers.
Attending the plenary session on behalf of the government, Prime Minister Chung Sye-kyun said "the government will effectively execute next year's budget with a sense of unprecedentedly grave responsibility."
Prime Minister Chung Sye-kyun addresses the National Assembly after the passage of the 2021 budget of 558 trillion won (US$506 billion) in a plenary session on Dec. 2, 2020. (Yonhap)
The plenary session also passed a revision to the Income Tax Act that raises the maximum income tax rate on those whose annual earnings reach 1 billion won to 45 percent from the current 42 percent.
The revision also empowers the government to levy a 20 percent tax on annual incomes of more than 2.5 million won earned through cryptocurrency, starting in 2022.
pbr@yna.co.kr
(END)


yna--2020-12-02--2021 budget to help S. Korea's economy rebound from virus fallout: finance minister

It marked the first national budget approved by the National Assembly within the legal deadline since 2014 , as fierce @ @ @ @ @ difficult to pass such bills on time .

SEJONG, Dec. 2 (Yonhap) -- Finance Minister Hong Nam-ki said Wednesday that next year's budget will help South Korea's economy recover from the fallout of the coronavirus pandemic.
Hong made the remarks shortly after the National Assembly passed a 558 trillion-won (US$506 billion) budget for 2021, a net increase of 2.2 trillion won to help virus-hit small merchants and secure vaccines.
"Next year, (the government) will surely achieve our economy's recovery and rebound," Hong said in a Facebook post.
It marked the first national budget approved by the National Assembly within the legal deadline since 2014, as fierce partisan wrangling often made it difficult to pass such bills on time.
Hong hailed lawmakers' approval of the 2021 budget within the legal deadline, saying the government will swiftly allocate the budget from Jan. 1 next year to help quickly overcome the pandemic.
Finance Minister Hong Nam-ki speaks at a National Assembly session on Dec. 2, 2020. (Yonhap)
(END)


yna--2020-12-02--(LEAD) National Assembly passes 558 tln-won national budget for 2021

(ATTN: UPDATES with more info in last 5 paras; ADDS photo)
SEOUL, Dec. 2 (Yonhap) -- The National Assembly on Wednesday passed a 558 trillion-won (US$506 billion) national budget for 2021 that includes nearly 4 trillion won allotted for additional COVID-19 relief funds and coronavirus vaccine purchases.
The assembly's plenary session overwhelmingly approved the 2021 budget bill in a 249-26 vote. Twelve lawmakers abstained.
It marks the first national budget approved by the National Assembly within the legal deadline since 2014, as fierce partisan wrangling often made it difficult to pass such bills on time.
By law, the National Assembly is required to approve the state budget for the following year by Dec. 2 every year.
This year's prompt budget passage signifies rival parties' keen sense of urgency for the need to help the country ride out the COVID-19 pandemic and its economic devastation.
Lawmakers pass a 558 trillion-won (US$506 billion) national budget for 2021 during the National Assembly's plenary session in Seoul on Dec. 2, 2020. (Yonhap)
The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) together negotiated the inclusion of 3.9 trillion won to the government-proposed budget, to provide the country's third round of COVID-19 emergency relief funds and purchase coronavirus vaccines.
Three trillion won will be used to financially help small business owners and others hit hard by the recent resurgence of coronavirus infections and the rest will be spent to vaccinate some 44 million people.
The approved budget represents an increase of 2.2 trillion won from what the government initially proposed in September, before the recent third wave of mass virus infections.
The 2021 budget marks the most annual government spending the National Assembly has approved and an increase of 8.9 percent from this year's state budget of 512.3 trillion won.
The government allocated nearly 70 trillion won more this year for four rounds of extra budgets in its battle against COVID-19.
The approved 2021 government spending would push up South Korea's sovereign debts to 956 trillion won, which accounts for 47.3 percent of its gross domestic product, according to ruling party officials.
The plenary session also passed a revision to the Income Tax Act that raises the maximum income tax rate on those whose annual earnings reach 1 billion won to 45 percent from the current 42 percent.
The revision also empowers the government to levy a 20 percent tax on annual incomes of more than 2.5 million won earned through cryptocurrency, starting in 2022.
pbr@yna.co.kr
(END)


yna--2020-12-02--S. Korea's defense budget rises 5.4 pct to 52.8 tln won in 2021

Still , the government has allocated all necessary budget spending to counter threats from North Korea 's nuclear and other @ @ @ @ @ tp secure capabilities to retake wartime operational control ( OPCON ) of South Korean troops @ @ @ @ @ to achieve defense reform , the ministry said .

By Choi Soo-hyang
SEOUL, Dec. 2 (Yonhap) -- South Korea's defense budget for next year rose 5.4 percent on-year as the country strives to boost its self-defense capabilities amid growing security uncertainties and nontraditional challenges, such as infectious diseases, the defense ministry said Wednesday.
According to the budget plan approved by the National Assembly, military spending for 2021 was set at 52.8 trillion won (US$48 billion), up from this year's 50.15 trillion won.
The approved amount is slightly lower than the 52.9 trillion won the ministry asked for, as some plans for arms procurement have been postponed and their budgets dropped from the original request, officials said.
Of the total, the government will spend 17 trillion won on arms purchases and other projects to boost defense capabilities, up 1.9 percent from 2020.
"As major arms procurement projects, such as the introduction of F-35A fighter jets, are at their final stage, the rate of increase has slightly slowed compared to last year," the ministry said in a release.
Still, the government has allocated all necessary budget spending to counter threats from North Korea's nuclear and other weapons of mass destruction, tp secure capabilities to retake wartime operational control (OPCON) of South Korean troops from the United States and to achieve defense reform, the ministry said.
Major businesses include 61.7 billion won allocated for research and development projects on improving the country's surveillance aircraft and 46.9 billion won earmarked for the military's communications satellite.
Around 35.8 trillion won was set aside for managing military assets and forces, marking an on-year growth of 7.1 percent.
The ministry said 48.8 billion won was allocated to distribute three face masks per week to service personnel amid the coronavirus pandemic, up from the current two per week.
"Based on thorough preparations, we will use next year's budget effectively as much as possible to establish a strong defense posture and to achieve defense reform," the ministry said.
The national defense budget has been on a constant rise, from 20.8 trillion won in 2005 to 31.4 trillion won in 2011 and 40.3 trillion won in 2017. It surpassed the 50 trillion-won mark for the first time in 2020.
scaaet@yna.co.kr
(END)


yna--2020-12-02--National Assembly passes 558 tln-won national budget for 2021

SEOUL, Dec. 2 (Yonhap) -- The National Assembly on Wednesday passed a 558 trillion-won (US$506 billion) national budget for 2021 that includes nearly 4 trillion won allotted for additional COVID-19 relief funds and coronavirus vaccine purchases.
The assembly's plenary session overwhelmingly approved the 2021 budget bill in a 249-26 vote. Twelve lawmakers abstained.
It marks the first national budget approved by the National Assembly within the legal deadline since 2014, as fierce partisan wrangling often made it difficult to pass such bills on time.
By law, the National Assembly is required to approve the state budget for the following year by Dec. 2 every year.
This year's prompt budget passage signifies rival parties' keen sense of urgency for the need to help the country ride out the COVID-19 pandemic and its economic devastation.
The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) together negotiated the inclusion of 3.9 trillion won to the government-proposed budget, to provide the country's third round of COVID-19 emergency relief funds and purchase coronavirus vaccines.
Three trillion won will be used to financially help small business owners and others hit hard by the recent resurgence of coronavirus infections and the rest will be spent to vaccinate some 44 million people.
The approved budget represents an increase of 2.2 trillion won from what the government initially proposed in September, before the recent third wave of mass virus infections.
pbr@yna.co.kr
(END)