Abstract of Yonhap Information | Yonhap Information Company

The following is the second summary of important news released by Yonhap News Agency on Thursday.

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(LEAD) North Korea appears to have released water from a dam near the inter-Korean border: government official

SEOUL — North Korea appears to have released water from a dam near the inter-Korean border but did not respond to Seoul’s request for prior notification, a South Korean government official said Thursday.

“It is suspected that North Korea recently opened the floodgates of the Hwanggang Dam,” the Unification Ministry official told reporters amid reports that the impoverished north is suffering from torrential rains in many parts of the country.

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PM calls for quick action to address economic challenges

SEOUL — Premier Han Duck-soo on Thursday urged relevant ministries to take swift action to deal with economic challenges as the economy struggles with slowing global growth and rising inflation.

Han said at a policy coordination meeting that a variety of economic challenges, including the COVID-19 pandemic, Russia’s invasion of Ukraine and the US Federal Reserve’s rate hikes, have increased for the country’s economy.

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(LEAD) Panmunjom tour program resumes next month amid eased COVID-19 curbs

SEOUL — Tours to the inter-Korean truce village of Panmunjom will resume in mid-July after months of suspension due to COVID-19, Seoul’s unification ministry said on Thursday.

The tour program to the joint security zone in the demilitarized zone (DMZ) separating the two Koreas will resume on July 12, the ministry said in a release. It was last suspended in January due to increasing cases of infection.

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South Korea closely monitors KEPCO and 13 other public companies for financial health

SEOUL — South Korea said Thursday it would lose the country’s electricity monopoly, Korea Electric Power Corp. (KEPCO), and 13 other state-owned companies under intense surveillance over financial health concerns.

The Treasury said the 14 companies received poor marks in the government’s financial health assessment because their profitability has deteriorated or their debt levels remain high.

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(LEAD) Police are questioning a businessman about allegations of sexual bribery involving the PPP boss

SEOUL – Police on Thursday questioned a businessman in connection with allegations that he paid sexual services as a bribe to now-ruling People Power Party (PPP) leader Lee Jun-seok some 10 years ago.

The National Police Agency said a team of investigators questioned Kim Sung-jin, CEO of tech company I-kaist, who is currently being held at the Seoul Detention Center on another case.

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Beijing envoy outraged by NATO’s classification of China as a ‘systemic challenge’

SEOUL – China’s top envoy to South Korea on Thursday balked at the North Atlantic Treaty Organization (NATO) labeling his country as a “systemic challenge” and urged the military alliance to halt “provocative speech and action.”

Ambassador Xing Haiming made the remarks a day after NATO adopted its Strategic Concept, which cited China as a “systemic challenge to Euro-Atlantic security” in the first such public acknowledgment of Asian power as a major threat to the alliance .

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LG Electronics and SM Entertainment launch fitness tech joint venture

SEOUL – LG Electronics announced on Thursday that it has formed a joint venture with SM Entertainment, the K-pop agency behind aespa and NCT Dream, to target the growing home fitness market.

LG Electronics CEO Cho Joo-wan expressed hope that the new joint venture Fitness Candy will transform LG from a home appliance maker into a technology company that transforms the lifestyles of its customers.

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Seoul stocks fall nearly 2 percent amid recession woes, bleak outlook for chip sector

SEOUL – South Korean stocks plummeted nearly 2 percent on Thursday, falling for the second straight session amid recession woes and a bleak outlook for the chip manufacturing sector. The Korean Won appreciated against the US Dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 45.35 points, or 1.91 percent, to close at 2,332.64 points.
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