Yonhap News Summary 16:39 October 01, 2019
The following is the second summary of major stories moved by Yonhap News Agency on Tuesday.
(3rd LD) Korea's exports down for 10th month on trade rows, chips
SEJONG -- South Korea's exports sank 11.7 percent in September from a year earlier, extending their slump to a 10th consecutive month, data showed Tuesday, hurt by still weak prices of semiconductors and the yearlong trade row between the United States and China.
Outbound shipments reached US$44.7 billion last month, compared with the $50.6 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.
(LEAD) Seoul once again presses Tokyo to retract 'unfair, discriminatory' export curbs
SEJONG -- South Korea's trade ministry on Tuesday urged Japan to promptly retract what it calls an "unfair and discriminatory export-restrictive measure" that undermines bilateral ties beyond the economic realm.
The announcement came after Japan, without any prior notice, put export curbs against South Korea in operation in early July, which center on restricting shipments of three industrial materials that are vital for the production of chips and displays.
(LEAD) Cabinet OKs revision of labor laws as gov't seeks ratification of ILO conventions
SEOUL -- South Korea's Cabinet approved the government's proposals to revise labor-related laws Tuesday in an effort to seek parliamentary ratification of key international labor conventions.
A set of three proposed bills governing the establishment of labor unions were given the green light at a Cabinet meeting presided over by Prime Minister Lee Nak-yon.
British minister dispels worries about uncertainty over post-Brexit ties with S. Korea
SEOUL -- Britain's top official for Asia dispelled concerns Tuesday about lingering uncertainty over the future relationship between South Korea and Britain after London's expected departure from the European Union (EU).
Foreign and Commonwealth Office Minister for Asia and the Pacific Heather Wheeler stressed that backed by a set of institutional frameworks, such as a recently signed bilateral free trade agreement (FTA), the ties between the two countries are "certain."
Extended commitment from private sector key to achieving green growth: GGGI head
SEOUL -- Financial commitments from large businesses are vital to advancing the goal of helping less developed countries incorporate "green growth" into their policies for sustainable economic development, the head of an international organization said Tuesday.
"While there are billions coming from those (intergovernmental) organizations, we need trillions to finance this green transition, and they need to come from the private sector," Frank Rijsberman, director-general of the Global Green Growth Institute (GGGI), told a media conference in Seoul.
(LEAD) Hundreds of suspected cases discovered of improperly sold rates-tied derivatives: regulator
SEOUL -- South Korea's financial regulator said Tuesday it has discovered 790 suspected cases of improper sales of derivatives linked to overseas interest rates that carry the risk of losing nearly all the money invested in them.
Announcing an interim outcome for its 40-day probe into banks and brokerages that sold the super-risky assets, the Financial Supervisory Service (FSS) said about 20 percent of 3,954 cases may violate law or internal rules, but further investigation is needed into two leading lenders -- Woori Bank and KEB Hana Bank.
(Yonhap Interview) S. Korea has room for rate cuts: OECD official
SEOUL -- South Korea has room for further rate cuts, a top OECD official has said, as Asia's fourth-largest economy is struggling to cope with slowing exports and weak domestic demand amid trade friction between the United States and China.
The Bank of Korea kept its key interest rate unchanged at 1.5 percent in its August meeting, about a month after it slashed the key rate by a quarter percentage point in its first rate cut in three years.
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