Yonhap News Summary

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

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(3rd LD) Ruling party lawmaker nominated as new justice minister

SEOUL -- Choo Mi-ae, a five-term ruling party lawmaker, has been nominated for the position of justice minister, Cheong Wa Dae announced Thursday amid keen attention to her role in the South Korean government's push for prosecution reform.

President Moon Jae-in picked Choo to fill the post that has been vacant for several weeks since Cho Kuk stepped down in the face of state prosecutors' probe into alleged irregularities involving his family.

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Chinese FM Wang Yi hurls thinly veiled criticism at U.S., defends China's rise

SEOUL -- Chinese Foreign Minister Wang Yi on Thursday made a thinly veiled criticism of the United States over its "Cold War mindset" and "hegemonic acts" while defending China's rise as a "historical inevitability."

Wang made the remarks during the second and last day of his trip to Seoul, amid an intensifying Sino-U.S. rivalry over trade, technology and maritime security that has put South Korea in an increasingly difficult diplomatic position.

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China seriously considering visit to Seoul by Xi in first half of next year: Seoul official

SEOUL -- China is serious considering President Xi Jinping making a state visit to South Korea in the first half of next year, a foreign ministry official quoted Chinese officials Thursday as saying.

The ministry official made the remark one day after Chinese Foreign Minister Wang Yi held talks with Foreign Minister Kang Kyung-wha and discussed the possibility of Xi visiting South Korea.

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(LEAD) N. Korean minister handling external trade leaves for Syria

BEIJING/SEOUL -- North Korea's minister handling external trade and economic relations will visit Syria to discuss bilateral cooperation, state media reported Thursday.

A delegation led by External Economic Affairs Minister Kim Yong-jae left for Syria on Thursday to hold a joint economic committee meeting, according to the Korean Central News Agency (KCNA).

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Watchdog recommends highest level of compensation over derivative misselling fiasco

SEOUL -- South Korea's financial watchdog said Thursday that two local banks should provide compensation for up to 80 percent of their customers' losses from a recent misselling of derivatives linked to overseas interest rates.

The arbitration committee of the Financial Supervisory Service recommended the compensation rate of 40-80 percent to Woori Bank and KEB Hana Bank over six cases where derivative products were missold, depending on the severity of their failure to remind buyers of the derivative products' high risks.

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Kia to produce two RV models at Indian plant next year

SEOUL -- Kia Motors Corp., South Korea's second-biggest carmaker, said Thursday it will begin producing two recreational vehicle models at its Indian plant next year to boost local sales.

Kia plans to manufacture a "premium multipurpose vehicle" (MPV) and an entry-level sport utility vehicle in the first and second half of 2020, respectively, mainly for sale in the Indian market, the company said in a statement.

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IKEA to open its 3rd store in S. Korea next week

SEOUL -- Swedish furniture giant IKEA said Thursday that it will open its third outlet in South Korea next week as it strives to strengthen its presence in Asia's fourth-largest economy.

IKEA Korea said the 49,800-square-meter store set to open in Giheung on Dec. 12 will enhance accessibility to residents in the nearby area with new services such as home furnishing consultants and a seamless shopping experience offline and online.

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(LEAD) Seoul stocks end lower amid U.S.-China trade woes

SEOUL -- South Korean shares ended lower Thursday as investors remain cautious, though the U.S. president's comments revived hopes for a U.S.-China trade deal. The won rose against the dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.15 points, or 0.39 percent, to close at 2,060.74. Trading volume was moderate at 463 million shares worth 4.5 trillion won (US$3.8 billion), with losers outnumbering winners 572 to 273.

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(2nd LD) Ex-KBO MVP Kim Jae-hwan to be posted for MLB clubs

SEOUL -- After slugging his way around South Korean baseball for years, MVP-winning outfielder Kim Jae-hwan now wants to see how he stacks up against big league pitching.

The Korea Baseball Organization (KBO) announced Thursday it has asked Major League Baseball (MLB) to post Kim for its 30 teams, making the 31-year-old slugger available for any interested clubs.
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