Yonhap News Summary

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

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Moon to join ASEAN-related summits next week

SEOUL -- President Moon Jae-in will participate in a series of ASEAN-related summits next week via video links, as South Korea seeks closer cooperation with Southeast Asian nations in a post-pandemic era, Cheong Wa Dae said Wednesday.

Next week's summits organized by the Association of Southeast Asian Nations (ASEAN) will focus on how to step up cooperation to cope with public health crises, such as COVID-19, and regional solidarity in a post-pandemic era, said presidential spokesperson Park Kyung-mee.

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Financial regulator expected to unveil additional steps to curb household debt next week: sources

SEOUL -- South Korea's financial regulator is expected to announce additional measures next week to tame runaway household debt that will focus on toughening requirements for the repayment capability of borrowers, sources said Wednesday.

The measures will be part of efforts to rein in fast-growing household debt and prevent it from weighing on the country's overall economic recovery from the fallout of the coronavirus pandemic.

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(LEAD) FM Chung says N. Korea sanctions relief can be an option if it accepts dialogue offer

SEOUL -- North Korea's recent missile test underscores the need for engaging the reclusive state and sanctions relief can be considered as part of incentives to bring it back to the negotiating table, Seoul's top diplomat said Wednesday.

Foreign Minister Chung Eui-yong was speaking at a parliamentary audit session, hours after the North said it has successfully test-fired a new type of submarine-launched ballistic missile (SLBM) on Tuesday.

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(LEAD) Striking KCTU unionists take to streets, some clash with police

SEOUL -- Unionists of a militant umbrella labor organization took to the streets in central Seoul on Wednesday as part of a one-day general strike, some of them clashing with police trying to block their march.

The protesters affiliated with the Korean Confederation of Trade Unions (KCTU) poured onto the streets in downtown en masse around 1:30 p.m. and began marching toward Seodaemun Station, holding flags and banners calling for labor rights.

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(News Focus) S. Korean streaming market faces fiercer competition as Disney+ set to join

SEOUL -- While the market presence of Netflix in South Korea has recently been buoyed by the worldwide success of "Squid Game," other big-name global and homegrown streamers, like Disney+ and Tving, have been rolling up their sleeves to shake up the landscape of the local streaming service market.

Since its Korean market debut in 2015, Netflix has been enjoying the first mover's advantage in the country, with a leading 7.9 million monthly active users as of June.

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Ship carrying 9 capsizes in waters northeast of Dokdo

DONGHAE -- A ship carring nine crewmen capsized in waters off the country's easternmost islets of Dokdo Wednesday, the Coast Guard said.

The Coast Guard has been informed by Japanese authorities that the 72-ton vessel capsized at 2:24 p.m. in waters 168 kilometers northeast of Dokdo.

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