Yonhap News Summary

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

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Yoon calls for waking up from 'fiscal universalism'

SEOUL -- President Yoon Suk-yeol sounded the alarm on the country's fiscal health on Thursday, saying people should wake up from the "fantasy" that increasing government spending will automatically improve people's livelihoods.

Yoon made the remark while presiding over a fiscal strategy meeting with members of the government and the private sector at Chungbuk National University in Cheongju, 112 kilometers southeast of Seoul.

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(LEAD) S. Korea eyes belt-tightening policy to improve fiscal health

SEJONG -- South Korea said Thursday it plans to implement a belt-tightening policy in a shift from years of an expansionary fiscal policy stance in an effort to improve fiscal health impaired by the growing national debt.

President Yoon Suk-yeol's government unveiled a five-year plan to manage state finances amid concerns that the country's debt has grown at an alarming pace and high indebtedness could negatively affect its sovereign rating.

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(LEAD) S. Korea, U.S., Japan to hold talks among top diplomats in Bali this week

SEOUL/ BALI -- South Korean Foreign Minister Park Jin is scheduled to hold trilateral talks with his American and Japanese counterparts on the sidelines of a Group of 20 (G-20) session in Indonesia this week, his ministry announced Thursday.

It would mark Park's first in-person group meeting with Secretary of State Antony Blinken and Foreign Minister Yoshimasa Hayashi since taking office in May, another show of the regional powers' efforts to bolster their security cooperation amid North Korea's unrelenting saber-rattling.

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(2nd LD) Samsung Electronics estimates 11.3 pct rise in Q2 profit on chip biz

SEOUL -- Samsung Electronics Co. said Thursday it is likely to report its best second-quarter earnings in four years on the back of solid chip demand.

In its earnings guidance, the South Korean tech giant estimated its operating profit at 14 trillion won (US$11 billion) for the April-June period, up 11.38 percent from a year ago.

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(LEAD) LG Energy Solution expects steep decline in Q2 profit amid global supply disruptions

SEOUL -- South Korean battery maker LG Energy Solution Ltd. said Thursday it expects its second-quarter operating profit to shrink sharply from a year earlier due to global supply disruptions and China's COVID-19 lockdowns.

The company estimated operating income for the April-June period at 195.6 billion won (US$150.5 million), down 73 percent from 724.3 billion won a year ago, according to its regulatory filing.

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(2nd LD) LG Electronics estimates Q2 operating earnings down 12 pct on weaker demand

SEOUL -- LG Electronics Inc. on Thursday estimated its second-quarter operating profit decreased 12 percent year-over-year on weaker demand for TV and home appliances amid rising inflation and raw material costs.

Its earnings guidance for the April-June period showed the tech company's operating profit declined 12 percent from a year ago to 791.7 billion won (US$610.5 million).

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(LEAD) Seoul shares rebound nearly 2 pct on eased recession woes; Korean won gains ground

SEOUL -- South Korean stocks bounced back Thursday from the previous day's 20-month low as the U.S. Federal Reserve's minutes indicated cautious optimism over the economy's long-term prospects, despite impeding rate hikes. The Korean won gained ground against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) rose 42.26 points, or 1.84 percent, to close at 2,334.27. Trading volume was moderate at 333 million shares worth 7.54 trillion won (US$5.89 billion) with gainers outstripping decliners 726 to 152.

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Incheon Int'l Airport likely to see ninefold increase in summer vacation travelers: officials

YEONGJONG ISLAND, South Korea -- Incheon International Airport, the main gateway to South Korea, is likely to see a ninefold increase in air travelers in the upcoming peak summer vacation season, compared with last year, airport officials said Thursday.

A total of 1.71 million passengers are expected to travel through the airport during the peak season from July 22-Aug. 10, compared with 190,000 a year earlier, the Incheon International Airport Corp. said.
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