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Yonhap News Summary

All News 17:10 July 22, 2022

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

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(LEAD) Deal reached to end Daewoo shipyard strike

GEOJE, South Korea -- Subcontract workers at the Daewoo Shipbuilding & Marine Engineering Co. (DSME) shipyard on the southeastern coast agreed to end their 51-day strike Friday, after labor and management struck a last-minute agreement on the remaining contentious issues.

About 120 unionized workers from DSME subcontractors had occupied an oil tanker under construction at a dock of the global shipbuilder's Okpo shipyard on Geoje Island, about 470 kilometers southeast of Seoul, since June 2, demanding a 30 percent wage hike, and improved working and employment conditions.

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(2nd LD) Rival parties reach agreement on parliamentary committee formation

SEOUL -- The ruling and main opposition parties reached agreement Friday on how to share parliamentary committee chairmanships, paving the way for the National Assembly to go into operation after 53 days of idling.

Under the agreement, the ruling People Power Party (PPP) took seven committees, including the judiciary, intelligence and public administration committees, while the main opposition Democratic Party (DP) took 11 committees, including the national policy and science committees.

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Yoon calls for details of 'audacious plan' for N. Korea

SEOUL -- President Yoon Suk-yeol instructed the unification ministry Friday to prepare the details of his "audacious plan" to revive North Korea's economy in the event it accepts denuclearization, a spokesperson said.

Yoon outlined the plan in his inauguration speech on May 10, saying that if North Korea genuinely embarks on a process to complete denuclearization, South Korea will be prepared to present an "audacious plan" to vastly strengthen North Korea's economy and improve the quality of life for its people.

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Personal info watchdog looking into legality of Meta's privacy policy update

SEOUL -- The Personal Information Protection Commission is looking into whether the upcoming privacy policy update by Meta, the operator of Facebook, runs afoul of domestic law and will take action if any irregularities are found, officials said Friday.

Meta has since late May sent out notifications to South Korean users of Facebook and another Meta-run platform, Instagram, demanding consent on new terms and conditions of its updated privacy policy set to go into effect Tuesday.

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(3rd LD) Ministry seeks early counter-rocket system rollout with plan to resume major allied field training

SEOUL -- South Korea's defense ministry vowed Friday to push for an early deployment of a counter-rocket system to fend off threats from a possible North Korean salvo mixing missiles and long-range artillery that put the greater Seoul area within range.

During a policy briefing to President Yoon Suk-yeol, Defense Minister Lee Jong-sup outlined the plan and other defense priorities, including resuming larger-scale South Korea-U.S. field training and accelerating efforts to build the "three-axis" system against the North's evolving nuclear and missile threats

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(LEAD) Kia Q2 net jumps 40 pct on weak won, SUVs

SEOUL -- Kia Corp., South Korea's second-biggest carmaker, said Friday its second-quarter net profit jumped 40 percent from a year earlier on an improved product mix and a weak won.

Net profit for the three months ended in June rose to 1.88 trillion won (US$1.43 billion) from 1.34 trillion won in the same period of last year, the company said in a statement.

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Unification ministry to seek security, economic incentives for N. Korea in denuclearization bid

SEOUL -- The unification ministry said Friday it will focus efforts on dissuading North Korea from sticking to its nuclear program by creating conditions for the Kim Jong-un regime to "feel no need" for it.

In a policy report to President Yoon Suk-yeol, the ministry outlined measures to implement his "audacious" scheme for the denuclearization of North Korea and improving inter-Korean relations.

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(LEAD) Woori Financial reports record net profit in H1

SEOUL -- Woori Financial Group Inc., a major South Korean banking group, on Friday reported a record first-half net profit as its interest income rose after the central bank's rate hikes.

Consolidated net profit came to 1.86 trillion won (US$1.42 billion) in the January-June period, up 20.9 percent from a year ago, the group said in a regulatory filing.
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