Yonhap News Summary

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

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(2nd LD) Acting President Hwang decides to retain deputy PM for policy consistency: source

SEOUL -- Acting President and Prime Minister Hwang Kyo-ahn decided to retain the deputy prime minister for economic affairs to ensure policy consistency, a government source said Monday, the latest move to stabilize state affairs crippled by a corruption scandal involving President Park Geun-hye and her confidante.

The country's economic policy team had been seen as being adrift as Yoo Il-ho, the deputy premier, who doubles as finance minister, was preparing to leave office after Park tapped Yim Jong-yong, head of the Financial Services Commission (FSC), last month to succeed Yoo.

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(3rd LD ) Ruling party whip resigns after Park impeachment

SEOUL -- The floor leader and policy chief of South Korea's ruling Saenuri Party resigned Monday taking responsible for the impeachment of President Park Geun-hye.

Their departure came amid escalating infighting between rival factions in the Saenuri Party divided over the parliamentary push for the ouster of president dogged by an influence-peddling scandal.

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Financial authorities on high alert against cyberthreats

SEOUL -- South Korea's top financial regulator on Monday stressed the importance of beefing up the security of the nation's finance-related cyber networks amid speculation that North Korea may launch cyberattacks on the South's key state agencies.

Yim Jong-yong, chairman of the Financial Services Commission (FSC), made the point during a visit to the Financial Security Institute in Yongin, Gyeonggi Province, which is the de facto control tower of the country's financial cybersecurity.

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Trump team vows stronger alliance with S. Korea: Saenuri delegates

SEOUL -- Officials from South Korea's ruling party and U.S. President-elect Donald Trump's transition team have come to a consensus on the importance of the two countries' alliance during their meetings in Washington last week, the party said Monday.

The Saenuri Party delegation's trip came amid concerns that Trump is set to bring various changes to the Seoul-Washington relationship, especially to the budget-sharing for U.S. troops in South Korea as well as their bilateral free trade pact.

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Constitutional Court holds first meeting on impeachment of Park

SEOUL -- The Constitutional Court convened its first formal meeting on Monday to deliberate the parliamentary decision to impeach President Park Geun-hye over a corruption allegations involving her and her aides.

The Council of Justices of the nine-member court decided to request that the National Assembly and Ministry of Justice submit their opinions on the case, its spokesperson Bae Bo-yoon told reporters during a press briefing held at the court in central Seoul.

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S. Korea's sovereign rating not much affected by Park's impeachment: S&P

SEOUL -- South Korea's sovereign credit rating will not be affected much by the impeachment of President Park Geun-hye, global credit appraiser Standard & Poor's (S&P) said Monday.

"Although the political uncertainty could remain a distraction to policymakers for some time, we believe the effective (South) Korean bureaucracy will keep the government running smoothly," S&P said.

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(2nd LD) Hyundai Merchant says to target 5 pct share in global shipping market

SEOUL -- Hyundai Merchant Marine Co., a major shipping line in South Korea, said Monday that it targets a 5 percent share in the global shipping market by 2021 while striving to improve its profitability.

The company traded 2.03 percent higher to 7,050 won on the Seoul bourse as of 1:40 p.m., rebounding from the previous session's 6 percent drop, after it agreed to a "limited partnership" with the world's largest shipping alliance.

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Rhythmic gymnast Son Yeon-jae named top athlete of the year: poll

SEOUL -- Rhythmic gymnast Son Yeon-jae was picked as the top South Korean athlete of 2016, a national survey showed Monday.

In the poll by Gallup Korea from Nov. 4 to 25 on 1,700 South Koreans at least 13 years of age, Son received 29.8 percent of the votes to lead the pack.
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