Yonhap News Summary

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

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South Korea hit by longest, most severe heat wave in 2018

SEOUL -- South Korea was gripped by the longest, most severe heat wave in its recorded history this year, breaking the record set in 1994, the state weather agency said Friday.

Between June 1 and Aug. 16, the nationwide average temperature was 25.5 C, with a mean daily high of 30.7 C, according to the Korea Meteorological Administration, both of which were the highest since 1973, when the agency began to compile relevant data.

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Some 11,400 BMW vehicles yet to be inspected for safety

SEJONG -- Some 11,400 BMW vehicles have yet to be inspected for safety as of Friday, with about 7,900 of them having received reservations to undergo checks, the transport ministry said.

The German automaker recalled 106,317 BMW cars after a string of cases of engines catching fire. There have been 40 such cases in South Korea so far this year.

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(2nd LD) National pension's fund set to be depleted in 2057 under current system

SEOUL -- South Korea's state pension fund is on course to be depleted in 2057 under the existing system, studies showed Friday, with the pension operator suggesting two major options to keep it running.

According to the latest studies conducted by the National Pension Service (NPS), also the country's top institutional investor, the fund is expected to post a shortfall starting in 2042 due to the low birth rate coupled with sluggish economic growth. This will eventually lead to the scheme running out of funds a couple of years earlier than previously anticipated.

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Samsung Securities cancels bid for promissory notes business

SEOUL -- Samsung Securities Co. said Friday it voluntarily withdrew its application for the right to issue promissory notes following state penalties over its recent fat-finger chaos.

The local brokerage firm has sought state approval since July last year for a license for the issuance of promissory notes in a bid to expand its business scope by taking on a role as an investment bank (IB).

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(LEAD) Seoul shares close higher on eased U.S.-China trade tensions

SEOUL -- South Korean stocks closed slightly higher Friday on the latest news reports that the United States and China will resume trade talks later this month, analysts said. The local currency gained ground against the U.S. greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 6.25 points, or 0.28 percent, to close at 2,247,05. It turned around from a 0.8 percent drop in the previous day when the KOSPI hit the lowest level in 15 months since May 2 last year.

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(LEAD) (Asian Games) Unified Korean team suffers 1st loss in women's basketball

JAKARTA -- The unified Korea women's basketball team suffered its first loss at the Asian Games on Friday, falling to Chinese Taipei 87-85 in overtime.

Korea rallied from a 71-65 deficit with 3:22 remaining in the fourth quarter to force the extra session in Group X play at GBK Basketball Hall, thanks to Kim Han-byul's desperate putback with 6.2 ticks to go. Kim was fouled on the shot but failed to convert the ensuing free throw to complete the three-point play.

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