Yonhap News Summary

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

■ (3rd LD) Appeals court acquits Seoul mayor of political funds law violation

SEOUL -- An appeals court on Friday overturned a lower court ruling to acquit Seoul Mayor Oh Se-hoon in his high-stakes political funds trial over opinion polls linked to the 2021 mayoral by-election.

The Seoul High Court found Oh not guilty of violating the Political Funds Act, reversing a lower court's conviction that had sentenced him to a 10 million-won (US$7,500) fine and put him at risk of losing his mayorship.

■ (2nd LD) S. Korea proposes military talks with N. Korea to ease tensions along border

SEOUL -- South Korea renewed its offer Friday to hold military talks with North Korea to discuss their conflicting views on where the inter-Korean border sits, seeking to ease tensions sparked by last month's land mine blast inside the Demilitarized Zone (DMZ).

Seoul and Pyongyang have traded sharp rhetoric since South Korea blamed the North for the Sept. 21 mine blast inside the DMZ that injured three South Korean troops. Pyongyang has denied responsibility and vowed to take military actions along the border, if needed.

■ BOK chief signals hawkish stance amid outlook for higher growth, rates

SEOUL -- Bank of Korea (BOK) Gov. Shin Hyun-song said Friday the central bank will adjust its monetary policy to a future environment of higher economic growth and interest rates, signaling it will maintain a hawkish stance for some time.

In response to a question from Rep. Kim Tae-nyeon of the ruling Democratic Party during a parliamentary audit at the National Assembly, Shin agreed with the assessment that a return to the era of ultra-low interest rates would be difficult.

■ (2nd LD) Seoul stocks end tad higher on bargain hunting

SEOUL -- South Korean shares closed slightly higher Friday after plunging more than 3 percent in the previous session, as investors hunted for bargains in major chip stocks amid persistent concerns over investments in the artificial intelligence (AI) value chain. The Korean won strengthened against the U.S. dollar.

After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 16.53 points, or 0.3 percent, to end at 5,550.30.