Yonhap News Summary: S. Korea Record Current Account Surplus, U.S. Marines Drone Drills, and Heat Wave Measures
A roundup of major news stories from Yonhap News Agency covering the economy, defense, politics, and stock markets.
Quick Look
- Yonhap News Agency reports on South Korea's record June current account surplus, U.S.
- Marines conducting FPV drone drills in Pocheon, President Lee's heat wave mobilization orders, PPP criticism over criminal procedure laws, and a 4% stock market drop.
AI-generated summary
Why It Matters
South Korea experiences record-breaking heat waves and stock market fluctuations while maintaining strong semiconductor export performance.
The following is the first summary of major stories moved by Yonhap News Agency on Thursday.
■ (LEAD) S. Korea posts record-high current account surplus again in June on strong chip exports
SEOUL -- South Korea's current account surplus continued its all-time high record-breaking streak in June, driven by strong exports of semiconductors, central bank data showed Thursday.
The surplus totaled US$49.73 billion in June, up from the previous record of $38.61 billion in May, according to the data from the Bank of Korea (BOK).
■ U.S. Marines stage live-fire drills involving FPV drones for 1st time in S. Korea
POCHEON -- Shortly after the word "splash" sounded through a transceiver shared by the U.S. Marines, an explosion echoed through a firing range in a border city, indicating that a first-person view (FPV) drone successfully struck its hillside target.
This was part of a live-fire exercise conducted Wednesday by the U.S. Marines at the Rodriguez Live Fire Complex in Pocheon, about 30 kilometers south of the Demilitarized Zone separating the two Koreas, as part of the Korean Marine Exercise Program (KMEP).
■ Lee orders full mobilization of resources to minimize damage from extreme heat
SEOUL -- President Lee Jae Myung instructed the government Thursday to mobilize all of its resources to minimize damage from a record-breaking heat wave gripping the nation.
Lee issued the order at a meeting with relevant ministers and heads of local governments as temperatures climbed to near 40 C in many parts of the country, with the southeastern city of Yangsan posting the highest recorded temperature of 42.5 C on Sunday.
■ PPP leader slams Lee over remarks on revision to Criminal Procedure Act
SEOUL -- The leader of the main opposition People Power Party (PPP) on Thursday denounced President Lee Jae Myung over remarks suggesting he had not read a revision to the Criminal Procedure Act that strips prosecutors of their investigative powers, despite having earlier approved its promulgation.
The criticism came after Lee raised questions about the legislation during a government briefing Wednesday, saying he had "not read" the revised law during a Cabinet meeting the previous day.
■ (LEAD) Seoul shares tumble over 4 pct on tech losses amid lingering AI concerns
SEOUL -- South Korean stocks tumbled more than 4 percent Thursday due to losses in tech shares amid lingering concerns over profitability of artificial intelligence (AI) spending. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.58 percent, or 301.88 points, to close at 6,296.38, after falling as low as 6,238.32.
Open Questions
- How will the government mitigate extreme heat damage?
- What further measures will the BOK take regarding the economy?
