YOON BACKS SHORT SELLING BAN

YOON BACKS SHORT SELLING BAN

[Anchor Lead]
President Yoon Suk Yeol addressed the concerns about the short-selling ban, deeming it essential until a fundamental solution is devised, particularly to protect individual investors from significant harm. He also urged for swift processing of the 'New Town Special Law' in the National Assembly, highlighting his commitment to policy-making that resonates with public sentiment.

[Pkg]
President Yoon Suk Yeol says he is aware of concerns about the temporary ban on short selling of shares. Despite concerns the ban could hinder the nation's push to be recognized as a developed stock market, Yoon stressed illegal short selling could cause losses to retail investors. Yoon urged related authorities to devise measures to improve the local stock market, describing it as a tilted playground that is unfair for individual investors.

[Soundbite]
Yoon Suk Yeol (President): Short selling of shares will be banned until fundamental improvements are made. This will benefit the stock market in the long term.

The government was reluctant to ban short selling until last month. But now, it has to either fully digitalize the short selling process or establish a real-time monitoring system. A presidential official said Yoon's remarks do not mean the temporary ban would stay beyond the end of next June. The president also called on the government to devise and implement policies that reflect the voices of the people in the field.

[Soundbite]
Yoon Suk Yeol (President (Nov. 7)): Buy water parsley marked with Hanjae, the ones from Cheongdo.

He requested the National Assembly to quickly pass bills related to economic and livelihood issues. The president also called on parliament to pass a special bill on redeveloping aged cities within this year.

[Soundbite]
Yoon Suk Yeol (President): The current law has limits in transforming aged cities built 30 years ago into ones of the future.

He also asked lawmakers to quickly pass bills on ensuring fair employment and bolstering local commercial districts. He hailed the Federation of Korean Trade Unions' decision to return to a tripartite dialogue with management and the government. Yoon emphasized that labor and management should pursue dialogue on the basis of law and the government will play the role of a fair mediator.

FEUD OVER CANDIDACY

[Anchor Lead]
Now turning to politics. The ruling People Power Party grapples with internal strife over demands for senior members to contest elections in challenging districts, stirring rumors of an early dissolution of its innovation committee. The party leader, Kim Gi-hyeon, expressed displeasure, emphasizing the need for stable leadership. Concurrently, the Democratic Party is urging its leader, Lee Jae-myung, to run in his less favorable hometown of Andong.

[Pkg]
Rumors circulate that the ruling party's innovation committee may be dismantled early as the party's heavyweight politicians were asked to run for office in unfavorable electorates. Some assumed that it was the last stand to urge the established lawmakers to make bold decisions. However, committee chair Ihn Yo-han stressed that the committee would not disband early.

[Soundbite]
Ihn Yo-han (Chair, PPP Innovation Committee): I once again make it clear that no such thing will happen.

The naturalized Korean doctor also made it clear that he would not retract his remark that suggested early retirement for some politicians.

[Soundbite]
Ihn Yo-han (Chair, PPP Innovation Committee): I’m 100% certain that in time, those whose names I haven’t said out loud will make their moves.

PPP leader Kim Gi-hyeon did not hide his displeasure at the innovation committee's brazen stance. In clear disapproval, Kim said not to upset the party leadership.

[Soundbite]
Kim Gi-hyeon (Chair, People Power Party): Members should not disrupt the party leadership or party discipline by acting rashly.

Conflict deepened as some lawmakers were asked to run for office in places disadvantageous to the ruling party. Representative Chang Je-won said that he won't run in Seoul just to extend his political career. An opposition member criticized that his unwillingness to give up his electorate no matter what happens at the general election is despicable. The Democratic Party also suggested that high-ranking party members should run in the conservative strongholds. Representative Lee Won-wook, an anti-Lee Jae-myung DP member, called the DP chair the most privileged lawmaker and demanded that he run for office in his hometown, Andong, one of the most conservative electorates.

[Soundbite]
Lee Won-wook (Democratic Party (MBC Radio)): He was Seongnam mayor, Gyeonggi-do governor, a presidential candidate and now the DP chair. How much more privileged can one be?

Infighting over nomination is likely to intensify once the budget plan is passed in early December and the parties go into general election mode.

“SOLID-FUEL ENGINES TESTED”

[Anchor Lead]
North Korea said solid fuel engines for a new intermediate ballistic missile was tested. The Korean Central News Agency reported today that the country had developed high-thrust solid fuel engines for the new intermediate-range ballistic missile and two ground tests were carried out on November 11th and 14th. The state-controlled news outlet claimed that the ground tests produced very satisfactory results and the reliability and stability of the high-thrust solid fuel engine manufacturing technology were proven once again.

S. KOREA-UNC STATES MEETING

[Anchor Lead]
Yesterday in Seoul, the inaugural South Korea-United Nations Command Defense Ministers' Meeting took place with representatives from 17 member countries. They collectively reaffirmed their commitment to the 1953 Armistice Agreement, stressing its continued importance for peace on the Korean Peninsula.

[Pkg]
Commanding officers of North Korea, China and UN forces signed a ceasefire agreement in July 1953.

[Soundbite]
(Korea News (July 1953)): The war that lasted for 3 years will now enter a new phase.

70 years later, member states of the UN Command have come together for the first time. The meeting between South Korea and UNC members was attended by 17 nations, including 14 which sent troops to the Korean War, such as the U.S., U.K. and Canada, as well as Norway, Denmark and Italy, which dispatched medics at the time. They adopted a joint statement strongly condemning North Korea's illicit nuclear and missile programs. They reaffirmed that the spirit of the ceasefire agreement must continue in order to safeguard peace and free democracy on the Korean Peninsula. In particular, UNC members declared to jointly respond to any renewal of hostile acts or armed attacks that threaten the security of South Korea in violation of UN principles.

[Soundbite]
Lloyd Austin (U.S. Secretary of Defense):

Seoul's defense minister Shin Won-sik warned that another illegal invasion of the South by the North will face stern international retribution led by the UNC.

[Soundbite]
Shin Won-sik (Minister of Nat’l Defense): If countries that helped N. Korea during the Korean War again come to its aid, they will also face stern retaliation.

During the meeting, the South Korean military also officially proposed its joining of the UNC staff including general-rank officers. There are also plans to regularize the South Korea-UNC defense ministerial meeting.

DELINQUENT CARD LOANS RISE

[Anchor Lead]
Citing the heavy burden of high interest rates, we are witnessing a troubling rise in loan delinquencies, particularly in bank-issued credit card loans, which have hit an eight-year high. This trend underscores the growing financial strain on vulnerable borrowers struggling to meet repayment deadlines.

[Pkg]
The delinquency rate for loans from cash advances and bank-issued credit cards is surging. According to the Bank of Korea's data, the delinquency rate for such bank-issued loans stood at 2.9 percent as of the end of August. The rate which includes overdue payments of the principal that were missed for more than a day, rose 0.9 percentage points on year from 2 percent. This is the highest level in eight years since August 2015 when the rate was 3.1 percent. The delinquency rate for bank-issued credit card loans was declining after reaching the peak of 3.4 percent in November 2014. The rate dropped to 1.8 percent last September but bounced back to 2.2 percent this January. It has been surging to nearly three percent in the second half of the year. The rise in credit card loan delinquency is noticeably higher than delinquent household loans at commercial banks. As of late August, the delinquency rate for household loans at commercial banks reached the four-year high of 0.4 percent. But this is still lower than the rate for credit card loan delinquency. A recent analysis shows that a surging number of people are unable to repay their credit card loans due to high interest rates coupled with a continuing economic slowdown. Interest on credit card loans is higher than bank loans. So those with urgent liquidity needs or those who have already taken out other financial institutions account for a large portion of credit card loan borrowers. Credit card loans are smaller than bank loans in amount. So a rising rate in delinquent credit card loans means that vulnerable borrowers are struggling to repay other loans, posing a risk to the soundness of financial institutions.

SEOUL METRO TO GO ON STRIKE

[Anchor Lead]
Unionized workers of Seoul Metro warned of a general strike on November 22nd. Seoul Metro services subway lines one through eight in the capital. The Seoul Metro union under the Korean Federation of Trade Unions announced this plan at a press conference held in front of City Hall at 10:00 a.m. this morning. The strike came as the union and the management failed to agree on a new hiring plan. Union members argue for roughly 800 new hires, while the management's proposal hovers around 600.

BUYING KIMCHI STILL POPULAR

[Anchor Lead]
As the kimchi-making season peaks, the government and retailers are offering up to 50% discounts on essential ingredients, aiming to control kimchi prices. Despite a slight drop in the cost of making kimchi compared to last year, there's an increasing trend of consumers preferring to buy pre-made kimchi.

[Pkg]
A supermarket in Seoul. A plethora of ingredients to make kimchi, such as cabbage and radish, pack shopping carts.

[Soundbite]
Jeong Ok-hee (Seoul resident): I need to make water kimchi and cabbage kimchi. We’ve always made kimchi so it’s become a habit.

Making kimchi, or "gimjang", is estimated to cost about 218-thousand won this year, 9% lower than last year. This is due to ample supply with more than 10-thousand tons of stockpiles released in the market, as well as a 70% increase in related discounts offered by the government exceeding 24 billion won. Of the 14 key ingredients, the cost of 9 of them, including cabbage and garlic, have dropped from last year. Many stores offer very cheap prices, selling a head of napa cabbage for just one thousand won.

[Soundbite]
Choo Kyung-ho (Deputy Prime Minister for Economy): How much is it? (2,850 won.) For this whole sack? (Yes, the wholesale price is about 4,500 won.)

Despite the lower prices, more households about three out of 10 people are opting to buy ready-made kimchi instead of making it for themselves. More than half of them say it's convenient these days to buy adequate amounts of kimchi whenever necessary. Over 30% said gimjang is too much of a hassle.

[Soundbite]
Lee Seung-ae (Seoul resident): I think it’s enough to buy small amounts when you crave it. The outcome is not worth the effort you put in.

As single-person households increase, a growing number of Koreans are expected to purchase ready-made kimchi for the time being.

CIVILIAN AID IN DRUG PROBE

[Anchor Lead]
A recent drug case has revealed a wronged informant who not only provided crucial information but also risked their safety to gather evidence, essentially acting as an investigator. However, reports indicate the police did not honor their promise of a commendation for their efforts.

[Pkg]
This place is equipped with a cannabis-growing facility and even a room for drug parties.

[Soundbite]
((VOICE MODIFIED)): Charges of violating the Cannabis Control Act...

The spot was uncovered not by police but a businessman in his 40s whom we will call B.

[Soundbite]
(B (VOICE MODIFIED)): The cannabis factory was over there at the time.

A person surnamed Hwang is the drug distributor. Another person A who was sexually abused by Hwang filed a police report. Investigators, figuring the assailant is a drug dealer, asked A for information on the dealings. A also introduced to police the previously mentioned B, who is an acquaintance of Hwang.

[Soundbite]
(B (VOICE MODIFIED)): The police said the case was a matter of saving lives and the country and I would receive a medal.

But information the police asked from the helpers went far beyond the ordinary scope. Officers wanted to know the location of cannabis farms as well as when and where drug deals took place. It was almost an outsourcing of their investigation.

[Soundbite]
(B (VOICE MODIFIED)): I said locating the cannabis farm is too dangerous and I can’t do it. The police said they are aware of it but I’m the only one they rely on.

By contacting Hwang for over a week, B managed to find out key information. B took photos with a mobile phone that secretly leaves a location record in order to pass on accurate intel. B was put in a risky position every moment of the way in trying to extract information.

[Soundbite]
(B (VOICE MODIFIED)): I was focused on memorizing the address and went to the bathroom to send over the location using my phone.

However the police were not satisfied. They asked for more info, such as on celebrity customers. When a suspect fled the scene, the police even asked B to assist in luring the suspect out.

[Soundbite]
(B (VOICE MODIFIED)): The police said without a warrant they can’t make a forced entry. I told them to apprehend the suspect when I lure him out to a certain location.

The drug investigation eventually concluded with B helping even in making arrests. But the police suddenly changed their attitude after the probe ended. B helped the police out of good intention but failed to receive what officers initially promised. B ended up reporting the matter to the human rights and anti-corruption watchdog agencies.

[Soundbite]
(B (VOICE MODIFIED)): I’ll never cooperate with a police probe. If I get caught, I’m dead. Even the officers won’t do it if they were on their own.

In response to KBS' inquiry, the police said they told the informant there was no need to engage in tasks in the presence of danger as their safety is the utmost priority.