Yonhap News Summary

The following is the first summary of major stories moved by Yonhap News Agency on Thursday.

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■ (4th LD) U.S. Fed cuts key lending rate by jumbo half percentage point

WASHINGTON -- The U.S. Federal Reserve on Wednesday lowered its benchmark interest rate by half of a percentage point, the first cut in 4 1/2 years, in a major policy shift less than seven weeks away from the presidential election.

After the two-day Federal Open Market Committee (FOMC) meeting, the central bank announced the decision to reduce the rate to the 4.75 to 5.0 percent range from its 23-year high, putting an end to its post-pandemic tightening cycle.

https://en.yna.co.kr/view/AEN20240919000354315?section=national/diplomacy

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■ Yoon departs for Czech Republic to discuss nuclear energy cooperation

SEOUL -- President Yoon Suk Yeol left for the Czech Republic on Thursday for a trip focused on ensuring South Korea's bid to win a major nuclear energy project and deepen economic ties with the European nation.

During his four-day visit, Yoon will hold talks with Czech President Petr Pavel and Prime Minister Petr Fiala to expand cooperation in nuclear energy, trade, investment, technology and other areas.

https://en.yna.co.kr/view/AEN20240919002000315?section=national/politics

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■ N. Korea says it test-fired new tactical ballistic missile capable of carrying super-large warhead

SEOUL -- North Korea claimed Thursday it has successfully test-fired a new tactical ballistic missile capable of carrying a super-large warhead, a day after South Korea said Pyongyang fired multiple short-range ballistic missiles.

The new missile, named the Hwasongpho-11-Da-4.5, was tipped with a 4.5-ton super-large conventional warhead in the test-firing conducted Wednesday by the North's Missile Administration, according to the official Korean Central News Agency (KCNA).

https://en.yna.co.kr/view/AEN20240919000500315?section=nk/nk

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■ (LEAD) Finance minister says to swiftly take market stabilization measures if needed

SEOUL -- Finance Minister Choi Sang-mok said Thursday the government will work closely with the Bank of Korea and swiftly take market stabilization measures if necessary, as the U.S. Federal Reserve cut its interest rates for the first time in over four years.

"Following the Fed's monetary policy pivot, the market is moving away from a complex global crisis, which was triggered by excessive liquidity supplied to cope with the pandemic, as well as shocks to the global supply chain caused by the war between Russia and Ukraine," Choi said.

https://en.yna.co.kr/view/AEN20240919001951320

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■ Clash looms between rival parties as opposition pushes to pass bill targeting first lady

SEOUL -- The rival parties are likely to clash at the National Assembly on Thursday as the main opposition Democratic Party (DP) was expected to unilaterally put forth three contentious bills, including one calling for a special investigation into allegations involving first lady Kim Keon Hee.

The special counsel bill calls for an independent probe into Kim's stock manipulation allegations, as well as her receipt of a luxury bag and her alleged interference with the ruling party's candidate nominations ahead of the April 10 general elections.

https://en.yna.co.kr/view/AEN20240919003700315
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