[WEEKEND WRAP] MAY 25-28

May 25

[Yonhap] South Korea’s drug safety agency said it will provide consulting to pharmaceutical firms over their development of seven vaccine products. The seven products include vaccines for tuberculosis for adults and teenagers and for herpes zoster.

The move has raised the number of vaccine products that receive government support to 38, according to the drug safety agency. The support is part of South Korea’s efforts to increase the sufficient rate of vaccines from 50 percent in 2018 to 80 percent by 2022.

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May 25

[Yonhap] South Korea will accelerate the exchange of technology and share its know-how on economic development with African nations.

During the 53rd annual meeting of the African Development Bank (AfDB) in Busan, Seoul’s Deputy Finance Minister Ko Hyung-kwon said the event underscores the need for cooperation between South Korea and African nations. This meeting that ran for a five day run from Monday under the theme of “Accelerating Africa’s Industrialization” is the fifth to be held outside Africa.

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May 28

[Yonhap] South Korea and India will hold a fifth round of talks on the improvement of a bilateral trade deal this week, the commerce ministry said Monday. The meeting to improve the Comprehensive Economic Partnership Agreement (CEPA) is scheduled to be convened in Seoul on Tuesday and Wednesday.

CEPA is a type of free trade agreement that emphasizes two-way economic cooperation on top of market opening. The upcoming round of talks will be focused on accelerating the improvement of concessions on goods and services and country-of-origin standards.

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May 28

[Yonhap] South Korean stocks extended gains late Monday morning due to improved investment sentiment following the surprise summit talks between the leaders of South and North Korea over the weekend. The benchmark Korea Composite Stock Price Index gained 17.23 points, or 0.70 percent, to 2,478.03 as of 11:17 a.m.

Seo Sang-young, an analyst at Kiwoom Securities Co., said the inter-Korean summit buoyed investment sentiment in construction and in companies that had business ties with North Korea in anticipation of a boom.

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May 28

[Yonhap] The head of the Financial Services Commission (FSC) said Monday the financial regulator will continue to encourage banks to direct more loans to small and medium-sized enterprises (SMEs).

The government has stepped up efforts to channel more funds to smaller companies to shore up a struggling domestic economy. During the meeting with senior executives from SMEs, FSC Chairman Choi Jong-ku said the FSC will continue to support the growth of SMEs, by easing regulations and offer other supportive measures.

Read here.

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