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Yonhap News Summary

All News 17:00 January 26, 2016

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

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(2nd LD) Hyundai Motor Q4 net drops 7.7 pct on currency losses, global competition

SEOUL -- Hyundai Motor Co., South Korea's top automaker, said Tuesday that its fourth-quarter net profits fell 7.7 percent from a year earlier due in part to the won's ascent against other currencies and heated competition in global markets.

In a regulatory filing, the automaker reported a net profit of 1.53 trillion won (US$1.3 billion) for the October-December period, down from 1.66 trillion won a year earlier.

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(2nd LD) LG Electronics' net loss narrows in Q4

SEOUL -- South Korean tech giant LG Electronics Inc. said Tuesday its net loss narrowed in the fourth quarter from a year earlier on strong sales of premium TVs and home appliances, despite a poor performance from its smartphone business.

Net loss came to 140.4 billion won (US$117 million) in the October-December period, compared with a deficit of 205.6 billion won during the same period in 2014, LG Electronics said in a regulatory filing.

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(LEAD) LG Chem Q4 net jumps 89 pct on better petrochemical margins

SEOUL -- LG Chem Ltd., South Korea's leading chemicals and battery maker, said Tuesday its net profits soared in the fourth quarter from a year ago thanks to improved petrochemical margins amid low oil prices.

Net income came in at 207.04 billion won (US$171.93 million) in the October-December period, up 89.2 percent from a year earlier, the company said in a regulatory filing.

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(LEAD) Seoul shares retreat on lackluster earnings

SEOUL -- South Korean stocks sank 1.15 percent Tuesday as investors were disheartened by market heavyweights' sluggish earnings and slumping oil prices. The local currency weakened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 21.74 points to end at 1,871.69. Trade volume was slim at 295.26 million shares worth 4.4 trillion won (US$3.65 billion), with losers beating winners 559 to 264.

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(LEAD) Navy chief inspects maritime combat readiness in East Sea

SEOUL -- The Navy chief ordered maritime forces Tuesday to stand with full combat readiness for the possibility of unexpected military provocations by North Korea.

"The enemy has always launched provocations in manners and timings that are hard for us to predict," Chief of Naval Operations Adm. Jung Ho-sub said during his visit to the 1st Fleet based on the east coast.

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S. Korea to deploy 5,000-ton vessel to Ieodo

SEOUL -- South Korea said Tuesday that it will deploy a 5,000-ton patrol vessel to the Seoul-controlled rock outcropping of Ieodo, which has been the subject of a territorial dispute with China.

The newly built vessel will start patrolling the reef in April, according to an annual policy briefing by the Ministry of Public Safety and Security to President Park Geun-hye.
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