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Yonhap News Summary

All News 17:00 March 02, 2016

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

(LEAD) S. Korean stocks rally 1.6 pct on U.S. stocks, oil prices

SEOUL -- South Korean shares spiked 1.6 percent Wednesday as investors cheered the overnight gains in the U.S. stock market as well as rising oil prices, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) moved up 30.76 points to finish at 1,947.42. Trading volume was moderate at 316.86 million shares worth 5.11 trillion won (US$4.16 billion), with gainers beating losers 571 to 239.

Park's calligraphy presented to unification ministry

SEOUL -- South Korea's presidential office said Wednesday that it has delivered President Park Geun-hye's calligraphy writing expressing her hope for the peaceful unification of the Korean Peninsula to the ministry handling inter-Korean affairs.

Cheong Wa Dae presented Park's writing to the Unification Ministry on Monday and expressed hope that a peaceful unification between the two Koreas can contribute to world peace, the ministry said.

Park Jeong-won tapped as Doosan Group's new chairman

SEOUL -- Doosan Group, a power equipment and construction conglomerate, said Wednesday that Park Jeong-won, chairman of the group's de facto holding firm Doosan Corp., was designated as the group's new chairman.

Park, 54, will replace current chairman Park Yong-maan after he is elected the chief of Doosan Corp.'s board of directors later this month.

Football chief likely to lead S. Korean delegation in Rio

SEOUL -- Chung Mong-gyu, president of the Korea Football Association (KFA), is set to be named the head of the South Korean athletic delegation for the Summer Olympic Games in Rio de Janeiro, Brazil, a senior football official said on Wednesday.

According to the KFA official, who asked not to be named, Chung recently received a request from the Korean Olympic Committee (KOC) to lead the South Korean squad at the Rio Games and he is "positively" reviewing the offer.

Samsung chief again tops 31 Koreans on Forbes' billionaire list

SEOUL -- Lee Kun-hee, the chief of South Korea's top conglomerate Samsung Group, was the richest among 31 Koreans listed on Forbes' 2016 billionaire list, according to the U.S. magazine on Wednesday.

Lee, who has been hospitalized since May 2014 following a heart attack, slipped two spots from a year ago to 112th place, with his total net assets estimated at US$9.6 billion, the business magazine said.

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