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Yonhap News Summary

All News 13:49 June 08, 2016

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

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Ruling party yields Nat'l Assembly speaker post to opposition

SEOUL -- After a days-long stalemate, South Korea's ruling Saenuri Party announced Wednesday that it will allow the main opposition to appoint the new National Assembly speaker, which will allow 20th National Assembly to start work in earnest.

The announcement made by Saenuri's floor leader Chung Jin-suk opens the door for the main opposition Minjoo Party of Korea to designate the new National Assembly speaker. The deadlock on who will sit in the speaker's chair has stalled all parliamentary proceedings such as picking who will chair the 18 assembly committees.

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Hyundai, Kia see May sales in China up 16.6 pct

SEOUL -- Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. said Wednesday that their combined sales in China grew double digits in May for the first time this year.

The two South Korean carmakers sold a combined 150,450 units last month in China, up 16.6 percent from a year earlier, according to the data provided by the companies.

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Seoul to form W11 tln recapitalization fund to turn around ailing core industries

SEOUL -- South Korea's government and central bank announced Wednesday that they will jointly create an 11 trillion won (US$9.5 billion) recapitalization fund to help state-run banks rehabilitate the nation's debt-stricken shipping and shipbuilding companies, capping months of intensive debate on restructuring the ailing core industries.

The recapitalization fund includes 1 trillion won directly injected by the government into the Export-Import Bank of Korea (Korea Eximbank) and a loan of 10 trillion won extended by the Bank of Korea (BOK), the finance ministry and the financial regulator said in a joint statement.

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S. Korea, EU agree to keep pressure on N. Korea

BRUSSELS -- South Korea and the European Union agreed to keep pressure on the North Korean regime to force it to abandon its nuclear weapons program, officials said Wednesday.

The consensus came during a meeting between Kim Hong-kyun, South Korea's special representative for Korean Peninsula Peace and Security Affairs, and Alain Le Roy, secretary-general of the European External Action Service, at the EU headquarters on Tuesday, according to South Korean diplomats here.

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Daewoo Shipbuilding raided over alleged accounting fraud

SEOUL -- Prosecutors raided Daewoo Shipbuilding & Marine Engineering Co. (DSME), one of the country's top three shipbuilders, on Wednesday over alleged accounting fraud and poor management amid an industrywide slump.

The Supreme Prosecutors' Office said it dispatched some 150 investigators to raid the company's headquarters in central Seoul and its Okpo Shipyard on Geoje Island off the southern coast.

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Volkswagen owners to demand refund of their cars

SEOUL -- Thousands of Volkswagen owners plan to ask South Korea's environment ministry to order the local unit of the German carmaker to refund the cost of their cars, a lawyer said Wednesday.

Jason Ha, who represents about 4,400 Volkswagen owners at Barun Law, said he will formally file the petition with the ministry as early as Thursday.

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Gov't report cites continuing sluggishness in export, production

SEJONG -- The South Korean economy has remained in the doldrums due to weak exports and production stemming from waning global demand, despite a slight recovery in domestic consumption, a government report showed Wednesday.

"Amid a delayed recovery of the world economy, faltering exports and production have dragged down the South Korean economy," the finance ministry said in its monthly economy assessment report called "Green Book."

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Samsung's smartphone market share edges up in Q1: report

SEOUL -- The global smartphone market share of South Korea's top smartphone maker Samsung Electronics Co. edged up in the first quarter of this year, a report showed Wednesday.

Samsung took up 24.1 percent of the world's smartphone market in the January-March period in terms of revenue, a slight increase from 21.9 percent posted in Q4 of 2015, according to the latest research by industry tracker Strategy Analytics.

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N. Korean fishing vessel sent back after crossing inter-Korean border

SEOUL -- A North Korean fishing vessel was sent back home after it accidentally crossed the inter-Korean sea border early Wednesday, South Korea's military said.

The vessel was reported by a South Korean fishing boat around 3:40 a.m. some 21 kilometers south of the Northern Limit Line, the de facto maritime border, in the East Sea, according to the Joint Chiefs of Staff (JCS).

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(Yonhap Feature) Luxury SUVs, green cars dominate motor show in Busan

BUSAN -- Luxury carmakers have long viewed the Busan Motor Show as secondary to the Seoul International Motor Show. But this year they participated in the local show to take advantage of the booming sport-utility vehicle demand and promote their more environmentally friendly cars.

The two motor shows are held alternatively every other year. The Seoul motor show, the country's sole international auto show recognized by the International Organization of Motor Vehicle Manufacturers, was held in Seoul last year.

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Mirae Asset to acquire Hawaii hotel

SEOUL -- Mirae Asset Financial Group, South Korea's asset managing giant, will acquire a hotel in Hawaii for US$780 million in a business diversification strategy, people familiar with the matter said Wednesday.

Mirae Asset Global Investments Co., a major unit of the country's biggest asset management company by funds under its management, has recently signed to take over a whole 100 percent stake in the Hyatt Regency Waikiki Beach Resort and Spa from the U.S.-based private equity fund Blackstone Group, a person with direct knowledge of the deal said by phone.
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