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Yonhap News Summary

All Headlines 17:46 August 31, 2016

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

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(LEAD) Hanjin Shipping files for receivership

SEOUL -- Cash-strapped Hanjin Shipping Co. said Wednesday that it has filed for court protection as its creditors decided not to extend additional support.

On Tuesday, the creditors, led by the state-run Korea Development Bank, reached a consensus that they would not infuse additional cash into the country's No. 1 shipping line.

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(LEAD) S. Korea vows to minimize impact from Hanjin's court protection

SEJONG -- South Korea's finance minister pledged Wednesday to minimize the fallout from Hanjin Shipping Co. filing for court receivership.

Finance Minister Yoo Il-ho said the move by the cash-strapped shipping line could have a limited impact on the stock and bond markets as well as the soundness of banks, as risks posed by Hanjin Shipping have already been factored into the financial markets.

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(News Focus) 'Too big to fail' mantra fails to work for Hanjin Shipping

SEOUL -- Hanjin Shipping Co., South Korea's top container shipping line and the world's seventh-largest, is destined for receivership, and may face bankruptcy in a worst-case scenario. It is unimaginable years before that a shipping firm with a fleet of some 140 container and bulk ships and 70 global routes, is put under court protection and may go belly up.

Indeed, Hanjin Shipping's receivership filing has many complications for the country's overall economy and its on-going corporate revamp drive, underscoring the country's key backbone industries badly struggling with a protracted slump and massive losses. The Hanjin fiasco also shows that a "too-big-to-fail" mantra is not resounding anymore in Asia's fourth-largest economy.

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(4th LD) N. Korea executes vice premier in July: Seoul official

SEOUL -- North Korea has carried out the execution of a vice premier and punished two senior officials, a Seoul official said Wednesday, as the North's leader is seeking to further strengthen his reign of terror.

The official said North Korea executed the 63-year-old Kim Yong-jin by firing squad last month after being branded as an "anti-party and anti-revolutionary element."

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(LEAD) S. Korea confirms 3rd cholera infection

SEOUL/CHANGWON -- South Korea has confirmed an additional case of cholera, raising the number of people infected with the waterborne disease here to three, officials said Wednesday.

A 64-year-old man residing on the southern island of Geoje is presumed to have contracted the disease from eating seafood earlier this month, the South Gyeongsang Provincial Government said.

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Lotte founder placed under guardianship

SEOUL -- A Seoul court on Wednesday designated a nonprofit subsidiary of a local law firm as guardian of the founder of the country's retail giant Lotte Group, saying he lacks the ability to make business decisions due to illness and old age.

The decision by Judge Kim Sung-woo at the Seoul Family Court was made about eight months after Shin Kyuk-ho's younger sister filed a petition amid a bitter feud between his two sons over the managerial control of the business conglomerate.

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S. Korean actress dropped from Chinese TV series in possible THAAD fallout

SEOUL -- South Korean actress Yoo In-na has been abruptly kicked off a Chinese soap series whose filming was almost finished in what may be Beijing's retaliatory measure against Seoul for its decision to deploy an anti-missile defense system on the Korean Peninsula, a local media company said Wednesday.

"We understand China's Hunan TV decided to cancel Yoo's appearance in its drama after consultation with her," CJ E&M, a media and entertainment unit of the South Korean conglomerate CJ said.
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