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Yonhap News Summary

All Headlines 13:19 September 08, 2016

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

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Park calls for tighter global cooperation, unity against N.K. nukes

VIENTIANE -- President Park Geun-hye on Thursday renewed her call for tighter international cooperation against North Korea's nuclear threats, stressing the communist state continues to threaten peace and stability on the Korean Peninsula and beyond.

In her video message to the Seoul Defense Dialogue, Park also said that the unification of the peninsula is an "ultimate" solution to the resolution of the decades-old nuclear standoff with the recalcitrant regime.

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S. Korea, U.S., Japan discussing trilateral talks of top diplomats this month

SEOUL -- South Korea, the United States and Japan are in talks to hold a trilateral meeting of their top diplomats on the sidelines of a United Nations plenary session scheduled for later this month in New York, diplomatic sources said Thursday.

The trilateral meeting, if held, will bring together South Korean Foreign Ministry Yun Byung-se, U.S. Secretary of State John Kerry and Japanese Foreign Minister Fumio Kishida on the fringes of the U.N. plenary high-level meetings slated from Sept. 19-26, the sources said.

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Prosecutors to interrogate Lotte founder at his office

SEOUL -- Prosecutors said Thursday they will interrogate Lotte Group founder Shin Kyuk-ho at his office later on the day, citing his health condition, over a string of corruption allegations raised against the conglomerate.

The Seoul Central District Prosecutors' Office said its officials will carry out the interrogation on the 93-year-old business tycoon at his office in Hotel Lotte in Seoul, starting at 3:30 p.m.

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S. Korean economy faces double trouble from slowed consumption, lackluster exports: gov't report

SEJONG -- The South Korean economy has hardly shown clear signs of recovery in recent months, as a slight upturn in exports was counterbalanced by slowed private consumption, coupled with rising uncertainties in the face of a U.S. rate hike, a government report said Thursday.

"Recently, the economy is experiencing a slowdown in domestic demand due to the expiration of a tax-cut program, with exports posting a rebound on one-off factors," the finance ministry said in its monthly economy assessment report called the "Green Book."

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Kia Motors marks construction of new facility in Mexico

SEOUL -- South Korea's No. 2 automaker Kia Motors Corp. marked the construction of its new production facility in Mexico Thursday, saying it will serve as a forward base for its advance into North and South American markets.

A ceremony was also held in Mexico on Wednesday (Mexico time) with some 500 company and local government officials taking part, including Chung Mong-koo, chairman of Hyundai Motor Group, the parent company of Kia Motors and its bigger affiliate Hyundai Motor Co.

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Provincial governor gets 18 months jail term for bribery

SEOUL -- A local court on Thursday delivered a prison term to an incumbent provincial governor on charges of taking bribes from a deceased businessman.

The Seoul Central District Court sentenced Hong Joon-pyo, 61, to 18 months in prison for receiving 100 million won (US$91,300) from Sung Wan-jong, the late chairman of a local construction firm in 2011, and ordered him to forfeit the money.

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S. Korea's money supply up 6.9 pct in July: BOK

SEOUL -- Money supply in South Korea grew nearly 7 percent on-year in July due to increase deposits, both in local and foreign currencies, by households and companies, the central bank said Thursday.

The nation's "M2" totaled 2,348.3 trillion won (US$2,147 billion) in July, up 6.9 percent from a year earlier, according to the Bank of Korea (BOK). It marks a 0.7-percent rise from June.

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Investments, incentives essential to bolster S. Korea defense industry

GOYANG, South Korea -- To help South Korean defense companies become a global player, there should be more investments on research activities and more incentives for technology developers, experts and industry people said Thursday.

No doubt, increased incentives and investments would allow the country's defense industry to further build up its technological prowess and to become a new growth driver for Asia's fourth-biggest economy, they said during the Defense Expo Korea (DX Korea) 2016 to be held through Saturday at the KINTEX exhibition hall in Goyang, just northwest of Seoul.

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