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Yonhap News Summary

All News 17:00 October 05, 2016

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

(2nd LD) Typhoon Chaba claims 5 lives in southern S. Korea

SEOUL -- Heavy rainstorms struck South Korea's southern resort island of Jeju as well as other major cities on Wednesday, the safety ministry said, as Typhoon Chaba approached the Korean Peninsula.

Five deaths have been reported so far, with another person missing in an area in the southern part of the country hit by the typhoon.

Typhoon Chaba disrupts industrial plants

SEOUL -- Hyundai Motor Co.'s automaking plant and other industrial facilities in a typhoon-hit region were briefly suspended on Wednesday, but serious damage was not reported, industry sources said.

Heavy rainstorms struck the resort island of Jeju as well as other major cities in southern South Korea earlier in the day as Typhoon Chaba approached the Korean Peninsula.

Gov't, ruling party hold emergency meeting to deal with typhoon damage

SEOUL -- The South Korean government and the ruling party held an emergency meeting on Wednesday to discuss measures to cope with damages caused by Typhoon Chaba which swept the southern part of the country.

During the meeting, the Saenuri Party urged the government to implement measures to support farmers in the area while allocating a special fund for restoration projects after the typhoon. The strong winds and downpour also damaged houses and factories across the region.

Typhoon Chaba destroys Busan film festival venue

BUSAN -- Typhoon Chaba struck venues for the Busan International Film Festival (BIFF) Wednesday, tearing down the walls of makeshift facilities and causing panic among the organizers.

With the festival's opening just a day away, organizers scrambled to prevent further damage to the BIFF Village set up on Haeundae beach where various press conferences and hand-printing events have been scheduled for the participating actors and filmmakers.

(LEAD) Hyundai unionists threaten to stage general strike if gov't orders emergency arbitration

SEOUL -- Unionized workers at Hyundai Motor Group threatened Wednesday to stage a general strike if the government invokes its right to emergency arbitration to order workers at South Korea's No. 1 carmaker to return to work, sources said.

The move came after Labor Minister Lee Ki-kweon said last week the government would consider calling for an emergency measure if the trade union and management fail to iron out a compromise and end a strike at Hyundai Motor Co. that is seriously hurting car parts subcontractors and the overall economy.

(LEAD) Samsung's global brand value exceeds $50 billion

SEOUL -- Samsung Electronics Co., the world's largest maker of smartphones, said Wednesday its global brand value exceeded US$50 billion this year, citing an annual survey of brand management firm Interbrand.

This year, Samsung was again ranked as the seventh-most-valuable global brand with a value of $51.8 billion, up 14 percent from last year, Samsung said in a statement.

FTC seeks to refer CJ food unit to prosecutors over unfair business practices

SEJONG -- South Korea's anti-trust watchdog has tentatively decided to impose a fine on CJ Cheiljedang Corp., the food subsidiary of CJ Group, for alleged obstruction of sale of its products at cheap prices by online retailers.

The Fair Trade Commission also plans to refer the food giant to the prosecution for further investigation, people familiar with the issue said.

(LEAD) S. Korea to promote tech startups' IPO via 'Tesla' rule

SEOUL -- South Korea's financial regulator said Wednesday it will lower the bar for tech startups to go public if they have growth potential despite their relatively poor balance sheets.

It is part of efforts to support unprofitable but promising firms seeking to raise funds via the stock market, especially in the secondary, tech-laden KOSDAQ market.

(LEAD) S. Korean shares fall on U.S. rate woes

SEOUL -- South Korean stocks closed slightly lower on Wednesday as rising expectations of an interest rate hike in the U.S. and the possible tapering of the European Central Bank's bond buying program sapped investor sentiment. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.86 points, or 0.09 percent, to close at 2,053. Trade volume was slim at 289.99 million shares worth 4.22 trillion won (US3.78 billion), with losers outnumbering gainers 446 to 347.

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