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Yonhap News Summary

All News 13:26 October 06, 2016

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

Typhoon Chaba leaves 5 dead, 5 missing in southern S. Korea

SEOUL -- At least five people were killed in South Korea as Typhoon Chaba struck the country's southern region with strong winds and heavy rains over the week, the safety ministry said Thursday.

Five fatalities have been reported as of 6 a.m., according to the Ministry of Public Safety and Security, with another five people missing in the southern cities of Busan, Ulsan, as well as on the country's resort island of Jeju.

Samsung to 'carefully consider' proposal by Elliott

SEOUL -- Samsung Electronics Co. said Thursday it will "carefully consider" a proposal by U.S. hedge fund Elliott Management that urged the South Korean tech giant to split into two companies to increase the value of shareholders.

Elliott, which fought in 2015 against a merger of two Samsung affiliates but lost, urged Samsung to split into holding and operating companies. Elliott urged Samsung to list the operating company on the NASDAQ stock exchange and pay a special dividend.

S. Korea to examine effectiveness of Volkswagen's Tiguan recall plan

SEJONG -- South Korea's government on Thursday started to examine the effectiveness of German carmaker Volkswagen's recall measures for its sports utility vehicles to check whether necessary changes can be made based on the plan.

The Ministry of Environment and the National Institute of Environmental Research (NIER) together launched the examination that could take upwards to six weeks on devices, including the Portable Emission Measurement System, (PEMS) in the Tiguan model.

(LEAD) Regulator vows to prioritize reining in household debts

SEOUL -- South Korea's top financial regulator said Thursday the government's priority is to rein in mounting household debts dogging Asia's fourth-largest economy.

Speaking to lawmakers, Yim Jong-yong, chairman of the Financial Services Commission (FSC), pointed out that it's the "biggest risk factor" for the economy already in distress due to a number of setbacks including sluggish export growth and domestic spending.

S. Korea pledges US$120 mln to help Afghanistan

SEOUL -- South Korea has pledged to provide US$120 million to Afghanistan to help the war-torn country build up its economy and society, the foreign ministry said Thursday.

South Korean Foreign Minister Yun Byung-se announced the plan that will be carried out from 2017-2020 at a conference on Afghanistan held in Brussels, according to the ministry.

Manufacturers' Q4 biz outlook still gloomy: poll

SEOUL -- South Korea's major manufacturers are still pessimistic about business conditions for the fourth quarter of this year due to China's slowing growth and growing protectionism, a poll showed Thursday.

The Korea Chamber of Commerce & Industry (KCCI) said its business survey index (BSI) for the October-December period came to 86, slightly up from 85 tallied in the previous quarter.

Chinese firms rush to S. Korean bourse

SEOUL -- Chinese companies are actively seeking to be listed on the South Korean stock market this year thanks to cheaper costs and a relatively short period of time to complete listings, industry sources said Thursday.

Three Chinese firms -- farm equipment parts maker Golden Century, Organic Tea Cosmetics Holdings Co. and plastics maker GRT -- are preparing to be listed on South Korea's secondary KOSDAQ market by year-end. The same number of Chinese companies has already been listed on the minor bourse so far this year.

LG Chem begins work on EV battery plant in Poland

SEOUL -- LG Chem Ltd., South Korea's top chemical firm, said Thursday it has broken ground for a plant in Poland for electric vehicle batteries, hoping to become a leading EV battery supplier to European carmakers.

The EV battery plant in Wroclaw, southwestern Poland, will cost 400 billion won (US$359 million), with its construction expected to be completed by 2018, LG Chem said.

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