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Yonhap News Summary

All Headlines 13:52 January 02, 2017

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

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U.S. says N.K. ballistic missile launches unacceptable

WASHINGTON -- The United States said Sunday that North Korea's ballistic missile launches are unacceptable and vowed to show Pyongyang consequences in the event of such firings after North Korean leader Kim Jong-un strongly hinted the country is close to test-firing a long-range missile.

Kim said in his New Year's Day address that the communist nation has reached the final stage of preparations to test-fire an intercontinental ballistic missile (ICBM) in a veiled threat that it's about to develop a nuclear missile capable of reaching the U.S.

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Hyundai Motor Group sets 2017 sales target at 8.25 mln cars

SEOUL -- Hyundai Motor Group has set its sales target at 8.25 million cars this year, the group chairman said Monday.

The annual target marks a 1.5 percent increase from the 2016 target of 8.13 million.

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Samsung Electronics may report forecast-beating Q4 earnings

SEOUL -- Samsung Electronics Co. is forecast to report market forecast-beating earnings for the fourth quarter of 2016, helped by robust sales in its chip business, industry sources said Monday.

According to the data compiled by industry tracker FnGuide, market consensus for the operating income of the South Korean tech company is 7.91 trillion won (US$6.66 billion) in the October-December period, compared to 5.2 trillion won posted a quarter earlier.

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Gloomy outlook prevalent for Korean real estate market

SEOUL -- A gloomy outlook for the domestic real estate market this year is spreading on fears of rate hikes and excess supply, according to market watchers Monday.

An earlier government attempt to revive the local economy through a property market boom has fizzled out, leaving the country with mortgage loans that threaten the health of the national economy, they said.

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Global chip market forecast to log 10 pct growth in 2017

SEOUL -- The global memory chip market is expected to grow more than 10 percent on-year in 2017 on the back of solid demand and an increase in average market prices, data showed Monday.

The total sales for DRAM and NAND flash are forecast to reach a new record high of US$85.3 billion this year, up from $77.3 billion a year earlier, according to the data compiled by industry tracker IC Insights.

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Two-thirds of new businesses shuttered after one year: tax agency report

SEJONG -- Some 3,000 people started their own business per day in 2014, but two-thirds of them had closed down a year later, statistics from the National Tax Service showed Monday.

Based on the number of new businesses who filed value-added taxes for the first time in 2015, close to 1.07 million people became self-employed on a daily average in 2014. But by the following year, 739,000 people had closed down their shops, an average of 2,000 per day, the tally showed.

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CJ E&M boosts investment to grow drama, movie writers

SEOUL -- South Korea's biggest production house CJ E&M said Monday it has started a new project to discover and foster drama and film writers.

In what it dubbed "O'PEN," which means offering open opportunities for anyone who wants to become a pen, the company plans to invest around 13 billion won (US$10.7 million) by 2020 to nurture young writers who can lead the country's flourishing content and entertainment industries to the next level.

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N. Korea's SLBM with 1-ton nuclear warhead can cover all of S. Korea: experts

SEOUL -- North Korea's submarine-launched ballistic missile could strike the entirety of South Korea when armed with a 1-ton nuclear warhead, foreign missile experts said recently.

The claim was made in a report released in the December edition of the Institute of Korean Studies (IKS) titled "North Korean Ballistic Missile Program."

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