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Yonhap News Summary

All News 17:18 April 18, 2017

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

(LEAD) KDI raises 2017 economic growth estimate to 2.6 pct

SEJONG -- A state-run think tank on Tuesday revised up its 2017 growth forecast for the South Korean economy by 0.2 percentage point to 2.6 percent thanks to a recovery in the world economy and an upturn in exports.

"We raised the forecast for the 2017 economy to 2.6 percent as exports improved at a faster-than-expected clip on the back of recovered global demand, and with investments likely to maintain its upbeat pace," Kim Seong-tae, a senior researcher at the Korea Development Institute (KDI), said in a press conference.

(LEAD) Galaxy S8's preorders reach whopping 1 mln

SEOUL -- Preorders for Samsung Electronics Co.'s flagship smartphone, the Galaxy S8, have surpassed 1 million units, the company said Tuesday, setting a new record among all of its smartphones.

The tally compares with preorders for 200,000 units for its predecessor, the Galaxy S7, over a week, and 400,000 for the ill-fated Galaxy Note 7 over 13 days.

(LEAD) Search teams enter Sewol ferry to find victims' remains

MOKPO -- Search parties entered the wreckage of the Sewol ferry Tuesday to find the remains of those still missing following the vessel's sinking three years ago.

The government said teams are working inside the ferry, with officials aiming to complete the search within three months. A total of eight workers initially entered the ship around 1 p.m.

Daewoo Shipbuilding gets nod from bondholders for debt rescheduling, set to receive fresh financing

SEOUL -- Embattled Daewoo Shipbuilding & Marine Engineering Co. on Tuesday got the nod from its investors who hold some 1.3 trillion won (US$1.14 billion) worth of bonds, paving the way for the troubled shipyard to receive a fresh cash injection from its creditors.

Earlier in the day, investors with some 410 billion won approved the debt rescheduling proposal drawn up by the shipyard's creditors. On Monday, holders of some 940 billion won worth of Daewoo Shipbuilding bonds also agreed to the debt rescheduling proposal.

(LEAD) S. Korea's warships to have new missiles for ground targets

SEOUL -- South Korea has completed the development of new tactical ship-to-ground guided missiles which would enhance its ability to strike North Korea's key military equipment and facilities, the country's arms procurement agency said Tuesday.

South Korea will start mass-producing the missiles with two types of launch systems -- inclined and vertical -- next year after a seven-year project led by the Agency for Defense Development, according to the Defense Acquisition Program Administration (DAPA).

Pollutant found in U.S. base as high as 160 times normal limit: report

SEOUL -- A contaminant detected in ground water beneath a U.S. Forces Korea (USFK) garrison in Seoul was as much as 162 times higher than the permissible level, a government report revealed by civic groups showed Tuesday.

The U.S. Army base in Yongsan, central Seoul, has long been suspected as the source of oil that has contaminated the nearby water and land.

(LEAD) Seoul stocks end higher on institutional buying

SEOUL -- South Korean stocks closed higher Tuesday as institutions and foreigners became net buyers amid eased uncertainties following the United States' decision not to designate South Korea as a currency manipulator. The won fell against the dollar.

The benchmark Korea Composite Stock Price Index rose 2.70 points, or 0.13 percent, to close at 2,148.46. Trade volume was moderate at 285.83 million shares worth 3.83 trillion won (US$3.2 billion), with advancers outnumbering decliners 478 to 298.


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