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Yonhap News Summary

All News 17:00 December 01, 2017

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

(2nd LD) S. Korea, U.S. not discussing naval blockade against N. Korea: Cheong Wa Dae

SEOUL -- South Korea and the United States have not discussed any military options, including a naval blockade, against North Korea, an official from South Korea's presidential office Cheong Wa Dae said Friday.

The remarks came hours after President Moon Jae-in and U.S. President Donald Trump held their second telephone conversation in just two days to discuss ways to rein in North Korea's evolving missile technology.

(LEAD) President Moon commends JSA troops over defection of N. Korean soldier

SEOUL -- President Moon Jae-in on Friday met with a group of South Korean and U.S. soldiers guarding the border with North Korea to commend them on the way they handled the recent defection of a North Korean soldier through the heavily fortified border.

"I invited you here because I wished to personally express my gratitude as the president of the Republic of Korea," Moon said during a 30-minute meeting at Cheong Wa Dae with the South Korean and U.S. troops stationed at the Joint Security Area, according to Cheong Wa Dae pool reports.

Chinese shipyards eat away S. Korean shipbuilding market

SEOUL -- Hyundai Heavy Industries Co. said Friday it has won orders to build 17 out of 27 very large ore carriers placed by South Korean shipping lines, while Chinese shipbuilders have secured or are in the process of getting contracts for the remaining ships.

The shipping companies that won the Brazil-based Vale's iron ore shipment orders signed contracts with both South Korean and Chinese shipbuilders, which can hurt the ship building industry. The ships will be used to transport iron ore from Brazil to China. Vale is the world's largest iron ore producer.

Daily turnover of won-yuan direct trading increases in five months though Nov.

SEOUL -- The average daily turnover of the South Korean won-Chinese yuan direct trading market in Seoul moved up in the first 11 months of the year from the same period last year, government data showed Friday.

The daily trading volume in the Seoul won-yuan direct market reached US$2.03 billion in the January-November period, up slightly from last year's daily average turnover of $1.95 billion, according to the data compiled by the Ministry of Strategy and Finance, and the Bank of Korea.

Hyundai Motor's Nov. sales fall 10.4 pct on weak overseas demand

SEOUL -- Hyundai Motor Co. said Friday its November sales fell 10.4 percent from a year earlier due to weaker overseas demand.

Hyundai Motor sold 422,940 vehicles in November, down from 472,015 units a year earlier, the company said in a statement.

Kia Nov. sales drop 14.7 pct on weak demand in foreign markets

SEOUL -- Kia Motors Corp. said Friday its vehicle sales dropped 14.7 percent in November from a year earlier on weaker overseas demand.

The country's second-largest carmaker by sales sold 259,643 vehicles in November, down from 304,507 units a year earlier, Kia Motors said in a statement.

Kumho Tire names sales veteran as new CEO

SEOUL -- Kumho Tire Co., South Korea's second-largest tiremaker by sales, said Friday it has appointed a sales veteran as its new chief executive officer (CEO).

In an extraordinary shareholders meeting, Kumho Tire named Kim Jong-ho, who formerly served as president of the tiremaker from April 2009 to January 2012, as chairman and CEO for the next three years, the company said in a statement.

McDonald's Korea suspends contract with undercooked burger patty supplier

SEOUL -- McDonald's Korea said Friday it has suspended a contract with the supplier of the burger patties that are suspected of having caused consumers to get ill due to undercooking.

"We've temporarily stopped receiving burger patties from Mckey Korea as of today," the South Korean unit of the U.S. fast food chain said in a statement. "We've begun the process to shift to a new supplier that has passed rigid quality and safety standards."

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