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Yonhap News Summary

All Headlines 13:30 May 11, 2018

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

(5th LD) Trump: N. Korea summit to take place in Singapore June 12

WASHINGTON -- U.S. President Donald Trump announced Thursday that his meeting with North Korean leader Kim Jong-un will take place in Singapore June 12.

"The highly anticipated meeting between Kim Jong Un and myself will take place in Singapore on June 12th," Trump tweeted. "We will both try to make it a very special moment for World Peace!"

U.S. told Seoul about Singapore summit with N. Korea a week ago: official

SEOUL -- South Korea was told the historic U.S.-North Korea summit will be held in Singapore at least a week earlier, an official from Seoul's presidential office Cheong Wa Dae said Friday, hours after U.S. President Donald Trump revealed the location of his anticipated meeting with North Korean leader Kim Jong-un.

The official, who spoke on condition of anonymity, said Moon's top security adviser Chung Eui-yong was the first to hear about the date and location of the U.S.-North Korea summit.

KDB chief calls rescue package for GM Korea 'win-win' deal

SEOUL -- The head of state-run Korea Development Bank (KDB) said Friday that the rescue package for General Motors Co.'s local unit is a "win-win" agreement for both South Korea and GM, dismissing concerns that the U.S. carmaker may eventually exit the country.

KDB and GM are set to sign the binding agreement that will permit a US$7.15 billion lifeline to keep GM Korea afloat. Under the deal, GM is banned from selling any of its stake in GM Korea before 2023 and is required to keep its holding in the local unit above 35 percent up till 2028.

Elliott seeks over US$670 mln in compensation for loss from Samsung merger

SEOUL -- U.S. activist fund Elliott Associates is seeking more than US$670 million in compensation for the loss it claims to have suffered from the 2015 merger of two Samsung units, an official document released by Seoul's justice ministry showed Friday.

The Ministry of Justice disclosed the notice of intent it received from Elliott on April 13, in which the U.S. firm asked the South Korean government for a settlement over damages incurred from investment in Samsung C&T Corp. following its merger with Cheil Industries Inc.

Elliott ups pressure on Hyundai Motor over restructuring plan

SEOUL -- U.S. activist fund Elliott Associate said Friday it will vote against the restructuring plan by Hyundai Motor Group, pressing the South Korean auto conglomerate further to do more for shareholders.

Raising objections to Hyundai's corporate streamlining plan, the U.S. entity has called on the automotive conglomerate to adopt a holding company structure and take solid steps for minority shareholders.

(LEAD) Ruling party elects Hong Young-pyo as its new floor leader

SEOUL -- Hong Young-pyo, a three-term lawmaker, was elected floor leader of the ruling Democratic Party (DP) on Friday and now faces the task of obtaining the cooperation of opposition parties in normalizing an idle parliament.

Hong, who has close ties to President Moon Jae-in, will replace Rep. Woo Won-shik amid a weekslong partisan standoff over a proposed independent counsel probe into an online opinion rigging scandal, party officials said.

Lotte to sell discount store chain's Shanghai operation

SEOUL -- South Korean retail giant Lotte said Friday it has decided to sell one of its discount store units in China to a local retailer in a major step toward withdrawing from the world's second-largest economy.

Lotte Shopping Co. will hold a boardroom meeting later in the day and approve the plan to sell its affiliate for Lotte Mart in Shanghai and nearby areas to Liqun Group for about 280 billion won (US$262 million) to 290 billion won, according to the company.

Korean spy thriller 'The Spy Gone North' to premiere in Cannes

SEOUL -- Domestic spy thriller "The Spy Gone North" will premiere at the 71st Cannes Film Festival on Friday night.

The film by Yoon Jong-bin, one of the two Korean titles in the 2018 Cannes Official Selection, along with Lee Chang-dong's "Burning," will receive a midnight screening at the Lumiere theater at 11 p.m. (local time).


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