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Yonhap News Summary

All Headlines 14:28 July 03, 2018

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

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S. Korean coach hoping for closer look at N. Korean players in hoops exhibition

SEONGNAM, South Korea -- For the South Korean women's national basketball head coach Lee Moon-kyu, the inter-Korean friendly games in Pyongyang this week won't be just another series of exhibition matches.

They will give Lee an opportunity to scout North Korean players before the two teams join forces for the Asian Games later this year.

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Holding company scheme key tool to expanding founding family members' influence: FTC

SEJONG -- South Korea's corporate watchdog said Tuesday a holding company structure adopted by most conglomerates is a tool to help strengthen the founding family's grip over affiliated firms, rather than to improve the transparency of management.

Conglomerates' holding companies are also heavily reliant on intra-group trading, and have expanded their presence in so-called second-tier and third-tier subsidiaries in their multiple levels of affiliates, instead of increasing investment in their first-tier subsidiaries, according to the Fair Trade Commission (FTC).

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Foreigners focus more on global risks before investing in S. Korea: report

SEOUL -- Foreign investors tended to focus more on global and national risk factors than on the interest rate spread with the United States before making investments in the South Korean bond market, a report said Tuesday.

According to the paper published by the Bank of Korea (BOK), the rate difference between South Korea and the United States had positively affected the net purchase of foreigners in the local bond market in the 2004-2007 period.

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S. Korea invites N. Korean magicians to international contest

SEOUL -- South Korea has invited North Korean magicians to an international event in Busan this month, a unification ministry official said Tuesday.

The unification ministry is currently awaiting a response from North Korea after recently inviting North Korean magicians to the World Championships of Magic to be held from July 9-15 in the country's southern port city, according to the official.

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S. Korean FM preps trip to Tokyo for talks on N. Korea

SEOUL -- South Korean Foreign Minister Kang Kyung-wha is expected to visit Japan this weekend for a tripartite meeting with U.S. Secretary of State Mike Pompeo and Japan's top diplomat Kono Taro on North Korea, an official here said Tuesday.

Pompeo plans to leave for Pyongyang on Thursday to discuss details of the communist nation's agreed-upon "complete denuclearization," according to the State Department.

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U.S. tariff extension on S. Korean trucks to help ward off imports: ITC

SEOUL -- A revised bilateral trade agreement calling for a 20-year extension of tariffs on Korean pickup trucks is expected to reduce the United States' imports by over 60,000 vehicles under the most likely scenario, a report by the U.S. International Trade Commission (ITC) said Tuesday.

Seoul and Washington in March agreed in principle to revise the free trade agreement (FTA), which includes delaying the elimination of 25 percent duties on Korean trucks until 2041. The duties were set to be phased out from 2019 to 2021.

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(2nd LD) Pompeo to travel to N. Korea Thursday for nuclear talks: White House

WASHINGTON -- U.S. Secretary of State Mike Pompeo will travel to North Korea Thursday to meet with leader Kim Jong-un and continue negotiations on dismantling the regime's nuclear weapons program, the White House said.

White House press secretary Sarah Sanders on Monday announced Pompeo's first visit to Pyongyang since last month's historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un.
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