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Yonhap News Summary

Yonhap News Summary 17:02 October 25, 2018

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

(LEAD) LG Electronics net profit up 47.9 pct in Q3 despite mobile shortfall
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SEOUL -- LG Electronics Inc. said Thursday its third-quarter net profit moved up 47.9 percent from a year earlier on the back of strong returns from the home appliances business, although the mobile segment posted yet another shortfall.

Net profit came to 497.1 billion won (US$436.5 million), rising sharply from 336.1 billion won posted a year earlier, LG Electronics said in its regulatory filing.

Operating profit moved up 45.1 percent over the cited period to 748 billion won.

Sales edged up 1.3 percent in the July-September period on-year to 15.4 trillion won, it added.

(LEAD) Hyundai Motor's Q3 net plunges 67 pct on costs, strong won
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SEOUL -- Hyundai Motor Co., South Korea's biggest carmaker by sales, said Thursday its third-quarter net profit plunged 67 percent from a year earlier due to the strong won and U.S. recall costs.

Net profit for the three months that ended on Sept. 30 fell to 305.95 billion won (US$269 million) from 939.18 billion won a year earlier, the company said in a statement.

"The quarterly bottom line reflected about 500 billion won worth of one-off costs involving air bag and engine-related recalls in the United States and other safety reinforcement efforts," Hyundai Motor Executive Vice President Choi Byung-chul said on a conference call after the earnings' release.

BOK to keep close tabs on global financial jitters

SEOUL -- The South Korean central bank said Thursday that it will closely monitor the impact of the widespread global financial jitters on the local stock and foreign exchange markets.

Early in the morning, the Bank of Korea (BOK) held a meeting chaired by Senior Deputy Gov. Yoon Myun-shik to check on market conditions following a recent U.S. stock rout.

Amid gloomy earnings forecasts from chipmakers and tech firms in the United States, Wall Street has been experiencing a sharp drop for days. On Wednesday, the Dow Jones Industrial Average fell 2.41 percent and the Nasdaq Composite tumbled 4.43 percent -- the biggest one-day percentage decline in seven years.

The South Korean stocks have also experienced a sharp decline, with the benchmark KOSPI hitting a near-20-month low on Wednesday.

(LEAD) 4 parties push for special court to deal with judicial scandal
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SEOUL -- Four parties, including the ruling Democratic Party (DP), agreed Thursday to push for the establishment of a special court to try a judicial power abuse case involving the Supreme Court and its former chief.

The Supreme Court under ex-Chief Justice Yang Sung-tae is alleged to have sought to use politically sensitive trials in persuading senior presidential aides to then-conservative President Park Geun-hye to support Yang's bid to establish a court of appeals.

Under Yang's direction, the National Court Administration, the top court's administration affairs body, allegedly devised plans to influence politically sensitive trials to the advantage of then-President Park.

(Yonhap Interview) Surreal circus troupe brought to life in realistic paintings, fantastical novel

SEOUL-- Park Min-joon's latest solo exhibition, "Rapport Circus," might have started as early as 2003, when he painted a tightrope walker for the first time -- although he didn't realize it then.

At that time, it was a painting mainly for himself to express his determination to pursue his own way no matter what.

In 2012 when things didn't work out well, he painted a tightrope walker again to put himself together. He added more narratives to the subject, laying the foundation for a full-blown story about the circus troupe the fictional tightrope walker belonged to.


Top court orders retrial of embezzlement case involving Taekwang Group chairman

SEOUL -- The Supreme Court on Thursday ordered the appeals court to retry the case of Taekwang Group Chairman Lee Ho-jin, who was convicted of embezzlement and other business malpractices, largely citing procedural errors regarding tax evasion charges.

Lee was sentenced to 3 1/2 years and fined 600 million won (US$527,240) for siphoning off 20.6 billion won of company funds by doctoring the figures in textile productions and others. He was also found guilty of evading some 560 million won in taxes.

In Thursday's ruling, the top court said his tax evasion charges should have been dealt with in a separate trial under the current law regarding the ownership of financial entities.


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