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Yonhap News Summary

Yonhap News Summary 17:45 October 31, 2018

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

(3rd LD) S. Korea's industrial output for September posts sharpest drop in 19 months

SEJONG -- South Korea's industrial output for September posted its biggest drop in 19 months due to a fall in auto and electronic parts production, government data showed Wednesday, raising concerns that the economy is on the brink of a slowdown.

Production in the mining, manufacturing, gas and electricity industries backtracked 2.5 percent on-month, following a revised 1.3 percent on-month gain in the previous month.

Taekwondo chiefs from 2 Koreas discuss cooperation

PYONGYANG -- Taekwondo officials from the two Koreas on Wednesday discussed ways to help North Korean taekwondo practitioners to participate at the Olympic Games.

The officials of World Taekwondo (WT) and the International Taekwondo Federation (ITF) had a meeting in Pyongyang ahead of a WT taekwondo demonstration team's performance. The 49-member WT delegation arrived in the North Korean capital on Tuesday.

(3rd LD) S. Korea, U.S. to launch working group on N. Korea in November

SEOUL/WASHINGTON -- South Korea and the United States will launch a joint working group next month to coordinate their strategy on North Korea, a government official in Seoul said Wednesday, hours after the State Department's announcement.

The allies agreed to establish the working group for "regular, systemic and formal" communication, mainly on denuclearization and peace regime efforts, the foreign ministry official told reporters.

(LEAD) Seoul shares close higher on Wall Street gains

SEOUL -- South Korean shares closed higher Wednesday as investors were buoyed by overnight gains on Wall Street, analysts said. The Korean won closed lower against the U.S. dollar.

The benchmark Korea Composite Stock Price Index gained 15 points, or 0.74 percent to close at 2,029.69. Trading volume was moderate at 366 million shares worth 6.22 trillion won (US$5.45 billion), with gainers far outpacing losers 655 to 200.

(LEAD) Koreas to hold sports talks this week

SEOUL -- South and North Korea will hold sports talks later this week to discuss forming united teams for the 2020 Summer Olympics and other international sports events, the unification ministry said Wednesday.

The meeting will be held at their joint liaison office in the North's border town of Kaesong on Friday, according to the ministry

(2nd LD) Regulator begins review on another suspected accounting breach by Samsung BioLogics

SEOUL -- South Korea's financial regulator on Wednesday started a review on another suspected violation of accounting rules at Samsung BioLogics Co., about three months after it concluded that the biopharmaceutical company intentionally violated accounting rules.

The regulatory probe centers on questions about Samsung BioLogics' sudden profits in 2015 after years of losses. Samsung BioLogics reported a net profit of 1.9 trillion won (US$1.67 billion) that year after changing the method used to calculate the value of its affiliate, Samsung Bioepis Co., which is a joint venture with the U.S.-based Biogen Inc.

Shinhan Financial chief indicted for unfair hiring

SEOUL -- Shinhan Financial Group Chairman Cho Yong-byoung will stand trial on charges of hiring underqualified applicants as new employees because they were related to influential people like politicians and ranking bureaucrats, prosecutors said Wednesday.

The Seoul Eastern Prosecutors' Office said it has indicted Cho and three other officials at Shinhan Bank without physical detention.

(LEAD) Main opposition party submits proposal for dismissal of unification minister

SEOUL -- The main opposition Liberty Korea Party (LKP) on Wednesday submitted a proposal calling for the dismissal of Unification Minister Cho Myoung-gyon.

The conservative party claimed that he violated the Constitution by pushing for projects to connect inter-Korean railways and roads without undergoing a parliamentary procedure required by the charter for such plans involving massive fiscal spending.

Top UAE official to visit South Korea this week

SEOUL -- A top United Arab Emirates official will visit Seoul on Thursday to discuss setting up a trip to South Korea by Crown Prince Mohammed bin Zayed Al Nahyan and other bilateral issues, the presidential spokesman said Wednesday.

Khaldoon Al Mubarak, chairman of the Executive Affairs Authority of Abu Dhabi, is scheduled to meet with presidential chief of staff Im Jong-seok to discuss these issues, presidential spokesman Kim Eui-kyeom said.

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