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Yonhap News Summary

Yonhap News Summary 17:10 November 02, 2018

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

(2nd LD) Koreas agree to formally inform IOC of intent to co-host 2032 Olympics

KAESONG/SEOUL -- South Korea and North Korea agreed on Friday to inform the International Olympic Committee (IOC) formally of their intention to co-host the 2032 Summer Games.

The two sides reached that agreement during their sports talks in the North's border town of Kaesong.

(LEAD) Seoul shares end higher as Trump tweet lifts sentiment

SEOUL -- South Korean shares closed higher Friday as U.S. President Donald Trump's tweet hailing a positive conversation with Chinese President Xi Jinping eased investor concerns over a trade war between the two countries. The won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 71.54 points, or 3.53 percent, to close at 2,096.00. Trading volume was moderate at 364 million shares worth 6.635 trillion won (US$5.9 billion), with gainers outpacing losers 822 to 64.

S. Korea, UAE agree defense cooperation is strengthening

SEOUL -- Presidential chief of staff Im Jong-seok held talks with a top United Arab Emirates official Friday and agreed that defense cooperation between the two countries is strengthening without disagreement, the presidential spokesman said.

Im also agreed during talks with Khaldoon Al Mubarak, chairman of the Executive Affairs Authority of Abu Dhabi, to work together to realize a visit to South Korea by Crown Prince Mohammed bin Zayed Al Nahyan at an early date within the first quarter of next year, presidential spokesman Kim Eui-kyeom said.

(2nd LD) Koreas hold meeting of liaison office chiefs amid delayed cross-border projects

SEOUL -- South and North Korea held a meeting of liaison office chiefs Friday amid worries over a delay in some of their agreed-upon joint projects, the unification ministry said.

Vice Unification Minister Chun Hae-sung and his North Korean counterpart, Jon Jong-su, met at the liaison office in the North's border town of Kaesong at 10 a.m. for about an hour, according to the ministry.

(LEAD) Two int'l taekwondo bodies agree to create joint organization for integration

PYONGYANG -- Two international taekwondo bodies on Friday agreed to establish a joint organization for their integration after holding talks in Pyongyang.

World Taekwondo (WT), led by South Korean Choue Chung-won, and the International Taekwondo Federation (ITF), headed by North Korean Ri Yong-son, signed an agreement at the Yanggakdo International Hotel in Pyongyang that calls for forming a joint organization to integrate taekwondo.

Humanitarian aid activists demand opening of financial transaction channel with N. Korea

SEOUL -- Humanitarian aid activists for North Korea said Friday that United Nations agencies and international and nongovernmental organizations should be allowed to open at least one financial transaction channel with the North.

The activists, who held an international conference on humanitarian aid for North Korea in Seoul on Wednesday and Thursday, said in a joint statement that stable currency remittance should be permitted for all international aid organizations to help them operate in the North.

Woori Bank, IBK to stop Iran payments due to U.S. sanctions

SEOUL -- Two South Korean banks will stop accepting payments from Iran in line with the start of U.S. sanctions on the Islamic Republic's petroleum exports, a financial source said Friday.

Woori Bank and state-run Industrial Bank of Korea are the two main channels of money between South Korean firms and Iran, but they have instructed local firms to complete payments by Sunday, a day before the U.S. sanctions against Iran take effect.

LG heir inherits 8.8 pct stake in group's holding firm

SEOUL -- LG Chairman Koo Kwang-mo has inherited an 8.8 percent stake in LG Group's holding firm from his late father, company officials said Friday, in a deal that has strengthened his grip on South Korea's fourth-largest family-controlled conglomerate.

The deal has raised Koo's stake in LG Corp. to 15 percent from the previous 6.2 percent, making the 40-year-old the biggest shareholder of the holding firm of LG Group.

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