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Yonhap News Summary

Yonhap News Summary 13:30 November 09, 2018

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

Koreas to hold second meeting of joint road research group Monday

SEOUL -- South and North Korea plan to hold a second meeting of their joint road research group on Monday in the North's border city of Kaesong, the Ministry of Unification said Friday.

Lee Eugene, deputy spokeswoman of the ministry, said that the agreement was reached after North Korea proposed the second meeting on inter-Korean road connection and modernization via the inter-Korean liaison office.

S. Korea holds NSC meeting to discuss U.S. election results

SEOUL -- South Korea held a National Security Council (NSC) meeting Friday to discuss the results of the U.S. midterm elections, the presidential office said.

Presidential National Security Advisor Chung Eui-yong presided over the meeting of the council's standing committee, and members discussed the U.S. election results and its implications for Washington's foreign policy, Cheong Wa Dae said in a statement.

(LEAD) Moon renews commitment to fair economy

SEOUL -- President Moon Jae-in renewed his commitment to a "fair economy" Friday, saying it's time for South Korea to put a focus on inclusive growth rather than speedy growth that only enriches conglomerates.

Moon made the remark during a fair economy strategy meeting involving six related government ministries agencies, stressing that South Korea has grown into one of the biggest economies in the world in a short period of time, but benefits of growth have not been shared fairly.

(2nd LD) Fire at dormitory-style housing facility in Seoul kills at least 7

SEOUL -- A fire broke out at a low-cost dormitory housing facility in Seoul on Friday, killing at least seven people and injuring 11 others, fire officials and police said.

The blaze is believed to have broken out on the third floor of the three-story building at around 5 a.m. in the center of the capital, according to the firefighters. It was extinguished at 7 a.m.

Economy backed by decent domestic demand, exports amid rising external uncertainties: finance ministry

SEJONG -- South Korea's economy is backed by robust exports and domestic consumption, although capital spending and job creation remain sluggish and external uncertainties are deepening, a government report said Friday.

A weaker job market, rate hikes in the United States and rising oil prices pose downside risks for Asia's fourth-largest economy, the finance ministry said in its monthly economic assessment report.

Foreigners maintain net-selling mode in S. Korea's stock, bond markets: BOK

SEOUL -- Foreign investors were net sellers both in the South Korean stock and bond markets in October amid a worldwide stock rout, the central bank said Friday.

Foreigners offloaded a net US$4.03 billion worth of South Korean shares last month, ending their three-month buying mode, according to the Bank of Korea (BOK).

Vietnamese PM calls for SK Group's investment in privatization of state firms

SEOUL -- Vietnamese Prime Minister Nguyen Xuan Phuc has asked the chairman of South Korea's SK Group to participate in the privatization of state-owned companies in one of the world's fastest growing economies, the conglomerate said Friday.

"We will spare no effort in providing comprehensive assistance in cooperation with SK," Phuc said in a meeting with SK Group Chairman Chey Tae-won at his office in Hanoi on Thursday, according to the business group.

LG Chem names vice chair of 3M as its new CEO

SEOUL -- LG Chem Ltd., South Korea's top chemicals firm, said Friday that it has named a top executive of U.S. industrial giant 3M Co. as its new vice chairman and CEO.

LG Chem said H.C. (Hak Cheol) Shin, a vice chair and executive vice president of 3M, is the "the right person" to respond to rapidly changing business environments while leading a change in corporate culture and structure, citing his global perspective and experience in operating a global materials and components business.

NCSOFT's net plunges 66 pct in Q3

SEOUL -- NCSOFT Corp., a major online game publisher in South Korea, said Friday its third-quarter net profit nose-dived 65.67 percent from a year earlier amid the absence of new games.

Net profit for the July-September period came to 94.4 billion won (US$84.2 million) on a consolidated basis, compared with 275 billion won a year earlier, the company said in a regulatory filing.

Pirates retain S. Korean infielder Kang Jung-ho

SEOUL -- The Pittsburgh Pirates have re-signed South Korean infielder Kang Jung-ho, barely a week after making him a free agent.

The club announced on Thursday (local time) that they inked Kang to a one-year deal, reportedly worth US$3 million, plus $2.5 million in performance bonuses.

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