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Yonhap News Summary

Yonhap News Summary 17:30 January 31, 2019

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

(3rd LD) Hyundai Heavy inks temporary deal to take over rival Daewoo Shipbuilding

SEOUL -- The state-run Korea Development Bank said Thursday that it has signed a temporary memorandum of understanding (MOU) with Hyundai Heavy Industries Co., the world's largest shipbuilder by sales, to sell its controlling stake in rival Daewoo Shipbuilding & Marine Engineering Co.

On Wednesday, Hyundai Heavy expressed its intent to buy a majority stake in Daewoo Shipbuilding.

(LEAD) Seoul shares close nearly flat on profit-taking

SEOUL -- South Korea's main bourse ended nearly flat on Thursday as investors sought to lock in profits, analysts said. The local currency gained ground against the greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) edged down 1.35 points, or 0.06 percent, to finish at 2,204.85. Trading volume was high at 537 million shares worth 7.66 trillion won (US$6.88 billion), with gainers outpacing losers 494 to 338.

(LEAD) Pompeo says 2nd U.S.-N.K. summit to be held in Asia

WASHINGTON/SEOUL -- U.S. Secretary of State Mike Pompeo said Wednesday that the second summit between U.S. President Donald Trump and North Korean leader Kim Jong-un will be held in Asia next month.

In an interview with Fox News, the top U.S. diplomat reaffirmed the plan to have the summit at the end of February and added, "We'll do it someplace in Asia."

(LEAD) LG Electronics swings to net loss in Q4 on weak mobile sales

SEOUL -- South Korean electronics maker LG Electronics Inc. said Thursday it swung to a net loss in the fourth quarter due to weak sales of its smartphones amid toughening global competition.

In a consolidated financial statement, the company said it logged 80.7 billion won (US$72.7 million) in net deficit in the October-December period, compared with its 114.9 billion-won net profit tallied a year earlier.

(LEAD) Hyundai to invest 53 bln won in local car joint venture

SEOUL -- Hyundai Motor Co. said Thursday it will invest 53 billion won (US$48 million) in a local car manufacturing joint venture in cooperation with a municipal government.

The carmaker will acquire a 19 percent stake in the joint company, with Gwangju Metropolitan City holding a 21 percent stake worth 59 billion won. The automobile plant will be set up in Gwangju, 330 kilometers southwest of Seoul, the carmaker said in a statement.

(LEAD) Suspected FMD case reported in North Chungcheong

SEOUL -- Another suspected case of foot-and-mouth disease (FMD) was found in North Chungcheong Province, the government said Thursday, fueling concerns over the spread of the highly contagious animal disease.

The Ministry of Agriculture, Food and Rural Affairs said a "hanwoo" beef cattle farm in Chungju, 147 kilometers from Seoul, reported a possible case of FMD to authorities. Hanwoo is a kind of premium Korean beef.

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