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Yonhap News Summary

Yonhap News Summary 13:30 February 11, 2019

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

Seoul shares fall 0.26 pct in late morning trading

SEOUL -- South Korean stocks traded 0.26 percent lower late Monday morning due to losses from tech and steelmaking shares.

The benchmark Korean Composite Stock Price Index (KOSPI) lost 5.68 points to 2,171.37 as of 11:20 a.m.

N.K. media calls for 'corresponding practical action' from U.S.

SEOUL -- North Korean state media outlets called on the United States on Monday to take "corresponding practical action" reciprocating Pyongyang's denuclearization steps after the two countries wound up the first round of preparatory talks ahead of a second summit of their leaders.

North Korea has long claimed it has done its part under the agreement reached at June's historic first-ever summit between leader Kim Jong-un and U.S. President Donald Trump, such as blowing up its nuclear testing site, and that it's the U.S.'s turn to do something in return, such as sanctions relief.

S. Korea seeks to reduce heavy reliance on exports to China

SEOUL -- South Korea will try to reduce its heavy reliance on exports to China as it seeks to diversify its overseas markets to Southeast Asia, the country's top trade official said Monday.

Trade Minister Kim Hyun-chong made the comments in a meeting with government and industry officials on how to bolster trade at the Korea Export Insurance Corp. building in central Seoul.

BTS on the Grammys red carpet: 'Dream come true'

SEOUL -- The K-pop boy band sensation BTS called their appearance at a red carpet event for the 61st Grammy Awards on Monday, the first ever by Korean artists, a moment when their dreams came true.

"I can (see) so many artists. It's exciting," BTS member Jin said in a brief interview with the Grammys on the red carpet before the prominent annual music award ceremony. "(It's a) dream come true," member J-Hope noted.

Supreme Court orders reconsideration of FTC's US$243 mln penalty ruling on Qualcomm

SEOUL -- South Korea's Supreme Court has found that a 2009 penalty decision by the state antitrust watchdog against U.S. Qualcomm Inc. was not completely lawful, sending the case back to a lower court for reconsideration, court officials said Monday.

The Fair Trade Commission (FTC) fined the global chipmaker 273.2 billion won (US$243 million) for paying incentives to its Korean clients that buy more of its modem and radio frequency (RF) chips.

Samsung Electronics expected to pay $15 bln in taxes this year

SEOUL -- Samsung Electronics Co. is expected to pay 16.8 trillion won (US$15 billion) in corporate taxes this year, up 20.1 percent from a year earlier due to its record earnings, its regulatory briefing showed Monday.

The South Korean tech giant is expected to cough up 28.6 percent of its operating profits, which reached an all-time high of 58.9 trillion won in 2018, according to its consolidated financial statement.

(Yonhap Feature) Biz heads want no more 'false hope' for Kaesong Industrial Complex

SEOUL -- When Lee Jong-duk closed his plant in Qingdao, China, and moved it to an industrial park in North Korea's border town of Kaesong in 2008, he was full of hope and pride, believing he could contribute to deepening inter-Korean relations through business.

Business was quite robust, with his underwear-making factory employing as many as 350 North Korean workers at one point. The high-quality and relatively cheap products also appealed to customers, and sales were at their highest point in years in 2015.

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