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Yonhap News Summary

Economy 13:30 February 12, 2019

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

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U.S., N. Korea yet to narrow differences on denuclearization: envoy

WASHINGTON -- The U.S. envoy for North Korea was quoted as saying Monday that the two sides have yet to narrow their differences on denuclearization ahead of this month's second bilateral summit.

U.S. Special Representative for North Korea Stephen Biegun made the remark during a meeting with a visiting South Korean parliamentary delegation, according to the group.

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Parties file petition against lawmakers over 1980 democratic uprising

SEOUL -- The ruling Democratic Party (DP) and three smaller parties asked a parliamentary panel Tuesday to punish three lawmakers from the main opposition party over their controversial remarks on a 1980 pro-democracy uprising.

The four parties filed a petition against the lawmakers of the main opposition Liberty Korea Party (LKP) with the parliamentary special committee on ethics over their comments that allegedly disparaged the democracy movement in the southwestern city of Gwangju.

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Hyundai Heavy to sign official deal for Daewoo Shipbuilding takeover

SEOUL -- Hyundai Heavy Industries Co., the world's largest shipyard by sales, is set to buy its smaller local rival Daewoo Shipbuilding & Marine Engineering Co., the state-run Korea Development Bank said Tuesday.

KDB said Samsung Heavy Industries Co., a major South Korean shipyard, has stated its intention not to join the race to take over Daewoo Shipbuilding.

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Ex-Seoul mayor to run in opposition party's leadership election after boycott row

SEOUL -- Former Seoul Mayor Oh Se-hoon said Tuesday he will run in the main opposition Liberty Korea Party (LKP)'s leadership election late this month, abandoning his earlier pledge to boycott the event.

Oh was among six candidates who announced last week that they would not register their candidacy Tuesday in protest of the conservative party's rejection of their demand to postpone the election slated for Feb. 27 at least by two weeks.

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(LEAD) Vietnam's top diplomat en route to Pyongyang

HANOI/BEIJING/SEOUL -- Vietnam's top diplomat was on his way to North Korea Tuesday amid reports that North Korean leader Kim Jong-un appears to be set for a state visit to the Southeast Asian country late this month.

Foreign Minister Pham Binh Minh, who doubles as Vietnam's deputy prime minister, left for Beijing on an Air China flight earlier in the day. He's expected to head to Pyongyang by an Air Koryo flight scheduled to take off from the Chinese capital at 12:30 a.m., a source said. He is accompanied by five government officials, including the ministry's protocol chief, according to the source.

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(LEAD) Religious leaders, civic group officials to visit N. Korea for new year event

SEOUL -- A group of religious leaders, civic group officials and lawmakers headed to North Korea on Tuesday to hold a joint new year event with their North Korean counterparts.

The delegation, consisting of about 250 South Koreans, plans to cross the eastern inter-Korean border to Mount Kumgang on the North's east coast for a two-day stay there.

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KT's net turns to profit in Q4

SEOUL -- KT Corp. said Tuesday it swung to a net profit in the fourth quarter.

In a regulatory filing, South Korea's major telecommunication company said it logged 18.1 billion won (US$16 million) in net profit in the October-December period.

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(Yonhap Interview) Alcantara seeks to expand ties with S. Korean firms

VENICE, Italy -- Alcantara S.p.A., the maker of the upmarket leather alternative of the same name, will strengthen its business ties with South Korean companies as the country is a steadily growing market, the company's chief executive said Tuesday.

In Korea, the Milan-based company has mainly supplied its soft-to-the-touch upscale synthetic material to the nation's two biggest conglomerates -- Samsung Electronics Co. and Hyundai Motor Group.

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(2nd LD) Top U.S. military commanders for Korea to brief Congress

WASHINGTON -- The top U.S. military commanders for Korea will brief Congress this week ahead of a second nuclear summit between U.S. President Donald Trump and North Korean leader Kim Jong-un.

Adm. Philip Davidson, head of the U.S. Indo-Pacific Command, and Gen. Robert Abrams, commander of U.S. Forces Korea, will testify before the Senate Armed Services Committee on Tuesday, according to its website.

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