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Yonhap News Summary

All News 13:40 June 13, 2019

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

Antitrust chief renews calls for shared growth

SEJONG -- South Korea's antitrust chief on Thursday asked top executives of six petrochemical companies to keep pursuing a "win-win policy" that can benefit both big companies and their subcontractors.

During a meeting with them earlier in the day, Kim Sang-jo, head of South Korea's Fair Trade Commission (FTC), said it is not desirable for big companies to neglect such a win-win policy for the sake of sustainable growth and the development of the South Korean economy, according to the FTC.

Auto output up 4.1 pct in May

SEJONG -- South Korea's overall auto output rose 4.1 percent in May from a year earlier, helped by strong demand at home and abroad, and increased working days, data showed Thursday.

The combined output of five carmakers here came to 366,152 units last month, according to the data from the Ministry of Trade, Industry and Energy.

Widow and daughter of late Korean Air chief get suspended jail terms

INCHEON -- An Incheon court on Thursday issued suspended prison terms to the widow and elder daughter of the late Korean Air Chairman Cho Yang-ho for smuggling luxury goods by making use of the airline's planes.

The Incheon District Court sentenced the late chairman's wife, Lee Myung-hee, 70, to six months in prison, suspended for one year, with a fine of 700,000 won (US$590) and a forfeit of 37 million won.

(LEAD) Minister emphasizes need for inter-Korean summit

SEOUL -- Unification Minister Kim Yeon-chul emphasized the need for inter-Korean summits Thursday, a day after President Moon Jae-in said he wants to meet with North Korean leader Kim Jong-un later this month.

Kim made the remark in a speech at a forum arranged to mark the anniversary of the first-ever inter-Korean summit held in Pyongyang on June 15, 2000, between then South Korean President Kim Dae-jung and then North Korean leader Kim Jong-il.

(News Focus) Hopes rekindled for U.S.-N.K. dialogue amid conciliatory feelers

SEOUL -- A flurry of conciliatory feelers from North Korea, as well as the United States and South Korea, is reigniting hopes for the resumption of nuclear talks with the regime, though skepticism still lingers over the prospects of a breakthrough anytime soon.

This week, North Korean leader Kim Jong-un sent a personal letter to U.S. President Donald Trump. He also delivered a condolence message on the passing of the wife of late South Korean President Kim Dae-jung credited with cross-border reconciliation in the early 2000s.

S-Oil appoints new CEO

SEOUL -- S-Oil Corp., a major oil refiner operating in South Korea, said Thursday that it has named Hussain A. Al-Qahtani as its new chief operating officer (CEO).

The company, owned by Saudi Aramco, said the appointment of the Saudi national was approved in its extraordinary general shareholder meeting on Tuesday. He will succeed Othman Al-Ghamdi, who has led the refiner for nearly three years.

S-OIL said Al-Qahtani has about 30 years of experience in the refining and petrochemical industry. He previously served as the CEO of Saudi Aramco Shell Refinery Company.

The issue of extending retirement age is long-term task: labor minister

GENEVA/SEOUL (Joint Press Corps-Yonhap) -- Labor Minister Lee Jae-kap has said that extending the retirement age is a long-term task as the immediate adoption of a new one could hamper youth employment.

Debate has heated up over whether South Korea should consider extending the retirement age to 65 from the current 60 after the finance minister raised the need to start social discussions on the issue, citing changes in demographic structure.

(LEAD) LG Chem, Geely to set up EV battery joint venture in China

SEOUL -- LG Chem Ltd., South Korea's top chemicals company, said Thursday it will establish a EV battery joint venture (JV) with Geely Automobile Holdings Ltd. in China in a push to tap deeper into the neighboring country's fast-growing EV market.

Under their agreement signed in Ningbo, Zhejiang province, China, on Wednesday, LG Chem and Geely agreed to establish a 50:50 venture. LG Chem and Geely will each chip in some US$87 million.

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