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Yonhap News Summary

National 16:56 October 11, 2019

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

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(2nd LD) Railway services affected as 72-hour strike begins

SEOUL -- Railway services across South Korea are expected to be affected Friday and throughout the weekend as workers began a 72-hour strike demanding better working conditions.

Around 20 to 60 percent of passenger and cargo train services are forecast to be affected by the labor action, according to the Korea Railroad Corp. (KORAIL) and the Ministry of Land, Infrastructure and Transport.

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(LEAD) Korean stocks close higher on hopes of U.S.-China trade deal

SEOUL -- South Korean stocks closed sharply higher Friday on hopes of a deal from the U.S.-China trade negotiations that could ease their yearlong trade dispute that has been a source of steady decline in South Korean exports. The Korean won gained ground against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 16.46 points, or 0.81 percent, to close at 2,044.61. Trading volume was moderate at about 376 million shares worth some 3.69 trillion won (US$3.09 billion), with gainers outnumbering losers 471 to 326.

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Moon says economy losing vigor, calls for expansionary fiscal spending

SEOUL -- Alarmed by the deepening woes facing South Korea's economy, President Moon Jae-in urged his economic team Friday to expedite and expand fiscal spending in the coming months.

He gave the instruction during a regular policy briefing from Finance Minister Hong Nam-ki, according to Cheong Wa Dae spokesperson, Ko Min-jung.

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Hyundai to offer lifetime warranty for Theta 2 engine

SEOUL -- Hyundai Motor Group said Friday it will offer a lifetime warranty for its Theta 2 engine following massive recalls and an agreement in a U.S. class action lawsuit.

Hyundai Motor Co. and its affiliate Kia Motors Corp. said they will provide lifetime warranties to the owners of vehicles equipped with the Theta 2 gasoline direct injection (GDi) engine produced between 2011 and 2019 after reaching an agreement to resolve class litigation with U.S. owners of the vehicles that have the engine installed, the group said in a statement.

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(LEAD) Army to further curtail forces, beef up tech-based capabilities

SEOUL -- The Army said Friday it plans to reduce the number of troops by around 100,000 over the next three years in the face of a shrinking population and as part of its reform initiatives to create a smaller, smarter military.

By 2022, the number of soldiers will be slashed to about 365,000 from the current level of around 464,000, according to an Army report presented to the National Assembly for an audit.

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GM Korea, union to meet next year after wage talks collapse

SEOUL -- GM Korea Co. and its labor union will meet early next year as their wage negotiations collapsed this week due to differences over wages, the company said Friday.

The company and the union have held 10 rounds of wage talks this year but failed to bridge the gap running deep between them over wages.

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Supporters of justice minister to hold rally over weekend, demanding reform of prosecution

SEOUL -- Supporters of Justice Minister Cho Kuk plan to hold another rally over the weekend to support his drive to reform the prosecution, organizers said Friday, amid a probe into corruption allegations involving his family.

The candlelight vigil, the fourth of its kind, is scheduled to start at 6 p.m. Saturday at the Seocho subway station intersection where the headquarters of the Supreme Prosecutors' Office is located, according to police and organizers.

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Emart Sept. sales fall 7.2 pct on increased competition

SEOUL -- Emart, South Korea's largest discount store chain operator, said Friday its September sales fell 7.2 percent from a year earlier as more and more consumers opted to buy goods online.

On a parent base, Emart posted 1.355 trillion won (US$1.14 billion) in sales last month, down from 1.46 trillion won a year earlier, the company said in a regulatory filing.
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