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Yonhap News Summary

Yonhap News Summary 17:17 October 28, 2019

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

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(LEAD) Moon to visit Thailand, Mexico, Chile next month

SEOUL -- President Moon Jae-in will visit Thailand next week for an annual international conference followed by an official trip to Mexico and his participation in another global meeting to be held in Chile, Cheong Wa Dae announced Monday.

Moon is scheduled to join the ASEAN plus three summit set to open in Bangkok next Monday under the theme of "Advancing partnership for sustainability."

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Finance minister urges lawmakers to OK next year's budget by deadline

SEJONG -- Finance Minister Hong Nam-ki called Monday for lawmakers to approve next year's budget by the deadline of Dec. 2 to help the government quickly spend in 2020 to prop up the slowing economy.

South Korea is seeking a total of 513.5 trillion won (US$438.8 billion) in next year's budget spending, a 9.3 percent hike from 2019.

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SK Telecom, Kakao reach share swap deal

SEOUL -- SK Telecom Co., South Korea's largest mobile carrier, said Monday that it has agreed to a share swap deal with the country's largest messenger operator, Kakao Corp., in a move to strengthen their competitiveness.

Under the agreement, SK Telecom and Kakao will exchange about 300 billion won (US$258 million) worth of shares. SK will receive 2.18 million shares, while Kakao will get 1.27 million shares.

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(LEAD) GS E&C Q3 net up 22 pct on decreased financial expenses, weak Korean won

SEOUL -- GS Engineering & Construction Co., a major builder in South Korea, said Monday its third-quarter net profit has jumped 22.4 percent from a year earlier due to decreased financial expenses and a weak Korean won against the U.S dollar.

Net profit for the July-September period stood at 168 billion won (US$143 million) compared with a profit of 137 billion won a year earlier, the company said in a regulatory filing.

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(LEAD) Hyundai Heavy's shipbuilding business swings to black in Q3

SEOUL-- Hyundai Heavy Industries Group said Monday its mainstay shipbuilding business swung to the black in the third quarter, thanks to increased sales of high-value vessels like liquefied natural gas carriers and a weak Korean won.

Net profit of Korea Shipbuilding & Offshore Engineering Co. (KSOE), a sub-holding company that governs shipbuilding units under the group, for the three months ending Sept. 30 came to 20.4 billion won (US$17 million) on a consolidated basis, compared with a net loss of 23.1 billion won a year ago, the group said in a statement.

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(LEAD) Seoul stocks extend gains for 3rd session on hopes of U.S., China deal

SEOUL -- Seoul stocks closed higher for the third session Monday as investors cheered the progress in talks between the United States and China over their protracted trade dispute, analysts said. The Korean won gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 5.71 points, or 0.27 percent, to reach 2,093.60. Trading volume was small at 264.5 million shares worth 3.71 trillion won (US$3.17 billion), with gainers outnumbering losers 457 to 342.
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