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Yonhap News Summary

2018/07/13 17:06

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

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(LEAD) Moon urges efforts to move N. Korea denuclearization forward

SINGAPORE -- South Korean President Moon Jae-in on Friday called for sincere efforts on all sides to move the North Korean denuclearization process forward, insisting that its leader Kim Jong-un is determined to turn his country into a normal state.

"I have met Chairman Kim Jong-un twice so far. Chairman Kim had a great desire to break away from ideological confrontations and develop North Korea into a normal country," Moon said in a special lecture hosted by the Institute of South East Asian Studies in Singapore.

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S. Korean president heads home after visit to India, Singapore

SINGAPORE -- South Korean President Moon Jae-in was set to return home Friday after a six-day tour of India and Singapore focused on broadening economic cooperation.

Moon wrapped up his three-day visit in Singapore with a meeting with South Korean business people and residents.

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Seoul stocks end higher on tech, financial gains

SEOUL -- South Korean stocks closed higher Friday, as investors scooped up large-cap tech and financial shares amid eased fears over the trade war between the United States and China, analysts said. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.84 points, or 1.13 percent, to close at 2,310.9. Trade volume was moderate at 287 million shares worth 6.4 trillion won (US$5.7 billion), with gainers outnumbering losers 573 to 256.

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Morgan Stanley, JP Morgan expect rate hike in August

SEOUL -- U.S. financial services firms Morgan Stanley and JP Morgan said Friday that they expect the South Korean central bank to raise the base rate next month on a modest economic recovery and low inflationary pressure.

In a monetary policy committee meeting on Thursday, the Bank of Korea (BOK) held the benchmark policy rate unchanged at 1.5 percent, citing signs of an economic slowdown and uncertainties over global trade disputes.

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Elliott lodges US$770 mln suit against S. Korea over Samsung merger

SEOUL -- U.S. activist fund Elliott Associates has filed an investor-state dispute (ISD) suit against the South Korean government seeking compensation for its losses from a 2015 merger of two Samsung units, Seoul's justice ministry said Friday.

The notice of arbitration lodged by the American firm comes three months after Elliot asked Seoul if it was willing to settle the matter. Under the ISD procedure, if the matter is not resolved through settlement in 90 days, the investor can bring the claim directly to the international tribunal.

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