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Yonhap News Summary

2017/11/02 18:00

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

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GS Group looks to India for new growth drivers

SEOUL -- GS Group, a South Korean energy and construction conglomerate, is looking to India as it seeks new business opportunities in the rapidly growing market, it said Thursday.

In an executive meeting held in New Delhi from Wednesday to Thursday, GS Group Chairman Huh Chang-soo said India's domestic market grows an average of 7 percent annually and is strategically important for South Korean companies, as it plays a bridgehead role for them in moving into the Middle East and Europe.

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(LEAD) Samsung promotes executives as follow-up to leadership reshuffle

(ATTN: ADDS details in last 5 paras)

SEOUL -- Samsung Electronics Co. announced the promotion of key executives Thursday as a follow-up to the appointment of its major business division heads.

The latest move came after Samsung named next generation leaders for its chip, mobile and consumer electronics divisions earlier this week.

Samsung said that while the three former business division heads will not be involved in business management, they will still "leverage their knowledge and insight" to advise the current managerial team.

It promoted Kwon Oh-hyun, former head of the chip division, to become the chairman of Samsung Advanced Institute of Technology.

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(LEAD) Doosan Bobcat Q3 net rises 16 pct on robust sales

(ATTN: ADDS more details in paras 4-5)

SEOUL -- Doosan Bobcat Inc., a construction equipment unit of Doosan Group, said Thursday that its third-quarter net profit increased 16 percent from a year earlier, largely due to hefty sales in China and other emerging markets.

Net profit reached 55.2 billion won (US$49.5 million) in the July-September period, compared with a profit of 47.7 billion won a year earlier, the company said in a regulatory filing.

Operating income inched down 2 percent on-year to reach 101 billion won in the third quarter, while sales rose 15 percent to 1.01 trillion won over the cited period.

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Seoul shares down 0.4 pct on profit-taking

SEOUL -- South Korean shares closed lower Thursday, snapping a four-day rise, as institutional and foreign investors sought profits after the main bourse posted new records for the fourth consecutive session this week, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 10.11 points, or 0.4 percent, to close at 2,546.36. Trading volume was high at 521 million shares worth 6.17 trillion won (US$5.53 billion), with losers outpacing gainers 450 to 344.

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S. Korean president calls for enhanced military cooperation with NATO

SEOUL -- South Korean President Moon Jae-in on Thursday called for increased cooperation with the North Atlantic Treaty Organization (NATO), also stressing the need for the two sides to work together to peacefully resolve the North Korean nuclear issue.

"I appreciate and agree with the fact you stressed that the North Korean nuclear issue must be resolved through diplomatic means," the president said while meeting with NATO Secretary-General Jens Stoltenberg at his presidential office Cheong Wa Dae.

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S. Korea to inject 30 tln won to foster innovative startups

SEJONG -- The South Korean government said Thursday that it will inject a combined 30 trillion won (US$26.9 billion) in the next three years to foster innovative startups and venture firms in a way to create a virtuous business cycle and secure a new growth engine.

Under the comprehensive plan endorsed by a ministerial level meeting chaired by Finance Minister Kim Dong-yeon, the government will focus on expanding money supply for fledgling enterprises and creating a generally venture-friendly environment.

"The venture capital market in South Korea has been in the doldrums since the IT boom ended in the mid-2000s," a government official said. "The latest plan is aimed at encouraging talented young people to start their own business and supporting their growth."

  

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4 dead, 1 injured in oil tanker blast in Changwon

CHANGWON -- Four were killed and one injured after an oil tanker rammed into their cars and caught fire on a road leading to a tunnel in Changwon, about 400 kilometers south of Seoul, firefighters said Thursday.

The 5-ton oil tanker exploded on the highway approaching the Changwon Tunnel in South Gyeongsang Province at around 1:20 p.m., the authorities said. The fire quickly spread to nine other vehicles in the area, engulfing them in flames, they said.

The oil tank apparently fell off the truck as it crossed over the center line and hit the median strip. The tank crashed into the vehicles on the opposite side of the road.

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Trump's Asia visit likely to set tone for N. Korea's future course of action: analysts

SEOUL -- U.S. President Donald Trump's visit to Northeast Asia next week is expected to be a watershed moment that sets the course of geopolitical development in the region, analysts say.

Trump's first Asian trip as president will bring him to Japan, South Korea and China, and then to Vietnam and the Philippines. He will stop in Seoul for two days beginning Nov. 7.

South Korea hopes Trump's visit will provide the momentum to calm a region rattled by a series of military provocations by North Korea, including its sixth and most destructive nuclear detonation conducted Sept. 3.

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