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Yonhap News Summary

2017/11/08 13:52

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


(LEAD) S Korea-new Navy choppers

(LEAD) S. Korea seeks $400 mln 'offset' naval chopper deal

(ATTN: CORRECTS contract size in lead paras; RECASTS headline)

SEOUL -- South Korea wants technology transfer or other benefits, worth US$400 million, from a foreign contractor for the supply of new naval choppers, the state arms procurement agency said Wednesday.

The country plans to purchase a dozen anti-submarine warfare helicopters in a 780-million-dollar project.

"(We) plan to push for an offset package with the size of around $400 million," the Defense Acquisition Program Administration (DAPA) said, as it began a search for domestic firms to join the program.


(LEAD) Trump condemns brutal dictatorship of N.K., warns it not to 'underestimate us'

   SEOUL -- U.S. President Donald Trump on Wednesday denounced North Korea's nuclear adventurism and "cruel dictatorship," warning it not to "underestimate" U.S. strength.

In his speech to South Korea's National Assembly, Trump also reiterated his mantra of "peace through strength" and called on China, Russia and the world to join efforts to isolate the "brutal regime."

   "The regime has interpreted America's past restraint as weakness. This would be a fatal miscalculation."

   "This is a very different administration than the United States has had in the past. Today I hope I speak not only for our countries, but for all civilized nations when I say to the North: Do not underestimate us. And do not try us," he added.


S. Korea's money supply up 4.6 pct in September: BOK

SEOUL -- The money supply in South Korea jumped 4.6 percent in September from a year earlier, the central bank said Wednesday.

The nation's M2 totaled 2,492.3 trillion won (US$2.23 trillion) in September, compared with 2,383 trillion won a year earlier, the Bank of Korea (BOK) said in a statement.

The money supply rose 0.2 percent on-month, the statement said.

The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.


Seoul stocks up late Wednesday morning

SEOUL -- South Korean stocks traded higher Wednesday morning, led by advances in large cap tech shares.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.75 points, or 0.38 percent, to 2,555.19 as of 11:20 a.m.

Market kingpin Samsung Electronics was 1.28 percent up, and SK hynix, a major chipmaker, gained 1.94 percent.


N.K. slams Trump's visit to S. Korea

SEOUL -- North Korea condemned U.S. President Donald Trump's visit to South Korea on Wednesday, saying that the move is aggravating tensions on the Korean Peninsula, igniting the risk of a nuclear war.

But the North's state media has yet to make official comments on the summit between President Moon Jae-in and Trump that was held a day earlier amid Pyongyang's nuclear and missile threats.

"Trump has flown to South Korea as he seeks to strengthen military threats against us and has an intention to light the fuse for a nuclear war," the Rodong Sinmun, the main newspaper, said in a commentary.


(2nd LD) Trump cancels surprise visit to DMZ

(ATTN: RECASTS 3rd para to clarify that President Moon proposed a joint trip instead of Trump as earlier sent; UPDATES with more details, additional information from 6th para)

SEOUL -- U.S. President Donald Trump attempted to make a surprise visit to South Korea's heavily fortified border with communist North Korea but failed due to bad weather conditions, an official from South Korea's presidential office Cheong Wa Dae said Wednesday.

South Korean President Moon Jae-in, on the other hand, was waiting for him at a guard post inside the Demilitarized Zone (DMZ), the official said.

The joint trip to the DMZ was proposed by Moon during their bilateral summit Tuesday, the official said, speaking on condition of anonymity.

The official said Moon was able to reach their proposed destination as he took off early in the morning.


Apple tops U.S. smartphone market in Q3

SEOUL -- U.S. tech giant Apple Inc., was the No. 1 player in the U.S. smartphone market in the July-September period, data showed Wednesday, while its archrival Samsung Electronics Co. approached closer.

According to the data compiled by Strategy Analytics, Apple took up 30.4 percent of the U.S. smartphone market in the third quarter by shipping 12 million units. It was followed by Samsung Electronics, which accounted for 25.1 percent with 9.9 million units.

Apple's share, however, fell from 32.5 percent posted a year earlier. Accordingly, the South Korean tech giant narrowed the gap with Apple in the third quarter on-year from 8.3 percentage points to 5.3 percentage points.