Yonhap News Summary

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

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(LEAD) Samsung Electronics to buy back its shares

SEOUL -- South Korea's tech giant Samsung Electronics Co. said Wednesday it will buy back 2.2 trillion won (US$1.98 billion) worth of its shares starting Thursday's trading session in order to stabilize its stock price.

The world's No. 1 maker of smartphones said its stock buyback program aims to "enhance benefits for stock holders through share price stabilization," apparently referring to the latest plunge in its share price due to lackluster profits from its mainstay mobile devices business.

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S. Korean fishermen stage at-sea protest against illegal Chinese fishing

INCHEON -- More than 160 South Korean fishermen staged a rally in the West Sea on Wednesday to protest the government's latest measures against illegal Chinese fishing, demanding state compensation for their economic loss.

Last Thursday, the government unveiled a package of measures meant to further crack down on illegal Chinese fishing, including the establishment of a special enforcement team comprised of naval vessels and helicopters.

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(LEAD) S. Korea, Hong Kong discuss cooperation in creative industry

SEOUL -- South Korean President Park Geun-hye met with the chief executive of Hong Kong Wednesday and discussed ways to expand bilateral cooperation in the creative industry, Park's office said.

The visit by Chief Executive Leung Chun-ying comes as both South Korea and Hong Kong are seeking to develop their creative industries as a future growth engine for their economies.

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Hanwha Group to top defense, chemical industries through Samsung deal

SEOUL -- Hanwha Group Co.'s takeover of Samsung affiliates is expected to give a turbo boost to its defense and chemical businesses to become leaders in their respective industries and advance the conglomerate's rankings, market watchers said Wednesday.

Hanwha Group struck a deal to buy controlling stakes in four chemical and defense firms of Samsung Group for 1.9 trillion won ($1.72 billion). For Samsung, the deal allows the country's biggest family-run conglomerate to shed non-core businesses and prepare leadership transfer from ailing Samsung Group chairman Lee Kun-hee to his three children. For Hanwha, the deal buttresses the defense business that the group was built on.

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Kia Tigers reject bid for posted pitcher Yang Hyeon-jong

SEOUL -- The Kia Tigers on Wednesday rejected a bid submitted by a Major League Baseball (MLB) club for their posted pitcher Yang Hyeon-jong, saying they weren't happy with the amount of money put up for their southpaw ace.

With the decision by the Korea Baseball Organization (KBO) team, Yang, who was made available for interested big league clubs in a silent auction earlier this month, can't be posted again until Nov. 1, 2015.

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(LEAD) Seoul shares inch up on stable conditions overseas

SEOUL -- South Korean stocks crept up Wednesday on stable economic data from overseas, extending their winning streak to four sessions, analysts said. The South Korean won gained ground against the greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.63 point to 1,980.84. Trading volume was low at 243.01 million shares worth 4.05 trillion won (US$3.66 billion), with decliners beating gainers 413 to 394.

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Navy conducts trial run of controversial salvage ship

SEOUL -- The Navy carried out a test run of the country's first indigenous salvage ship Wednesday to quell jitters over substandard equipment and push for its deployment.

The one-day test run of the 3,500-ton next-generation rescue and salvage ship Tongyeong was conducted at a naval base in the country's southern port city of Busan, which is close to the Okpo Shipyard where the vessel has remained idle for the past several years.
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