Yonhap News Summary

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

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Regional powers likely to hold summit in early October: source

SEOUL -- South Korea, Japan, and China are expected to resume a trilateral meeting of their leaders in early October, a diplomatic source here said Tuesday.

"Chances are high that the three nations hold summit talks within this year," the source said, requesting anonymity. "Given busy diplomatic schedules in the second half of this year, the meeting is likely to take place in early October or no later than mid-October."

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One policymaker opposes rate cut in June: minutes

SEOUL -- One member of the central bank's monetary policy committee opposed a majority decision earlier this month to cut the policy rate to a record low of 1.5 percent, minutes from the June meeting showed Tuesday.

On June 11, the Bank of Korea (BOK) slashed the base rate by a quarter percentage point to the historic low as part of broader efforts to spur growth in Asia's fourth-largest economy that is stuttering from sagging exports and the Middle East Respiratory Syndrome (MERS) outbreak.

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(LEAD) Seoul shares up 0.67 pct after Greece-ignited rout

SEOUL -- South Korean stocks closed 0.67 percent higher on Tuesday on hopes that a proposed supplementary budget and a possible interest rate cut may help shield the local economy from external shocks such as a potential Greek default, analysts said. The local currency gained ground against the U.S. dollar.

After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 13.71 points to 2,074.2. Trading volume was moderate at 387.32 million shares worth 5.6 trillion won (US$5.02 billion), with gainers beating decliners 553 to 266.

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(3rd LD) Cheil Industries pitches for merger deal with higher dividends

SEOUL -- Cheil Industries Inc., the de facto holding company of the country's top conglomerate Samsung Group, pledged Tuesday to deliver more dividends to shareholders, as it seeks to convince investors ahead of a crucial shareholders meeting for a proposed merger with the group's construction arm.

The company at the top of the group's cobweb-like governance structure also promised to set up a committee tasked with boosting shareholders value and improving governance after its 8.9 trillion-won (US$7.92 billion) deal to merge the group's construction unit, Samsung C&T Corp., is approved.

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(LEAD) Two Koreas meet over ex-first lady's proposed NK visit

SEOUL/PAJU, South Korea -- Aides to late former President Kim Dae-jung visited North Korea on Tuesday for talks on a proposed trip there by Kim's widow but returned home without finalizing a specific date.

Lee Hee-ho, who was the South's first lady during Kim's five-year tenure till 2003, is seeking to visit the communist nation as early as next month for humanitarian purposes, a move that may help ease tension on the divided peninsula.

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Dual-income families rise amid economic slump in 2014

SEJONG -- The number of families where both the husband and wife work increased in 2014 amid the protracted economic slump, a report showed Tuesday.

According to the report from Statistics Korea, some 5.18 million households had dual incomes, accounting for 43.9 percent of all South Korean married couple households, which is also up 2.6 percent from 5.05 million tallied the year before.

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(LEAD) N. Korea patrol ship sent back after crossing inter-Korean sea border

SEOUL -- A North Korea patrol ship was forced back into Northern waters Tuesday after receiving warning shots from the South Korean Navy after the ship crossed the inter-Korean sea border, the Joint Chiefs of Staff said.

The patrol ship came down about 1.5 kilometers south of the Northern Limit Line at 10:22 a.m., the JCS said in a press release, adding that the Navy fired warning shots, along with a warning message before the North Korean ship retreated.

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Exit of USFK's leading unit won't affect US commitment to deterring NK threat

SEOUL -- The departure of a major United States military unit stationed in South Korea will not affect the U.S. commitment to deterring a potential invasion by North Korea and beefing up the alliance with Seoul, the commander of the outgoing unit said Tuesday.

South Korea is now set to witness the biggest rotation of U.S. troops after the United States Forces Korea began stationing here in 1957, with the First Armored Brigade Combat Team wrapping up its 50-year-long presence on the peninsula this week.
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