Yonhap News Summary

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

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S. Korean economy in good position as N. Korea tensions ease: S&P

SEOUL -- Standard & Poor's, a global rating agency, made a positive assessment of the South Korean economy amid eased inter-Korean tensions, the country's chief economic policymaker said Thursday.

"S&P sees the overall conditions surrounding the Korean economy positively, and it also views progress in the geopolitical risks involving North Korea in a favorable light," Finance Minister Kim Dong-yeon said after a meeting with a S&P delegation.

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Airbus D&S eager to join Korea's Navy procurement project

SEOUL -- Europe's Airbus Defence & Space officially expressed its intention Thursday to join South Korea's US$1.75 billion project to procure naval patrol aircraft, saying it can provide an "optimal" solution for the Asian country's security needs.

Should the defense company join a bidding process for the project, a three-way competition is likely to emerge given that Boeing of the United States and Sweden's Saab have already voiced their interest.

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S. Korea's sovereign fund to consider canceling contract with Elliott

SEOUL -- South Korea's sovereign wealth fund will consider canceling a contract with Elliott Management, its head said Thursday, citing conflicts of interest after the U.S. hedge fund launched a legal dispute with the Korean government over a merger of two Samsung units.

Choi Hee-nam, chief executive of the $134.1 billion sovereign fund, told reporters that Korea Investment Corporation (KIC) is closely monitoring the legal dispute between Elliott and the Korean government.

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Spanish cathedral offers Korean audio tour service

SEOUL -- The Sagrada Familia, a world-famous cathedral in Spain, has started to offer an audio tour guide service in Korean, South Korea's foreign ministry said Thursday.

It features commentary, translated in Korean, on the history, structure, features and sculptural significance of the edifice in Barcelona.

Designed by Antoni Gaudi, a Spanish architect, it is known to draw around 45 million tourists a year. The construction work is still under way 136 years after the beginning.

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S. Korea's unification ministry seeks talks with N. Korea to implement summit agreements

SEOUL -- South Korea's unification ministry said Thursday that it will continue to urge North Korea to come out for talks to discuss follow-up measures to their recent summit agreements.

"We will continue to push for inter-Korean talks to implement the Panmunjom Declaration," the ministry said in a report submitted to lawmakers to detail its policy direction.

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Consumers to file suit against bed maker over 'radon mattress' scandal

SEOUL -- A law firm said Thursday that it will file a suit against a local bed company for selling beds emitting a radioactive substance above the standard.

Taeyul said it will take the step against Daijin Bed Co. within a week or two on behalf of local consumers. Some 1,500 people have joined the move so far, and the number is expected to grow, the law firm said.

South Korea's Nuclear Safety and Security Commission announced earlier this week that some of Daijin Bed's mattresses contained radon up to 9.3 times above the national standard.

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Moon says growth must improve people's lives to get necessary support

SEOUL -- Any economic or growth strategy must actually improve people's daily lives for it to gain enough public support for its continuation and further development, President Moon Jae-in said Thursday, calling for efforts to put the outcome of his administration's income and innovation-led growth strategies into practice.

In a meeting with some 80 government officials and local business leaders to check the progress of his new growth policies, the president insisted government efforts may be beginning to bear fruit, noting the number of new startups reached a record high of over 10,000 in January.

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Hyundai, Kia Europe sales set to exceed 1 mln units this year

SEOUL -- Hyundai Motor Co. and its affiliate Kia Motors Corp. said Thursday that their combined sales in Europe will exceed one million units this year, helped by the launch of new sport utility vehicles.

Hyundai and Kia, South Korea's two biggest carmakers by sales, said they will sell over one million cars in 2018. This target will be supported by the launch of the Niro electric car, the Kona electric subcompact SUV and the upgraded Soul electric boxcar later this year.

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(LEAD) GM to recall hundreds of vehicles with Takata air bags in S. Korea

SEOUL -- GM Korea Ltd., the local importer of General Motors vehicles, will voluntarily recall 712 vehicles with Takata air bags, the government said Thursday.

The recall -- set to begin May 28 -- affects GM's Saab 9-3 and 9-5 produced between July 2005 and September 2008, according to the Ministry of Land, Infrastructure and Transport.
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