PRESS DIGEST - South Korean newspapers - April 22

SEOUL, April 22 (Reuters) - The following is a summary of major South Korean newspapers on Wednesday, prepared by Reuters in Seoul. Reuters has not checked the stories and does not guarantee their accuracy.

MAEIL BUSINESS NEWSPAPER

South Korea aims to sign a memorandum of understanding with the United States on the joint development of a "smart grid" electricity network that uses information technology to save energy and reduce costs, a high-ranking official said.

KOREA ECONOMIC DAILY

The nation's two largest air carriers, Korean Air Lines Co Ltd (003490.KS) and Asiana Airlines (020560.KS), are planning to raise fares to the United States and Europe by up to ten percent, the Ministry of Land, Transport and Maritime Affairs said on Tuesday.

Doosan Corp (000150.KS) launched a suit in mid-March against Lotte Group for allegedly paying 9.8 billion won ($7.26 million) less then agreed for Doosan's liquor unit in January, industry sources said.

The Parliament's finance committee approved a revised law that will allow the central bank to investigate financial firms.

THE CHOSUN ILBO

The Prosecutors' Office said it had arrested Chung Sang-moon, the former presidential secretary for general affairs, Tuesday night for allegedly accepting bribes and embezzling public funds.

THE KOREA TIMES

The government plans to slash up to 35,000 jobs at state-invested companies, or 13.5 percent of the total payroll, by the end of 2012, according to the Ministry of Strategy and Finance. ($1=1349.2 Won)