PRESS DIGEST - South Korean newspapers - May 16

SEOUL, May 16 (Reuters) - The following is a summary of major South Korean newspapers on Friday prepared by Reuters in Seoul. Reuters has not checked the stories and does not guarantee their accuracy.

CHOSUN ILBO

South Korea and the European Union (EU) have agreed to conclude free trade talks before the end of this year, the top South Korean trade negotiator said.

DONG-A ILBO

Prosecutors raided four state-run companies, including Korea Asset Management Corp (KAMCO) and Korea National Oil Corp (KNOC), as part of an investigation looking into alleged financial corruption in state-run bodies.

South Korea is willing to negotiate directly with North Korea in providing food aid to Pyongyang, given the opportunity, the South's foreign minister said to reporters Thursday.

KOREA ECONOMIC DAILY

Samsung Electronics Co (005930.KS) and LG Electronics Inc. (066570.KS) have agreed to the cross-buying of liquid crystal display (LCD) panels, according to the Knowledge Economy Ministry.

JOONGANG ILBO

Seven out of 10 elected legislators, who will take office at the end of this month, oppose increasing taxes, according to a poll conducted by the Joongang Ilbo.

HANKYOREH

An official from the farm ministry has acknowledged the recent beef deal between South Korea and the U.S., which will increase the types of American beef allowed into the country, includes imports of parts designated by the World Organisation for Animal Health (OIE) to be of high-risk of mad cow disease.

MAEIL BUSINESS NEWSPAPER

STX Shipbuilding (067250.KS) is to build a ship parts-making plant in Masan, a city on the southern coast of the peninsula, on condition that it wins support from all citizens in the city, according an official from the company.