SEOUL, Jan 9 (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.

JOONGANG ILBO

- President-elect Lee Myung-bak's transition team plans to cut the 2009 budget by up to 24 trillion won ($25.56 billion) and will decide in the first half of this year how to privatise KEPCO <015760.KS>, Kogas <036460.KS> and other state-run companies.

- The Grand National Party's Park Geun-hye said she is not interested in the prime minister post, addressing speculation that she would be offered the position.

MAEIL ECONOMIC DAILY

- The president-elect's transition team seeks to raise $40 billion to create an international fund to aid North Korea if Pyongyang gives up its nuclear programme. (Writing by Mee Hyoe Koo; Editing by Sei Chong)

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