UPDATE 1-North Korea's state media says there is an 'important report', does not give details

North Korea's state news agency said in a one-line dispatch on Sunday there was "important news" but did not provide details.

Leader Kim Jong Un is presiding over a key meeting of the ruling party to review the performance of the party in the first half of the year. In a separate report on Sunday, Kim made an important speech on the focus of the second half of the year during the party's gathering, KCNA said.

The meeting follows Kim's recent summit with Russian President Vladimir Putin where the two signed a pact including a pledge of mutual defense if either is attacked.

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