YON - Yonhap News Agency of Korea articles from April 2008

YON - Yonhap News Agency of Korea archives from April 2008

S. Korea to ease bank ownership rules for 'strategic' private equity funds.
April 1, 2008... SEOUL, April 1 (Yonhap) -- South Korea plans to ease regulations strictly for "strategic" private equity funds seeking to invest in local private banks, the financial watchdog said Tuesday. On Monday, the Financial Services Commission (FSC)...

(2nd LD) N. Korea slams new S. Korean president.
April 1, 2008... SEOUL, April 1 (Yonhap) -- North Korea slammed Tuesday South Korean President Lee Myung-bak for the first time since he took office in February, warning the Lee administration will face "irrevocable catastrophic consequences" from inter-Korean...

S. Korea posts trade deficit for 4th straight month.
April 1, 2008... SEOUL, April 1 (Yonhap) -- South Korea posted a trade deficit for the fourth consecutive month in March due mainly to a surge in crude oil imports, a government report said Tuesday. The country's trade deficit stood at US$670 million last...

Hill won't visit Pyongyang, Beijing: Embassy.
April 1, 2008... SEOUL, April 1 (Yonhap) -- Washington's top nuclear envoy has no plans to visit Pyongyang or Beijing as part of his North Asian trip this week, the U.S embassy here said Tuesday. Assistant Secretary of State Christopher Hill is due to arrive...

South Korean builders' overseas orders jump in Q1.
April 1, 2008... SEOUL, April 1 (Yonhap) -- South Korean builders' overseas orders grew more than 50 percent in the first quarter of this year thanks to increased demand from the Middle East and Asian markets, a government report showed Tuesday. According to...

Seoul shares open lower on institutional selling.
April 1, 2008... SEOUL, April 1 (Yonhap) -- South Korean stocks opened in negative territory Tuesday as institutions sold steel, auto and other blue-chip issues, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.16 points, or 0.48...

Freeing of Conglomerates -Biz-Friendly Should Not Mean Pro-Chaebol-.
April 1, 2008... (EDITORIAL from the Korea Times on April 1) - The FTC, the government's antitrust agency, may have to change its name from the Fair Trade Commission to Free Trust Commission. FTC chairman Suh Dong-won made it clear Friday his agency would...

Park's choice.
April 1, 2008... (EDITORIAL from the Korea Herald on April 1) - Having lost to Lee Myung-bak in a close intra-party contest last year, Park Geun-hye has her eyes set again on the 2012 presidential race, but her strategy for this month's parliamentary elections...

Frustrated cries.
April 1, 2008... (EDITORIAL from the JoongAng Daily on April 1) - A 10-year-old girl from elementary school almost got kidnapped at an apartment in Goyang City, Gyeonggi. Fortunately, she screamed for help and neighbors managed to save her. The suspect fled...

Top headlines in major S. Korean newspapers.
April 1, 2008... SEOUL, April 1 (Yonhap) -- The following are the top headlines in major Korean newspapers on April 1. Korean-language dailies -- Presidential secretary expresses concerns over professors' opposition to waterway project (Kyunghyang...

Korea's debt grows due to spending on currency stabilization.
April 1, 2008... SEOUL, April 1 (Yonhap) -- South Korea's national debt grew over 16 trillion won (US$16.1 billion) in 2007 as the government raised more funds to stabilize the local currency market, government officials said Tuesday. According to the...

KOPEC signs reactor engineering deal with Westinghouse.
April 1, 2008... WASHINGTON, March 31 (Yonhap) -- The Korea Power Engineering Co. (KOPEC) said Monday it signed an agreement with Westinghouse Electric to participate in the U.S. firm's reactor engineering project. The deal, signed in Pittsburgh,...

(2nd LD) N.K.'s harsh rhetoric 'not helpful': U.S.
April 1, 2008... WASHINGTON, March 31 (Yonhap) -- North Korea's harsh statements in recent days, although not directly related to denuclearization talks, are "not helpful," the U.S. State Department said Monday. "I don't think that some of the rhetoric that...

Korean tourists injured in bus accident.
April 1, 2008... WASHINGTON, March 31 (Yonhap) -- Nineteen Korean passengers were injured and sent to a hospital on Monday when their tour bus overturned on a snowy Vermont interstate road. The bus, registered with Dream Tours in Maryland, was carrying 25...

S. Korea 5th largest weapons buyer, U.S. main supplier.
April 1, 2008... WASHINGTON, March 31 (Yonhap) -- South Korea was again the fifth largest buyer of conventional weapons between 2003 and 2007, the same ranking as in 1998-2002, according to data released Monday by the Stockholm International Peace Research...

N.K. refugee helpers arrested in Thailand: HR group.
April 1, 2008... WASHINGTON, March 31 (Yonhap) -- Thai authorities arrested a South Korean missionary couple last week on charges of helping North Korean refugees, and the wife is yet to be freed, a human rights group based in Maryland said Monday. Pastor Oh...

Man nabbed for alleged attempt to abduct schoolgirl.
April 1, 2008... GOYANG, South Korea, March 31 (Yonhap) -- Police on Monday arrested a man on suspicion of attempting to abduct a 10-year-old girl at an apartment complex last week, they said. The arrest came after national broadcasters released a video...

Lee vows to seek consensus on disputed canal project.
April 1, 2008... SEOUL, March 31 (Yonhap) -- President Lee Myung-bak said Monday that his government will consult canal experts at home and abroad before determining whether to push ahead with his election pledge to build a cross-country waterway. Lee made...

Seoul remains calm despite threats from N. Korea.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korea remained silent Monday to North Korea's provocative threats to turn everything in the country into ashes while officials at the Defense Ministry said they simply see no need to respond to what they called...

Lee slams police for negligence over attempted child abduction.
April 1, 2008... SEOUL, March 31 (Yonhap) -- President Lee Myung-bak rebuked police Monday for what he called negligence in dealing with an attempted abduction of a schoolgirl last week, following the recent kidnapping and murder of two schoolgirls that rocked...

SK Networks to buy into Turkish steel firm.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korean trading company SK Networks Co. said Monday it will buy a 30-percent stake in Daiyang Metal San. Ve Tic Ltd., a Turkish stainless steel maker, for 37 billion won (US$37.4 million). The stake purchase...

Lee orders rapid privatization of state-run banks.
April 1, 2008... SEOUL, March 31 (Yonhap) -- President Lee Myung-bak Monday instructed the financial watchdog to accelerate the privatization of state-owned banks and ease regulations of the financial services sector. Lee ordered the Financial Services...

Former spy chief convicted of covering up murder case.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korea's top court Monday ruled against a former spy chief over his role in a Cold War-era political scam, saying he should pay indemnity to the government for misrepresenting a murder case as a North Korean...

Seoul shares end higher on tech, construction gains.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korean stocks finished slightly higher Monday after a choppy session on tech and construction gains, analysts said. The local currency edged up against the U.S. dollar. The benchmark Korea Composite Stock Price...

S. Korea, U.S. to discuss N. Korea nuke.
April 1, 2008... SEOUL, March 31 (Yonhap) -- Chief South Korean and U.S. nuclear envoys will meet this week in Seoul to discuss ways of kick-starting six-way talks on the North Korean nuclear program, officials here said Monday, amid signs that Seoul and...

S. Korea begins issuing electric passports.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korea started to issue chip-embedded passports Monday to diplomats and other government officials as part of efforts to combat passport forgery and join the U.S. visa waiver program (VWP), the Foreign Ministry...

Korea's industrial output growth slows in February.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korea's industrial output continued its double-digit growth in February but expanded at a slower pace than a month earlier amid concerns over an economic slowdown, a government report showed Monday. ...

Civic group to ask for cheaper access to Norvatis drug.
April 1, 2008... SEOUL, March 31 (Yonhap) -- A South Korean civic group said Monday it would file a petition with the country's government to cut health insurance subsidies for a cancer drug of Swiss maker Norvatis AG, in a move to lower the price of the...

POSCO E&C signs US$112 mln Vietnamese terminal deal.
April 1, 2008... SEOUL, March 31 (Yonhap) -- POSCO Engineering & Construction Co., a construction unit of South Korea's leading steelmaker POSCO Co., said Monday it has clinched a US$112 million preliminary deal to build an international container terminal in...

Gov't to spend 70.6 bln won to help key industry, IT convergence.
April 1, 2008... SEOUL, March 31 (Yonhap) -- The government said Monday that it plans to invest 70.6 billion won (US$71.2 million) this year to help facilitate the convergence of key industries with the information technology (IT) sector. The money, which...

BOK to conduct flexible monetary policy in 2008.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korea's central bank said Monday it will manage monetary policy flexibly this year by focusing on reining in inflation while checking the overall conditions of the economy and the financial markets. The Bank...

Former art professor sentenced to jail for faking degree.
April 1, 2008... SEOUL, March 31 (Yonhap) -- A Seoul court Monday sentenced a former art professor to one and a half years in prison and convicted her of falsifying her academic credentials while suspending a jail term for an ex-presidential secretary who...

S. Korean exports to Chile nearly double last year.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korea's exports to Chile almost doubled in 2007, the fourth year after a bilateral free trade agreement (FTA) went into effect, thanks to increased demand for diesel products and vehicles in the Latin American...

Ruling party expected to secure solid majority despite hurdles.
April 1, 2008... SEOUL, March 31 (Yonhap) -- Despite a recent slip in popularity, South Korea's ruling party is still likely to secure a solid majority in the National Assembly in the April 9 general elections, according to polls released Monday. President...

Inter-Korean relations worst since nuke test: Pro-Pyongyang daily.
April 1, 2008... SEOUL, March 31 (Yonhap) -- A recent spate of "provocative remarks" by South Korean officials have escalated tension on the Korean Peninsula to the highest point since the North's nuclear test in 2006, a pro-Pyongyang newspaper in Japan said...

S. Korean equipment approved for space launch.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korean scientific equipment that will be used in space next month by the country's first astronaut received final approval from the Russian authorities, the government said Monday. The Ministry of...

Seoul shares fall on foreign selling.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korean stocks fell slightly late Monday morning as foreign investors dumped finance, shipyard and other blue chips, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) edged down 2.21...

S. Korean aerospace firm set to vie with global leaders.
April 1, 2008... SACHEON, South Korea, March 31 (Yonhap) -- South Korea's sole aircraft manufacturer said Monday it is aiming to join the ranks of established foreign players within the next 12 years by building high-tech planes and offering extensive support...

Local martial art chief indicted for fraud against Fedor.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korean prosecutors indicted the local chief of a Russian martial arts agency for fraud Monday after he allegedly used the publicity rights of Fedor Emelianenko, the famed Russian mixed martial arts fighter,...

Kookmin Bank to sell its stake in Indonesian lender.
April 1, 2008... SEOUL, March 31 (Yonhap) -- South Korea's top lender Kookmin Bank said Monday it will sell its stake in PT Bank International Indonesia (BII) to Malaysia's leading bank for 375 billion won (US$378.1 million). Kookmin Bank plans to sell...

Korea's richest urban households earn over 100 mln won.
April 1, 2008... SEOUL, March 31 (Yonhap) -- The average income of the richest 10 percent of South Korea's urban households exceeded 100 million won (US$100,704) in 2007, a government report showed Monday. According to the report by the Korea National...

Absentee voting for elections begins Thursday.
April 2, 2008... SEOUL, April 2 (Yonhap) -- Some 825,000 registered voters who will be away for next week's parliamentary elections will cast their ballots in advance during a two-day absentee voting period this week, election officials said Wednesday. Of...

Hynix inks tie-up deal with U.S. firm.
April 2, 2008... SEOUL, April 2 (Yonhap) -- Hynix Semiconductor Inc., the world's No. 2 computer memory chip maker, said Wednesday it has signed a deal with U.S. chipmaker Grandis Inc. to cooperate in developing next-generation random access memories (RAMs). ...

530,000 soldiers to go to polls in absentee balloting.
April 2, 2008... SEOUL, April 2 (Yonhap) -- Some 530,000 soldiers will cast their ballots this week in absentee voting for the upcoming National Assembly elections, the Defense Ministry said Wednesday. The soldiers account for 64 percent of some 820,000...

End of a scandal.
April 2, 2008... (EDITORIAL from the Korea Herald on April 2): We don't know whether any of the parties will appeal their sentence, but the man was set free, while the woman remains locked up. The case had all the key ingredients of a sensation for the public...

Rejection of Lees policy: Pyongyang feared to further strain inter-Korean ties.
April 2, 2008... (EDITORIAL from the Korea Times on April 2): Inter-Korean ties are likely to be strained further as Pyongyang continues to step up its attacks on President Lee Myung-bak's tougher policy toward the reclusive country. The latest came Tuesday...

A challenge for police.
April 2, 2008... (EDITORIAL from the JoongAng Daily on April 2): The police investigation into kidnapped children in Anyang and a brutal assault on a child in Ilsan continues to concern people due to the police department's dysfunctional management. Police...

S. Korea's foreign reserves up in March.
April 2, 2008... SEOUL, April 2 (Yonhap) -- South Korea's foreign exchange reserves jumped by US$1.88 billion in March from a month earlier as a weaker U.S. dollar boosted the dollar value of assets in other currencies, the central bank said Wednesday. As of...

Market opening, deregulation to help S. Korean farms: OECD.
April 2, 2008... SEOUL, April 2 (Yonhap) -- South Korea should improve market access and scrap administrative red tape to bolster its agriculture competitiveness, the Organization for Economic Cooperation and Development (OECD) said Wednesday. The...

N.K. verbal offensive does not affect 6PT: U.S.
April 2, 2008... WASHINGTON, April 1 (Yonhap) -- The United States does not see North Korea's recent verbal attacks on South Korea as a change of Pyongyang's policy on the ongoing denuclearization process, the State Department said Tuesday. Pyongyang stepped...

N.K.'s counterfeit U.S. bills still showing up: Treasury.
April 2, 2008... WASHINGTON, April 1 (Yonhap) -- North Korea's counterfeit American dollars continue to surface, and the U.S. Secret Service has an ongoing investigation into the case, the U.S. Treasury Undersecretary Stuart Levey said Tuesday. Testifying...

'No reason to wait' on N. Korea declaration: envoys.
April 2, 2008... SEOUL, April 1 (Yonhap) -- North Korea's dialogue partners in the six-way talks on its nuclear program have waited long enough for a "correct and complete" declaration from the communist nation, South Korea's top nuclear envoy said Tuesday...

S. Korean, Chinese inspectors probe shrimp snack factories.
April 2, 2008... SEOUL, April 1 (Yonhap) -- South Korea's food and drug agency said Tuesday that it conducted an on-site inspection with its Chinese counterparts at two factories that may have made a bag of snack food that allegedly contained the head of a...

U.S. to inspect local shellfish farms, factories.
April 2, 2008... SEOUL, April 1 (Yonhap) -- U.S. inspectors plan to check quality and sanitary conditions of local shellfish cultivation and processing sites that ship products abroad, the government said Tuesday. The Ministry for Food, Agriculture, Forestry...

Presidential office announces U.S. summit delegates.
April 2, 2008... SEOUL, April 1 (Yonhap) -- The presidential office on Tuesday unveiled a list of 13 official delegates and 26 business representatives who will accompany President Lee Myung-bak on his visit to the U.S., slated for April 15-19. The official...

All BOK policymakers vote for February rate freeze.
April 2, 2008... SEOUL, April 1 (Yonhap) -- Policymakers at the Bank of Korea (BOK) unanimously voted to hold the key interest rate steady in February on concerns over increasing upward pressure on inflation, the central bank's minutes showed Tuesday. In a...

N. Korea slams new S. Korean president.
April 2, 2008... SEOUL, April 1 (Yonhap) -- North Korea slammed Tuesday South Korean President Lee Myung-bak for the first time since he took office in February, warning the Lee administration will face "irrevocable catastrophic consequences" from inter-Korean...

Hynix cuts NAND flash output target: source.
April 2, 2008... SEOUL, April 1 (Yonhap) -- Hynix Semiconductor Inc., the world's No. 2 computer memory chip maker, has decided to cut its production target for NAND memories due to recent price drops, an informed company official said Tuesday. "We've...

Candidates in tug of war over conservative icon Park.
April 2, 2008... SEOUL, April 1 (Yonhap) -- Tension is escalating between South Korea's ruling party and a group of its deserters over the minority group's increasing attempt to put a former party leader at the forefront of campaigning for the upcoming...

Lee's office denounces N.K. criticism as 'inappropriate'.
April 2, 2008... SEOUL, April 1 (Yonhap) -- The office of President Lee Myung-bak Tuesday expressed displeasure at North Korea's mentioning of Lee's name in its scathing criticism of the South Korean government. North Korea's official Rodong Sinmun said...

S. Korea faces tough competition for Central Asian resources: think tank.
April 2, 2008... SEOUL, April 1 (Yonhap) -- South Korea is facing tough competition in its push to develop natural resources in Central Asia, a state-run think tank said Tuesday. Korea Institute for International Economic Policy (KIEP) said that while Seoul...

Seoul shares end lower on China losses.
April 2, 2008... SEOUL, April 1 (Yonhap) -- South Korean shares, reversing earlier gains, finished lower Tuesday in line with Chinese stock losses in the afternoon, analysts said. The local currency appreciated against the U.S. dollar. The benchmark Korea...

Quarterly handset sales reach fresh high in Q1.(Financial report)
April 2, 2008... SEOUL, April 1 (Yonhap) -- The number of mobile phones sold in South Korea in the first three months of the year reached a quarterly high, rising approximately 20 percent on-year, on introduction of new models and heavy marketing, market...

S. Korean beef franchise to open first restaurant in China.
April 2, 2008... BEIJING, April 1 (Yonhap) -- A South Korean beef franchise said Tuesday it would open its first store in the Chinese capital of Beijing to expand its overseas business. Byeokje Galbi, the South Korean grilled meat house voted one of the top...

Pyongyang condemns Lee in apparent pressure tactic.
April 2, 2008... SEOUL, April 1 (Yonhap) -- North Korea's first verbal attack on South Korean President Lee Myung-bak Tuesday has been interpreted by analysts as a concerted effort to press his government to drop its tough policy toward Pyongyang. The...

S. Korea auto sales rise 7 pct in March.(Financial report)
April 2, 2008... SEOUL, April 1 (Yonhap) -- South Korean auto sales rose 7 percent in March from the same period a year earlier as the launch of new models by Hyundai Motor Co. helped attract new buyers at home and overseas, according to the nation's five...

Trade official urges quick ratification of FTA with U.S.
April 2, 2008... SEOUL, April 1 (Yonhap) -- A senior South Korean trade official said Tuesday that the country's parliament should approve a free trade deal with the United States by the end of May, saying the drawn-out approval process is not beneficial to...

SKT outpaces rivals in luring customers.
April 2, 2008... SEOUL, April 1 (Yonhap) -- SK Telecom Co., South Korea's No. 1 mobile carrier, gained more customers than its rivals in March, maintaining its dominance of the country's almost-saturated telecom market, according to data released by mobile...

Samsung mulling DRAM price hike: report.
April 2, 2008... SEOUL, April 1 (Yonhap) -- Samsung Electronics Co., the world's No. 1 memory chip maker, is considering a small increase in prices of its key memory chips this month, a foreign media reported Tuesday. "We are considering a slight hike in...

Lee to appear on Japanese TV talk show.
April 2, 2008... SEOUL, April 1 (Yonhap) -- President Lee Myung-bak is scheduled to appear on a Japanese television talk show in late April, when he makes a two-day visit to Tokyo for summit talks with Japanese Prime Minister Yasuo Fukuda, the presidential...

Controversy mounts over ruling party's expulsion of lawmaker.
April 2, 2008... SEOUL, April 1 (Yonhap) -- South Korea's ruling party decided Tuesday to expel a party lawmaker for alleged breach of party regulations, adding a further twist to an ongoing political dispute over President Lee Myung-bak's controversial canal...

Cat owner fined after pet attacks woman, dog.
April 2, 2008... SEOUL, April 1 (Yonhap) -- The Supreme Court found a cat owner guilty of negligence Tuesday after the pet attacked a woman walking her dog, leaving scratches on her leg. The top court upheld a lower court's ruling that fined the defendant 1...

Professional soccer club struck by food poisoning.
April 2, 2008... SEOUL, April 1 (Yonhap) -- A professional South Korean soccer team was forced to put off its match after its players were hit by food poisoning at a local eatery over the weekend, an official said Tuesday. The Gwangju Sangmu team, based in...

S. Korea to ease bank ownership rules for 'strategic' private equity funds.
April 2, 2008... SEOUL, April 1 (Yonhap) -- South Korea's planned easing of regulations on bank ownership will apply strictly to "strategic" private equity funds seeking to invest in local private banks, the financial watchdog said Tuesday. On Monday, the...

JUSMAG-K: serving Korean military for 120 years.
April 2, 2008... SEOUL, April 1 (Yonhap) -- A U.S. military group whose origins date back to the late 19th century has helped enhance South Korea's defense capabilities for decades, although it remains largely unknown. Formally established in 1948 by an...

S. Korea paying 'close attention' to currency market: official.
April 2, 2008... SEOUL, April 1 (Yonhap) -- The South Korean government doesn't want the local currency market to suffer sharp fluctuations so it is paying "close attention" to the won's movement against the U.S. greenback, a senior financial official said...

USFK chief to host honor guard ceremony for JCS head.
April 2, 2008... SEOUL, April 1 (Yonhap) -- An honor guard ceremony will be held later this week at a U.S. base in Seoul to welcome the new head of the South Korean military, the U.S. Forces Korea (USFK) said Tuesday. The ceremony will be held Friday at the...

Kia Motors posts 3.5 pct fall in March sales.(Financial report)
April 2, 2008... SEOUL, April 1 (Yonhap) -- Kia Motors Corp., South Korea's second-largest automaker, said Tuesday sales fell 3.5 percent last month, hit by a drop in sales in foreign markets. Kia Motors, a unit of Hyundai Motor Co., sold 121,166 units in...

Korea's consumer prices rise 3.9 pct in March.
April 2, 2008... SEOUL, April 1 (Yonhap) -- South Korea's consumer prices rose 3.9 percent in March amid an increase in the price of crude oil and other commodities, a government report showed Tuesday, breaching the central bank's inflation target range for a...

Hyundai Motor's March auto sales rise 12.4 pct.(Financial report)
April 2, 2008... SEOUL, April 1 (Yonhap) -- Hyundai Motor Co., South Korea's largest automaker, said Tuesday its vehicle sales rose 12.4 percent last month as it sold more cars in both domestic and overseas markets. Hyundai Motor sold a total of 258,395 units...

Ssangyong Motor's auto sales fall 13.1 pct in March.
April 2, 2008... SEOUL, April 1 (Yonhap) -- Ssangyong Motor Co., the South Korean unit of China's Shanghai Automotive Industry Corp., said Tuesday its sales for March fell 13.1 percent from a year earlier, hurt by a plunge in domestic sales. Ssangyong Motor...

GM Daewoo's vehicle sales rise 8.9 pct in March.(Financial report)
April 2, 2008... SEOUL, April 1 (Yonhap) -- GM Daewoo Auto & Technology Co., the South Korean unit of U.S. automaker General Motors Corp., said Tuesday its vehicle sales rose 8.9 percent from a year ago in March. GM Daewoo sold a total of 87,265 units last...

Renault Samsung's vehicle sales jump 67.4 pct in March.
April 2, 2008... SEOUL, April 1 (Yonhap) -- Renault Samsung Motor Co., the South Korean unit of French automaker Renault SA, said Tuesday its vehicle sales last month soared 67.4 percent from the same period a year ago, thanks to higher exports. In March,...

Wife of Samsung chairman to be summoned over probe: source.
April 2, 2008... SEOUL, April 1 (Yonhap) -- A special prosecutor's team plans to question the wife of Samsung Group Chairman Lee Kun-hee on allegations that she purchased expensive artwork with money from Samsung slush funds, a source at the team said Tuesday....