YON - Yonhap News Agency of Korea articles from August 2008

YON - Yonhap News Agency of Korea archives from August 2008

Senior U.S. senator drops opposition to envoy nomination.
August 1, 2008... WASHINGTON, July 31 (Yonhap) -- A senior U.S. senator Thursday dropped his opposition to the endorsement of a new U.S. ambassador to South Korea, paving the way for her confirmation as the first woman ambassador to South Korea. "U.S. Senator...

Overseas Korean adoption has roots in history, scholar says.
August 1, 2008... SEOUL, Aug. 1 (Yonhap) - In 1972, at the age of one, Tobias Hubinette was brought from his birthplace in South Korea to Sweden, where he was raised by a Swedish couple. Today he is one of a handful of scholars researching the long-term causes...

Elected Superintendent: Top Priority Is to Normalize School Education.
August 1, 2008... (EDITORIAL from the Korea Times on Aug. 1) - Seoul residents have their first popularly elected education chief in charge of policies for primary, middle and high schools. They chose a conservative candidate over his progressive rival,...

China and Olympics.
August 1, 2008... (EDITORIAL from the Korea Herald on Aug. 1) - The Beijing Olympic Games are just a week away. We wish great success for the world's biggest sports festival, which the 1.3 billion Chinese have prepared for the past seven years with great...

Wrong made right.
August 1, 2008... (EDITORIAL from the JoongAng Daily on Aug. 1) - The U.S. government has restored the designation of Dokdos ownership. The U.S. Board on Geographic Names last week suddenly changed its label on Dokdo islets to undesignated sovereignty and then...

U.S. admits erroneous change of Dokdo's sovereignty in database.
August 1, 2008... WASHINGTON, July 31 (Yonhap) -- The U.S. State Department Thursday acknowledged that a U.S. agency erroneously redesignated the sovereignty of South Korea's remote islets of Dokdo, which triggered outrage in South Korea. "The decision was taken...

S. Korea's electronic securities transactions dip 17.9 pct in Q1.
August 1, 2008... SEOUL, Aug. 1 (Yonhap) -- South Korea's electronic securities transactions fell 17.9 percent in the first quarter from three months earlier mainly because trading was sluggish amid slumping stock markets, the financial watchdog said Friday. The...

Bush expects intense diplomacy in Seoul next week.
August 1, 2008... WASHINGTON, July 31 (Yonhap) -- U.S. President George W. Bush expects heaps of diplomatic issues to be on the table while in Seoul next week on his way to Beijing for the Olympics. "South Korea will be all diplomacy; get a chance to see my...

Bush amazed by S. Korean women golfers sweeping LPGA titles.
August 1, 2008... WASHINGTON, July 31 (Yonhap) -- U.S. President George W. Bush has said he is amazed by South Korean women golfers sweeping LPGA scoreboards. "It's unbelievable. If you look at the scoreboard, it's phenomenal," Bush said in an interview with a...

Bush calls on N. Korea for verification protocol on uranium, proliferation.
August 1, 2008... WASHINGTON, July 31 (Yonhap) -- U.S. President George W. Bush has reiterated that he will not remove North Korea from the U.S. terrorism list unless North Korea agrees to a protocol for verification of its alleged uranium-based nuclear program...

Bush says will not delist N. Korea without verification of uranium, proliferation.
August 1, 2008... WASHINGTON, July 31 (Yonhap) -- U.S. President George W. Bush said Thursday that he will not remove North Korea from the U.S. terrorism list unless North Korea agrees to a protocol for verification of its uranium-based nuclear program and...

S. Korea claim third pre-Olympic win in men's football.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea brightened their hope of clinching their first-ever Games medal in China next month as they edged Australia 1-0 in a friendly on Thursday, marking their third straight victory in pre-Olympic men's football...

Arrest warrant sought for first lady's cousin over fraud allegations.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Prosecutors on Thursday sought an arrest warrant for a cousin of President Lee Myung-bak's wife and a male suspect over fraud allegations related to the nomination of candidates for the April 9 parliamentary...

S. Korea's district heating costs to go up in August.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea's district heating costs will go up 9.65 percent starting in August to reflect rising global fuel costs, the state-run district heating corporation said Thursday. Korea District Heating Corp. said that the...

(2nd LD) Hynix's net loss widens in Q2.(Financial report)
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea's Hynix Semiconductor Inc., said Thursday its net loss widened in the second quarter amid weakened chip prices from a global glut. Net losses amounted to 707.8 billion won ($698 million) in the April-June...

Novelist who left mark on S. Korean film industry dead at 69.(Obituary)
August 1, 2008... SEOUL, July 31 (Yonhap) -- Lee Cheong-jun, who helped shape South Korea's film industry as well as contemporary literature, died of lung cancer on Thursday, his family said. He was 69. Lee was diagnosed with lung cancer last year and has been...

S. Korean farm cooperative to grow corn in Indonesia.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea's agricultural cooperative said Thursday that it plans to grow corn in Indonesia to cope with skyrocketing prices that are hurting local livestock farmers. Nonghyup Feed Inc., an affiliate of the National...

US forces in Korea to get more late night off-base hours.
August 1, 2008... SEOUL, July 31 (Yonhap) -- U.S. soldiers stationed in South Korea will be allowed to stay off base longer on weekends as Washington moves to introduce a new three-year program for its service members in the country for first time, the U.S....

Constitutional Court finds gender test ban for unborn babies illegal.
August 1, 2008... SEOUL, July 31 (Yonhap) -- The Constitutional Court found unconstitutional a decades-old ban on determining an unborn baby's gender Thursday, clearing the way for a medical law revision to partially allow the prenatal sex test. The 1987 ban...

Eximbank sells US$105 mln worth of baht bonds.
August 1, 2008... By Park Bo-ram SEOUL, July 31 (Yonhap) -- The Export-Import Bank of Korea (Eximbank) said Thursday it has raised 3.5 billion baht (US$104.7 million) by selling bonds in an effort to secure funds at lower costs. The state-run lender said it has...

(2nd LD) KEB chief hopes for swift regulatory approval of KEB sale.
August 1, 2008... SEOUL, July 31 (Yonhap) -- The head of Korea Exchange Bank (KEB) expressed hope Thursday that South Korea's financial watchdog would give its approval of the KEB acquisition by HSBC Holdings Plc "as soon as possible." Last September, U.K.-based...

Seoul to sell up to 4.76 tln won in Treasuries next month.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea plans to sell government bonds worth up to 4.76 trillion won (US$4.7 billion) in August, the finance ministry said Thursday. The ministry said it will sell 920 billion won worth of three-year Treasuries,...

(News Focus) Kumho Asiana to sell assets worth 4.57 tln won.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Kumho Asiana Group, South Korea's seventh-largest conglomerate, said Thursday it will raise about 4.57 trillion won (US$4.5 billion) by selling properties and securities of its affiliates to dispel investors' worries...

Woori Finance Q2 net falls 32.7 pct.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Woori Finance Holdings Co., South Korea's top financial services company, said Thursday its second-quarter earnings fell 32.7 percent year-on-year due to a falling interest margin and losses from its investments in...

Seoul shares end higher on tech, financial gains.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korean stocks closed higher Thursday as investors snapped up tech and financial shares, taking a cue from overnight gains in U.S. markets, analysts said. The local currency gained against the U.S. dollar. The...

Outbreak of infectious disease up sharply in 2007: gov't.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Reported outbreaks of infectious diseases rose sharply here in 2007 as more South Koreans contracted illnesses while traveling overseas without proper vaccinations, the government said Thursday. The Korea Center for...

Court finds MBC report on U.S. beef risks 'wrong,' orders correction.
August 1, 2008... SEOUL, July 31 (Yonhap) -- A Seoul civil court on Thursday found an influential MBC report on U.S. beef health risks "wrong" and ordered the major broadcaster to air a correction, upholding the government's complaint over the critical coverage....

(2nd LD) S. Korea's industrial output grows 6.7 pct in June.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea's industrial output grew at a slower pace in June amid lingering concerns over surging oil prices, sluggish domestic demand and a global slowdown, a report showed Thursday. According to the report by the...

Bush wants to discuss S. Korea's enhanced role in war on terror: aide.
August 1, 2008... WASHINGTON, July 30 (Yonhap) -- U.S. President George W. Bush wants to discuss South Korea's participation in the war on terror being waged in Iraq and Afghanistan during talks with President Lee Myung-bak in Seoul early next week, a senior...

S. Korea suffers net outflow of FDI in first half.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Foreign direct investment (FDI) in South Korea posted a net outflow in the first half of the year for the first time since 1980 when the country began to compile related data, the central bank said Thursday. The...

(News Focus) S. Korea faces more tasks to defend Dokdo.
August 1, 2008... SEOUL, July 31 (Yonhap) -- It only took seven days for Seoul to persuade the U.S. to revert it stance on the sovereignty of Dokdo, a set of South Korea-controlled islets in the East Sea also claimed by Japan. A U.S. federal naming agency's new...

Buddhist outrage with Lee grows over police search of head monk.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Buddhist leaders on Thursday reacted angrily to President Lee Myung-bak over a controversial police search of the vehicle of their head monk, demanding the Christian leader fire his police chief and stop his...

Today in Korean history.
August 1, 2008... August 1 1943 -- Japan starts conscription of Koreans under its colonial rule of the Korean Peninsula. Leaders of Japan had long hesitated to implement a conscription system in Korea after the annexation of the country in 1910 because of...

Presidential office says Dokdo reflects solid S. Korea-U.S. alliance.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea's presidential office, Cheong Wa Dae, on Thursday welcomed U.S. President George W. Bush's recognition of South Korean sovereignty over the eastern islets of Dokdo, saying the move is the outcome of...

Kumho Tire's Q2 profit dips 70.6 pct on costs.(Financial report)
August 1, 2008... SEOUL, July 31 (Yonhap) -- Kumho Tire Co., South Korea's second-largest tiremaker, said Thursday its second-quarter net profit plunged 70.6 percent from a year earlier, hit by surging prices of rubber and other raw materials. Kumho earned 3.3...

Seoul may regulate 'excessive' guarantees for M&A financing providers.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea's financial watchdog said Thursday that it is reviewing a measure to regulate a corporate acquirer's excessive guarantees for financing providers' returns. The move came after shares of affiliates of Kumho...

Daewoo Engineering Q2 net nearly halves.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Daewoo Engineering Co., South Korea's largest builder, said Thursday its net income nearly halved in the second quarter from a year earlier due to a sluggish domestic property market and increased raw material prices....

S. Korea to send economic mission to Turkmenistan.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea will send a high-ranking delegation to Turkmenistan next week to examine ways to expand economic ties with the resource-rich country, the government said Thursday. The government and civilian delegation...

Asiana Airlines swings to loss in Q2.(Financial report)
August 1, 2008... SEOUL, July 31 (Yonhap) -- Asiana Airlines Inc., South Korea's second-largest air carrier, said Thursday that it swung to a net loss in the second quarter due to higher fuel costs. Net loss came to 19.2 billion won (US$19 million) in the...

Hanwha Corp.'s Q2 sales up 68 pct.(Financial report)
August 1, 2008... SEOUL, July 31 (Yonhap) -- Hanwha Corp., a South Korean chemical and trading company, said Thursday its second-quarter sales surged 68 percent on increased demand. Sales amounted to 1.47 trillion won (US$1.46 billion) and operating profit came...

S. Korea OKs construction of nuclear waste site.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea has given the thumbs-up for the construction of the country's first nuclear waste repository following extensive safety and environmental impact reviews, the government said Thursday. The Ministry of...

Hyundai Motor to raise vehicle prices from Friday.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Hyundai Motor Co. announced Thursday new price ranges for its vehicles, as the automaker is set to raise car prices by about two percent across the board next month to cope with rising costs for raw materials....

Korea Express Q2 profit up 53.8 pct.(Financial report)
August 1, 2008... SEOUL, July 31 (Yonhap) -- Korea Express Co., South Korea's largest delivery service company, said Thursday its second-quarter net profit jumped 53.8 percent from a year earlier due to rising cargo-delivery orders. Korea Express, a unit of...

Doosan Infracore chief says Daewoo Shipbuilding 'very attractive'.
August 1, 2008... JEJU ISLAND, South Korea, July 31 (Yonhap) -- The chairman of Doosan Infracore Co., a construction equipment unit of Doosan Group, reiterated Thursday the group's interest in Daewoo Shipbuilding and Marine Engineering Co., calling the shipyard...

Seoul shares trade higher on tech, financial gains.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korean stocks traded higher late Thursday morning as investors snapped up tech and financial stocks following overnight gains in U.S. markets, analysts said. The benchmark Korea Composite Stock Price Index...

S. Korea bans cloning scientist Hwang from resuming stem cell research.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea will not approve the request by disgraced scientist Hwang Woo-suk to resume human stem cell research, sources said Thursday, a decision that could deal a blow to his efforts to recover honor by proving his...

Samsung C&T wins US$809 mln power plant deal.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Samsung C&T Corp., a South Korean construction and trading company, said Thursday it has clinched a US$809 million contract to build a thermal power plant in the United Arab Emirates. The deal with Shuweihat 2 Holding...

S. Korean Air Force to take part in joint U.S. exercise.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Some 80 South Korean Air Force pilots and engineers will head to the United States next month to take part in a U.S.-led joint exercise of allies that will also be attended by the air forces of France and India, as...

Daewoo Shipbuilding wins 766-bln-won order for drill ship.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said Thursday that it has won a 766-billion won (US$758 million) deal to build a drill ship. The deal from an American customer...

Doosan Heavy wins 807-bln-won desalination plant.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Doosan Heavy Industries Co., South Korea's biggest maker of power equipment, said Thursday that it has won a deal to build a desalination facility for 807 billion won (US$798 million). The deal with GDF Suez of France...

S. Korea eyes Olympic prowess in Beijing.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea will prove itself an Asian force to be reckoned with in the Beijing Games opening next week, led by world-class athletes in archery and taekwondo, while expanding its Olympic prowess with a first-ever gold...

South Korea's past Summer Games results.
August 1, 2008... SEOUL, July 31 (Yonhap) -- The following is a summary of South Korea's final results in past Summer Games competitions in chronological order, descending from the most recent, as provided by the Korean Olympic Committee. * 2004 Athens...

Korea Kumho Petrochemical Q2 net nearly doubles.
August 1, 2008... SEOUL, July 31 (Yonhap) -- Korea Kumho Petrochemical Co., a South Korean chemicals producer, said Thursday its second-quarter net profit nearly doubled from a year earlier thanks to increased synthetic rubber prices. Net income posted 73.9...

S. Korea hails restored U.S. position on Dokdo sovereignty.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea welcomed the Bush administration's renewed support Thursday for Seoul's ownership of Dokdo, a cluster of rocky islets in the East Sea that are also claimed by Tokyo. The Foreign Ministry appreciated...

Defense Ministry under fire for banning books to service members.
August 1, 2008... SEOUL, July 31 (Yonhap) -- The South Korean Defense Ministry on Thursday came under heavy fire as it was found to have banned 23 books, some by world-renowned scholars, over what it called "disturbing" content that aimed to either praise North...

S. Korea urged to implement all deals with N. Korea.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea's conservative administration has come under international pressure to honor all the inter-Korean agreements signed by its liberal predecessors, as it seeks to implement the deals on a selective basis in...

Korea's pension fund logs big loss from stock investment.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea's state pension fund lost more than 4 trillion won (US$3.94 billion) from stock investment during the first half of this year on sharp market fluctuations at home and abroad, a report showed Thursday....

Seoul shares open higher on U.S. gains.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korean stocks started stronger Thursday as investor sentiment was lifted by overnight gains in U.S. markets, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 19.36 points, or 1.23...

Daum's Q2 profit jumps on search revenue.(Financial report)
August 1, 2008... SEOUL, July 31 (Yonhap) -- Daum Communications Corp, South Korea's second-largest Internet portal, said Thursday its second-quarter net profit jumped more than three times, spurred by a rise in search revenue. In the three months ended June 30,...

Power politics could dash S. Korea's Olympic ambition: experts.
August 1, 2008... SEOUL, July 31 (Yonhap) -- South Korea is eyeing a coveted top-ten spot in the Beijing Olympics opening next week, but overcoming its recent setbacks in both domestic and international sporting affairs is key to ensuring its goal of winning 10...

U.S. will not delist N. Korea without verification of uranium, proliferation: NSC.
August 1, 2008... WASHINGTON, July 30 (Yonhap) -- The United States will not delist North Korea as a state sponsor of terrorism unless North Korea agrees to a protocol for verification of North Korea's uranium-based nuclear program and nuclear proliferation, a...

(6th LD) U.S. naming agency reinstates S. Korean sovereignty over Dokdo.
August 1, 2008... WASHINGTON, July 30 (Yonhap) -- A U.S. government naming agency Wednesday pulled a volte-face over the sovereignty of the remote South Korean islets of Dokdo, redefining the islets as South Korean one week after having recategorized them as...

Senate confirms nomination of new U.S. envoy to S. Korea.
August 2, 2008... WASHINGTON, Aug. 1 (Yonhap) -- The U.S. Senate confirmed the nomination of Kathleen Stephens as Washington's new ambassador to South Korea Friday, making her the first woman to hold the top diplomatic position in Seoul. The confirmation comes...

Dokdo dispute threatens Seoul-Tokyo fisheries pact.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- South Korea's conservative ruling party on Friday called on the government to annul its decade-old fisheries pact with Japan, claiming the deal puts at risk Seoul's ownership of the Dokdo islets. The government reacted...

U.S. beef age limit to be maintained until safety concerns subside: official.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- The current age limit on U.S. cattle slaughtered for beef exports to South Korea will be maintained until local health concerns over the meat subside, South Korea's farm minister said Friday. In a parliamentary session...

First lady's cousin arrested for alleged fraud.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- First lady Kim Yoon-ok's cousin was arrested Friday on bribery allegations, a case that may ignite an explosive political scandal within the capital. The arrest of Kim Ok-hee, 74, is yet another setback for the...

Sales of books banned by S. Korean military skyrocket.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Sales of books banned by the South Korean Defense Ministry to military service members are on the rise here, bookstores said Friday. According to online book dealers, some 90 copies of "Bad Samaritans: Rich Nations,...

Defense Ministry denounces N. Korea for shooting tourist.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Seoul's Defense Ministry on Friday denounced North Korea for killing an innocent and unarmed civilian, offering its first official reaction since a South Korean tourist was killed at a resort just north of the DMZ last...

Police warn of pepper spray for violent protesters ahead of Bush visit.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Police will use pepper spray and other tear-producing chemical agents to quell violent rallies, Seoul's police chief warned Friday, a few days ahead of U.S. President George W. Bush's visit to South Korea. Civic...

Adoptees work to change stereotypes in Korea.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Nicole Sheppard, vice secretary general of Global Overseas Adoptees' Link (G.O.A.'L), said Friday people in South Korea tend to view returning adoptees as fortunate individuals who come from "better lives" abroad. "I...

S. Korea's GNI ranks 13th worldwide in 2007.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- The global ranking of South Korea's nominal gross national income (GNI) declined by one notch to 13th last year, marking a fall for the second consecutive year, a report said Friday. South Korea's GNI, reflecting the...

S. Korea seeks joint Olympic march with N. Korea despite soured ties.
August 2, 2008... BEIJING, Aug. 1 (Yonhap) -- The head of the South Korean delegation to the Beijing Olympics pledged Friday to push for a joint march with North Korea at next week's opening ceremony, despite a recent chill in relations between the two divided...

SK Telecom beats rivals in luring customers in July.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- SK Telecom Co., South Korea's leading mobile carrier, gained more customers than its rivals in July to maintain its lead in the country's nearly saturated telecom market, according to data released by mobile carriers...

S. Korea's labor party to visit Pyongyang this month.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- South Korea's ultra-progressive labor party will visit Pyongyang later this month to discuss ways of implementing two inter-Korean deals which have stalled since the launch of Seoul's conservative government in...

Korea Exchange Bank Q2 net falls 12.5 pct.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Korea Exchange Bank (KEB), South Korea's No. 5 lender, said Friday its second-quarter earnings fell 12.5 percent from a year earlier due to higher loan loss reserves and falling interest margins. Net profit came to...

Seoul shares end lower on weaker U.S. economic data.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- South Korean stocks fell 1.31 percent Friday as weaker U.S. economic data sparked worries over the health of the world's largest economy, analysts said. The local currency fell against the U.S. dollar. The benchmark...

Lee may encounter N. Korean titular head of state at Olympics.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- North Korea is likely to send its parliamentary president Kim Yong-nam to the opening ceremony of the Beijing Olympics, slated for Aug. 8, leading to a possible encounter with South Korean President Lee Myung-bak and...

Hyundai Motor's July sales fall 3.6 pct on strikes, weak demand.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Hyundai Motor Co., South Korea's largest automaker, said Friday it sold 3.6 percent fewer vehicles in July, hit by a serious of partial strikes over wage negotiations and weaker demand at home and overseas. Soaring...

(2nd LD) Korea's inflation rate hits 10-year high in July.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- South Korea's consumer prices grew at their fastest pace in almost 10 years in July on higher prices of oil and other commodities, a government report showed Friday. The consumer price index jumped 5.9 percent last...

N. Korea to tap Games as chance to raise pride, tout regime: experts.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Slowly undergoing nuclear disarmament and seeking better relations with the outside world, North Korea is likely to use the coming Beijing Olympics to tout its own regime and rally its people facing a deepening food...

Hankook Tire Q2 net down 12.7 pct on higher costs.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Hankook Tire Co., South Korea's largest tire maker, said Friday that its second-quarter earnings fell 12.7 percent from a year earlier due to increased costs of raw materials. Net profit reached 56.4 billion won...

Defense Minister calls for heightened alert during Beijing Olympics.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- South Korea's defense minister on Friday stressed the need to maintain a heightened state of alert during this month's Beijing Summer Olympic Games against possible provocation by North Korea and international...

Hite Holdings to buy stake in Jinro.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- Hite Holdings Co., a South Korean holding company, said Friday it has decided to buy a 2.55-percent stake in Jinro Ltd., the nation's largest maker of the popular liquor soju, for 63.2 billion won (US$62.4 million) to...

Hanwha's insurer takeover wins int'l backing.
August 2, 2008... SEOUL, Aug. 1 (Yonhap) -- An international commercial arbitration court has ruled in favor of Hanwha Group's takeover of Korea Life Insurance Co., ending years of legal wrangling over the controversial deal, the group said Friday. In a deal...