YON - Yonhap News Agency of Korea articles from July 2009

YON - Yonhap News Agency of Korea archives from July 2009

Government failing Yu.
July 1, 2009... (EDITORIAL from the JoongAng Daily on July 1) -- Three months have passed since a South Korean worker was detained at the Kaesong Industrial Complex in North Korea. Amnesty International called on its members around the world to work for the...

Controversial River Project Opaque, Rough-and-Ready Approach Cannot Calm Concerns.
July 1, 2009... (EDITORIAL from the Korea Times on July 1) -- President Lee Myung-bak declared Monday he would no longer stick to his problematic election pledge to build a cross-country waterway. Noting that the ``core'' of the so-called grand canal project...

Rice cake politics.
July 1, 2009... (EDITORIAL from the Korea Herald on July 1) -- "Don't you representatives blame, deride or pick on each other. Is fighting your job? Couldn't you give us tired working people even once something that pleases our ears?" This stern admonition to...

Fitch team to visit S. Korea for economic assessment next week.
July 1, 2009... SEOUL, July 1 (Yonhap) -- Global credit appraiser Fitch Ratings said Wednesday that it will send a delegation for its annual visit here to assess the nation's economic conditions. The delegation including two members of its sovereign team --...

President Lee calls for people-friendly policy.
July 1, 2009... SEOUL, June 30 (Yonhap) -- President Lee Myung-bak called on his ministers Tuesday to better look out for ordinary citizens, noting the success or failure of a government policy may well depend on public sentiment. "The people may feel...

Kaesong industrial park can be vehicle for opening up N. Korea: Chinese scholar.
July 1, 2009... SEOUL, June 30 (Yonhap) -- A joint industrial complex could serve as a viable vehicle to open up North Korea as South Korea and the international community try to change its aggressive behavior, a Chinese scholar suggested Tuesday. "Why does...

(2nd LD) S. Korea, Thailand agree to launch joint world expo next year.
July 1, 2009... BANGKOK, June 30 (Yonhap) -- South Korea and Thailand agreed Tuesday to launch a 50-day joint world culture expo in Bangkok next year to promote bilateral friendship and cooperation and publicize the historic cultures of the two nations. Kim...

N. Korean fishing boat returns after intrusion into S. Korean waters.
July 1, 2009... SEOUL, June 30 (Yonhap) -- A North Korean fishing boat crossed into the South Korean side of the western sea border due to poor visibility Tuesday, staying more than two hours before being towed back to the North Korean side, South Korea's...

Korean chili paste, bean paste, ginseng receive int'l recognition.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea's traditional chili paste, fermented bean products and ginseng-derived goods have received recognition as distinct foods by an international standard-setting commission, the government said Tuesday. The...

Festivals Calendar - July 2009.(Calendar)
July 1, 2009... SEOUL, June 30 (Yonhap) -- The following are the major cultural and tourist festivals to be held in South Korea in July. * Puchon International Fantastic Film Festival When: July 16-26 Where: Bucheon, Gyeonggi Province The 2009 Puchon...

Political parties continue to clash over irregular workers bill.
July 1, 2009... SEOUL, June 30 (Yonhap) -- The ruling and opposition parties remained at loggerheads Tuesday, possibly heading for a physical clash over a government-backed revision of the law on non-regular workers. The main opposition Democratic Party (DP)...

KDB wants Kumho to auction off stake in Daewoo Engineering.
July 1, 2009... SEOUL, June 30 (Yonhap) -- The Korea Development Bank (KDB) said Tuesday it wants Kumho Asiana Group to sell its 50 percent stake plus one share in Daewoo Engineering & Construction Co. through open bidding. The state-run lender is the main...

Seoul shares end 0.12 pct higher on U.S. gains.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korean stocks closed 0.12 percent higher Tuesday as investor sentiment was underpinned by overnight gains in U.S. markets amid rising prospects for an economic recovery, analysts said. The local currency rose...

N. Korea offers non-governmental meeting with S. Korea.
July 1, 2009... SEOUL, June 30 (Yonhap) -- North Korea has proposed a rare non-governmental meeting with a South Korean organization to discuss joint projects amid chilled ties, activists in Seoul said Tuesday. The North Korean Committee for the June 15 Joint...

S. Korea to adopt new product quality mark.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea will introduce a new product certification mark to help consumers buy safe, quality products, the government said Tuesday. The Korea Certification or "KC" mark will replace 13 existing product...

S. Korea's industrial output shrinks 9 pct in May.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea's industrial output shrank in May from a year earlier as demand in the automobile and machinery sectors declined amid sluggish overseas markets, a government report showed Tuesday. According to the report...

Kia workers start partial strike for higher pay.
July 1, 2009... SEOUL, June 30 (Yonhap) -- Unionized workers at Kia Motors Corp., South Korea's second-largest carmaker, launched Tuesday a partial strike for higher pay and better working conditions, the union said. Workers laid down tools for four hours at...

Samsung sees better second-half on improved demand for mobile phones.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea's Samsung Electronics Co. is expected to see stronger results in the second half of this year as the global mobile phone market is improving, a company executive said Tuesday. "We are yet to release how...

Japanese envoy defends U.N. chief, says criticisms 'inaccurate'.
July 1, 2009... NEW YORK, June 30 (Yonhap) -- Japan's ambassador to the United Nations defended U.N. chief Ban Ki-moon against criticism from several media outlets about his low-profile leadership, claiming that Ban's "quiet diplomacy" is more effective in the...

S. Korea, Japan to hold joint relief drill in East Sea: navy.
July 1, 2009... SEOUL, June 30 (Yonhap) -- The navies of South Korea and Japan will hold a joint biennial relief exercise in the East Sea, starting this week, the Navy said Tuesday. The Search and Rescue Exercise, or SAREX, will take place in the waters...

S. Korean builders' overseas orders halve in H1.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korean builders' overseas orders halved in the first six months of the year from a year earlier due to a tumble in demand especially from the Middle East and Asia, market watchers said Tuesday. The builders won...

German insurer ERGO eyes expansion in Korean market.
July 1, 2009... DUSSELDORF, Germany, June 30 (Yonhap) -- German insurer ERGO Insurance Group is hoping to expand in the Korean non-life insurance market by selling a product next year that provides coverage for litigation costs, its chief said Tuesday....

Standard Chartered launches holding firm in S. Korea.
July 1, 2009... SEOUL, June 30 (Yonhap) -- Standard Chartered Plc launched a financial services company in South Korea on Tuesday, becoming the first foreign lender to do so in Asia's fourth-largest economy. London-based Standard Chartered received regulatory...

Navy boats decommissioned with battlefield records.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea's Navy said Tuesday it retired a pair of patrol boats that have destroyed a North Korean submarine and a spy ship since being commissioned in the 1980s. The Donghae, commissioned in 1983, took part in a...

S. Korea, Tunisia to promote cultural ties, student exchange program.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea and Tunisia agreed Tuesday to boost student exchanges and other cultural ties as the two nations mark the 40th anniversary of the establishment of diplomatic relations this year, according to Seoul's...

S. Korea's manufacturing sentiment rises for Q3.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korean manufacturing sentiment rose considerably for the third quarter of this year amid signs of improving economic conditions, a government poll showed Tuesday. The business survey index (BSI) for...

N. Korea enriching uranium as leader's health may be relapsing: S. Korea.
July 1, 2009... SEOUL, June 30 (Yonhap) -- North Korea appears to be "definitely" pressing ahead with uranium enrichment that would give it another means to build nuclear arms, South Korea's defense chief said Tuesday. Defense Minister Lee Sang-hee also said...

S. Korea trying to facilitate deployment of Lebanon peacekeepers.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea is pushing to facilitate the deployment of its peacekeeprs in Lebanon by lengthening intervals at which the government is mandated to seek approval for extensions by the National Assembly. The government...

Next year's minimum wage to rise 2.75 percent.
July 1, 2009... SEOUL, June 30 (Yonhap) -- A tripartite committee consisting of labor, management and government representatives decided on Tuesday to raise the country's minimum wage by 2.75 percent next year, the lowest increase in over 10 years. The Minimum...

Amnesty calls for 'urgent action' for S. Korean worker detained in N. Korea.
July 1, 2009... SEOUL, June 30 (Yonhap) -- Amnesty International urged its members around the world to send appeals to North Korean leader Kim Jong-il to release a South Korean worker who has been detained incommunicado for months. The London-based rights...

Goldberg likely to focus on consultations with China: officials.
July 1, 2009... SEOUL, June 30 (Yonhap) -- A U.S. official appointed to oversee enforcement of North Korea sanctions is expected to focus on consulting with Chinese officials during his upcoming Asia trip, diplomats here said Tuesday. They added he and his...

S. Korea' export fall to ease in Q3: state bank.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korean exports are expected to drop at a slower rate in the third quarter than three months earlier amid rebounding economic activities, the nation's state trade bank said Tuesday. According to a report by the...

S. Korea needs to enhance fiscal soundness: finance minister.
July 1, 2009... SEOUL June 30 (Yonhap) -- South Korea's fiscal status remains "comparatively better" than other advanced nations despite massive economic-bolstering measures, but the government must keep working to improve its soundness to brace for increased...

S. Korea wary of toughening home-loan rules.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea will take a cautious approach toward strengthening rules for home-backed loans despite escalating concern over a possible housing bubble, the top financial regulator said Tuesday. In a desperate effort to...

Art market holds up despite economic downturn.
July 1, 2009... SEOUL, June 30 (Yonhap) -- Seoul Auction, South Korea's second-largest art auction house, sold off 75 percent of artworks offered during its second major auction this year, proving that the local art industry is doing surprisingly well amid the...

Seoul shares up 0.8 pct in late morning.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korean stocks traded 0.8 percent higher late Tuesday morning as investor sentiment was bolstered by overnight gains in U.S. markets amid hopes for an economic recovery, analysts said. The benchmark Korea...

S. Korea's pension fund revises investment plan for this year.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea's national pension fund said Tuesday that it will lower the ratio of its domestic equity investment this year, while expanding the ratio of its bond exposure. The equity investment ratio will be pared to...

S. Korea to send new destroyer to Somali anti-piracy campaign.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea announced Tuesday it will deploy a 4,500-ton destroyer to Somali waters in mid-July to replace one that has operated there under a U.S.-led multinational anti-piracy campaign since April. The Dae Jo Yeong...

Early ratification of KORUS FTA to help overcome economic downturn: ministry.
July 1, 2009... SEOUL, June 30 (Yonhap) -- South Korea's finance ministry said Tuesday that an early ratification of a pending free trade deal with the United States is important in helping Asia's fourth-largest economy overcome the current economic slump. In...

Six S. Korean films invited to Karlovy Vary film fest.
July 1, 2009... SEOUL, June 30 (Yonhap) -- Six South Korean films including the Cannes-winning "Thirst" have been invited to an upcoming Czech film festival, local film officials said Tuesday. Park Chan-wook's "Thirst," which grabbed the Jury Award at this...

S. Korean advance team heads to joint park for talks with North.
July 1, 2009... SEOUL, June 30 (Yonhap) -- A South Korean advance team traveled to North Korea on Tuesday to prepare for a third round of talks over a troubled joint industrial park amid growing signs of financial strain on the businesses there. The talks on...

Choo's unfair tactics.
July 2, 2009... (EDITORIAL from the JoongAng Daily on July 2) -- Regardless of the issue at hand, key legislation that is submitted to the National Assembly should be discussed at a standing committee. Through this process, political parties have a chance to...

Rule of law: Korea should learn from Madoff's 150-year sentence.
July 2, 2009... (EDITORIAL from the Korea Times on July 2) -- It is hard for South Koreans to understand how U.S. courts often hand down prison terms of more than 100 years to criminals. The latest American case was the trial of Bernard Madoff, a 71-year-old...

Long-term perspective.
July 2, 2009... (EDITORIAL from the Korea Herald on July 2) -- The renewed effort by the government, the Blue House and the ruling Grand National Party to cut household spending on cram schools is welcome news for families who are finding the costs of such...

South, North Korea to meet again over joint park.
July 2, 2009... SEOUL, July 2 (Yonhap) -- South and North Korea were set to hold a third round of talks over a joint venture later Thursday in a bid to narrow differences over rent and wages and the fate of a detained worker. The economic talks are being held...

S. Korea's FX reserves hit 9-month high in June.
July 2, 2009... SEOUL, July 2 (Yonhap) -- South Korea's foreign exchange reserves rose to a nine-month high in June as foreign currency liquidity conditions improved and investment profits gained, the central bank said Thursday. The nation's foreign reserves...

(Yonhap Interview) Hanawon center, a litmus test for how Koreas can unite.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korea has come a long way since it opened a resettlement center for North Korean defectors a decade ago, but there is still much left to do, the head of the center said Wednesday. Hanawon, meaning the "House of...

S. Korea announces success in rainmaking.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korea's weather agency said Wednesday it has successfully conducted an experiment to artificially make rain for the first time in the country. A plane seeded clouds over a man-made reservoir and a ski resort,...

S. Korea confirms 16 additional flu cases.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korean health authorities said Wednesday they have confirmed 16 additional type-A flu cases, including two foreigners, bringing the total number of infections here to 226. The new patients, including one American...

Samsung Group's 2008 sales top 200 tln won.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Samsung Group, South Korea's top family-controlled conglomerate, saw its sales exceed the 200 trillion won (US$158 billion) mark for the first time in 2008, data showed Wednesday. Total revenue of the group's 47...

(2nd LD) N. Korean rocket could potentially hit half the U.S.: American scientists.
July 2, 2009... SEOUL, July 1 (Yonhap) -- The long-range rocket North Korea launched in April could be converted into a ballistic missile capable of striking half of the continental U.S., two American physicists have concluded in a joint study. North Korea...

(2nd LD) S. Korea's consumer prices rise 2 pct in June: gov't report.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korea's consumer prices grew at the slowest pace in 22 months in June, easing concerns that inflation could hamper an economic recovery bolstered by government spending, a report showed Wednesday. According to...

Tax cuts help car sales in S. Korea jump 46 pct in June.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Auto sales in South Korea jumped 46.2 percent in June from a year earlier, thanks to the government's tax cuts to spur demand, according to data released by the nation's five automakers Wednesday. The five carmakers,...

President Lee calls for national unity against N. Korea.
July 2, 2009... SEOUL, July 1 (Yonhap) -- President Lee Myung-bak called on his country Wednesday to unite against North Korea's nuclear and military threats, saying domestic divisions and confrontation can do far more damage than North Korean weapons do....

(2nd LD) Ruling party submits disputed labor bill to parliament.
July 2, 2009... SEOUL, July 1 (Yonhap) -- In a blitzkrieg-like move, the ruling Grand National Party (GNP) on Wednesday presented a bill that may decide the fate of tens of thousands of non-regular workers to a parliamentary committee after days of talks with...

Seoul shares end 1.55 pct higher on financial gains.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korean stocks closed 1.55 percent higher Wednesday as investors scooped up financial shares amid rosy prospects for their second-quarter earnings, analysts said. The local currency rose against the U.S. dollar....

S. Korean president to attend G-8 summit, visit Poland, Sweden.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korean President Lee Myung-bak will embark on a three-nation trip to Europe next week to attend the extended G-8 conference and make official visits to Poland and Sweden, the presidential office Cheong Wa Dae...

China terminates antidumping duties on South Korean newsprint papers.
July 2, 2009... SEOUL, July 1 (Yonhap) -- China has lifted its 10-year antidumping duties on newsprint papers made by South Korean companies, Seoul's trade ministry said Wednesday. With the move, South Korea's exports of newsprint papers to the neighboring...

Hyundai Motor's auto sales rise 9.6 pct in June.(Financial report)
July 2, 2009... SEOUL, July 1 (Yonhap) -- Hyundai Motor Co., South Korea's largest automaker, said Wednesday its auto sales last month rose 9.6 percent from a year ago to 278,485 units, thanks to growing demand at home and overseas. In the first six months of...

Eximbank plans to sell global bonds this month.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korea's state-owned trade bank plans to sell foreign currency denominated bonds this month amid an easing of the global financial turmoil, its chief said Wednesday. In January, the Export-Import Bank of Korea...

Ssangyong Motor's auto sales plunge 97.1 pct in June.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Ssangyong Motor Co., which has been under bankruptcy protection since February, said Wednesday its vehicle sales last month plunged 97.1 percent from a year ago, hit by a prolonged strike by dismissed workers....

(2nd LD) S. Korea's trade surplus surges to record US$7.4 bln in June.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korea's trade surplus reached a record US$7.4 billion in June due mainly to a sharp drop in imports caused by a slump in the local economy, a government report showed Wednesday. The country's exports came to $33...

S. Koreans' life insurance coverage grows at slowest pace in 16 years.
July 2, 2009... SEOUL, July 1 (Yonhap) -- The gross amount covered by life insurers in South Korea grew at the slowest rate in 16 years last year as the number of new insurance policy holders dropped and existing holders canceled their contracts amid an...

U.S. delegation to brief China on N. Korea's illegal activities: officials.
July 2, 2009... SEOUL, July 1 (Yonhap) -- A U.S. official in charge of coordinating sanctions on North Korea is expected to inform the Chinese government of Pyongyang's illicit activities and Washington's plan to implement U.N. sanctions, officials here said...

Kia Motors posts 23.2 pct gain in June sales.(Financial report)
July 2, 2009... SEOUL, July 1 (Yonhap) -- Kia Motors Corp., South Korea's second-largest automaker, said Wednesday its vehicle sales last month rose 23.2 percent from a year earlier to 143,417 units, helped by an uptick in local demand fueled by tax benefits....

S. Korea, Gulf states to hold free trade talks next week.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korea and six Gulf states will hold their third round of free trade negotiations in Seoul next week, the trade ministry said Wednesday. During a three-day meeting that runs from Wednesday, negotiators from both...

Renault Samsung's auto sales drop 26 pct in June.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Renault Samsung Motors Corp., the South Korean unit of French automaker Renault SA, said Wednesday its vehicle sales dropped 26 percent last month from a year ago to 15,255 units, hit by weaker demand. In the first six...

GM Daewoo's vehicle sales slip 17.6 pct in June.
July 2, 2009... SEOUL, July 1 (Yonhap) -- GM Daewoo Auto & Technology Co., the South Korean unit of U.S. automaker General Motors Corp., said Wednesday its June auto sales fell 17.6 percent from a year ago to 38,243 units. The carmaker sold 261,009 units in...

Number of private aircraft in South Korea rises steadily.
July 2, 2009... SEOUL, July 1 (Yonhap) -- The number of private planes in South Korea has steadily increased over the past decade due to mounting demand from the business sector, a government report said Wednesday. A total of 455 planes were registered at the...

Samsung Electronics executives see signs of sales recovery.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korean electronics giant Samsung Electronics Co. will see business picking up in the second half of this year, its chief executives said Wednesday. "The economic crisis, which started from the United States, led...

President Lee calls for regional investment, development efforts.
July 2, 2009... SEOUL, July 1 (Yonhap) -- President Lee Myung-bak called Wednesday for increased investment in the country's rural areas in order to ensure balanced development of the country and enhance national competitiveness. "In July, South Korea will...

Ssangyong may file for insolvency soon if strike continues.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Troubled Ssangyong Motor Co. warned Wednesday it would have no option but to file for insolvency proceedings this month if laid off workers occupying the company's only assembly plant continue their strike. About 1,000...

Top U.N. official due in Seoul.
July 2, 2009... SEOUL, July 1 (Yonhap) -- United Nations Under-Secretary-General Cheick Sidi Diarra was to arrive here later Wednesday for discussions with South Korean officials on ways to help underdeveloped nations and handle other global challenges. His...

Seoul shares trade 0.85 pct higher in late morning.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korean stocks traded 0.85 percent higher late Wednesday morning as investors picked up tech and financial shares, shrugging off overnight falls in U.S. markets, analysts said. The benchmark Korea Composite Stock...

Kumho picks lead managers for Daewoo Engineering sale.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Kumho Asiana Group said Wednesday that it has named lead managers for the sale of its controlling stake in Daewoo Engineering & Construction Co, the country's largest construction firm. The lead managers are state-run...

Descendants of Korean War veterans to visit S. Korea.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Some 80 young descendants of U.N. troops who fought in the Korean War will begin a six-day trip around South Korea this week to learn of the 1950-53 conflict often referred to as the Forgotten War, the national...

(Movie Review) A mixed bag of pleasures in omnibus Eros film.(Movie review)
July 2, 2009... SEOUL, July 1 (Yonhap) -- As Forrest Gump or Haruki Murakami might agree, an omnibus film is a lot like a box of assorted candies: you get a mix and match of all your favorites from truffle and cream to Jordan almonds in one single package, but...

Seoul shares inch up after weak start.
July 2, 2009... SEOUL, July 1 (Yonhap) -- South Korean stocks started weaker Wednesday, but gained ground as investors picked up tech and financial shares, shrugging off overnight falls in U.S. markets, analysts said. The benchmark Korea Composite Stock Price...

S. Korea posts 2nd-highest food price growth among OECD members.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Food prices in South Korea were the second-highest among major countries in May, a report showed Wednesday, indicating that the current economic crisis is heavily weighing on the livelihood of ordinary people here....

S. Korea's major shipyards suffer severe slump in new orders.
July 2, 2009... SEOUL, July 1 (Yonhap) -- Hyundai Heavy Industries Co., South Korea's leading shipbuilder, and its local rivals saw a major drop in orders in the first half of the year due to a protracted global economic slump, industry sources said Wednesday....

Kim Jong-il calls science 'power engine' for N. Korea.
July 2, 2009... SEOUL, July 1 (Yonhap) -- North Korean leader Kim Jong-il said science and technology are the powerful engine driving the construction of a strong nation during his latest trip to a semiconductor factory and a science academy, state media...

Companies can lead the way.
July 3, 2009... (EDITORIAL from the JoongAng Daily on July 3) -- The government has started making all-out efforts to spur corporate investment, unveiling a policy on Thursday that includes almost every measure it could conceivably take to boost capital...

Acuter Pain US Tightening Noose Around North Korea.
July 3, 2009... (EDITORIAL from the Korea Times on July 3) -- North Korea has thrown itself deeper into isolation by ratcheting up tensions with nuclear brinkmanship and other provocations. It now faces tougher U.N. sanctions, including an arms embargo and...

Massive layoffs.
July 3, 2009... (EDITORIAL from the Korea Herald on July 3) What is required of political parties in these times of economic hardship is effort to enhance job security for those in work and create jobs for those who need them. Their unforgivable ineptitude,...