YON - Yonhap News Agency of Korea articles from June 2008

YON - Yonhap News Agency of Korea archives from June 2008

Korean conglomerates expanding business lines through M&As: report.
June 1, 2008... SEOUL, June 1 (Yonhap) -- South Korean business groups, which have spun off or sold off non-core businesses in the wake of the financial meltdown that hit the nation in late 1997, have increased their assets through mergers and acquisitions, a...

Korea's H2 domestic car sales expected to rise 6.8 pct.
June 1, 2008... SEOUL, June 1 (Yonhap) -- Domestic sales by South Korean carmakers are expected to increase nearly 7 percent in the second half despite unfavorable conditions such as sky-high oil prices, a private think tank said Sunday. Total sales by...

(News Focus) S. Korean conglomerates vying to tap brokerage sector.
June 1, 2008... SEOUL, June 1 (Yonhap) -- South Korean conglomerates that don't own brokerage houses are rushing to tap the securities sector in a bid to raise funds more easily, find new revenue sources, and manage their affiliates' assets more effectively,...

Magnitude-4.2 earthquake hits South Korea's southern island.
June 1, 2008... JEJU ISLAND, South Korea, May 31 (Yonhap) -- A magnitude-4.2 earthquake struck South Korea's southern resort island of Jeju Saturday but there were no reports of injuries or property damage, weather officials said. The temblor, which...

Jordan rallies to tie S. Korea.
June 1, 2008... SEOUL, May 31 (Yonhap) -- Substitute Hasan Abdel-Fattah scored two goals in a row in the final minutes to help Jordan hold South Korea to a 2-2 draw at an Asian World Cup qualifier in Seoul on Saturday. The draw still kept South Korea at...

Seoul, Tokyo agree to boost three-way military ties with U.S.
June 1, 2008... SINGAPORE, May 31 (Yonhap) -- The defense chiefs of South Korea and Japan agreed Saturday to work together to revive a suspended three-way military dialogue with the United States as soon as possible, South Korean officials said. South...

Tens of thousands of South Koreans rally against U.S. beef.
June 1, 2008... SEOUL, May 31 (Yonhap) -- Tens of thousands of people, holding lighted candles, rallied in Seoul and other cities on Saturday night against a beef import deal their government signed with Washington, claiming that it fails to protect South...

Soccer result Saturday at World Cup qualifier in Seoul.
June 1, 2008... SEOUL, May 31 (Yonhap) -- Soccer result at an Asian World Cup qualifier between South Korea and Jordan at Seoul World Cup Stadium on Saturday: South Korea 2 Jordan 2 (THROUGH ASIA PULSE)

N. Korea warns U.S. criticism of it would hinder denuclearization process.
June 1, 2008... SEOUL, May 31 (Yonhap) -- North Korea warned Saturday that U.S. criticism of its alleged human rights problems would hinder international efforts to denuclearize it. In a report published this week, the U.S. State Department described North...

Koreas discussed broad range of issues at Beijing talks: envoy.
June 1, 2008... YEONGJONGDO, May 31 (Yonhap) -- South Korea's top nuclear envoy said Saturday that he discussed a wide range of pending issues regarding the six-way talks on North Korea's denuclearization with his North Korean counterpart in Beijing. Kim...

First lady Kim wins alumni award from Ewha university.
June 1, 2008... SEOUL, May 31 (Yonhap) -- First lady Kim Yoon-ok on Saturday received the Distinguished Alumni Award from her alma mater, Ewha Womans University, for her role in helping her husband, Lee Myung-bak, win South Korea's presidential election last...

Defense minister calls for int'l efforts to fight terrorism, N.K. nukes.
June 1, 2008... SINGAPORE, May 31 (Yonhap) -- South Korea's defense minister on Saturday called on the international community to join efforts to fight what he called non-traditional security threats in Northeast Asia, such as terrorism and North Korea's...

S. Korea offers to extend IT expertise to Rwanda.
June 1, 2008... By Yoo Cheong-mo SEOUL, May 31 (Yonhap) -- President Lee Myung-bak and visiting Rwandan President Paul Kagame on Saturday agreed to strengthen economic and industrial cooperation between South Korea and the African nation during their summit...

Seoul bourse to be volatile next week: analysts.
June 1, 2008... SEOUL, May 31 (Yonhap) -- The South Korean stock market is likely to remain volatile next week without clear upward momentum as concerns over oil prices and the health of the U.S. economy will likely weigh on the market, analysts said Saturday....

N. Korea test fires short-range missiles into West Sea.
June 1, 2008... SEOUL, May 31 (Yonhap) -- North Korea this week fired three short-range missiles in what appeared to be a routine test of its aging missile arsenal, government officials said Saturday. The communist nation on Friday fired three ship-to-ship...

Ship exports help S. Korea post US$1 billion trade surplus in May.
June 2, 2008... SEOUL, June 2 (Yonhap) -- A record surge in exports of ships in May helped South Korea post its first monthly trade surplus in six months, a government report showed Monday. The Ministry of Knowledge Economy said exports rose 27.2 percent...

Defense chiefs of S. Korea, U.S. to hold talks in Seoul.
June 2, 2008... SEOUL, June 2 (Yonhap) -- South Korea's Defense Minister Lee Sang-hee and U.S. Secretary of Defense Robert M. Gates will meet here this week for talks on a variety of issues, ranging from the sharing of costs to maintain U.S. forces here to...

Religious, civic leaders call for emergency food aid to N. Korea.
June 2, 2008... SEOUL, June 2 (Yonhap) -- Dozens of South Korean religious and civic group leaders on Monday called on their government to immediately provide food aid to save people dying of starvation in North Korea. The leaders, including Rev. Pomnyun of...

S. Korea, ADB seek joint financing on regional development.
June 2, 2008... SEOUL, June 2 (Yonhap) -- South Korea plans to seek US$3.5 billion worth of joint financing with the Asian Development Bank (ADB) over the next three years to provide loans aimed at boosting development in the Asian region, the government said...

Army to deploy special forces troops to clean up Han River.
June 2, 2008... SEOUL, June 2 (Yonhap) -- Some 250 specially trained Army service members will be deployed this week in Seoul to help clean up what used to be the life vein of the South Korean capital, the Han River, the Army public affairs office said Monday....

Lee vows to overhaul trouble-ridden Cabinet.
June 2, 2008... SEOUL, June 2 (Yonhap) -- President Lee Myung-bak said Monday that he will come up with a set of administrative shake-up measures in several days to allay the growing public resentment over the planned resumption of U.S. beef imports and other...

Ship exports help S. Korea post US$1 billion trade surplus in May.
June 2, 2008... SEOUL, June 2 (Yonhap) -- A record surge in exports of ships in May helped South Korea post its first monthly trade surplus in six months, a government report showed Monday. The Ministry of Knowledge Economy said exports rose 27.2 percent...

S. Korean economy grows 0.8 pct in Q1.
June 2, 2008... SEOUL, June 2 (Yonhap) -- The South Korean economy expanded faster than earlier estimated in the first quarter as robust exports of mobile phones and other goods helped offset slowing domestic demand and weak corporate spending, the central...

Dokdo issue may put shuttle diplomacy with Japan in jeopardy.
June 2, 2008... SEOUL, June 2 (Yonhap) -- Tokyo could jeopardize the hard-won resumption of shuttle diplomacy between the leaders of South Korea and Japan if it continues an outright campaign to lay claim to Dokdo, a set of rocky islets in the East Sea, a...

Defense chiefs of S. Korea, U.S. to hold talks in Seoul.
June 2, 2008... SEOUL, June 2 (Yonhap) -- South Korea's Defense Minister Lee Sang-hee and U.S. Secretary of Defense Robert M. Gates will meet here this week for talks on a variety of issues, ranging from the sharing of costs to maintain U.S. forces here to...

Anti-government protesters dispersed by police near presidential office.
June 2, 2008... SEOUL, June 2 (Yonhap) -- Just a day ahead of South Korea's formal resumption of U.S. beef imports, a large portion of 20,000 protesters scuffled with riot squads early Monday and hauled police vehicles away as they tried to clear the way to...

100 days old.
June 2, 2008... (EDITORIAL from the JoongAng Daily on June 2): Korea is in political turmoil and facing a difficult economic situation. Amid such concerns, President Lee Myung-bak will reach his 100th day in office tomorrow. The port of becoming an advanced...

First 100 Days Nation Reveals Limits in Democracy, Capitalism.
June 2, 2008... EDITORIAL from The Korea Times on June 2: The hundredth day of a baby used to be a special celebration up to the 1960s because of the high infant mortality. Advances in medical science and the standard of living here have enabled most parents...

A fresh start?
June 2, 2008... (EDITORIAL from the Korea Herald on June 2): It would seem absurd, and even senseless, to demand an administration only 3 months old make a fresh start again, with a new lineup of senior officials in key government posts. But that is what the...

U.S. predicts big increase in agriculture exports to S. Korea.
June 2, 2008... WASHINGTON, June 1 (Yonhap) -- U.S. agricultural exports to South Korea are expected to reach US$4.4 billion for fiscal year (FY) 2008, up 38.5 percent from the previous year, according to the latest estimate released on Sunday by the U.S....

Anti-U.S. beef protests continue despite crackdown.
June 2, 2008... SEOUL, June 1 (Yonhap) -- Thousands of South Koreans again took to the streets Sunday to protest the impending resumption of U.S. beef imports, a day after police fired water cannons and used other forceful means to crack down on protesters. ...

Vice foreign ministers of S. Korea, Japan to hold talks.
June 2, 2008... SEOUL, June 1 (Yonhap) -- Vice foreign ministers of South Korea and Japan will meet in Tokyo this week for strategic talks on North Korea's nuclear program and other matters of mutual concern, Foreign Ministry officials said Sunday. The...

Lee mulls minor Cabinet shakeup to allay discontent: sources.
June 2, 2008... SEOUL, June 1 (Yonhap) -- President Lee Myung-bak may carry out a small-scale Cabinet reshuffle this week to assuage public anger over a controversial deal to resume imports of U.S. beef, presidential sources said Sunday. According to the...

U.S. not set to reward N. Korea for nuclear declaration: envoy.
June 2, 2008... SEOUL, June 1 (Yonhap) -- The United States does not seem to be ready to provide North Korea with what the communist nation wants in return for its next moves toward denuclearization, a South Korean envoy said Sunday. Kim Sook, Seoul's chief...

President Lee to mark 100 days in office amid dwindling popularity.
June 2, 2008... SEOUL, June 1 (Yonhap) -- South Korean President Lee Myung-bak will mark his 100th day in office Tuesday as the public turns increasingly cold toward his government over a controversial accord to resume imports of U.S. beef. Lee, a...

Seoul reviews WFP request to provide food aid to Pyongyang.
June 2, 2008... SEOUL, June 1 (Yonhap) -- South Korea is weighing a call from a food aid branch of the United Nations to provide food to North Korea, which is at risk of famine due to a poor harvest and dwindling donations from the outside world, officials...

S. Korea, U.S. to hold defense ministers' talks.
June 2, 2008... SEOUL, June 1 (Yonhap) -- The defense ministers of South Korea and the United States will hold a meeting in Seoul Tuesday to discuss pending issues such as the sharing of costs to maintain some 28,000 U.S. troops here, a Defense Ministry...

S. Korea's crude imports to rise 3.1 pct, report says.
June 2, 2008... SEOUL, June 1 (Yonhap) -- South Korea's imports of crude oil are expected to increase slightly over 3 percent this year amid soaring prices, becoming a big burden to the non-oil producing economy, a report showed Sunday. The Korea...

S. Korea competitiveness ranking slips to 31st place: int'l report.
June 2, 2008... SEOUL, June 1 (Yonhap) -- South Korea's global competitiveness ranking slipped two notches to 31st due to poor labor-management relations and high living expenses, an international report revealed Sunday. The latest ranking published in...

U.S. beef set to hit S. Korean market next week.
June 2, 2008... SEOUL, June 1 (Yonhap) -- Beef imported from the United States is likely to hit the South Korean market as early as next week as the government is determined to resume quarantine inspections of the product, officials said Sunday. Defying...

Seoul mulls building more nuclear reactors.
June 2, 2008... SEOUL, June 1 (Yonhap) -- South Korea is weighing a plan to construct more than nine new nuclear power reactors to generate electricity as part of efforts to cope with skyrocketing oil prices, the government said Sunday. By doing so, the...

New commander of USFK vows stronger alliance, combat capabilities.
June 3, 2008... SEOUL, June 3 (Yonhap) -- The United States will continue to develop its alliance with South Korea and their joint combat capabilities to deter any possible attempts by North Korea to attack the South, the new chief of U.S. Forces Korea said...

Seoul shares tumble on U.S. losses.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korean stocks sank more than 1.3 percent late Tuesday morning as institutions and foreign investors rushed to sell most blue chips following overnight losses on Wall Street, analysts said. The benchmark Korea...

KDB sale to get synergy with easing of bank ownership: FSC.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korea's sale of the state-run Korea Development Bank (KDB) would create a synergy if its push to ease regulations on bank ownership goes as planned, the vice chief of the country's financial watchdog said...

Seoul asks Washington not to send shipments of beef from older cattle.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korea's agriculture minister said Tuesday that Seoul has asked the United States not to send it shipments of beef from cattle over 30 months old. Chung Woon-chun told reporters at a press conference that until...

Hyundai Heavy wins 852-bln-won order for nine ships.
June 3, 2008... SEOUL, June 3 (Yonhap) -- Hyundai Heavy Industries Co., the world's largest shipyard, said Tuesday that it has won a 852-billion-won (US$837 million) deal to build nine oil tankers. The deal with a European shipping company calls on Hyundai...

Seoul, Washington agree to maintain current U.S. troop level here.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korea's Defense Minister Lee Sang-hee and his U.S. counterpart Robert M. Gates agreed Tuesday to maintain the level of 28,500 American troops here, a senior defense official here said. The meeting in Seoul...

Nearly 3 million people pardoned on Lee's 100th day in office.
June 3, 2008... SEOUL, June 3 (Yonhap) -- The government on Tuesday granted pardons to 2.8 million people, mostly citizens who committed minor offenses, to mark President Lee Myung-bak's 100th day in office but denied clemency to politicians and business...

S. Korea to double efforts to tame inflation: official.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korea will make every possible effort to tame inflation, a senior financial policymaker said Tuesday, raising expectations that the government might change its stance on a weak currency to lower inflationary...

FMs of S. Korea, China, Japan to meet in Tokyo.
June 3, 2008... SEOUL, June 3 (Yonhap) -- The foreign ministers of South Korea, China, and Japan will get together in Tokyo next week to discuss various regional and international issues including the North Korean nuclear crisis, Seoul's Foreign Ministry...

Shareholders of Poongsan OK holding firm plan.
June 3, 2008... SEOUL, June 3 (Yonhap) -- Poongsan Corp., a South Korean supplier of non-ferrous metals and defense products, said Tuesday that its shareholders approved a plan to split Poongsan into a holding company and two operating companies to boost...

Seoul decides to renegotiate U.S. beef import pact.
June 3, 2008... SEOUL, June 3 (Yonhap) -- The South Korean government and the ruling party agreed to request Washington for a renegotiation of an April agreement on resuming U.S. beef imports, in the face of growing public discontent here, officials said...

Hynix develops new cost-effective NAND flash memory.
June 3, 2008... SEOUL, June 3 (Yonhap) -- Hynix Semiconductor Inc., the world's second-largest maker of computer memory chips, said Tuesday it has developed a new cost-effective NAND flash memory that is 30 percent smaller than the chips currently in...

Minister to explain postponement of U.S. beef imports.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korea's agriculture minister will hold a press conference on Tuesday to explain the government's decision to postpone the resumption of U.S. beef imports. The press conference, scheduled for 10:30 a.m., comes...

Seoul shares open lower on foreign selling.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korean stocks opened lower Tuesday as foreign investors and institutions dumped insurance, tech and most other large-cap shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell...

N. Korea sends construction workers to Poland: report.
June 3, 2008... SEOUL, June 3 (Yonhap) -- Cash-strapped North Korea has dispatched dozens of construction workers to Poland to earn much needed foreign currency, a U.S.-based radio station said Tuesday. Approximately 42 North Koreans are working in the...

(News Focus) Stagflation fears put brakes on president's economic drive.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korea's economy is racing toward an early stage of stagflation with all economic indicators, except exports, pointing to weaker growth and consumers reeling from growing inflation, experts said. And a global...

Listen, act, build trust.
June 3, 2008... (EDITORIAL from the JoongAng Daily on June 3) - Recent massive protests against U.S. beef imports pose a crisis for the administration and for the entire country. The president caused the crisis and he should resolve it. The president must...

Profiteers' paradise: Wicked vendors capitalize on vain consumers.
June 3, 2008... (EDITORIAL from the Korea Times on June 3) - Korean consumers buy famous foreign brand items paying four to seven times more than import prices, Korea Customs Service said Thursday. Most people's response to hearing this report, however, was...

Food aid to North.
June 3, 2008... (EDITORIAL from the Korea Herald on June 3) - The extreme contrast between the two divided halves of the Korean Peninsula is such that while in the South people are protesting the importation of U.S. beef, little children are starving to death...

S. Korea's foreign reserves down in May.
June 3, 2008... SEOUL, June 3 (Yonhap) -- South Korea's foreign exchange reserves declined by US$2.28 billion in May from a month earlier as a stronger U.S. dollar brought down the dollar value of assets in other currencies like the euro, the central bank said...

U.S. trying to find out more on Korea's beef decision.
June 3, 2008... WASHINGTON, June 2 (Yonhap) -- The United States said Monday it is continuing talks with South Korea on the beef issue in the wake of a decision by Seoul that in effect postpones imports of American beef. "We continue to work with the...

Panel finds no evidence of UNDP-NK fund abuse.
June 3, 2008... WASHINGTON, June 2 (Yonhap) -- An independent external panel concluded Monday that there is no evidence supporting U.S.-led allegations of mismanagement and diversion of a U.N. relief agency's activity funds in North Korea. The panel...

(3rd LD) S. Korea to delay posting of new U.S. beef import pact on gov't gazette.
June 3, 2008... SEOUL, June 2 (Yonhap) -- South Korea will delay posting the new U.S. beef import rules on the government gazette in the face of mounting public opposition, the agriculture ministry said on Monday. The move effectively delays implementation...

McDonald's Korea attacked by suspected hackers.
June 3, 2008... SEOUL, June 2 (Yonhap) -- The Web site of McDonald's Korea was shut down on Monday as the company investigated what appeared to be an incident caused by hackers. The main page of the company's Web site (http://www.mcdonalds.co.kr) was...

(News Focus) S. Korea may push for renegotiation of U.S. beef import deal.
June 3, 2008... SEOUL, June 2 (Yonhap) -- The decision by the agriculture ministry to hold off posting the new U.S. beef import standard on the government gazette may push Seoul to renegotiate the controversial pact with the United States, which could cast...

(2nd LD) Despite heavy rain, thousands hold candles protesting U.S. beef imports.
June 3, 2008... SEOUL, June 2 (Yonhap) -- Despite pouring rain, thousands of Koreans marched with candles in downtown Seoul on Monday night, opposing the resumption of U.S. beef imports and forcing the government to delay the policy for a third time. "I...

KRX to overhaul its KOSPI 200 index.
June 3, 2008... SEOUL, June 2 (Yonhap) -- South Korea's stock market operator said Monday it has decided to add 14 new companies, including STX Corp., to the KOSPI 200 Index from June 13, and will drop 14 other firms, including S&T Holdings Co., from the...

Ruling party requests delay in U.S. beef imports.
June 3, 2008... SEOUL, June 2 (Yonhap) -- The ruling Grand National Party (GNP) on Monday asked the government to delay the resumption of U.S. beef imports by postponing a plan to post the beef deal in the South Korean government gazette, which is slated for...

Daegu to host international musical festival.
June 3, 2008... DAEGU, June 2 (Yonhap) -- The southeastern city of Daegu is to host an international musical festival this month, organizers said on Monday. The Daegu International Musical Festival (DIMF) is to be held from June 17 to July 7 in main...

Handset sales in S. Korea dip 15 pct in May.
June 3, 2008... SEOUL, June 2 (Yonhap) -- The number of mobile phones sold in South Korea fell approximately 15 percent from a month ago, as buyers waited for new models to be introduced in the second half of the year, market reports said Monday. Samsung...

SKT beats rivals in luring customers in May.
June 3, 2008... SEOUL, June 2 (Yonhap) -- SK Telecom Co., South Korea's leading mobile carrier, gained more customers than its rivals in May to maintain its lead in the country's nearly saturated telecom market, according to data released by mobile carriers...

SK Telecom seeks asset seizure over Hanarotelecom's info leak.
June 3, 2008... SEOUL, June 2 (Yonhap) -- SK Telecom Co. said Monday it has filed a request with a local court to seize assets worth 127.8 billion won (US$124.8 million) from former owners of recently-acquired Hanarotelecom Inc. over a recent allegation that...

(2nd LD) Religious, civic leaders call for emergency food aid to N. Korea.
June 3, 2008... SEOUL, June 2 (Yonhap) -- Dozens of South Korean religious and civic group leaders called on their government Monday to immediately provide food aid to impoverished North Korea to save people there dying of starvation. "We should save...

Seoul delays water privatization amid fears of price hikes.
June 3, 2008... SEOUL, June 2 (Yonhap) -- The Ministry of Environment said Monday that it postponed its administrative procedure for the privatization of tap water service for a second time amid spreading unfounded rumors on price hikes. As part of the Lee...

Seoul shares end lower on institutional selling.
June 3, 2008... SEOUL, June 2 (Yonhap) -- South Korean stocks ended marginally lower on Monday as institutions unloaded tech, financial and other blue-chip stocks in the first session of June, analysts said. The local currency surged against the U.S. dollar....

K-1 fighter exempted from compulsory army service: agent.
June 3, 2008... SEOUL, June 2 (Yonhap) -- South Korean martial arts fighter Choi Hong-man was declared exempt from his country's mandatory military service on Monday following a medical examination last week, his agency said. The 28-year-old former...

(2nd LD) S. Korea to sell KDB by 2012.
June 3, 2008... SEOUL, June 2 (Yonhap) -- South Korea plans to sell the state-owned Korea Development Bank (KDB) by 2012 through share and private sales and will set up a policy financing fund this year, the country's financial watchdog said Monday. ...

South Korea's May auto sales gain 5 pct on exports.
June 3, 2008... SEOUL, June 2 (Yonhap) -- South Korean auto sales rose in May led by Hyundai Motor Co. and its affiliate Kia Motors Corp., despite soaring oil prices, as demand from emerging markets boosted exports. Overall, sales of the country's five...

New U.S. beef import rules to be posted by gov't on Tuesday.
June 3, 2008... SEOUL, June 2 (Yonhap) -- South Korea's new rules for importing U.S. beef that were approved by the country's agriculture minister will be posted on the government gazette as scheduled, the Ministry of Public Administration and Security said...

Over 65,000 sign petition against U.S. beef imports.
June 3, 2008... SEOUL, June 2 (Yonhap) -- More than 65,000 people have signed an online petition to ask the Constitutional Court to stop the impending resumption of U.S. beef imports, a lawyers' organization collecting the signatures said Monday. The legal...

Head of U.S. Forces Korea to be replaced in ceremony.
June 3, 2008... SEOUL, June 2 (Yonhap) -- The U.S. Forces Korea (USFK) will this week receive a new commander in a change-of-command ceremony to be hosted by South Korea's Defense Minister Lee Sang-hee and U.S. Defense Secretary Robert M. Gates, the USFK...

S. Korea, Paraguay agree to share economic experiences.
June 3, 2008... SEOUL, June 2 (Yonhap) -- President Lee Myung-bak on Monday offered to share South Korea's experiences in economic development with Paraguay during his meeting with Paraguayan President-elect Fernando Lugo, the presidential office Cheong Wa Dae...

(News Focus) Protest over U.S. beef imports heaps pressure on Lee administration.
June 3, 2008... SEOUL, June 2 (Yohap) -- On the eve of the government's resumption of U.S. beef imports, public anger has reached crisis levels, with demonstrators shifting their focus from the Seoul-Washington beef agreement to President Lee Myung-bak whose...