YON - Yonhap News Agency of Korea back issues from February 2009:
Local film industry struggling to cope with market share drop, profits.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- The local film industry is struggling to deal with the drop in the market share and return on profits brought on by a diminishing number of moviegoers, an umbrella business group said Sunday. The Korea Chamber of Commerce and Industry (KCCI) said the number of ...
Banks wary of lending to smaller firms amid slumping restructuring process.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- Despite the central bank's aggressive efforts to ease its monetary policy, South Korea's major banks still remain wary of providing liquidity to cash-strapped companies for fear that their loans could go sour amid worsening economic conditions, market observers ...
U.N. committee urges N. Korea to improve children's rights.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- A human rights monitoring agency under the United Nations recently urged North Korea to improve human rights conditions of its children and allow them better access to information through books and the Internet, according to a civic group Sunday. The Committee on ...
Capacity utilization of SMEs falls to record low in Dec.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- Capacity utilization levels of small- and medium-sized enterprises (SMEs) fell to record low levels in December as economic woes ate into demand, a report by an industry umbrella group said Sunday. The survey by the Korea Federation of Small and Medium Business ...
Gov't to ease land, housing rules in free economic zones.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- The government said Sunday that it will greatly ease land development and planning permission rules in the country's free economic zones (FEZs) to attract more overseas investment. The changes, outlined in a special law that goes into effect on July 31, give ...
S. Korea's growth outlook to be trimmed amid economic recession woes: sources.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- South Korea should slash its growth target for this year, reflecting the economic slowdown that is feared to accelerate amid deepening global recession woes, government and central bank officials said Sunday. The downgrade would come on the heels of revisions by ...
S. Korean exports may face uphill climb in 2009.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- South Korean exports may face an uphill climb in 2009 as the global economic slump bites into consumer demand and business investment, sources said Sunday. Government and industry sources said worldwide trade is cooling off at a much faster rate than previously ...
(Yonhap Feature) Slowing economy makes big dent in Q4 bank earnings.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- South Korean banks' earnings probably plunged in the fourth quarter as the slowing economy and a subsequent corporate restructuring wave forced them to put aside more loan-loss reserves, analysts say. To make matters worse, local banks are likely to suffer further ...
(News Focus) S. Korea, U.S. saddled with thorny alliance issues.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- As new U.S. President Barack Obama addresses pressing issues at home and abroad, highlighted by the closure of the Guantanamo prison and overt outreach to the Muslim world, South Korean officials are making their own preparations to deal with key alliance issues ...
S. Korea's consumer demand may not recover until 2010.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- South Korea's consumer demand may not pick up until the second half of 2010 as households move to reduce outstanding debt, a report by a local financial think tank said Sunday. The Korea Institute of Finance (KIF) report speculated that economic uncertainties are ...
Global LCD prices expected to rebound starting this month.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- Global liquid crystal display (LCD) prices are expected to rebound starting this month after falling off sharply late last year, industry sources said Sunday. A rise in demand is likely since manufacturers of various information technology (IT) products and ...
Scientists discover mechanism that could help combat arteriosclerosis.
Feb 01, 2009 ... SEOUL, Feb. 1 (Yonhap) -- South Korean scientists on Sunday said they have discovered a mechanism that may help combat arteriosclerosis, a chronic illness that afflicts countless number of people around the world. The team led by Kim Bo-kyung, a professor of physiology at the Konkuk ...
Foreigners' travel spending in S. Korea hit record high in 2008.
Feb 01, 2009 ... SEOUL, Jan. 31 (Yonhap) -- Foreign tourists spent quite generously in South Korea last year as a weaker Korean currency eased their burden of visiting Asia's fourth-largest economy, central bank data showed Saturday. Foreigners' travel spending in South Korea reached a record US$9.02 ...
Lee calls for strategy to overcome economic crisis by next year.
Feb 01, 2009 ... SEOUL, Jan. 31 (Yonhap) -- President Lee Myung-bak called Saturday for concerted efforts to overcome the economic crisis, warning that people would not trust his government unless tangible results are produced before too long, his spokesman said. "We should show the bud of hope to the ...
Seoul bourse to trade in thin range next week: analysts.
Feb 01, 2009 ... SEOUL, Jan. 31 (Yonhap) -- The South Korean stock market is expected to trade in a narrow range next week as concerns over the deepening economic slump and weak corporate earnings will continue to bear down on sentiment, analysts said Saturday. The benchmark Korea Composite Stock Price ...
Get back to basics.
Feb 02, 2009 ... (EDITORIAL from the JoongAng Daily on Feb. 2) -- The extraordinary session of the National Assembly that opens today is significant for many reasons. In the days ahead, the Lee Myung-bak administration will have to demonstrate the direction of its policies for its second year. The ...
Serial killer It's time to focus more on crime prevention.
Feb 02, 2009 ... (EDITORIAL from the Korea Times on Feb. 2) -- "Appearances are often deceiving." This saying can be used no better to describe a serial killer suspected of murdering seven women. Many of his neighbors and co-workers said he was kind and faithful. He was also good-looking and affable. His ...
Credit checks again.
Feb 02, 2009 ... (EDITORIAL from the Korea Herald on Feb. 2) -- Banks are starting a second round of credit risk assessments of their corporate clients as a prelude to what they say will be sweeping restructuring. But their promise is less than convincing, given their abysmal track record. The outcome of ...
Foreign ownership of S. Korean stocks edges up in Jan.
Feb 02, 2009 ... SEOUL, Feb. 2 (Yonhap) -- Foreign ownership of South Korean shares inched up in January from the previous month on relieved investor sentiment over the local equity market, the bourse operator said Monday. As of Jan. 29, foreign investors held a combined 28.84 percent of local shares ...
Mass street protest held against deadly squatter crackdown.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- Thousands of government critics rallied in central Seoul Sunday, accusing President Lee Myung-bak of rolling back democracy and refusing to take responsibility for a deadly police crackdown on squatters that left six people dead. On Jan. 19, police raided a ...
N. Korean leader named for parliamentary elections: report.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- North Korean leader Kim Jong-il was nominated Sunday to run for a parliamentary seat in next month's elections, the country's media said, a legally required procedure to become the country's top commander. Voting for the North's rubber-stamp legislature is ...
Hyundai, Kia report record car sales in China for January.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- Hyundai Motor Co. and its affiliate Kia Motors Corp. said Sunday that they sold a record number of cars in China in January. The two largest South Korean carmakers said their Chinese affiliates -- Beijing Hyundai Motor Co. and Dongfeng Yueda Kia Automobile Co. -- ...
N. Korea warns Seoul of military conflict amid tension.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) --North Korea warned Sunday that war could break out on the Korean Peninsula if South Korea continues to downplay a series of military and other actions it has recently taken against Seoul. In an unusual move on Jan. 17, North Korea's military declared an "all-out ...
Gov't to invest 34 trln won to build super Internet highway.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- The government said Sunday it will invest 34 trillion won (US$24.6 billion) over the next few years to build a nationwide super broadband infrastructure to allow for faster and higher-capacity data transmission through the Internet. The Korea Communications ...
President calls for hope despite century's worst economic crisis.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- President Lee Myung-bak said the country is now facing the century's worst economic crisis, but that hope and positive thinking will help the country recover, a spokesman for the presidential office said Sunday. "We must renew our mind and attitude, especially ...
Parliament to hold extra session for controversial bills, issues.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- Parliament is scheduled to open an extraordinary session on Monday, with rival parties expected to lock horns again over contentious bills and approvals of new Cabinet members, including the newly appointed heads of the finance ministry and the nation's spy ...
S. Korea to allow cruise ship passengers to disembark at all ports.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- South Korea will allow passengers on cruise ships to disembark at all ports in an effort to help fuel tourism, the government said Sunday. The revision to the current immigration rules will exempt passengers arriving at local ports for non-commercial tourism ...
S. Korea's 'misery index' rises sharply in 2008: think tank.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- South Korea's "misery index" measured by inflationary prices and job market conditions rose sharply last year as the domestic economy suffered setbacks in the face of a worldwide slump, a private economic think tank said Sunday. LG Economic Research Institute ...
Daewoo Electronics tops 1 mln front-loading washers.
Feb 02, 2009 ... SEOUL, Feb. 1 (Yonhap) -- Daewoo Electronics Co., South Korea's third-largest electronics manufacturer, said Sunday that its production of front-loading washing machines has topped the 1-million unit mark. The production landmark comes more than four years after Daewoo Electronics started ...
S. Korean steelmakers to extend output cut amid downturn.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- POSCO and other South Korean steelmakers are planning to extend a production cut to cope with tapering demand, industry sources said Tuesday. Local industry leader POSCO, also the world's fourth-largest steelmaker, said Monday it would continue reduced production ...
S. Korean researchers develop 'fast tracking' telescope-camera.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- South Korean researchers said Tuesday that they have developed a telescope-camera combination that can instantly track and film events that occur without prior warning. The Ewha Womans University team led by Park Il-hung said the micro-electro mechanical systems ...
Samsung to supply advanced chips to Xilinx.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- Samsung Electronics Co., said Tuesday it has signed a contract to supply advanced chips to Xilinx, a U.S.-based semiconductor company. Under the deal, Samsung, the world's largest computer memory chip maker, will provide Xilinx with 45-nanometer ...
Obama, Lee pledge increased support for 6-way N. Korea talks.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- U.S. President Barack Obama said Tuesday his country will increase support for six-nation talks on ending North Korea's nuclear program, saying recent developments suggest the multilateral talks are the only way to denuclearize the communist nation, a spokesman ...
Nintendo sells over 2 mln 'DS Lite' game consoles in S. Korea.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- Japanese game console giant Nintendo Co. has sold more than 2 million units of its "DS Lite" portable gaming device in South Korea, its local unit said Tuesday. Launched two years ago along with Nintendo's official operations in Korea, the DS Lite has appealed to ...
N. Korea moving to fire long-range missile: Seoul officials.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- North Korea is moving to test-launch a long-range missile capable of carrying a nuclear warhead, South Korean officials said Tuesday, amid rising tension on the divided peninsula. An intelligence source said a train carrying a long cylinder-shaped object has ...
(News Focus) Fury at serial killer rekindles debate on death penalty ahead of court ruling.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- The recent macabre crimes of a serial killer who victimized young women have rekindled an age-old debate in South Korea on whether to keep capital punishment legal ahead of what is expected to be a watershed ruling by the country's Constitutional Court this year ....
IMF predicts S. Korean economy will shrink 4 pct this year.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- The International Monetary Fund (IMF) predicted Tuesday the South Korean economy will shrink 4 percent this year, sharply downgrading its earlier projection, citing weak domestic demand and exports amid the global economic slump. Asia's fourth-largest economy, ...
S. Korea launches bid for 2018 or 2022 World Cup.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- South Korea has declared its bid to host the World Cup finals in 2018 or 2022, joining fierce international competition to stage the world's biggest football event, the country's football governing body said on Tuesday. "South Korea has notified FIFA of its ...
(Yonhap Feature) Korea's 'manhwa' turns to new page.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- They are books with pictures, hardly highbrow or educational enough to compete with the classics. But with an unusual flair and depth, Korean comic books hatched as their very own literary genre a century ago. In the United States, they are called "graphic ...
Senate committee to hold hearing on N. Korea: sources.
Feb 03, 2009 ... WASHINGTON, Feb. 2 (Yonhap) -- The U.S. Senate foreign relations committee will hold a closed-door hearing Wednesday on North Korea, the first since the launch of the Barack Obama administration last month, congressional sources said Monday. The hearing is to be held amid reports that the ...
Korean president should launch public campaign for FTA: expert.
Feb 03, 2009 ... WASHINGTON, Feb. 2 (Yonhap) -- A U.S. Korea expert Monday urged South Korean President Lee Myung-bak to launch a public campaign for ratification of a free trade deal with the U.S. and economic reform to cope with the economic crisis and security threats from North Korea. Speaking to a ...
Export shock.
Feb 03, 2009 ... (EDITORIAL from the JoongAng Daily on Feb. 3): Exports shrank by a whopping 32.8 percent in January, the steepest drop since monthly import and export statistics have been recorded. Key exports of semiconductors and vehicles halved, and exports to China, Koreas main buyer, diminished by ...
Words of Hope: Time to Take Bolder Action to Tackle Crisis.
Feb 03, 2009 ... (EDITORIAL from the Korea Times on Feb. 3): President Lee Myung-bak's top priority is to revive the slumping economy. But it is not easy to do so amid the global financial and economic crisis. He needs to overhaul his policy directions for this year in a bid to cope with deteriorating ...
Water shortage.
Feb 03, 2009 ... (EDITORIAL from the Korea Herald on Feb. 3): A decade after environmental controversy halted a major dam project in the northeastern area, there are mounting calls for the construction of large reservoirs as the winter drought is causing a serious water shortage across the country ....
Top headlines in major S. Korean newspapers.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- The following are the top headlines in major South Korean newspapers on Feb. 3 Korean-language dailies -- Ruling party split over passage of key reform bills (Kyunghyang Shinmun) -- Record drop in exports in January (Kookmin Daily) -- Overseas sales ...
Korea's foreign reserves rise to US$201.7 bln in Jan.
Feb 03, 2009 ... SEOUL, Feb. 3 (Yonhap) -- South Korea's foreign exchange reserves rose for the second straight month in January as investment profits gained and local banks' overseas funding squeeze eased, the central bank said Tuesday. The nation's foreign reserves totaled US$201.74 billion as of the end ...
Clinton's Asian tour schedule not yet set: State Dept.
Feb 03, 2009 ... WASHINGTON, Feb. 2 (Yonhap) -- The U.S. State Department said Monday the itinerary for U.S. Secretary of State Hillary Clinton's imminent visit to South Korea, China and Japan has not yet been fixed. Reports said that Clinton is visiting the three northeast Asian countries in coming weeks ...
(News Focus) S. Korea reels from record export plunge.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- South Korea's trade-oriented economy was rocked in January as exports plunged to record-low levels amid the ongoing global economic slump, which has sapped overseas demand for locally made goods, the government said Monday. The 32.8 percent drop was the worst ...
N. Korea renews claim to nuclear arms amid little action from U.S.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- North Korea vowed Monday to hold onto its nuclear weapons until the United States removes "nuclear threats" against it, renewing its tough position after similar statements drew little action from the new U.S. administration. Pyongyang has continued unleashing ...
Festivals Calendar - February 2009.(Calendar)
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- The following are the major cultural and tourist festivals to be held in South Korea in February. * Daeboreum Fire Festival When: Feb. 12-14 Where: Saebyeol Oreum, Bukjeju County, Jeju Province Daeboreum, the first full moon of the lunar calendar, is ...
Gov't to provide timely information on harmful food.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- The government said Monday it will set up a public notification system to give consumers complete and timely information on harmful food, raising trust in products sold on the local market. The plan is part of a comprehensive food industry development plan ...
SK Telecom attracts more 3G service users than rival KTF.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- SK Telecom Co., South Korea's leading wireless carrier, gained more subscribers for its third-generation wireless service last month than its rival KTF, according to data released by mobile carriers on Monday. SK Telecom reported that it attracted a net 394,857 ...
Shinhan Financial Group Q4 net rises 25.7 pct.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- Shinhan Financial Group Co., South Korea's No. 2 financial services company, said Monday that its fourth-quarter earnings gained 25.7 percent on-year on higher interest income and one-off profits. Net income amounted to 283.7 billion won (US$204.2 million) in the ...
Serial killer questioned about suspicious insurance fraud cases.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- Suspected serial killer Kang Ho-sun, who has confessed to killing seven women, is now facing intensive questioning about several insurance fraud cases, after police revealed Monday he has collected at least 790 million won (about US$570,000) in various insurance ...
S. Korean scientists find cause, possible treatment for rheumatoid-arthritis.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- South Korean scientists said Monday they have discovered a protein that causes rheumatoid-arthritis (RA) and developed a drug that may help treat the debilitating disease. The Catholic Medical Center team led by Kim Wan-uk and Cho Chul-soo said tests conducted on ...
New unification minister's publications come back to haunt him.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- Seoul's unification minister-designate appears to have hit a pitfall on the road to the Cabinet as allegations of self-plagiarism surfaced on Monday, an explosive issue that has derailed several high-level nominees in the past. The ethical issue signaled a tough ...
New bill to shake up Korea's brokerage sector sparks debate.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- Controversy is brewing over South Korea's new capital market deregulation act as opponents raise doubts on the timing of the implementation amid the global financial turmoil, market watchers said Monday. The capital market consolidation act is designed to break ...
Seoul stocks end down 1.3 pct on banking losses.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- South Korean stocks closed 1.3 percent lower Monday as banking shares lost substantial ground, tracking U.S. banking falls, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 15.16 points to ...
President rallies party support for revived bills.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- President Lee Myung-bak reached out to ruling party legislators Monday to push forward his reform bills that have failed to pass the National Assembly due to strong protests by the opposition. Lee met with the leadership and other senior members of the Grand ...
KEB picks lead managers for Hyundai Corp. sale.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap)-- Creditors of Hyundai Corp. have named lead managers for the sale of their controlling stake in the South Korean trading company, Korea Exchange Bank (KEB) said Monday. The lead managers are NH Investment & Securities Co. and the consortium of Woori Investment ...
S. Korea downplays sinking ties with N. Korea as 'readjustment'.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- South Korea assesses its tumbling ties with North Korea as a product of "readjustment," an official booklet said Monday, amid increasing threats from Pyongyang of an armed clash. South Korean President Lee Myung-bak said over the weekend he expects relations ...
S. Korean carmakers' Jan. sales dip 35 pct.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- Auto sales for five of South Korea's carmakers dropped 34.7 percent in January as a global recession sapped demand for vehicles and a weakened domestic economy drove consumers out of local showrooms, the carmakers said Monday. Overall, sales among the automakers, ...
(Contributed Story) IMF predicts Korea's growth to be 'substantially negative'.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- The following is the statement contributed exclusively to Yonhap News Agency by Anoop Singh, director of the IMF's Asia and Pacific Department. He predicted the South Korean economy will likely post "substantially negative" growth this year amid a global crisis ...
IMF predicts Korea's growth to be 'substantially negative'.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- The International Monetary Fund (IMF) predicted Monday the South Korean economy will likely post "substantially negative" growth this year as domestic demand and exports falter amid the global economic crisis. The global financial body, however, expressed optimism ...
S. Korea's consumer prices rise 3.7 pct in Jan.
Feb 03, 2009 ... SEOUL, Feb. 2 (Yonhap) -- South Korea's consumer prices grew at a slower pace in January than in the previous month as falling crude oil prices cut import costs, a government report showed Monday. The consumer price index rose 3.7 percent last month from a year earlier, slowing down from a ...