Yonhap News Summary

The following is the second summary of major stories moved by Yonhap News Agency
on Wednesday.

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S. Korea's economy to shrink 2.4 pct this year: Fitch
SEOUL -- South Korea's economy will shrink 2.4 percent in 2009, the first growth
contraction in more than a decade, due to fallout from the global economic
slowdown, Fitch Ratings forecast Wednesday.
The estimate is lower than the central bank's prediction of a 2-percent
contraction and far below a 3.7 percent advance estimated for last year. The
government says it aims to attain 3 percent growth.
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(LEAD) Seoul stocks fall 2.06 pct on banking woes
SEOUL -- South Korean stocks finished 2.06 percent lower Wednesday as mounting
global banking losses crippled financial shares, analysts said. The local
currency edged up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 23.2 points to
1,103.61. Volume was light at 329.53 million shares worth 4.09 trillion won
(US$2.98 billion), with losers outpacing gainers 654 to 199.
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(News Focus) Chinese petrochemical makers accuse S. Korean firms of dumping
SEOUL -- Petrochemical makers from South Korea and China have been in a heated
dispute over complaints by the Chinese makers that cheaper South Korean products
eroded their earnings, industry sources said Wednesday.
The specific petrochemical products in dispute are terephtalic acid (TPA),
polypropylene (PP) and polyethylene (PE), all raw materials used to make plastic
bottles, textiles and plastic shopping bags, government officials said.
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Moody's may cut rating of Hyundai Motor
SEOUL -- Moody's Investors Service said Wednesday it put Hyundai Motor Co.'s
foreign currency debt rating on review for a possible downgrade, citing the
company's slumping sales and weakening liquidity position.
"The rating action was driven by concerns over an expected weakening in Hyundai
Motor Group's operating performance in 2009 in conjunction with the accelerating
downtrend in global auto sales," said Chris Park, a senior analyst at Moody's.
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N. Korean defectors allowed to change resident ID number
SEOUL -- South Korea has revised legislation to allow North Korean defectors to
change their social security numbers by which their background could otherwise be
inferred, the Unification Ministry said Wednesday.
Most defectors receive ID numbers identifiable by the area code of the defector
resettlement center south of Seoul, unlike those born in South Korea who are
given ID numbers associated with their birthplace.
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Pyongyang beefs up remodeling drive with more parks
SEOUL -- The North Korean capital of Pyongyang will undergo a major face-lift
this year through the development of recreational gardens and the remodeling of
public parks, a Korean-language newspaper in Japan said Wednesday.
Choson Sinbo, a pro-Pyongyang paper published by Korean residents in Japan, said
the People's Committee of Pyongyang plans to plant 300,000 trees and build
several "modern" parks across the capital under its 2009 urban management plan.
(END)