Yonhap News Summary

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

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(2nd LD) Seoul welcomes N. Korean leader's call for denuclearization amid lingering
doubt
SEOUL -- South Korea on Wednesday welcomed North Korean leader Kim Jong-il's
reported commitment to a nuclear-free peninsula and moved to restrict an
anti-Pyongyang propaganda campaign in the South as deep freeze in inter-Korean
relations continued.
In a meeting with a visiting Chinese official last week, Kim said he does not
want to raise tension on the Korean Peninsula and hopes to work with China to
advance the six-way nuclear negotiations, according to Chinese state media.
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S. Korea to gradually expand its role in Afghanistan
SEOUL -- South Korea will focus on expanding its civilian-led operation in
Afghanistan first and follow up with other contributions, a senior South Korean
government official said Wednesday after his trip to the war-ravaged nation.
Deputy Foreign Minister Lee Yong-joon, who made a three-day visit to Afghanistan
last week to explore what Seoul can do more there, said he discussed "specifics"
of South Korea's future role in his meetings with Afghan officials and U.S.
military leaders.
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(LEAD) Seoul stocks soar 5.91 pct on tech, financial rally
SEOUL -- South Korean stocks closed 5.91 percent higher Wednesday on sharp gains
in tech shares and financials, analysts said. The local currency gained against
the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 64.58 points to
1,157,98, the largest daily gain in about seven weeks. Volume was moderate at
339.63 million shares worth 4.5 trillion won (US$3.27 billion), with gainers
outpacing losers 692 to 163.
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(LEAD) Inter-bank FX swap turnover hits record high in 2008
SEOUL -- The daily turnover of foreign exchange swaps between South Korean banks
hit an all-time high in 2008 as local lenders actively engaged in swap trading to
deal with dollar shortages, the central bank said Wednesday.
The daily trading volume of foreign exchange swaps averaged US$9.23 billion in
2008, up 37.7 percent from the previous year, according to the Bank of Korea
(BOK). The turnover was the largest since the foreign exchange swap market opened
in 1996.
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Gov't to help smaller firms to tap Japanese markets
SEOUL -- The government said Wednesday that it will help local small and medium
enterprises to make inroads into the Japanese parts and distribution markets in
an effort to cut South Korea's trade deficit with the world's No. 2 economy.
The plan by the Ministry of Knowledge Economy aims to reduce the ballooning trade
deficit that reached a record US$32.7 billion in 2008, and to take advantage of
the strong yen which makes locally made goods cheaper in Japan.
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New vice defense minister vows efforts to cut costs, revamp defense
SEOUL -- South Korea's new finance-savvy vice defense minister pledged Wednesday
to streamline his massive government branch while supporting the transformation
of its defense capabilities.
"We have to cut down on blind expenses," Chang Soo-man, who took office last week
after an extensive career as an economic bureaucrat, told reporters at the
Ministry of National Defense.
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(LEAD) (Yonhap Feature) Nutritious and increasingly trendy, more Korean foods go
international
SEOUL -- It has not yet been widely consumed outside of the country, but there
are plenty of traits that make Korean food distinguishable among popular global
cuisines. It is low fat, largely based on vegetables, and as far from the
ubiquitous McDonald's as food can be.
Last year, the U.S. magazine Health selected Korean kimchi, fermented cabbage or
radish, as one of the world's healthiest foods alongside Spanish olive oil,
Japanese soy and Indian lentils.
(END)

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