Yonhap News Summary

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

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U.S. warns against N. Korea's launching of satellite as well as missile
WASHINGTON -- The United States Tuesday repeated a warning for North Korea to
refrain from launching either a long-range missile or a satellite into orbit,
saying any such activities would violate a United Nations resolution.
"As you know, U.N. Security Council Resolution 1718 prohibits the North from
engaging in ballistic-missile-related activities, and whether it's a
space-launched vehicle or a missile, some of the building blocks for developing a
space-launched vehicle and for producing long-range missiles are similar," State
Department spokesman Robert Wood said in a daily news briefing.
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Seoul will take "necessary" time to change N. Korea: official
SEOUL -- South Korea will not submit to North Korea's threats regardless of how
long it takes before inter-Korean talks are resumed, a senior presidential
adviser said Wednesday.
Park Hyung-joon, senior assistant for public affairs, also said North Korea's
launch of what it claims is a satellite will not be condoned by the international
community, even if it is a satellite and not a missile as suspected.
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(LEAD) N. Korean leader visits country's northeast, near launch site
SEOUL -- North Korean leader Kim Jong-il has given field guidance to various
facilities in the country's northeast, state media said Wednesday, as he appeared
to be touring a province where rocket launch preparations are underway.
It was not known whether Kim arranged his visit to North Hamgyong Province with
regard to the preparations. A Seoul spokesman said Kim makes a nationwide tour at
the beginning of every year.
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S. Korean economy shrinks at steepest clip among OECD countries: report
SEOUL -- South Korea's economy contracted at the fastest pace among member
countries of the Organization for Economic Cooperation and Development (OECD)
during the final quarter of last year, data showed Wednesday.
According to the data provided by the Ministry of Strategy and Finance, South
Korea's seasonally-adjusted gross domestic product (GDP) contracted 5.6 percent
in the fourth quarter from three months earlier, marking the steepest decline
among the 30 OECD member countries.
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U.S. biz community urges quick ratification of FTA
SEOUL -- A controversial free trade pact between South Korea and the United
States should be ratified as soon as possible to help both nations overcome the
economic crisis, representatives of the U.S. business community said here
Wednesday.
"We believe early ratification will help both Korea and the U.S. recover from
this recession, faster than other countries," David Ruch, the chairman of the
American Chamber of Commerce in Korea (AMCHAM), said in a press conference. "It
will create much-needed jobs and create new business opportunities for both
countries."
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(LEAD) S. Korean conglomerates to cut wages for college graduates
SEOUL -- South Korea's top 30 business conglomerates have agreed to reduce the
wages of university graduates employed by them this year in an effort to
stabilize the job market, the nation's largest business lobby group said
Wednesday.
The business conglomerates, including Samsung, Hyundai Motor and LG, will slash
annual wages for their new employees by as much as 28 percent, the Federation of
Korean Industries said in a statement.
(END)