Yonhap News Summary

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

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BOK to offer US$2 bln in loans to banks this week
SEOUL -- South Korea's central bank said Monday it will supply US$2 billion to
local banks this week, less than what it had previously offered as the country's
trade balance and overseas borrowing conditions improve.
The Bank of Korea (BOK) said it plans to offer up to $2 billion to local lenders
through 84-day swap deals on Tuesday out of $3 billion in loans it extended in
late-January that mature on Thursday of this week.
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(LEAD) S. Korean lenders to draw up shipper overhaul plans this month: regulator
SEOUL -- South Korea's financial regulator said Monday local lenders are set to
draw up measures to restructure ailing shipping companies by the end of this
month, the latest in a series of bank-led moves to overhaul struggling sectors.
Local shippers, which had enjoyed a business boom due to rising shipping rates
and high demand, have been feeling the pinch of the global financial crisis and
the slumping economy, with some facing a severe liquidity squeeze.
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Foreign companies in S. Korea post solid gains in 2007: report
SEOUL -- Foreign companies operating in South Korea posted solid gains in sales
and exports in 2007, a government report said Monday.
The report by the Ministry of Knowledge Economy said the aggregate sales of
foreign invested businesses totaled 181 trillion won (US$135 billion) in 2007,
from 166 trillion won tallied for the year before.
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S. Korean banks' household loans rebound in Feb.
SEOUL -- South Korean banks' lending to households rebounded in February as
home-backed lending rose by the largest amount in more than two years on the back
of record-low borrowing costs, the central bank said Monday.
Outstanding household loans by commercial banks and non-banking financial
institutions amounted to 515.5 trillion won (US$386.4 billion) as of the end of
February, up 2.8 trillion won from a month earlier, according to the Bank of
Korea (BOK).
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(LEAD) S. Koreans' spending on private education up 7 percent in 2008
SEOUL -- South Koreans' spending on private education jumped more than 7 percent
in 2008 despite a protracted economic downturn, data showed Monday.
According to the data released by the Bank of Korea, South Korean parents spent a
total of 18.72 trillion won (US$14 billion) on private education last year, up
7.6 percent from a year earlier.
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Ssangyong Motor workers vote on strike over job cuts
SEOUL -- Thousands of unionized workers at troubled Ssangyong Motor Co. started
voting Monday on a strike action in protest of massive layoffs, union officials
said.
The South Korean automaker, under bankruptcy protection and 51-percent owned by
China's top automaker, Shanghai Automotive Industry Corp. (SAIC), said last week
it would slash 2,646 jobs or 37 percent of its total workforce to prove its
viability.
(END)