ID :
72819
Wed, 07/29/2009 - 17:01
Auther :
Shortlink :
https://www.oananews.org//node/72819
The shortlink copeid
Yonhap News Summary
Yonhap News Summary
The following is the second summary of major stories moved by Yonhap News Agency
on Wednesday.
-----------------
Prosecutors seek 6-year jail term, 300 bln won fine for former Samsung chief
SEOUL -- Prosecutors sought a six-year jail sentence and a 300 billion won
(US$241 million) fine Wednesday for former Samsung Group Chairman Lee Kun-hee,
accused of causing huge financial losses to a Samsung affiliate through illicit
transactions.
Lee, 67, was indicted on charges of forcing Samsung SDS, a systems integration
unit of Samsung Group, to sell bonds and warrants (BWs) to his son and daughters
at a far below-market price in 1999, helping them become the largest shareholders
of the company. The transaction reportedly caused 154 billion won in losses to
the firm.
-----------------
(LEAD) Shinhan Financial Q2 net falls less than expected
SEOUL -- Shinhan Financial Group Co., South Korea's No. 2 financial services
company, said Wednesday that a fall in second-quarter earnings from a year
earlier was lower than expected due mainly to higher contributions from its
non-banking operations.
Net profit came to 439.7 billion won (US$354.9 million) in the April-June period,
down 44.4 percent from 791.3 billion won the previous year, the group said in a
regulatory filing. Compared with three months earlier, however, net income soared
272.2 percent, beating market consensus of around 200 billion won.
-----------------
S. Korea to create 500 bln won 'invention capital' fund
SEOUL -- South Korea said Wednesday it plans to set up a 500 billion won (US$403
million) "invention capital" fund by 2016 to fuel growth in the intellectual
property rights market and protect local companies from legal disputes.
The state-run Korean Intellectual Property Office (KIPO) said it will create the
envisioned fund, pooling capital from both state and private firms, by 2011. It
will be used to help buy up and commercialize ideas from local inventors,
laboratories and schools.
-----------------
Seoul must amend laws to protect its workers in N. Korea: experts
SEOUL -- South Korea needs to amend laws governing inter-Korean civilian and
business affairs in order to be able to protect its workers in North Korea and
deal with criminal cases, law experts said Wednesday.
An employee of Hyundai Asan Corp., stationed at an inter-Korean industrial
complex in the North's border town of Kaesong, was detained in March after being
accused of criticizing the North's political system and trying to persuade a
local female employee there to defect to the South. He has since been held
incommunicado as North Koreans refuse to disclose his whereabouts or grant access
to him.
-----------------
President Lee welcomes U.S. designation of Korean Armistice Day
SEOUL -- South Korean President Lee Myung-bak on Wednesday welcomed the
designation of a Korean War armistice day in the United States as a recognition
of U.S. veterans' sacrifice to the defense of South Korea and a celebration of
their nations' alliance.
"I welcome the establishment of the National Korean War Veterans Armistice Day,
which will commemorate the valuable sacrifice of U.S. veterans in the Korean War,
and I would like to once again express our country's deep gratitude for their
sacrifice and dedication," Lee said, according to presidential spokeswoman Kim
Eun-hye.
-----------------
(LEAD) Seoul stocks close lower on profit-taking
SEOUL -- South Korean shares ended lower Wednesday as investors paused after a
rally and turned their eyes to the direction of U.S. markets, analysts said. The
local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.71 points, or 0.11
percent, to 1,524.32 after range-bound trading. Volume was moderate at 475
million shares worth 6.06 trillion won (US$4.88 billion) with gainers
outnumbering losers 509 to 295.
(END)
The following is the second summary of major stories moved by Yonhap News Agency
on Wednesday.
-----------------
Prosecutors seek 6-year jail term, 300 bln won fine for former Samsung chief
SEOUL -- Prosecutors sought a six-year jail sentence and a 300 billion won
(US$241 million) fine Wednesday for former Samsung Group Chairman Lee Kun-hee,
accused of causing huge financial losses to a Samsung affiliate through illicit
transactions.
Lee, 67, was indicted on charges of forcing Samsung SDS, a systems integration
unit of Samsung Group, to sell bonds and warrants (BWs) to his son and daughters
at a far below-market price in 1999, helping them become the largest shareholders
of the company. The transaction reportedly caused 154 billion won in losses to
the firm.
-----------------
(LEAD) Shinhan Financial Q2 net falls less than expected
SEOUL -- Shinhan Financial Group Co., South Korea's No. 2 financial services
company, said Wednesday that a fall in second-quarter earnings from a year
earlier was lower than expected due mainly to higher contributions from its
non-banking operations.
Net profit came to 439.7 billion won (US$354.9 million) in the April-June period,
down 44.4 percent from 791.3 billion won the previous year, the group said in a
regulatory filing. Compared with three months earlier, however, net income soared
272.2 percent, beating market consensus of around 200 billion won.
-----------------
S. Korea to create 500 bln won 'invention capital' fund
SEOUL -- South Korea said Wednesday it plans to set up a 500 billion won (US$403
million) "invention capital" fund by 2016 to fuel growth in the intellectual
property rights market and protect local companies from legal disputes.
The state-run Korean Intellectual Property Office (KIPO) said it will create the
envisioned fund, pooling capital from both state and private firms, by 2011. It
will be used to help buy up and commercialize ideas from local inventors,
laboratories and schools.
-----------------
Seoul must amend laws to protect its workers in N. Korea: experts
SEOUL -- South Korea needs to amend laws governing inter-Korean civilian and
business affairs in order to be able to protect its workers in North Korea and
deal with criminal cases, law experts said Wednesday.
An employee of Hyundai Asan Corp., stationed at an inter-Korean industrial
complex in the North's border town of Kaesong, was detained in March after being
accused of criticizing the North's political system and trying to persuade a
local female employee there to defect to the South. He has since been held
incommunicado as North Koreans refuse to disclose his whereabouts or grant access
to him.
-----------------
President Lee welcomes U.S. designation of Korean Armistice Day
SEOUL -- South Korean President Lee Myung-bak on Wednesday welcomed the
designation of a Korean War armistice day in the United States as a recognition
of U.S. veterans' sacrifice to the defense of South Korea and a celebration of
their nations' alliance.
"I welcome the establishment of the National Korean War Veterans Armistice Day,
which will commemorate the valuable sacrifice of U.S. veterans in the Korean War,
and I would like to once again express our country's deep gratitude for their
sacrifice and dedication," Lee said, according to presidential spokeswoman Kim
Eun-hye.
-----------------
(LEAD) Seoul stocks close lower on profit-taking
SEOUL -- South Korean shares ended lower Wednesday as investors paused after a
rally and turned their eyes to the direction of U.S. markets, analysts said. The
local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.71 points, or 0.11
percent, to 1,524.32 after range-bound trading. Volume was moderate at 475
million shares worth 6.06 trillion won (US$4.88 billion) with gainers
outnumbering losers 509 to 295.
(END)
