Yonhap News Summary

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

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(2nd LD) N. Korea detains S. Korean worker for criticizing Pyongyang
SEOUL -- North Korea is holding a South Korean worker for allegedly criticizing
its political system and instigating a North Korean female worker to consider
defection to the South, officials said Monday.
North Korea sent a fax message to South Korea at 11:50 a.m. on Monday, saying
that a South Korean worker at a joint industrial complex in its territory was put
under detention for "denouncing our political system," Unification Ministry
spokesperson Lee Jong-joo said.
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British envoy says G-20 summit will help turn tide of financial crisis
SEOUL -- The upcoming summit of world economic leaders in London this week may
provide a turning point in the fight against the global financial crisis,
Britain's top envoy to Seoul said Monday, while South Korean President Lee
Myung-bak's call for a "roll-back" of protectionist measures is expected to
become the main topic of the London meeting.
Martin Uden noted the outcome of the London summit will only be known once it is
over, but said the very fact that the leaders are gathering to discuss action
against the growing protectionism will send a very "important symbol."
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S. Korean won dips 3.13 pct against dollar
SEOUL -- The South Korean currency fell more than 3 percent against the U.S.
dollar on Monday as the Seoul bourse took a beating from massive foreign selling,
dealers said.
The local currency closed at 1,391.5 won to the dollar, down 43.5 won, or 3.13
percent, from the previous session. It was the largest daily drop since Jan. 15
when it plunged 44.5 won.
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(LEAD) Seoul stocks close down 3.24 pct on U.S. auto woes
SEOUL -- South Korean stocks ended down 3.24 percent Monday on mounting jitters
over troubled U.S. auto makers, analysts said. The local currency fell sharply
against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 40.05 points to
1,197.46, more than wiping out gains booked last week. Volume was moderate at
520.2 million shares worth 4.8 trillion won (US$3.45 billion), with losers
outnumbering gainers 687 to 178.
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(LEAD) KAMCO to buy distressed property loans from financial firms: watchdog
SEOUL -- State debt clearer Korea Asset Management Corp. (KAMCO) plans to buy
part of the trillions of won in property loans extended by local banks and other
financial firms in a bid to stem their deteriorating financial health, the
financial watchdog said Monday.
Smaller builders, which borrowed mostly from savings banks to buy property during
the 2005-2006 housing market boom, have been struggling to service their debts.
Concerns have mounted that if a bunch of such loans goes sour, it would undermine
the soundness of the banking sector, dealing a harsh blow to the whole economy.
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S. Korea to draw plans for nuclear repository this year
SEOUL -- South Korea will seek to draw up a masterplan within the year to build a
permanent repository for spent radioactive fuel materials produced by the
country's nuclear reactors, the head of a state-run corporation said Monday.
Min Kye-hong, head of the Korea Radioactive Management Corp. (KRMC), told
reporters that a panel, made up of nuclear experts and civic groups, will start
work next month to explore how best to tackle the potentially volatile issue of
constructing a holding facilities for used radioactive material.
(END)