Yonhap News Summary

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

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N. Korea may launch ballistic missile after one or two weeks: official
SEOUL -- North Korea appears to be preparing to test-launch a long-range
ballistic missile, an intelligence official in Seoul said Monday, noting the
launch could take place after one or two weeks.
"We believe the North could launch the missile at any time after one or two
weeks," the official said, asking not to be identified.
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(LEAD) U.S. team to seek cooperation in financial pressure on N. Korea
SEOUL -- An inter-agency team of ranking U.S. officials, on a rare tour of
Northeast Asia, may ask China and other related nations to step up cooperation on
imposing financial curbs on North Korea for its second nuclear test last week,
officials here said Monday.
The delegation, led by Deputy Secretary of State James Steinberg, includes
Treasury Undersecretary Stuart Levey, who is in charge of fighting
terrorism-related funds. Other members are Stephen Bosworth, special
representative for North Korea policy, Wallace Gregson, assistant secretary of
defense for Asian Pacific affairs, and Jeffrey Bader, senior director for Asian
Affairs at the National Security Council (NSC). They are scheduled to arrive in
Seoul Tuesday night from Japan before traveling to China and Russia.
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N. Korea steps up coastal drills amid fears of naval provocation
SEOUL -- North Korea has intensified landing exercises using amphibious vessels
along its west coast, amid growing fears in Seoul that the communist country may
be plotting an attack on a South Korean island, a source said Monday.
North Korea, which defied warnings and went ahead with its second nuclear test on
May 25, is threatening aggression near its western sea border with South Korea.
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N. Korea blasts Obama's 'hostile' media policy, vows stronger nuke deterrence
SEOUL -- North Korea on Monday blasted U.S. President Barack Obama for giving
more money to radio stations who broadcast into the North, and vowed to bolster
its nuclear deterrence in the face of such "propaganda."
Obama submitted his budget request for fiscal year 2010 last month, calling for
expanded funding for state-run broadcasters Radio Free Asia and Voice of America,
both of which send Korean-language radio streams into the reclusive communist
state and in other languages throughout the region.
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(LEAD) Korea-ASEAN summit opens with cooperation, security topping agenda
JEJU ISLAND, South Korea -- South Korean President Lee Myung-bak and leaders of
10 countries that form the Association of Southeast Asian Nations (ASEAN) met
here Monday to open a special summit aimed at boosting cooperation between the
countries and forming a joint front against global issues, such as the economic
crisis.
The leaders will also adopt a joint statement that condemns North Korea's second
nuclear test that took place last Monday and call for swift and stern actions by
the international community to punish the communist nation, according to Lee
Dong-kwan, a spokesman for the South Korean presidential office Cheong Wa Dae.
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(LEAD) Seoul shares end 1.38 pct higher on foreign buying
SEOUL -- South Korean stocks closed 1.38 percent higher Monday as foreign
investors picked up financial and other big caps, shrugging off the impact of
General Motors' possible bankruptcy filing, analysts said. The local currency hit
an over 7-month high against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.21 points to
1,415.1. Volume was moderate at 540.4 million shares worth 5.97 trillion won
(US$4.82 billion), with gainers outpacing losers 537 to 263.
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S. Korean won hits over 7-month high to U.S. dollar
SEOUL -- The South Korean currency surged to an over 7-month high against the
U.S. dollar Monday as offshore investors snapped up local stocks, dealers said.
The local currency closed at a yearly high of 1,237.2 won to the greenback, up
17.8 won, or 1.44 percent, from the previous session and the strongest level
since Oct. 14.
(END)