Yonhap News Summary

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

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Seoul indicates no immediate plan to send food aid to N. Korea
SEOUL -- South Korea indicated Tuesday it has no immediate plan to send food aid
to North Korea after U.N. agencies released a report citing increased food
production in the communist state this year.
The joint report by the World Food Program (WFP) and the Food and Agricultural
Organization estimated the North's total food production would be 3.3 million
tons milled -- 4.21 million tons unmilled -- for 2008-2009, leaving the country
with a food deficit of 836,000 tons over the coming months.
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(LEAD) Seoul shares edge up on U.S. stimulus plans
SEOUL -- South Korean stocks closed 0.07 percent higher Tuesday as U.S. economic
stimulus plans lifted investor sentiment, outweighing profit-taking, analysts
said. The local currency rose against the U.S. dollar.
After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI)
climbed 0.79 point to 1,105.84. Volume was moderate at 478.6 million shares worth
5.94 trillion won (US$4.09 billion), but losers outnumbered gainers 408 to 403.
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(LEAD) S. Korea's ruling party calls for lower reserve ratio
SEOUL -- South Korea's top ruling party policymaker called on the central bank
Tuesday to slash the reserve ratio on deposits to help local banks ride out the
ongoing credit crunch.
The remark by Lim Tae-hee, head of the ruling Grand National Party policy
committee, comes as local banks are struggling to cope with the U.S.-triggered
liquidity crunch despite a string of emergency measures to supply cash to banks
and lower interest rates.
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Gov't to extend tax breaks for corporate investment
SEOUL -- The government said Tuesday that it will extend tax deductions on
corporate investments in new plants and equipment for an additional year until
the end of 2009 in a bid to stimulate capital spending.
Under a revised tax rule, the Ministry of Strategy and Finance said that it will
exempt taxation on 7 percent of total investments to be made outside of Seoul and
in its surrounding area, while giving a 3-percent deduction on investments made
inside the populated capital area.
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Gov't R&D program generated 30.7 tln won of economic benefits: report
SEOUL -- South Korea's government-led research and development program has
generated 30.7 trillion won (US$21.3 billion) worth of direct economic benefits
in the past decade a evaluation report said Tuesday.
The Science and Technology Policy Institute (STEPI) claimed in its input, output
and impact analysis report that 16 main projects helped create 490,000 new jobs
through infrastructure construction, training and hiring of scientists and gains
in industrial production.
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S. Korea to pour 252 bln won into reusable energy sector
SEOUL -- South Korea will spend 252.2 billion won (US$174.7 million) in the next
three years to build up clean, reusable energy as a future growth engine for the
country, the government said Tuesday.
The Ministry for Knowledge Economy said funds will go into research and
development (R&D) of eight key technologies and manufacturing precesses in solar
and wind power generation and advanced fuel cells.
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High court to rule on liability of Chinese oil tanker in Yellow Sea oil spill
DAEJEON -- A South Korean high court is to decide Wednesday whether a Chinese
shipping company can be held liable for the country's worst oil spill,
prosecutors said Tuesday.
The court will decide whether the Hong Kong-registered Hebei Spirit Shipping Co.
will be held legally responsible for the accident that unleashed 12,000 tons of
crude oil into the Yellow Sea.
(END)

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