Yonhap News Summary

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

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N. Korea might feel safe from nuclear threat due to nuke capability: commission
WASHINGTON -- North Korea might feel safe from any nuclear threat from abroad due
to its own nuclear deterrent, a U.S. defense commission said in a report.
The commission, led by former defense secretary James Schlesinger, focused on
nuclear weapons management.
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(LEAD) Campbell chosen as U.S. State Department's chief Asia diplomat: sources
WASHINGTON -- Kurt Campbell, former U.S. deputy assistant secretary of defense,
has been named to replace Christopher Hill as the assistant secretary of state
for East Asian and Pacific affairs under the incoming Obama administration,
sources here said Thursday.
There has been much talk surrounding the fate of Assistant Secretary Christopher
Hill, with some saying he will continue his role as the head U.S. delegate to the
six-party talks on ending North Korea's nuclear ambitions, and others saying he
will quit to seek a position in the private sector.
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(2nd LD) Bank of Korea cuts key rate to record low 2.5 pct
SEOUL -- South Korea's central bank on Friday slashed its key interest rate to a
record low in an attempt to keep the economy from slipping into a recession due
to tumbling exports and domestic demand.
As widely expected, policymakers at the Bank of Korea (BOK) lowered the benchmark
seven-day repo rate by half a point to 2.5 percent, the fifth reduction in three
months. The central bank has trimmed the rate by a combined 2.75 percentage
points since October.
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Foreign currency deposits rise most in 5 months
SEOUL -- Foreign currency savings of residents in South Korea in December rose by
the most in five months as companies withdrew less money to settle import bills
amid falling imports, the central bank said Friday.
The outstanding balance of foreign currency deposits by residents amounted to
US$26.39 billion as of the end of December, up $4.24 billion from a month
earlier, according to the Bank of Korea (BOK). December's figure marked the
largest monthly gain since July 2008, when such savings climbed by $5.08 billion,
it added.
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(2nd LD) S. Korean president says world faces 'unprecedented economic crisis'
SEOUL -- The world is facing an economic crisis that it has never seen or
experienced before, but it can be overcome through unified efforts, the president
said Friday, also giving the gloomiest forecast yet for South Korea's economic
conditions for the year.
President Lee Myung-bak said the country's economic conditions could be worse
than predicted.
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(LEAD) Ssangyong Motor seeks court receivership on deteriorating finances
SEOUL -- Ssangyong Motor Co., the South Korean unit of China's Shanghai
Automotive Industry Corp. (SAIC), said Friday it is seeking court receivership
due to the company's worsening finances.
Ssangyong filed its application for protection from creditors with the Seoul
Central District Court to normalize its operations, the company said in a
statement.
(END)