Yonhap News Summary

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

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Prosecution seeks arrest warrant for ex-President Lee

SEOUL -- Prosecutors on Monday sought an arrest warrant for former President Lee Myung-bak accused of bribery and other charges.

Lee, president from 2008-2013, is suspected of taking about 11 billion won (US$10.3 million) in bribes from the state intelligence agency, businesses and others. He's also accused of embezzlement and abuse of power.

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(LEAD) S. Korea raises cautious hopes for exemption from U.S. steel tariffs

SEOUL -- South Korea's commerce minister on Monday raised cautious hopes for getting an exemption from the United States over proposed tariffs on Korean steel products, as negotiators engage in last-minute lobbying to minimize the impact on the local industry.

Paik Un-gyu, minister of trade, industry and energy, said South Korea has been negotiating with U.S. officials through multiple channels to earn a reprieve from the 25-percent steel duties, which are set to go into effect on March 23.

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Moon says anti-corruption drive only start of gov't reform

SEOUL -- President Moon Jae-in reiterated his call to quickly and thoroughly reform the government Monday, also noting efforts to eradicate corruption only mark the start.

"I believe the purpose of government reform may vary from government to government. That is because the public demands may be different at different times. And the call of the day our government is getting is different from those of past governments," the president said in a meeting with top government officials to discuss government reform.

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(LEAD) Kumho Tire divided over sell-off to China's Qingdao Doublestar

GWANGJU -- Unionized workers of Kumho Tire Co. vowed Monday to stage strikes this week as 1,500 white collar employees expressed their support for a plan by creditors to sell the debt-ridden company to a Chinese firm.

The move laid bare the growing divisions in South Korea's second-largest tiremaker over how to resolve the current difficulties stemming from mounting losses.

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(LEAD) S. Korea, U.S. to announce joint military training schedule Tuesday

SEOUL -- Following months of strategic reticence, South Korea and the United States will soon reveal the schedule of their combined military drills, defense sources here said Monday.

"The two sides plan to announce the schedule of the joint training, postponed due to the PyeongChang Winter Olympics, on Tuesday," a source said.

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(LEAD) Seoul shares end lower ahead of FOMC meeting

SEOUL -- South Korean stocks ended lower as investors took a cautious stance before the U.S. monetary meeting this week. The won fell against the dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.94 points, or 0.76 percent, to finish at 2,475.03. Trade volume was moderate at 471.37 million shares worth 5.87 trillion won (US$5.5 billion), with decliners outpacing advancers, 534 to 275.

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S. Korean Chung Hyeon becomes top-ranked Asian on ATP Tour

SEOUL -- South Korean Chung Hyeon became the top-ranked player on the ATP Tour on Monday.

The 21-year-old rose three spots to reach a new career-high No. 23 in the latest men's tennis rankings unveiled Monday. Chung reached the quarterfinals at his most recent event, the BNP Paribas Open in Indian Wells, California, last week, for his fifth consecutive appearance in the final eight. He lost to world No. 1 Roger Federer in straight sets.
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