Seoul - The chief executive of leading South Korean steel company POSCO tendered his resignation Thursday, amid a darkening outlook for the world's fourth-largest steelmaker, a statement said.

Despite an earnings increase in 2008 of 38 per cent due to higher global sales prices, the company warned of production cuts and earnings decreases this year.

Chief executive Lee Ku Taek is to leave the firm in February, saying that he wished to make room for a new leadership at the firm.

Lee said that the business environment has become erratic due unstable currency and raw material prices.

Seoul - Cash-strapped South Korean carmaker Ssangyong Motor Co on Tuesday halted production for an unspecified period as its suppliers cut deliveries.

Production was stoped at its vehicle and motor plants at Pyongtaek, about 60 kilometres south of Seoul, the company said.

Several component suppliers halted deliveries, fearing that the SUV maker would not pay its bills after a court on Monday froze Ssangyong's debts, assets and obligations.

Ssangyong, the smallest of South Korea's five carmakers, on Friday filed for bankruptcy protection, and a court decision is still outstanding. If rejected, the company, which is 51 per cent owned by China's Shanghai Automotive Industry (SAIC), faces breakup.

Seoul - Sha

Seoul  - South Korean President Lee Myung Bak and Japanese Prime Minister Taro Aso Monday vowed to increase their efforts to stop North Korea's nuclear weapons programme, in close cooperation with the administration of incoming US president Barack Obama.

The two leaders, who met for a bilateral summit in the South Korean capital Seoul, also pledged to work together to overcome the effects of the global recession on Asian exports.

Lee told journalists that he hoped close bilateral cooperation as well as working with the international community would be a major contribution to the recovery of the global economy.

Seoul  - Japanese Prime Minister Taro Aso arrived in the South Korean capital of Seoul on Sunday, for a series of talks aimed at tightening economic cooperation between the two East Asian countries and bridging old wartime emnities.

The two leaders are due to meet on Monday and are expected to discuss, amongst other subjects, North Korea's atomic weapons programme, and the global economic crisis.

At an official reception dinner for Aso, South Korean President Lee Myung Bak said that it was important for the two countries to work closely together to survive the current "unprecedented" economic situation.

Seoul  - Cash-strapped South Korean automaker Ssangyong Motor applied for receivership in a Seoul court to avoid bankruptcy Friday, following a decision by its Chinese owner.

The decision to file for receivership was made at a meeting Thursday night by parent company Shanghai Automotive Industry to tackle Ssangyong's liquidity crisis, after the company was denied new bank loans two weeks ago, the sport utility vehicle (SUV) manufacturer said in a statement