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

Senior N. Korean diplomat met U.S. academics in Geneva: source
WASHINGTON -- A senior North Korean foreign ministry official had a rare meeting with Joel Wit, a former State Department official, in Geneva early this week, a diplomatic source here said Thursday.

   An Myong-hun, deputy director-general of North Korea's foreign ministry, led the nation's delegation to a "Track II" meeting with a group of American academics headed by Wit, according to the source.

Daum Q2 net plunges 23 pct on ads, games
SEOUL -- Daum Communications Corp., the operator of South Korea's second-most visited portal, said Friday its second-quarter profit sank 23 percent on declines in its display advertising and game services.

   Net profit came to 178 billion won (US$160 million) in the April-June period, compared with a profit of 230 billion won a year earlier, Daum said in a regulatory filing.

Banks' foreign currency deposits rise to 8-month high in July
SEOUL -- Foreign currency deposits at South Korean banks rose to an eight-month high in July on higher export earnings and sales of foreign currency bonds, the central bank said Friday.

   Outstanding foreign currency-denominated deposits held by local residents reached US$36.57 billion as of end-July, up $2.71 billion from the previous month, according to the Bank of Korea (BOK).

N. Korea food procurement effort inadequate to cover shortfalls: report
SEOUL -- North Korea's food procurement effort has been inadequate to cover the expected shortfall for this year, a media report based on data provided by an international agriculture agency said Friday.

   The quarterly report by the Food and Agriculture Organization of the United Nations showed Pyongyang has been able to secure 290,600 tons of various grains from abroad from November 2012 through June of this year, the Voice of America (VOA) said.

S. Korea to open support center for start-ups in Boston: minister
NEW YORK -- South Korea plans to set up a business support center for its people in Boston as early as November, the country's science minister said Thursday.

   The center will mostly work with South Koreans starting new businesses in the United States, according to Choi Mun-kee, the minister of science, ICT and future planning.

Dutch club PSV confirms Park Ji-sung's loan
SEOUL -- The top-division Dutch football club PSV Eindhoven has confirmed that South Korean footballer Park Ji-sung will return to the Netherlands on a one-year loan deal.

   PSV's technical director Marcel Brands announced on the team's website late Thursday, Korean time, that Park will rejoin the team from the English side Queens Park Rangers (QPR).

U.S. trade commission may side with Apple over Samsung
SEOUL -- A U.S. trade commission is expected to rule in favor of Apple Inc.'s patent infringement claims against Samsung Electronics Co. this week, granting another home-turf victory to the iPhone maker and raising concern over an import ban on Samsung's smartphones and tablets, industry watchers said Friday.

   The U.S. International Trade Commission (ITC) is scheduled to give its final ruling on Apple's patent infringement claims against Samsung Friday (U.S. time).

Hyundai Wia sets up joint venture with Japanese turbocharger maker
SEOUL -- Hyundai Wia, South Korea's No. 2 auto parts maker, has broken ground for a joint venture with IHI Corp., a Japanese turbocharger maker, officials said Friday.

   The joint venture, Hyundai Wia IHI Turbo Co. Ltd, is scheduled to produce 250,000 units of turbocharger at its plant in Seosan, about 150 kilometers southwest of Seoul, beginning in 2015, Hyundai Wia officials said.

Rival parties voice concern over gov't tax bill
SEOUL -- Rival political parties expressed concern Friday over the government's new tax code proposal, saying it could hurt the middle class and salaried workers.

   On Thursday, the government announced plans to overhaul the tax code as part of efforts to broaden the tax revenue base, expand benefits to low- and middle-income earners and support the government's efforts to nurture small companies and create jobs.