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U.S., South Korea Fall Short on Trade Deal

November 11, 2010 at 6:12 PM EST
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Negotiators were unable to cement a free trade deal between the two countries, but President Obama and South Korean president Lee Myung-bak expressed hope that an agreement would be reached soon. President Obama marked Veterans Day with troops at Yongsan Army base in Seoul.

TRANSCRIPT

HARI SREENIVASAN: President Obama fell short today in his bid to close a free trade deal with South Korea. The U.S. wants to open South Korean markets to American beef and automobiles, but talks have been stalled for several years.

The president and South Korean counterpart Lee Myung-Bak had wanted to reach agreement in Seoul at the Group of 20 summit. Still, the president voiced hopes for a breakthrough soon.

U.S. PRESIDENT BARACK OBAMA: We discussed the need to keep moving forward towards a U.S./Korea free trade agreement, which would create jobs and prosperity in both our countries. We believe that such an agreement, if done right, can be a win-win for our people. We have asked our teams to work tirelessly in the coming days and weeks to get this completed, and we are confident that we will do so.

HARI SREENIVASAN: The president also marked Veterans Day by visiting a U.S. Army garrison in Seoul. He called the troops the best that America has to offer the world.

Wall Street lost ground, as high-tech leader Cisco cut its sales forecast again. Investors also waited to see what will come from the summit of economic powers in South Korea. The Dow Jones industrial average lost nearly 74 points to close at 11283. The Nasdaq fell 23 points to close at 2555.

A powerful car bomb in Pakistan’s largest city killed at least 15 people today and wounded dozens more. The blast in Karachi hit a police compound in a highly secured area. The U.S. Consulate is about a mile from the site, along with government offices and two luxury hotels.

International aid groups have launched an emergency campaign to stem a polio outbreak in Central Africa. There have been more than 100 deaths in recent weeks in Angola, the Republic of Congo, and its larger neighbor, the Democratic Republic of the Congo. U.N. health officials said today they hope to vaccinate some three million people.

Longtime movie producer Dino De Laurentiis died last night in Beverly Hills. His career spanned six decades and more than 500 films, beginning in post-war Italy. His productions there included “War and Peace” with Henry Fonda in 1955. His Hollywood debut came with the Oscar-winning “Serpico” in 1973 with Al Pacino. He also produced some famous flops, including the remake of “King Kong” in 1976 with a young Jessica Lange.

Dino De Laurentiis was 91 years old.

Those are some of the day’s major stories.