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New S Korean leader takes office New S Korean president sworn in
(about 2 hours later)
Lee Myung-bak is to be sworn in as South Korea's president following a landslide victory in December polls. Lee Myung-bak has been sworn in as South Korea's president following a landslide victory in December polls.
International dignitaries including Japanese Prime Minister Yasuo Fukuda and US Secretary of State Condoleezza Rice are in Seoul for the inauguration.International dignitaries including Japanese Prime Minister Yasuo Fukuda and US Secretary of State Condoleezza Rice are in Seoul for the inauguration.
Mr Lee, who heads the conservative Grand National Party, has promised to revive his country's economy and take a tougher line towards North Korea. Mr Lee, who heads the conservative Grand National Party, promised to revive his country's economy and take a tougher line towards North Korea.
The former Hyundai executive was last week cleared in a fraud inquiry.The former Hyundai executive was last week cleared in a fraud inquiry.
Having acquired the nickname "The Bulldozer" for his dogged work in business and as mayor of Seoul, Mr Lee will take the oath of office in Seoul's National Assembly at 1100 (0200 GMT). Nicknamed "The Bulldozer" for his dogged work in business and as mayor of Seoul, Mr Lee said: "Economic revival is our most urgent task."
His inauguration is being attended by tens of thousands of ordinary citizens, as well as officials and VIPs. Speaking at the inauguration ceremony, he called for summits with North Korea to be held "whenever necessary".
Mr Lee succeeds Roh Moo-hyun for his single five-year term as South Korea's 10th president. He is the first to come from a business background.Mr Lee succeeds Roh Moo-hyun for his single five-year term as South Korea's 10th president. He is the first to come from a business background.
During his election campaign he steadfastly denied allegations linking him to a 2001 share-rigging scandal, for which an ex-business partner of his is on trial.During his election campaign he steadfastly denied allegations linking him to a 2001 share-rigging scandal, for which an ex-business partner of his is on trial.
Mr Lee was alleged to have links to the investment firm at the centre of the scandal, but cleared on Thursday. Mr Lee was alleged to have links to the investment firm at the centre of the scandal, but cleared a few days before his inauguration.