South Korea ferry: Tearful president disbands coastguard

South Korea plans to break up its coastguard in the wake of the ferry disaster in which more than 300 people died, says President Park Geun-hye.

In a televised address, a tearful Ms Park said the "final responsibility" for the tragedy, lay with her.

She added that in its current form, the coastguard would be unable to prevent another large-scale disaster.