Maeil Business Newspaper Headlines

- Despite strong opposition, the ruling party decides to push ahead with the revised bills that will allow constitutionally independent institutions to have discretionary power on budge spending. According to the Korean constitution, the government is responsible for the complication of the budge for those institutions.

- Foreign companies working in China will have to pay a 10 per cent increased income tax to the Chinese government from the year 2008 while income tax for Chinese companies will gradually decrease 8 per cent for the space of 5-7 years.

- US private equity fund Lone Star is reported to have been lobbying hard the US government to solve taxation issues with the Korean government. Lone Star signed a contract with two US lobbying companies.