Local Paper Headlines_September 18

1. Chosun Ilbo

- Prices of commodities in Korea are very high enough to compete with those of other developed countries. According to Chosun Ilbo research on the past six years from 2000 to 2006, the rate of prices climb is 20 per cent, ranking 6th among 30 OECD member countries.

- The 13th typhoon Shan-Shan is rapidly heading north. Korea Meteorological Administration expects the peninsula to be completely out of typhoon influence from this afternoon.

- A lot of subway constructions are being halted due to lack of budget. Residents especially living around ‘Bundang line’ are strongly complaining about the delayed construction and urge the government to keep its promise to finish the work by 2008.

- Kim Young Nam, president of the Supreme People's Assembly of North Korea, said if the financial sanctions were not lifted, the regime would not participate in the six party talks. “The US is irrelevant of six party talk agreements and unilaterally imposing sanctions, thereby paralyzing the talks and driving the situations to the unexpected” and “North Korea doesn’t need nuclear weapons but we have no choice but to possess them as a deterrent.”

- Jay Lefkowitz, special Envoy on Human Rights in North Korea, said in an interview with VOA that President Bush expressed serious concerns in North Korean human rights issues during his summit meeting with President Roh.

- Uri Party press secretary Woo Sang-ho said yesterday President Roh meant to have ‘Samgyeopsal’ party by inviting ‘RohSaMo,’ but the group positively refused Roh’s invitation.

2. Maeil Business Daily

- According to TEE (Trust, Economic Freedom, and Entrepreneurship) index based on Master of Business Administration of Switzerland, Korea’s business environment is getting worse, ranking 46th in 2006 for economic freedom, sliding 14 steps from 32nd in 2002. For entrepreneurship Korea ranks 42nd, down from 26th four years ago, and 50th for trust.

- Hyundai Motor CEO Chung Mong-koo left for India yesterday to visit the company plant there and meet with Indian Prime Minister for the on-going construction of a second plant in the country.

- Jooyontech Co., a local desktop maker, has been producing operating profits for the past 15 years and recently passed a preliminary evaluation for flotation. The company has been keeping the second spot in the domestic desktop market for the last five quarters.

- Vice Prime Minister Kwon O-kyu expected the economy to improve next year saying “though the next year’s economic growth number will be worse than that of this year partly due to sluggish construction market, it is expected that oil price will stabilize next year thereby boosting over economic performance and consumption.