Local paper headlines_September 27

1. Chosun Ilbo

- House price and price for rented house are expected to go up next year, which is likely to make ordinary people’s life more difficult. New house supply in Seoul is predicted to decrease by 40 per cent while oversupply of house becomes a big problem in provincial areas.

- World Economic Forum announced its annual list of national competitiveness and Korea slid to 24th from 19th last year among 125 nations. The WEF said Korea’s weakened competitiveness was blamed on the government’s inefficiency and companies’ weak management structure.

- The Board of Audit and Inspection is reported to have asked the prosecution to investigate into Bank of Korea for illegal property transactions. According to BAI, Bank of Korea in 2005 swapped its land in Heohyun-dong with a building in Myongdong area owned by a company. BAI suspects the transaction was hurriedly done and there was something illegal about the swapping.

- Cultural Properties Administration is reported to have paid North Korea $0.3 m in return for the forum held by the North regarding the registration of North Korean cultural properties to UNESCO World Heritage List.

2. Maeil Business Daily

- Equity linked warrant (ELW) has gained a lion's share in the domestic securities market with the overall volume of ELW adding up to 10 percent of the entire sector in a space of 9 months. The number of listed ELW-related companies also shot up, amounting to more than 1,000.

- Pantech & Curitel, a handset maker, signed a contract with UTStarcom Technologies, one of the biggest US mobile phone providing company, to provide at least 30m phones for the next three years.

- US Ambassador to Korea Alexander Vershbow said in a meeting with ruling party lawmakers yesterday that the negotiations to hand over wartime command should not be politicized. He said Defense Ministers of both countries would meet in the US at the end of October and are expected to come up with mutually agreed road map on the matter.