local paper headlines_Nov 10

1. Chosun Ilbo

- As part of real estate cooling measures, the government is to introduce various measures to drive down prices for apartment by 20-30 per cent, and impose stricter rules on taking-out mortgage loans in order to block the excessive money from flowing into the real estate market. Also development of new cities will be introduced earlier than expected.

- The board of KBS, Korea’s state-run broadcasting station, is going to recommend Chung Yean-joo as president for the second term. His appointment has been under criticism because he was considered one of close aides to President Roh. The opposition party voiced concern that Cheong Wa Dae tries to use Chung and KBS by extension for the next year’s presidential election.

- Google Korea moves to entice excellent Korean software developers working in Korean internet firms such as NHN, and SK Communications to move to the company. Local companies hit back at such an aggressive move by Google by providing its staff with more incentives and stepping up security on personnel information. For example Samsung Electronics keep secret their organization details and sometimes senior executives meet top technicians to persuade them to stay at the company.

- It is reported that when Lee Kun-hee visited Dubai, Samsung took away LG TV, which was hung on the wall of the suite where Lee was staying, and put up a Samsung TV. The company initially asked for it to the hotel, Burj Al Arab, the seven-star hotel, but the hotel rejected the request so the company did that by itself.

2. Maeil Business Daily

- In a press briefing, BoK governor Lee Seung-tae said “big rise in apartment prices in the metropolitan area really is a big concern,” but “real estate conditions is one of many factors in determining monetary policy and interest rate should be determined from a balanced and holistic viewpoint.”

- Cheong Wa Dae is willing to form a nonpartisan Cabinet in response to mounting calls from the political sectors for drastic change in the government line-up if the ruling and opposition parties agree to cooperate in legislating important bills, presidential spokesman Yoon Tai-young said. “The two parties’ agreement on the smooth running of the national assembly should be guaranteed,” he empathized.

- The number of unionized workers in Korea is dwindling to 10.3 per cent as of the end of last year, the lowest since 1977 when the labor ministry actually started counting the number of unionized workers. One of the biggest reasons for the reducing number is increasing service industry while manufacturing jobs have been on the decline.

- 0.19 m computers worth W50bn seized from illegal gambling places since ‘the Sea Story gate’ broke out are going to be sent to poor houses around the nation and other developing countries. The government initially meant to terminate all the seized computers.