local paper headlines_Nov 13

1. Chosun Ilbo

- As overheated property market doesn’t show any sign of abating, experts say the government should leave the issue to the market principle and focus on people’s livelihood rather than churning out new property cooling measures. Prof. Kim Kwan-young of Hanyang University said rising house prices were not something that the government could fix in a short time.

- The government decided not to extend its participation in the PSI. A government official familiar with the issue said “we agree with the principle of the PSI but we decided as such after taking into consideration special security conditions of the Korean peninsula.” The decision was made during the Nov 11 meeting held between Cheong Wa Dae, the government, and the ruling party.

- The Uri Party voices strongly for the resignation of Lee Baek-man, Cheong Wa Dae’s public relations advisor, who stirred controversy by saying “if you buy a house it is a big mistake,” and construction minister Choo Byeong-jik for the government’s failure to deal with the property market.

- The Defense Ministry moves to create an army unit specializing in disaster relief in an effort to strengthen Korea’s peace keeping operations in the United Nations Forces.

- North Korea’s one of the most influential diplomatic men, Kang Seok-ju, who is often called by Russia as Kim Jong Il’s special envoy, is said to have been staying since Nov 7th in Moscow to get treatment for his year-long cataract.

2. Maeil Business Daily

- In an interview with the paper, Ellis Short, vice president of Lone Star, argues that the Korean prosecutors’ investigation was seen as being encouraging nationalism or populism and the prosecution was trying to make one of the most successful foreign investments give in for no reason. Lone Star made the near-bankrupt company survive and become successful, he added.

- Insurance companies either scraps to sell cancer insurance policy or scales back guarantees of such policies because of increasing burden for cancer insurance benefits giving out to patients.

- With mega marts being sprawling up around the country, small supermarkets or local traditional markets are suffering greatly.

-Buying out 68,786 Samsung Electronics stock on Nov 9-10, foreign investors are showing to end a long sell-off spree of the stock. They had been selling off the company shares for 21 days from Oct 11 to Nov 8.