local paper headlines_Nov 15

1. Chosun Ilbo

- The government is set to announce its 9th real estate cooling measure today after a consultative meeting with ruling Uri Party. The measures are expected to include stricter rules on taking-out mortgage loan.

- Resignation of construction minister Choo Byung-jik and presidential economic advisor Chung Moon-soo, who are the two masterminds of government’s real estate policies, is likely to be accepted. Along with them Lee Baek-man, presidential public communication officer, also offered to step down. President Roh will appoint their replacement after coming back from the APEC meeting in Vietnam.

- In an interview with Chosun Ilbo, Euh Yoon-dae, president of Korea University, who failed in the first stage of vote for the next term, said of his thought on the reason for the failure, “professors tend to dislike changes and prefer stability. I knew that professors didn’t like lecturing in English and strengthened screening process of thesis but these were something that I had to push ahead with.”

- According to a survey by Korean Chamber of Commerce, Korean workers are much more generous to co-worker’s wrongdoing in office than their American counterparts. Only 21 per cent say they will ‘report’ the irregularities while 70.7 per cent say they will warn their co-worker not to do that again. 8.3 per cent say they will turn a blind eye on it. In the case of US workers, 55 per cent say they will ‘report.’

- In the run up to government’s expected new tightening measures on mortgage loan, a flurry of phone calls and visits by anxious customers continued in local banks yesterday to inquire about the loan.

2. Maeil Business Daily

- The government decided to soften its equity investment cap on chaebols by applying equity restrictions on companies with over W2 trillion in total assets, in which case only 24 big companies will be under the share-holding limit, compared to over 340 companies from 14 business groups before the revision. The government also continues to allow major conglomerates to maintain the already established circulatory shareholding structures.

- Yoon Tae-young, Cheong Wa Dae spokesman, is likely to be appointed as a new presidential public communication officer.

- Samsung Electronics moves to revamp its service for broken home appliance by introducing ‘+1 service’ under which customers can not only get technical services for broken appliances but also get free check-up for other appliances as well. The service will start in earnest from next year.