local paper headlines_Nov 9

1. Chosun Ilbo

- US Democratic Party swept the House for the first time in 12 years in mid-term elections yesterday, which is likely to have a negative impact on President’s Bush’s implementation of diplomatic policies around the world.

- In the university entrance essay exam, creativity and clear demonstration of thought are the two most important evaluation criteria. Creativity takes up 40 per cent of the total evaluation grade, followed by demonstration of 30 per cent.

- The prosecution expands its investigation into Lone Star on allegation that the equity fund bribed relevant officials for expedition of KEB take-over process. It also says to file arrest warrant for Lone Star employees for the third time with more evidence attached.

- A Korean government official said yesterday the US Treasury Department seemed to find out new evidence of North Korea’s money laundering during its BDA investigation. He said the US would have direct conversation with the North concerning financial issues on the sideline of the six party talks.

- Korea’s biggest search engine NHN achieved net operating profit of W36.6bn in the third quarter, up 14.1 per cent a quarter ago due largely to increased on-line advertisement.

2. Maeil Business Daily

- Samsung Electronics is jointly developing with Sprint Co. ways to establish WiBro chip into other digital appliances such as MP3, digital camera, and games.

- The Finance Ministry will take charge of property policies while the Construction Ministry’s role in this regard is scaled back. Accordingly Finance Minister Kwon O-kyu will take the top job of supervising real estate market. On the Cheong Wa Dae part, policy coordinator Byeon Yang-kyun will replace presidential economic advisor Chung Moon-soo as a chief of property policy.

- Local banks increase the interest rate of mortgage loan by 0.2-0.3 per cent in accordance with the government’s stricter measures to reduce mortgage loans.