Today's headlines_Dec 28

- A court ruled that teachers belonging to the Korean Teachers & Educational Worker's Union, who rejected to teach in a protest against co-teacher’s dismissal should compensate students and parents for infringement of student’s learning rights.

- At the meeting with CEOs yesterday, President Roh stressed the importance of coming up with measures to deal with an appreciating won.

- Benchmark price for Officetel will be raised by 6.5 per cent next year and commercial buildings up by 7.3 per cent up in the metropolitan area.

- Huafeng Textile International Group, a mid-sized Chinese textile and fabric company, has submitted a listing application to the KRX for review as a first foreign firm to do so. The company is highly likely to be listed and traded in the local stock market by next March.

- Hyundai Motor union can’t receive a third of its year-end incentives due to the failure to reach its yearly production goal for the first time since 1991

- Next year’s employment of government officials will shrink by 20.2 per cent year-on-year, continuing a three-year consecutive decrease in hiring.

- Presidential hopefuls of the GNP are expected to promise to uphold a result of the party’s primary at the dinner meeting tonight.

- It was reported yesterday that Kim Jong-il asked Kim Kye-gwan, North Korea’s nuclear negotiator, to be confident in negotiating with the US at the six party talks by saying since the development of nuclear weapons, they have got more room to maneuver.

Today's headlines_Dec 28

- Amid increasing uncertainty on next year ‘s economic conditions, arising from a rising won, slow domestic consumption, and worries on real estate bubble bust, companies are busy with setting out a contingency plan to deal with possible emergencies.

- President Roh said “if I have to acknowledge we have made policy mistakes, the biggest one will be real estate measures,” and “(but) I did nothing wrong except the issue and I will definitely get the problem under control lest it deteriorate.”

- Samsung Electronics said yesterday it developed one giga-bite DDR DRAM for a mobile phone, which is twice the memory storage but 20 per cent thinner and 30 per cent less power-consuming than a 512 Mb DRAM.

- Banking services of Citi Bank, disrupted by earthquakes off Taiwan, is back to normal. But HSBC is still in the process of restoring its service and not providing a normal service.

- Former and current leaders of Uri Party, Kim Geun-tae and Chung Dong-young, met yesterday to agree on the formation of a new party based on a ‘firm principle.’ They didn’t specifically mention about the president but said in a roundabout way “we will not be influenced by anyone.”

- The Seoul district prosecutor’s office indicted without detention two employees of a PR company working for Doosan on charges of spreading malicious rumors against Jinro’s Chamilseul. The rumor was Jinro was sold to Japanese Asahi Beer so drinking Jinro soju was tantamount to paying money to Japan.

- Balance of current account reached a record high in November with a surplus of $4.24 bn, up $2.48 bn from a month ago due largely to bullish exports.

- Japanese Nihon Geizai Shimbun reported today North Korea will present financial transaction documents related to the BDA and explain the 50 accounts in details to the US in the up-coming working level meeting between the two countries, slated to be held next month.

- North Korea’s Rodong Sinmun said in yesterday’s editorial that US’s announcement to exercise the Team Sprit right after the involved parties agreed to resume the 6-party talks is the same as slapping in the face of the talks and destroying ‘a peaceful course.’

- The Thai government confirmed yesterday that it imported a bunch of gold bars from North Korea.

- 840 Shinhan Bank employees have signed up for a voluntary early retirement, much higher than the bank originally expected. The bank expected about 150-300 people would do so.

Today's headlines_Dec 27

- Samsung Electronics will produce a state-of-the-art refrigerator named after its group chairman Lee Kun-hee. The refrigerator can read RFID(Radio Frequency Identification) so as to identify the content, shelf life, and price of the stored items in the fridge.

- LG’s Chocolate phone decorated with diamonds priced at tens of millions of wons will be launched in the Middle East targeting mega-riches in the region.

- Construction Minister Lee Yong-seop said the government will decide within this week whether it will open up to the public the original cost of apartment.

- Alexander R. Vershbow, U.S. ambassador to Korea, said this morning the rules of origin matter regarding Kaesung could be solved if dealt separately with the on-going Korea-US FTA.

- Kwon Oh-seung, chairman of the Korea Fair Trade Commission, told reporters yesterday “we can take whatever constructive criticism toward us if we do something wrong, but to malicious reports by press we will sternly react in the same malicious way.”

- Local banks predict the won price against the greenback will be stabilized at a range of W927-W934 today.

- After long hassles within the National Assembly, new year’s budget is determined at W163.3 trillion, trimmed by W1.35 trillion from the original budget plan. The areas with slashed budget include inter-Korean economic cooperation, job creation, and US army base relocation.

- A poll conducted by the MOFE on its website found that 40 per cent of 353 respondents said the government should put its priority next year on sustaining economic recovery over cooling property market.

- Samsung Economic Research Institute put out a bleak prospect on the overall conditions of Korea next year due largely to intensifying North Korea’s nuclear crisis, mounting social discord and difficult FTA negotiations.

- Sohn Hak-kyu, one of prominent presidential hopefuls, said on his homepage “President Roh wants compliments even if it is an empty word,” and “If his morale drops and consequently he poorly governs administrative affairs, it is the public that suffers…so let’s encourage him by complimenting on what he did good so that he can stay aloof from politics.”

Today's headlines_Dec 26

- Korea Investment Co. is to be a savior for Pantech by buying out W50 bn of ABS(Asset Backed Securization) issued by the company.

- Korea Development Institute revised up next year’s economic growth rate by 0.1 per cent to 4.4 per cent on assumption that economic slowdown will not be that great. The institute initially issued a quarter ago the economy would grow 4.3 per cent next year.

- The Finance Ministry said the announcement of next year’s economic management policy, which was expected to be out by year-end, will be delayed to next year, possibly on January 4, due to internal disagreements within government agencies.

- Chinese State Councilor Tang Jiaxuan said yesterday North Korea had said at the six party talk it could abandon nuclear facilities at Yongbyan if financial sanctions by the US were lifted.

- A total of W350 bn flew out of the domestic stock fund market for the last ten days because of fund holders’ growing need for capitals for year-end events.

- NHN is to re-enter Japanese market in the latter half of next year after a painful failure last year. The company said the year 2006 marked a “preparatory period for the portal service to go global.”

- A Seoul district court will hold a hearing for Kim Dong-hoon, former president of Ahngun Accounting company, who is under suspicion of receiving billions of wons for helping Hyundai’s affiliate get debt written-off. And a court trial for Kim Jae-rok on allegation of receiving kickbacks in return for assisting Hyundai to get easy access to banking loans is to be held today.

- 'Hankkum’ school in Namyangju city is on the verge of vanishing because it failed to find a place to move in. The school, established on April 19 2004 for housing 17 young North Korean defectors who came to Korea alone through a third country, has been asked to evacuate by the building owner but hasn’t been able to do so due to lack of money.

- Kim Il Sung University’s student paper quoted Kim Jong-il as saying “consumer products except the necessities should be imported to meet demands.” A vest is singled out by the paper as an item which should be imported rather than being produced in the country.

- A Japanese security research center predicted North Korea will suffer from aggravated economic conditions and rampant corruption among the leadership, which will eventually erode Kim Jong-il’s authority.

- World investment banks paint a very rosy picture for the Korean stock market next year. Citi Group, Macquarie Bank and S&P select the Korean stock market as the most promising one in Asia.

- From next April, taxi provides card payment service and ‘safe taxi’ service under which a passenger can send a designated ‘taxi number’ posted on a sticker inside the taxi by mobile phone to let family know the location of the taxi.

Today's headlines_Dec 22

- The number of new-born babies increased this year by 8,000 from a year before, after a continuing low birth rate since 2001.

- Labor Union at Kolon Industries Inc. decided to break away from the KCTU as a result of a 95 per cent of approval vote from its unionists to withdraw from the militant labor group, which marks the second in its kind this year when Daelim Industrial Co. did the same thing.

- Ahn Churl-soo, former CEO of Ahn Lab and now studying MBA in the Whatton School in the US, said he would set up a venture capital when he comes back next year.

- E-land will sell 10 among 32 branches of Carrefour to pay back half of the W800 bn debt and enhance the company competitiveness.

- Deputy Finance Minister Lim Young-rok told reporters yesterday that the government is positively reviewing the issuance of high-denomination notes, which will take 2-3 years to do so.

- Former Kyunggi governor Sohn Hak-kyu stressed on the government’s role in softening various regulations and making a business-friendly environment.

- Construction Minister Lee Yong-seop made it clear the government would not lessen reconstruction regulations for apartment in Kangnam region.

- Goh Kun lashed back at president’s yesterday remark and said what he said is ‘self-contradiction’ and ‘self-denial.’

- Japanese Kypto news agency and BBC reported that North Korean army is providing Karaoke machines to barracks in order to boost soldiers’ morale. Rodong Sinmun was quoted as reporting that Kim Jong-il couldn’t hide his joyful feelings to see how the machine changed the mood of his soldiers.

- Korean automobile and tire companies set their eyes on the up-market.

- Women made up 40.1 per cent, or 122 out of 304 of people who passed the national administration exam this year, the highest rate in the exam history.

Today's headlines_Dec 21

- Pastors of Protestant Christian organizations shaved their heads yesterday in a strong protest against the private school law and urged the National Assembly to revise the law.

- Contention between prosecutors and judges is mounting as the prosecution argued a long-standing customary rule under which prosecution should report details of important legal cases to judges should be abolished.

- Former judge at the Supreme Court Lee Kang-kuk is likely to be appointed head of the Constitutional Court.

- Ever possible measure to cool down the property market will be introduced in earnest early next year, said Construction Minister Lee Yong-seop.

- The government is mulling over a measure to restrict a household owning more than two houses in a speculative zone to take out a mortgage loan.

- Former president of SNU Jung Won-chan hinted at a possibility to run for the next presidential election, saying “it would be a lie if I say I haven’t thought about joining in politics.” He has recently met with Uri leader Kim Keun-tae.

- In the writing to Wall Street Journal, former GNP leader Lee Hoi-chang who is believed to make a comeback to the political scene argued that the engagement policy should be abolished and a possibility for a war to break out is higher now due to the sunshine policy. He called on the government to stop providing all kinds of assistance to the North.

- Japanese Nikei sinmun reported today that North Korea revealed its willingness to give up only on a new nuclear development program while retaining already-made nuclear weapons.

- Among $24 m held in the North Korean BDA account, $12 m is believed to be the money the North had received from Hyundai, and the US accordingly is said to take measures to unfreeze part of the money, said sources from Macao.

- More than half of the 37 commercial building transactions in Seoul and Bundang occurred this year are sold to a foreign fund. According to data, RREEF, a German equity fund, bought a building in Sesomun for W260 bn in the most expensive transaction of the year.

Today's headlines_Dec 20

- The number of students who voluntarily drops out of school for fear of their poor academic records at school weighing heavily on the university entrance is increasing.

- The lives of ordinary people will be harder next year amid an expected hike in public health insurance fee, public transport fare, income taxes, and utilities.

- Goh Kun said he would focus on the development of underdeveloped inner areas of Seoul such as Yongsan, Youngdeunpo, Sanam, Cheongrangri, and Wangshimri to make the regiond more attractive to live in and to absorb people wanting to stay inside Seoul and not wishing to move out to the metropolitan area.

- Bank of Korea is planning to tighten monetary policy by reducing the limit of loan the BoK provides to local banks by W2-3 trillion, the level same as that of 1998. The details will be decided tomorrow at the regular meeting of monetary policy committee.

- LG Economic Research Institute predicts the consumption pattern next year will be two-pronged with high-end products as well as low-end products becoming popular at the same time.

- Samsung Securities Co. expects stock prices will hit a year-high at the end of the year.

- The Kyunggi government is intent on pushing ahead with its ‘international zone’ construction project in Pyongtaek regardless of an expected 5-year delay of US army relocation. The project will cost W7trillion and is co-constructed with Korea Land Corporation.

- Japanese Mainichi Sinmun quoted Kypto news agency as reporting that North Korea sent out a positive signal on the matter of re-entrance of IAEA inspectors to the regime if certain conditions are met.

- An electronic passport with biological information will be officially provided from next year.

- Woori Bank decided to hire its less than 3,000 temporary workers as regular ones, the first ever done by Korean local banks.

- Nathan Thornburg, a reporter with the U.S. weekly magazine Time, said on CNN on December 18 “It is said that ‘Desperate Housewives’ DVDs are brought into North Korea for their leader.”

Today's headlines_Dec 19

- Justice Minister Kim Sung-ho said the ministry is mulling over a measure to exempt a company from criminal punishment if it owns up to deceptive accounting practices to inflate its earnings.

- Samsung Electronics exerts huge influence in the foreign exchange market as it proves to be a big driver behind pushing up won price by putting out a huge amount of dollars in the market.

- Former GNP leader Park Geun-hye said she would lower public apartment price by 30-40 per cent if elected.

- Competition for low-end LCD monitors looks to be fierce as Dell Computer introduces a 22-inch LCD monitor in step with the launch of ‘Window Vista,’ at market’s lowest price.

- Korea Communications Commission decided to impose a fine of W3.8 bn, W10.3 bn and W10bn on SK Telecom, KT, and LG Telecom, respectively for providing illegal handset subsidies.

- Korea’s chief FTA negotiator with the US Kim Jong-hun hinted at a possible compromise in the sensitive areas of automobiles and pharmaceuticals if the US resolves trade remedy issues.

- Hyundai Chairman Chung Mong-goo ranks top in the list of richest businessmen in Korea in terms of stock value, with a W2.5 trillion worth of stock, followed by Lee Kun-hee with W1.7 trillion. According to Korea Exchange, a total volume of stock owned by CEOs of top ten companies in Korea amounts at W6.6 trillion, down 5.93 per cent from last year.

- Kang Pal-moon of Construction Ministry labeled a hotly-debated ‘half-price’ apartment as being ‘exaggerated’ and ‘misleading’ the public to have unrealizable dream.

Today's headlines_Dec 15

- An international school for offspring of multiracial marriage couples will be set up for the first time in Korea. In the school, Korean, English, and a third language will be used. The preparation committee comprised of 20 people from religious, diplomacy, law, and business sectors said it had secured land for school and expected to receive around 50 students from 2008.

- A nude picture of a North Korean woman who defected to South Korea was posted on a website run by another North Korean defector. The site, which proclaims to promote human rights in the North, provides general pictures of North Koreans but asks visitors to pay $25 if they want to see the nude photo. The site runner says “there are a number of sites regarding North Korean human rights but very few people actually is interested in and visit those sites….so I came up with the idea (posting a nude picture) to draw attention from society.”

- A large number of North Korean women who flew the regime and took shelter in China is reported to fall victim to human traffickers and end up sex slaves in rural China. A Chinese broker says the demand for those women in Hebei region is highest so the price is also highest with W2.6 m per head while the price is the lowest in Yanji area with W0.26 m~W0.39.

[Chosun Ilbo]

- Daily NK reported that there are an increasing number of cases reported for looking for a missing North Korean waitress in a North Korean restaurant in China. North Korean restaurants in China are run by the North regime and most of waitresses are elites with formal education. They are believed to run away.

- Samsung Electronics will provide its TV products to the British Monarchy. The company said yesterday it has been formally requested from the monarchy to supply 100 LCD or PDP TVs. The monarchy is known to have used TVs which were leased or donated from international electronics companies.

- Former GNP leader Lee Hoi-chang is believed to make a comeback to the political scene early next year.

[Maeil Business Daily]

- The supply of apartment in the metropolitan area will increase 55.5% next year.

- A first trial between Samsung Motor creditors and Samsung Group will begin January 25 next year. 14 creditors including Seoul Guarantee Insurance Co., Woori Bank, and Industrial bank, filed a W4.7 trillion lawsuit in the most expensive in its kind in Korean history against Lee Kun-hee and 28 Samsung affiliates on December 10 last year, asking for debt and interest payment. The creditors argue they suffered a great loss after the insurance company failed to be listed. They had received shares of Samsung Life Insurance in return for writing off Samsung Motor’s debt of W2.45 trillion.

Today's headlines_Dec 14

- In a letter to government officials posted on Cheong Wa Dae Briefing, President Roh encouraged them to watch government-run KTV, saying KTV is doing very well in delivering government policies without biased or groundless criticism.

- A poll conducted by Herald Economy and LG Telecom on 1,448 mobile phone users shows the launch of DMB phone to be the hottest telecommunication news of the year.

- Meeting with reporters yesterday, KB president Kang Jung-won said “ ‘Eat and run’ used by some press when describing a foreign equity fund is problematic….and it can mislead the public.” “It is not right to call them such a way just because they took the risk and made profits. Our funds are doing the same in a foreign country.”

- It is reported that Lotte Shopping now faces no obstacle taking over Woori Home Shopping as the Korea Broadcasting Commission is believed to have made an internal conclusion that there is no legal problem in the buying-out process and thus will permit the sale worth W466.7bn.

- The Seoul city government is pushing ahead with a major development project on the US army base in Youngsan which is to be moved soon. The government says the plan will not be hampered by the delayed army base relocation.

- The US is expected to discuss with North Korea ways to have peace treaty on conditions that North Korea agrees on taking ‘initial implementation’ including freezing nuclear programs and allowing IAEA inspectors back in the country. Concluding a ‘peace treaty’ has been assumed to be the last step in the denuclearization process.

- GNP Rep.Won Hee-ryong, a president hopeful, said he would scrap income taxes when elected president in order to narrow the gap between the haves and have-nots.

Today's headlines_Dec 13

[Chosun Ilbo]

- National Election Commission submitted a piece of revised vote legislation under which people on temporary stay in overseas can cast a ballot in the national referendum. If it passes into law, 1.1 m people can have a voting right while staying in a foreign country.

- Ancient books, designated as national treasure and stored in a museum, can be accessed to and opened by ordinary people through a newly-built website (www.memorykorea.go.kr).

- Cheong Wa Dae is considering a pardon on Christmas day. It is speculated that former Daewoo Chairman Kim Woo-joong and former Doosan CEO Park Yong-sung will be among the people to be released.

[Maeil Business Daily]

- Korean parents are facing a mounting financial burden due to private education for their children. The volume of the private education market amounts to more than W21 trillion and takes up 3.4 per cent of GDP, far higher than that of Japan(1.2%) and the US(2.3%).

- The ruling Uri Party is set to come up with measures to lower public apartment price by 30-40 per cent.

- Life insurance companies can be listed as early as later next year.

[Portal sites]

- A South Korean Insam (ginseng) company based in Kumsan in Chungcheongnamdo will have a joint business with a North Korean company in Pyongyang in an effort to internationally promote Korea’s high-quality insam products. The two companies rename the company as ‘Tongil Goryoe Insam,’ and plan to produce its first product on June 15 next year, marking the seventh anniversary of the June 15 declaration.

- Jin Dong-soo, second-undersecretary of MOFE, said this morning, “we take seriously about the fact that exchange rate is far removed from the economic fundamental.” “Won is excessively appreciated compared to Dollar, Yen and Yuan,” he added.

- In 4 years, Korean households with KT internet connection can enjoy 100 times faster internet broadband based on FTTH than the current ADSL could provide, said Nam Joong-soo, president of KT. The company will invest W1 trillion by 2010 to finish establishing a FTTH broadband for its subscribers.

- Daum Communication announced publicly that it sealed an ad deal with Google, under which the Korea’s one of the biggest portal sites will run its online advertisement business through Google’s ‘Adsense.’

- President Roh will meet county’s CEOs from top 30 conglomerates on Dec 28 in a fourth such meeting since the Roh government took to the power.

Today's headlines_Dec 12

- It is confirmed that Chang Min-ho had reported personal information of Democratic party members who were to visit North Korea just one day before he was arrested by security authorities. And facing financial difficulties, he asked the North to pay back his debt of W300m.

- Sohn Hak-kyu said yesterday, attending a conference, “for GNP to take power, changing the party and making it lead our country is the historic mission that is given to me.” “GNP should change if it is to make a fresh start for the country and make up for the lost five years,” he added.

- A court rejected detention warrants for seven people charged for violence and obstruction of justice by prosecutors in the anti-FTA protest, citing “there is no possibility for them to run away or destroy evidence.”

- Jerrald Post of George Washington University told the newspaper US sanctions against North Korea on luxury goods was aimed at Kim Jong-il’s psychological traits of ‘father complex.’ Stockpiling luxury goods while urging ordinary people to sacrifice themselves for Juche ideology stems from his obsession to look grandiose like his father. He fears to be compared to his father, the professor said

- A Chosun Ilbo survey on 572 South Koreans shows 60.3 per cent of people suspect the government has turned a blind eye to North Korean spies while 26.4 per cent think the government arrested a spy everytime it spotted. Regarding Ilsimhoe scandal, 33.2 per cent of respondents suspect the case must have been in some way manipulated by the government.

- Rumors are spreading that Lee Jae-yong might be promoted to vice-president of Samsung Electronics next January.

- Samsung Electronics and LG Philips were investigated by Korea, the US, and Japan fair trade authorities over a possible LCD price collusion. Korea’s Fair Trade Commission raided the companies yesterday for investigation.

- Park Byung-yeop, vice-president of Pantech Group, the country's No.3 mobile phone manufacturer that Monday formally sought a bailout from creditors to overcome its growing cash flow problem, said “as one of the founders of the company, I will give up on management control to creditors if the company can survive.” In an interview with Maekyung, he rejected a rumor of selling the company to a third overseas company.

- From as early as next March, people who don’t have overdue bills can have easier access to bank loans, according to a revised credit law which will be brought up in the National Assembly next February.

Today's headlines_Dec 11

- Chosun Sinbo, Japanese pro-North Korean newspaper, reported Kim Jong-il made an unusual visit to the regime’s one of the biggest rice fields in Hwanghae-bukdo, saying it shows Kim’s willingness to emphasize on economic development and enhancement of lives of ordinary people.

- President Roh is expected to officially appoint today Lee Jae-joung and Lee Yong-seop as Unification Minister and Construction Minister, respectively.

- CNN argued in is special FTA report program that a Korea-US FTA would cost millions of jobs in the US.

- North Korean experts estimate North Korea’s per capita income would be only about $250, far less than the 2004 prediction by Bank of Korea of $900.

- The head of ‘Changsarang,’ a group of supporters for former GNP leader Lee Hoe-chang, said the group will stage an outdoor gathering next January or February to urge Lee to run in the next presidential election. An aide to Lee said “the planned gathering is organized by the group and has nothing to do with Lee.”

- Amid domestic securities firms’ rosy expectation for the stock market next year, some foreign-based firms put out more cautious prediction citing a rising won against dollar and economic slowdown.

- Meeting with Korean immigrants in Oakland, New Zealand, President Roh said “it is South Korean government’s important strategy to let North Korea have some room for breath and not let it starve to death,” suggesting a possibility to soon resume the food aid stalled since the regime’s nuclear tests.

Today's headlines_Dec 8

- Seven out of ten South Koreans think GNP will win in the next presidential election. A CBS radio program conducted a poll on 761 people and found out 69.7 per cent of respondents answered a candidate from the opposition party was likely to be elected.

- US’s North Korea human rights committee polled 1,300 North Korean defectors living in China and found out 43 per cent of them were unaware of international community’s food aid to the North, and only 3 per cent of those who knew it actually received food aid. International society including South Korea has been supplying food for the last ten years that could feed one third of impoverished North Koreans.

- Korean Air and Asiana Air are set to raise international flight fee from Dec 11 up to as high as 5.7 per cent due to increasing oil prices.

- UN Human Rights Committee recommended the government provide some kinds of compensation to two people who spent one and half years in prison after a court had ruled that their rejection to serve in the army for the reason of ‘religious conscience,’ was against law.

- Sean McCormack of US State Department countered North Korea’s argument that the US deployed nuclear weapons on the Korean peninsula. He said the US government has consistently confirmed that there was no nuclear weapons in South Korea since 1994, and the US had no intention of invading the North with either conventional or nuclear weapons.

- Seoul citizens are found to save a certain amount of money out of their income in the most systematic and regular manner among 6 Asian cities’ citizens of Hong Kong, Taipei, Tokyo, Shanghai, and Kula Lumpur.

- Hyundai Asan will focus more on domestic construction business amid increasing ‘North Korean risk factor.’ Currently the company gets half of its revenue from North Korean business and the rest from domestic one.

Today's headlines_Dec 7

- A North Korean diplomat is reported to have said the US should withdraw its nuclear weapons on the Korean peninsula if it wanted North Korea to give up its nukes, according to Russia’s Interfax news agency.

- Bank of Korea kept its call rate on hold at 4.5 per cent in its four-consecutive month of freeze since September, rejecting expectation of rate increase in order to stabilize rising house prices and suggesting the bank has taken into consideration an unclear economic outlook for next year and a rising won against dollar.

- The Prosecution wrapped up its probe into the 2003 sale of KEB to Lone Star and concluded the deal was illegal. It said this morning to set up a special investigation team within the prosecution to resolve remaining issues.

- Japanese NHK reported that former Japanese PM Koizumi was considering visiting North Korea as Shinzo Abe’s special envoy to persuade it from abandoning its nuclear program.

- It is reported that Kim Geun-tae of Uri party will step down as party leader next week as he has difficulties in controlling the party amid mounting criticism from pro-Roh factions.

- 57.6 per cent of female CEOs from 250 middle-sized companies said they have experience of feeling difficulties managing the company just because they are women, a research done by Korea Chamber of Commerce & Industry and Korean Women Entrepreneur Association shows.

Today's headlines_Dec 6

- The prosecution is believed to have found evidence which suggests Lone Star aggressively lobbied financial officials to buy KEB and secured an exit strategy after getting short-term profits from the selling. The 9-month investigation result will be announced tomorrow at 10 am.

- Allegation is being raised that the apartment owned by Lee Yong-sup, Construction Minister-designate, is exempted from real estate tax even though the house price is over W600m.

- The government will join US-led ICSN (International Container Scanning Network) aimed at preventing the proliferation of WMD.

- Debate on divorcing difficulties North Korean defectors are facing in Korea will be held in the National Assembly today. A total of 200 divorce requests by North Korean defectors have been filed at South Korean courts since July 2003 but only one case have been resolved.

- Christopher Hill is reported to be appointed as next US North Korean policy coordinator.

- The Unification Ministry withdrew an investigation request on Nov 29 it had filed at the prosecution office earlier that day into a civic group for assisting North Korea on suspicion of submitting fake document in order to get government’s North Korean subsidies.

- “A huge amount of personnel, material, intelligence resources have been focused on the development of this (nuclear weapons),” and “now that by nuclear tests we got ride of a factor that had been threatening our life, we will devote all our might to economic development,” said the internal document of North Korea’s Rodong Party obtained by Donga Ilbo.

- Seoul is the most expensive city for foreigners to live in, followed by Tokyo, Yokohama, Kobe, Hong Kong, and Taipei, according to a research by ECA International.

Today's headlines_Dec 5

- Bank of Korea predicts the economy will resume recovery later next year, export will increase by 9 per cent and imports will see a 9.4 per cent increase. Next year’s presidential election can be a big variable on the economic performance but if history is any guide, it won’t have such a huge effect, it said.

- Carl Ichan is believed to have sold his 7m KT&G shares on Dec. 4 for W424.9bn. As a result, he owns less than 1 per cent of the company share.

- IT export hit a record high with $10.9 bn, or up 9.9 per cent year-on-year, last month, said the Ministry of Information. The IT export volume amounted to 35 per cent of the country’s whole export.

- The government decided not to designate Iksan City of Northern Jella province hit by AI as a ‘special disaster zone.’ Instead, it will provide farmers with a 100 per cent compensation of the loss caused by the disease.

- The prosecution made a conclusion that the sale of KEB on the cheap to Lone Star was led by Byeon Yang ho, former financial official, and cleared Lee Hun-jae of any wrongdoing regarding the controversial sale. It will announce its investigation result within this week.

- Samsung Chairman Lee Kun-hee is expected to pay more than W3bn for real estate holding tax, the country’s biggest individual tax payer. His house in Itaewon is the most expensive house in the country with W8.52 bn. His other two houses in Janschung-dong and Itaewon also rank within the five most expensive houses in Korea.

Today's headlines_Dec 4

- The Seoul City Government will make a floating bridge by 2008 alongside Han River which will be used as a bicycle road.

- According to Gmarket, the most popular on-line item in 2006 is leggings followed by mini-skirt, skinny jean, long boots, and glucosamine.

- Mike Johanns, Secretary of the U.S. Department of Agriculture, said in an interview with Inside US Trade that Korea’s ban on imported beef would have negative impact on the on-going Korea-US FTA negotiations.

- Jerrold Post, a professor of political psychology at George Washington University, said export ban on luxury goods would not be enough to weaken loyalty of North Korean leadership toward Kim Jong-il. He said the measure would only anger them and not be strong enough to have any intended impact.

- Government’s North Korean assistance budget in 2006 has amounted record-high with W210bn since 1995 when the government has launched the assistance program.

- Kim Jong-il is understood to have said October 18, “there is no prospect for a while that other country will offer rice but food would be eventually arrived from South Korea. Let’s lay in a supply of food when we receive it.”

- Ruling Uri party will have a poll next week on its party members on the course the party should take down the road and possible party restructuring. When they collect the opinion, they will deliver it to the president when he comes back from overseas visit.