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.