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.