Today's headlines_Jan. 8

- A research paper by the KDI (Korea Development Institute) shows Korea could have achieved an additional 1 per cent of growth rate from 1991 to 2003 if it had abided by laws and rules more strictly.

- As early as the second half of this year, life insurance companies can float in the stock market. Kyobo insurance company is preparing for flotation within this year while Samsung life insurance sets its plan for next year.

- The National Assembly will hold a confirmation hearing on 15th and 16th for Lee Kang-kuk , a candidate for the head of Constitutional Court.

- The prosecution said it will soon summon former FSS governor Lee Keun-young as a witness in the lobbying scandal of Kim Heung-ju, president of Samju Corporation.

- 80 per cent of senior financial officials who have retired from government posts in the last 6 years turn out to be rehired within two years after retirement, which is not permitted by law. The most popular destinations include Samsung Securities, Kookmin Bank, Kim & Chang law firm, and state banks.

- It is reported that Goh Kun is mulling including the construction of undersea tunnel connecting Korea and Japan in his election pledges.

- Responding to Hyundai Motor’s plan to ask compensation of W1 bn in physical damages and lost production, the union said it would stage a very strong strike against the plan including work refusal and massive protests in front of the company headquarters.

- Hyundai and Kia Motors have entered contingency management system under which the exchange rate is pegged at W880, down W70 from last year in order to set up an export plan for this year.

- It is belatedly reported that President Roh suggested in the summit meeting with Shinzo Abe last November to call the East Sea as ‘Sea of Peace.’

- GNP lawmaker Chung Hyung-geun wrote on his homepage that he believed North Korea finished preparations for the second nuclear test by saying there have been some unusual activities spotted around mountain areas of Kilju in Hamkyungbukdo.