- World’s biggest tidal power plant will be established in Kanghwa, west coastal area of Korea. The city of Incheon said yesterday it will start the construction in 2009 and finish it by 2015. A consortium led by Daewoo Construction Co. suggested the project.

- Unstable international market and high oil prices make economic experts jittery about next year’s economic performance. KORCHAM said BSI(Business Survey Index) for the first quarter of next year fell to 99 from 105 in the previous quarter, which implies there are more companies with negative views than those with rosy ones for next year’s economy.

KIET(Korea Institute for Industrial Economics and Trade) expects in its recent report a trade surplus to fall and a current account to go in the red next year.

Hyundai Research Institute also says “because of high oil prices and rising interests, it is very hard for domestic companies to sustain their growth” and “the construction industry continues to suffer due to government policies.”

- Talented professionals rush overseas to work and exacerbated talent shortage is one of the reasons why Korea can’t find a next growth engine, said a SERI report. According to Hyundai Research Institute, 46 per cent of 3,400 who received doctoral degrees in the science and IT field in the US from 2000 to 2003 chose to stay in America.

- Samsung Tech Forum 2007 was supposed to provide investors, analysts, and reporters with next year’s business plans and outlooks but was soon turned into Q&A sessions where attendants voice concern over recent Samsung scandal and how it affects its business.

- [Financial News] Finance Minister Kwon O-kyu said there is a need to nurture a ‘new industry’ like service and financial industries as the country is badly in need of a new growth engine. “We are planning to announce a set of revised insurance laws within this year to upgrade insurance system and are mulling over revising banking laws,” he said.