- The ministry of Justice decided not to exert the right to direct prosecutors to reopen the investigation, citing an impending the independent investigation into the case.

- Korea’s asset management firms are trying to export overseas locally-made fund products. Hana Daetoo, Samsung, and Mirae Asset securities have all launched funds aimed at selling in foreign countries. Cosmo Asset Co. has been running various funds for foreign investors since three years ago and it invests W1.2 trillion in overseas funds. Hana Daetoo securities introduced HFG Korea Fund Ltd on Dec 3 for overseas investors.

- The government breaks down business barriers between banks, insurance companies, and securities firms in the run up to the capital market integration act slated to take effect in 2009. The Finance Ministry issued an advance notice for the revised securities transaction laws, under which securities firms can sell, for example, gift certificates which have been available only in banks and insurance companies. The revised law changes the current ‘positive rules’ to ‘negative rules,’ which means securities firms can sell whatever items, except for things that is specified as not-to-sell-products.

- Middle school students rush to hakwon in flocks to prepare for ‘special-purposed’ high schools. An average competition ratio for 51 such schools this year was 4.46 to 1. A research reveals that 83 per cent of students in the metropolitan area who are preparing for the entrance exams either go to hagwon of which monthly fee amounts to W500,000-W600,000 or receive private teachers’ education. The market is believed to amount to at least W5 trillion. Big hagwons even succeeded to get investment from foreign private equity funds. For example, Topia Academy attracted W18 bn in investment from Carlyle Group.

- The overall domestic fund market grew by 30 per cent, recently passing W300 trillion. And the stock fund market exploded, with 130 per cent growth rate year-on-year.

- SK Group is found to acquire the most affiliates this year with 9 new subsidiaries, followed by Hanaro Telecom with 8 new ones, said the Fair Trade Commission.

- Vote turnout in the presidential election is expected to be very low as an increasing number of voters say they would travel overseas or go skiing, instead of casting their ballot. According to travel agencies, overseas travel packages are booked like in peak seasons as lots of people take Thursday and Friday off for the travel. National Election Commission revealed on Dec 12 that only 67 per cent of 1,500 voters said they would definitely vote, far lower that 80.5 per cent vote turnout in 2002.

- The construction ministry said it reached an agreement with the US on BASA (Bilateral Aviation Safety Agreement), which enables Korea to export 150 aviation-related products including plane tires, black box, and air-data computers that have not been allowed to export. The US has such agreement with only 14 countries in the world.