중앙데일리

Five Areas to Be Designated Free Trade Zones

Five areas, including Pusan, Kwangyang and Inchon Port, will be designated tariff-free trade zones before the end of the year. The Ministry of Finance and Economy finalized the necessary conditions for tariff-free trade zone designation Thursday, and announced that it will designate free trade zones as soon as the requirements are approved in a cabinet meeting sometime this month. The new measure is part of the government’s attempt to develo…

May 18,2000
Signs of Reconciliation between Former Coalition Partners DJ and JP

There are signs of a thawing in the relationship between President Kim Dae-jung (DJ), who is also the leader of the ruling Millenium Democratic Party (MDP), and Kim Jong-pil (JP), president and honorary founder of the minor opposition United Liberal Democrats (ULD). The nation＇s political camps are speculating that DJ and JP have already completed a feeling out prosess on the possibility of a bilateral meeting and a change of regulations whic…

May 17,2000
FKI Refutes S&P＇s Debt Ratio Report

The Federation of Korean Industries (FKI) announced on May 16 that it would formally request the correction of a report entitled ＇Evaluation of Korean Chaebol Enterprises’ made by S&P, a U.S.-based credit evaluation organization. It claims the evaluation was made incorrectly because S&P misunderstood the methods of debt ratio calculation. The FKI explained its position, saying, ＂S&P has diminished the credibility of the Korean economy to a l…

May 16,2000
Korean Gov＇t Pursuing U.S. Damage Compensation for Defoliant Victims

The Korean government is currently pursuing negotiations with Washington to discuss damage compensation for Koreans who are suffering the ill effects of exposure to U.S. produced defoliants during the Vietnam War, a foreign ministry official stated Monday. The official said, ＂No country has yet filed a lawsuit against the United States from a government-level. The Korean government is not trying to institute legal proceedings, but seeking dam…

May 15,2000
Report on Governmental Policy for Financial Restructuring

Starting in June, companies will be compleating their combined financial statements, and it is expected that the debt ratio of certain chaebol groups, which are very large scale businesses, will exceed more than 300 percent. Therefore, the credit rating of these chaebol groups as well as their creditor financial institutions will worsen based on the high debt ratio. The combined financial statement is a single financial statement for all af…

May 14,2000
Audit Reveals Abuses of Monitoring Power

An audit has revealed that investigation agencies, including police, either exceeded the permitted period of monitoring or engaged in unauthorized monitoring. Monitoring includes wiretapping and accessing voice mail and is permited for three month for general monitoring and 48 hours for urgent monitoring, This shows that countermeasures against the abuse of monitoring are in urgent need. The Board of Audit and Inspection (BAI) disclosed on Ma…

May 12,2000
Politicians Will Cooperate with Gov‘t to Raise Additional Funds

The nation＇s political camp plans to cooperate with the government if it requests parliamentary approval for raising additional public funds. The political parties, however, plan to conduct a thorough study to verify if there has been any waste in the administration of the 64 trillion Won ($57.6 billion) of public funds that has been injected so far. The parties also will propose more effective means to utilize public funds to bail out local fina…

May 11,2000
Status of National Assembly Speaker Likely to Strengthen

The status of the National Assembly speaker is likely to undergo significant changes. The 16th National Assembly, which will begin its first session on May 30, heralds an era of a ＂powerful parliamentary speaker＂ as the product of the two-party system with the opposition holding more parliamentary seats for the first time in the history of Korea. Chong Wa Dae believes it has to help with expanding the role of the National Assembly speaker so …

May 10,2000
Conflict Intensifies in Oil Industry over e-Commerce

Existing oil refineries expressed strong opposition to the plan to introduce an electronic business system to the distribution of oil products, which comes close on the heels of online automobile sales. They claim that the new system will disturb the distribution order. The clash between online and offline companies is now coming to a head. According to the Ministry of Commerce, Industry and Energy (MOCIE) and related business circles on May …

May 09,2000
KIEP Proposes Economic Cooperation System in Northeast Asia

The Korea Institute for International Economic Policy (KIEP) announced a report Monday in which it proposed that Korea, China and Japan create a ＂Northeast Asia Economic Council＂, an inter-governmental consultative body similar to the Asia-Pacific Economic Cooperation (APEC). The proposal is worthy of note in that it comes on the heels of an agreement reached among leaders of the three countries in November last year to jointly study the ways to …

May 08,2000

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