Scrutinized Seoul antes up
Article Abstract:
Seoul Guarantee Insurance is expected to receive $4.32 billion from South Korea's Ministry of Finance and Economy in order to keep major companies, including Daewoo Group and Hynix Semiconductor Inc., afloat. U.S. Trade Representative Robert Zoellick has expressed concerns that such a move is against World Trade Organization regulations, especially when Seoul Guarantee Insurance is 98% owned by the government. Support of these companies during difficult economic times is essential to the government of President Kim Dae Jung, with only one year before presidential elections.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
Korea growing at slowest pace since 1998
Article Abstract:
The South Korean economy grew only 2.7% in the second quarter and is expected to slow down further in upcoming months. Low demand worldwide for technology products, which account for 30% of Korea's exports, and the economic slump in the U.S. are contributing to the slowdown. Financial problems at Hynix Semiconductor Inc. are further proof that the Korean economy is in a downturn.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
In strategy reversal, Seoul agrees to roll over some debt
Article Abstract:
Korean Development Bank will assist multiple companies to refinance by rolling over their large maturing debt, a strategy the bank says is essential for a steady economy. The bank has bought 80% of Hyundai Electronics Industries Co.'s outstanding bonds and the chip maker has agreed to pay the balance.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: British Airways decides to sell its Qantas stake. Qantas warning sends share price sliding to 1998 low. Northwest says loss will be more than expected
- Abstracts: Dentsu preparing to go public. Japan discovers brand building. Rubel finds exciting challenges in Japanese marketing
- Abstracts: Olivetti, Mannesmann are mum on suit. Seat board extends its offer for Eniro to at least June 27. Cecchi Gori to buy rights to MTV in Italy via Beta
- Abstracts: Is it takeover time? Climate for hostile takeovers warms up in Japan. Bank of Japan pumps more money into the economy
- Abstracts: Fear of flu ruffles city. Conspiracy theories fly. Hong Kong's Skeptics Were Right