The International Monetary Fund has upgraded its economic forecast for South Korea, saying its gross domestic product would contract by 1.75% in 2009, better from its July forecast of 3%.
However, experts fear that South Korea would not be able to see the same momentum of economic growth shown in the first half of the year for the rest of 2009.
According to recent remarks made by the Chinese government in the magazine of the National Administration for the Protection of State Secrets, Australian mining giant Rio Tinto has been allegedly spying on China's steel industry for nearly six years, thereby costing the country 700 billion yuan ($102 billion) in unwarranted charges for iron ore.
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