South Korea

Bank of Korea keeps interest rate unchanged at 2% for sixth month in a row

Bank of Korea keeps interest rate unchanged at 2% for sixth month in a row

Exhibiting the widely expected caution on the outlook for the embryonic economic recovery, after having faced the worst slowdown in decades, South Korea’s central bank – Bank of Korea - Tuesday kept its yardstick seven-day interest rate unchanged at a record-low 2.0 percent for the sixth month in a row.

IMF revises upward South Korea GDP forecasts

South Korea

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.

Ericsson heading towards South Korea to invest $1.5 billion

Ericsson

Stockholm-based Ericsson, one of the world's largest communications companies, has announced a massive plan of investing 1.5 billion dollars in South Korea in the forthcoming 5-year span of time.

Ericsson's CEO Carl- Henric Svanberg divulged the plan at a meeting with South Korean President Lee Myung Bak in Stockholm.

Samsung Engineering bags $2.6 billion contract from Algerian company Sonatrach

Samsung Engineering bags $2.6 billion contract from Algerian company SonatrachIn the biggest over

Obama sends condolences to Korea on Roh's death

Obama sends condolences to Korea on Roh's death

Washington - US President Barack Obama Saturday expressed condolences on the death of former South Korean president Roh Moo Hyun, who died in an apparent suicide.

Obama, who said he was "saddened by the news," noted that Roh had "contributed to the strong and vital relationship between the United States and the Republic of Korea."

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