South Korea

President Lee says economic contraction in South Korea in 2009 first half

It will be for the first time since the Asian financial crisis of 1997 that the South Korean economy may shrink during the first half of the coming year! Yonhap news agency reports say President Lee Myung-Bak has expressed apprehension that the country's economy could also "hit bottom in the first half", before it rebounds in the second half of the next year.

Korean bank places conditions on loan to Ssangyoung Motor

Seoul - South Korea's national bank offered fresh credit to carmaker SsangYong Motor Friday with the condition that its Chinese parent implement a rescue plan for the company.

The Korea Development Bank called on SsangYong's largest shareholder, Shanghai Automotive Industry Corp, to provide support to South Korea's fifth largest carmaker, a bank spokesman said Friday.

Seoul denies considering troop deployment to Afghanistan

Seoul - Seoul is not considering whether to deploy its special civilian-military unit to Afghanistan, as reportedly requested by US officials, a government spokesman said Tuesday..

Seoul urges Pyongyang to resume talks

Seoul  - The South Korean government Tuesday called on North Korea to drop its confrontational attitude and resume talks aimed at improving relations between the two countries.

"North Korea must accept our offer to talk with us unconditionally," Unification Ministry spokesman Kim Ho-Nyoun told a press conference.

South Korean tourists still keen on Asian holidays

Seoul  - Despite the global economic slowdown, South Korean travellers aren't likely to abandon plans for holidays in their favourite destinations in South-East Asia, China and Japan, a survey has found.