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South Korea's Economy Grew to the Highest in Seven Years

South Korea's economy expanded at the fastest pace in almost six years last quarter as exports and household spending jumped. Gross domestic product rose 2.3 percent from the first quarter, when the nation skirted a recession by growing 0.1 percent, the Bank of Korea said last week.

South Korean consumer confidence rose to the highest in almost seven years in July as government stimulus policies and record interest-rate cuts began leading the economy toward recovery from the global recession. The sentiment index rose to 109 from 106 in June, the Bank of Korea said in Seoul today. That's the highest level since the third quarter of 2002, when the bank published its confidence survey on a quarterly basis. A score of more than 100 indicates optimists outnumber pessimists. The Kospi stock index has climbed 34 percent this year. Sales at the nation's major department stores rose for a fourth month in June as consumers bought more home appliances. The government has pledged about 67 trillion won ($52 billion) in stimulus measures, including a 17.2 trillion won package of cash handouts, cheap loans, labor-market aid and infrastructure spending. The central bank pared the benchmark interest rate by 3.25 percentage points between October and February, the most aggressive easing in a decade. The consumer confidence index is based on a survey of 2,200 households in 56 major cities, conducted by mail and telephone between July 13 and July 20.

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South Korea's Go-Green Initiatives Might Improve Employment & Growth

As Asia's third-largest crude oil importer, South Korea announced its plans to invest 107 trillion won ($84 billion) in the next five years to help reduce dependency on fossil fuels and simultaneously spur economic growth.

Figures show that up to 1.8 million jobs may be created with the development of solar power. It is estimated that by 2010, the country will spend about 2 percent of its GDP annually to "reduce carbon emissions and diversify its exports," said Youk Hyun Soo, an official on the presidential committee for renewable energy. "South Korea is joining the U.S. and China in increasing public spending on the industry to achieve economic growth and energy-saving at the same time," said Hwang Chang Joong, the head of investment strategy at Woori Investment Securities Co. The government spending will include investments in luminescent diodes, used to make energy-saving flat-screen panels and lighting bulbs and solar-powered batteries, according to today's statement.

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Improved Outlook in Korean Shares

Stocks have the possibility of benefiting after the won's 18 percent fall against the dollar the past year, which made the currency more appealing, according to Credit Suisse. It is predicted that the South Korean currency will strengthen up to 15 percent over the next year.

Stocks have the possibility of benefiting after the won's 18 percent fall against the dollar the past year, which made the currency more appealing, according to Credit Suisse. It is predicted that the South Korean currency will strengthen up to 15 percent over the next year. Furthermore, Credit Suisse anticipates an increase in sells this year due to the "strong bounce" and greater political uncertainty. This would be a great opportunity for investors to accrue Korean shares of Samsung Electronics Co. and LG Display Co., since those exports have a "high operating leverage" in developed economies, such as the U.S and Europe. According to Credit Suisse, Samsung, Asia's largest maker of chips, flat screens and mobile phones, has a positive likelihood for better earnings. KB Financial Group Inc, Hyundai Mobis Co., Lotte Shopping Co. and Posco are a few of the brokerage's top selections.

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South korea has $19 billion plan to boost the economy

The government's plans are intended to make more effective a sector that has suffered from poor investment and sclerotic restrictions. In particular the government will revise current laws in order to help expand markets and grow domestic enterprises, while also focusing on raising their global competitiveness by developing core technologies and achieving international standards.

South Korea's government announces a plan that will benefit over 17 industries that belong of three categories: high value services,green technologies and converged industries. The high value services is health care, education and tourism. The second, converges industries such as broadcasting and communications, food production and pharmaceuticals. Green technologies segment involves a plan to create a environment friendly cities. The first quarter of 2009 the Korean economy rose 0.1 percent and GDP growth was positive. As a result of government fiscal stimulus measures, which grew consumer's confidence and stimulated domestic demand.

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South korea offers help to Algeria to diversify its economy

South Korea is offering a important partnership to Algeria, which is going to boost growth. The two countries are going to be partners toward a mutual benefits of technology transfers in fields that South Korea has managed.

South Korea is offering a important partnership to Algeria, which is going to boost growth. The two countries are going to be partners toward a mutual benefits of technology transfers in fields that South Korea has managed. South Korean vice minster of economy, Kim young Hak leaded a group of 70 businessmen visiting Algeria to create plans for cooperation. Algerian minister of industry and investment promotion, Hamid Temmar, who represented the African country said " The two countries can head towards a technological partnership notably in the sectors of electronics, mechanical engineering and petrochemicals". South Korea began to build factories in Algeria since 2008, with a private company Cevital and Samsung started to build firms in Selif (185 miles east of Algiers). At the same year, the south korean consortium Hyndai engineering and construction signed a contract to rebuild a refinery at Arzew , and Naftec, a subsidiary of the Algerian oil group Sonatrach near the western city of Oran.

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Korea Prices $3 Billion Global Bond

South Korea discovered yesterday that giving a little can elicit unexpected rewards. By conceding on pricing, it managed to raise one-and-half times more cash than it initially intended. Korea raised $3 billion with an issue of senior, fixed-rate, SEC-registered, dual-tranche global notes, priced bang in the middle of the early price guidance. The issue was split equally, with $1.5 billion each for the five- and 10-year tranches. The republic had originally planned for a $2 billion issue, so it must have been pleasantly surprised.

South Korea discovered yesterday that giving a little can elicit unexpected rewards. By conceding on pricing, it managed to raise one-and-half times more cash than it initially intended. Korea raised $3 billion with an issue of senior, fixed-rate, SEC-registered, dual-tranche global notes, priced bang in the middle of the early price guidance. The issue was split equally, with $1.5 billion each for the five- and 10-year tranches. The republic had originally planned for a $2 billion issue, so it must have been pleasantly surprised.

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Bank of Korea May Keep Interest Rate Unchanged at Record-Low 2%

The Bank of Korea may keep its benchmark interest rate unchanged for a second month as Governor Lee Seong Tae seeks signs that record-low borrowing costs and government stimulus are reviving the contracting economy. The central bank will leave the seven-day repurchase rate at 2 percent in Seoul today, according to nine of 11 economists surveyed by Bloomberg News. Two expect a quarter-point cut.

The Bank of Korea may keep its benchmark interest rate unchanged for a second month as Governor Lee Seong Tae seeks signs that record-low borrowing costs and government stimulus are reviving the contracting economy. The central bank will leave the seven-day repurchase rate at 2 percent in Seoul today, according to nine of 11 economists surveyed by Bloomberg News. Two expect a quarter-point cut.

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Korea Gas Sales Plunge as Power Demand Falls

Korea Gas Corp., currently the largest buyer of LNG in the world, has announced that domestic sales plunged 23% in February from a year earlier

Korea Gas Corp., currently the largest buyer of LNG in the world, has announced that domestic sales plunged 23% in February from a year earlier. Sales were down for the fifth month in February, declining to 2.48 million metric tons. The fall was largely attributed to power plants switching to cheaper oil. The cost of importing oil fell 48% last month from a year earlier, meanwhile, gas shipment costs rose 23%. Moreover, households and businesses used less gas these last months as the winter proved to be milder than usual. As a result consumption for gas fell 16%.

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South Korea:Trading Firms Focus on Natural Resources

South Korean firms are aiming to develop natural resources in an effort to generate new forms of revenue as the financial slowdown has posed many limitations to normal growth.

South Korean firms are aiming to develop natural resources in an effort to generate new forms of revenue as the financial slowdown has posed many limitations to normal growth. Korean LG corp., has set up a joint venture with a Canadian and a Japanese firm to develop a coal mine in Canada. The joint venture is worth around $11 million and will include access to the mine's 59 million tons of inferred coal resources. The amount would be equivalent to 90% of Korea's total coal imports last year. LG has also started mining for coal in Australia, Russia and Indonesia. The company has also focused on oil production in Oman and Kazakhstan. Another Korean firm, Daewoo International, has been exploring uranium, nickel and copper in Australia, Madagascar and Bolivia. Other Korean companies scrambling for natural resources abroad include; Samsung, SK Group, and SK Networks.

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Korea Signs Infrastructure for Minerals Deal with Congo

South Korea's Water Resources Corp. has signed an agreement with the Democratic Republic of Congo, under which the company will provide assistance for the DRC's water supply system and damn managements, in exchange for the African country's minerals.

South Korea's Water Resources Corp. has signed an agreement with the Democratic Republic of Congo, under which the company will provide assistance for the DRC's water supply system and damn managements, in exchange for the African country's minerals. Together with Korea Resources Corp, both companies signed an agreement for two ventures with the DRC's largest mining company, George Forest International Africa, and Alfonso Rowemberg Korea, an investment firm based in Seoul. Korea Water will be part of a $750 million project aimed at developing better water systems in the DRC. The Korean company will also invest on infrastructure projects , dam building and the construction of a cobalt processing factory and a cement factory in the DRC. The deal will allow Korea to secure 430,000 tons of copper, 21,500 tons of cobalt and 2,000 tons of uranium annually.

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Korea: Trade Surplus with H.K. Surges

South Korea has enjoyed its largest trade surplus with Honk Kong last year, as its exports to China slumped due to the global financial crisis.

South Korea has enjoyed its largest trade surplus with Honk Kong last year, as its exports to China slumped due to the global financial crisis. In fact, Korea's trade with Hong Kong surpassed its trade with China, South Korea's number one trader since 2002. South Korea's trade surplus with Hong Kong reached $17.55 billion last years, compared to a surplus of $14.46 billion with China. South Korea's exports however, have experienced a sharp fall, with a 17.1% year on year decline last month. The country also has seen its trade deficit with Japan and oil rich countries, such as Saudi Arabia and UAE, rise dramatically.

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