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Web-only Exclusives November 30, 2000 From Our Correspondent: Hirohito and the War A conversation with biographer Herbert Bix From Our Correspondent: A Rough Road Ahead Bad news for the Philippines - and some others From Our Correspondent: Making Enemies Indonesia needs friends. So why is it picking fights? |
Week of September 29, 1995
SLEDGEHAMMER
Having pried open Japan's car market, the U.S. went after its next target - South Korea. At the start of talks prompted by complaints from America's Big Three car makers, Washington warned of sanctions, under its sledgehammer Super 301 trade law, if Seoul failed to make concessions. The U.S. may consider taking the dispute to the WTO in Geneva. Sounds familiar?Week of September 15, 1995
INDEBTED
Buoyed by the growing trade deficit, South Korea's foreign debt hit a record $70.2 billion at the end of June. During the late 1980s the nation's debt shrank, eaten up by trade surpluses. Since then it has steadily worsened. More important is the debt-service ratio - the level of export earnings needed to service it. That stood at 5% last year, far lower than 30% in 1987.Other news from South Korea this week:
- Korea: President Kim struggles midway through his term
- Comeback: A talk with democracy activist Kim Dae Jung
Week of September 8, 1995
DIFFERENT TACK
Predicting a slowdown, South Korea plans to spend all or more of its revenue in 1996 to prepare the economy for a soft landing. The finance ministry announced Aug. 28 a balanced budget of $81.1 billion for next year. Officials predict GDP growth to moderate from 9% this year to about 7.5% in 1996. The 15% budget increase will go mostly to social programs.Week of September 1, 1995
SLIGHT REVISION
South Korean offi cials adjusted their economic growth projection for 1995 down 0.3% to 9%. The yen's depreciation will make local exports look less cheap in international markets, the finance ministry said. Auto, shipbuilding and electronics sectors could see revenues contract. But since the country buys much from Japan, at least its trade deficit with Tokyo should improve.
Week of August 25, 1995
SAFE IN PORT
Loose clicks stick ships. The Samsun Venus, a vessel carrying 5,000 tons of free rice from South Korea, was detained for a week after a crew member took snapshots of North Korea's Chongjin port. Pyong yang accused Seoul of espionage. It took three days of talks in Beijing before the ship was allowed to return Aug. 14. South Korea will still send 75,000 more tons of food aid.
Week of August 18, 1995
SPACED OUT
South Korea's first satellite, owned by Korea Telecom and named after national flower Mugunghwa (Rose of Sharon), went into space on Aug. 5. But the jubilation may be literally shortlived. The bird missed its target orbit, due to a booster failure in the U.S.-built launch rocket. Onboard thrusters can correct the altitude, but the effort will shorten the satellite's expected 10-year life.
Week of August 11, 1995
THE HURT REMAINS
The collapse of a Seoul department store at the end of June is not close to being forgotten by the families of the 458 people who died and 93 still listed as missing. At a recent memorial service, angry relatives of the victims chased down and beat up a government official who headed the city ward in which the store collapsed. Meanwhile, South Korea's construction industry, which had been beset by a string of disasters even before the Sampoong department store fell, saw overseas construction contracts fall to $326.3 million in July, 50% less than for the same month a year ealier.
AMNESTY
President Kim Young-sam, a former dissident himself, called for a mass amnesty on the August 15 anniversary of South Korea's liberation from Japanese colonial rule 50 years ago. Among those to be released, according to government officials: "people found guilty in connection with public security," and some weeded out in anti-corruption drives.
Other news from South Korea this week
- Convertibles: Bonds that turn into stocks are hot
Week of July 28, 1995
FROM ONE TO NONE
South Korea's LG Electronics, fomerly known as Goldstar, has purchased a controlling stake in Zenith Electronics Corp., America's last independent maker of television sets, for a reported $350 million. Zenith will continue to make receivers under its brand name, although many of the assembly operations have moved to Mexico. The U.S. company is considered a leader in the field, having invented the remote controller. It is well-placed to exploit the new high-definition technologies, but has been losing money of late. There were 27 American-owned television makers in 1960, but by 1989 the only one left was Zenith.
ANOTHER MIRACLE
No signs of life have been detected in the rubble of Seoul's Sampoong department store since the miraculous rescue of a victim 16 days after the building collapsed. Park Seung Hyon,19, was said to be in good condition after she was pulled from the wreckage.The death toll stood at 436; 232 still missing.
Week of July 21, 1995
MIRACLE WORKERS
A 21-year-old shoe salesman and a teenage girl were pulled alive from the rubble of the collapsed Sampoong department store in Seoul, South Korea, long after all the missing were thought to be dead. Choi Myong Suk survived for nine days and Yoo Ji Hwan for 12 by drinking water that seeped between concrete blocks and by eating cardboard.
Other news from South Korea this week
- Democracy: Term limits diminish the voters' choice
Week of July 07, 1995
FIRST ELECTIONS
South Korea's first local elections in 34 years produced a big loss for the ruling Democratic Liberal Party (DLP) and a win for a conservative breakaway party. The DLP was beaten in Seoul and lost control in another nine of the 15 local constituencies at stake. In the past, the president and central government appointed mayors and provincial governors.
Week of June 30, 1995
ARMS EXPORTS
South Korea can now export K-1 tanks it makes using U.S. technology, according to military officials. The U.S. decision to allow such exports, which closely follows a deal whereby South Korea will supply nuclear reactors sent to North Korea, opens the way for fullscale exports of armaments. A government official said the tanks could be sold to Malaysia or other Asian nations.
Other news from South Korea this week
Week of June 23, 1995
NEIGHBORLY ROLE
The U.S. assured South Korea it would be the one to supply nuclear reactors to its northern neighbor. The assurance came in a letter from President Clinton following word that North Korea had accepted the South's leading role in supplying the reactors. This had been a sticking point in talks between the North and U.S. that swung wildly between near-agreement and collapse.
Week of June 16, 1995
SHIPSHAPE
South Korea may be poised to regain from Japan the title of world's largest shipbuilder, a position it held for one year in 1993. This time, it might hold on for good. Last year, the Japanese slashed prices 30% to grab business back from South Korea. But the continuing rise of the yen has again hurt Japan's price competitiveness, and firms may no longer have room to cut.
Other news from South Korea this week
Business
- Cover: Which emerging market is best?
- Partners: Korea's chaebols discover China
Week of June 9, 1995
FISHING BOAT
A South Korean fishing trawler that might have wandered off course was taken into custody by North Koreans. Early reports of the incident said two fishermen were killed and one wounded by North Korean gunfire. Seoul officials said the boat was 17 miles north of the border in the Yellow Sea. North Korea said it fired only warning shots.
Other News from South Korea this week
Business
