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South Korea Economy

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BUSINESS
August 20, 1999 | MARK MAGNIER, TIMES STAFF WRITER
South Korea gave a strong signal Thursday that its economic recovery has strength and staying power as it chalked up 9.8% annualized GDP growth for the second quarter. The results solidify South Korea's lead at the head of the Asian recovery pack and provide further evidence that the North Asian nation has emerged from its 20-month nightmare. In most sectors of the economy, South Korea is now back to where it was before the December 1997 crash.
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WORLD
March 29, 2004 | Barbara Demick, Times Staff Writer
After years of slogging through her English lessons, stumbling over impossible pronunciations and baffling rules of syntax, Chae Chang Eun came up with a better idea. The 33-year-old science teacher switched to Chinese. It wasn't that the language was easier. But studying Chinese felt like a homecoming, a return to a culture and way of thinking closer to Chae's roots as a South Korean.
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BUSINESS
July 8, 1991 | SAM JAMESON, TIMES STAFF WRITER
Faced with a serious imbalance in the labor market, the South Korean government has decided to place military conscripts in civilian jobs at small companies. Beginning Sept. 1, draftees exempted from regular army service but required to perform auxiliary military duties will be allowed to sign up for five years of work in factories, on construction jobs or as merchant seaman, said Ahn Hee Won, director of manpower planning at the Economic Planning Board.
BUSINESS
January 14, 2002 | BARBARA DEMICK, TIMES STAFF WRITER
While world markets still are staggering from the aftershocks of Sept. 11 and the economy of Japan is slumping ever deeper into recession, South Korea is bucking the trend. The South Korean stock market is rallying and the economy has proved more resilient to the repercussions of the terrorist attacks than that of almost any other industrialized nation. Unemployment is at its lowest level in four years.
NEWS
September 13, 1998 | EVELYN IRITANI, TIMES STAFF WRITER
When South Korea's economy collapsed last year and it pleaded successfully for an international bailout, the quid pro quo was to be reform. Like its troubled neighbors in Asia, South Korea needed a dramatic transformation--away from the insular, chummy patterns that protected poor decisions by well-connected politicians and business executives.
BUSINESS
November 20, 1987 | SAM JAMESON, Times Staff Writer
Despite a record 3,400 strikes during the period, South Korea's economy expanded by 10.5% in real terms from July to September, the Bank of Korea announced Thursday. Without the labor strife, the third-quarter growth might have reached 15%, compared to the same period a year earlier, bank officials said. The preliminary calculation of the gross national product showed growth of 13.5% for the first nine months, after subtracting inflation. Last year, the country's GNP grew 12.5% in real terms.
NEWS
March 17, 1990 | From Associated Press
President Roh Tae Woo today replaced his economics minister in a major Cabinet reshuffle expected to herald a push to speed the growth of South Korea's economy. The reshuffle, affecting 15 of 22 posts, had been expected since last month's merger of Roh's governing party with two centrist opposition groups. The alliance resulted in a powerful conservative party giving the president a comfortable parliamentary majority.
NEWS
January 7, 1997 | DAVID HOLLEY, TIMES STAFF WRITER
With organized labor and the government in Seoul moving toward a showdown over a controversial new labor law, analysts say the next few days will be crucial in determining whether strikes threatening South Korea's economy will spread or fade away. South Korean President Kim Young Sam today bluntly rejected strikers' demands to scrap the law, which gives employers new powers to lay off workers.
BUSINESS
September 13, 1998 | EVELYN IRITANI, TIMES STAFF WRITER
Doosan Group may be better known for beer and baseball, but it has also become a poster child for economic reform. Over the last two years, South Korea's 14th-largest chaebol, or conglomerate, has shrunk its operation from 29 companies to 12, sold a half-interest in its headquarters building to a local bank and formed a joint venture with a Belgian firm, Interbrew, to operate its faltering Oriental Brewery, maker of OB beer.
NEWS
April 18, 1987 | From Times Wire Services
The government Friday announced measures aimed at increasing South Korea's imports and reducing exports to the United States to ease trade frictions and reduce its foreign trade surplus. Deputy Prime Minister Kim Mahn Je, who is also economic planning minister, said that non-tariff trade barriers will be removed to widen South Korea's import market, and that steps will be taken to expand the purchase of capital goods, equipment and raw materials.
BUSINESS
August 18, 2001 | MARK MAGNIER, TIMES STAFF WRITER
Unix Electronics Co. Managing Director J.W. Seo said he was heading home from work listening to some music in light traffic a few weeks ago when his cell phone rang with the bad news. "You need to cut your price by 30%," a major British importer told him. "Customers over here just aren't in a buying mood, and we're getting hammered by low-cost Chinese competitors." Seo felt trapped. Cutting the price of his electric foot massagers by 30% was not an option because he has only a 10% profit margin.
NEWS
May 5, 2001 | MARK MAGNIER, TIMES STAFF WRITER
Kim Woo Choong was always proud of his resume: entrepreneur, global strategist, role model, philanthropist. From humble roots as a newspaper delivery boy, he built Daewoo Corp. into a global behemoth that at its height employed 320,000 people and accounted for up to 10% of the South Korean economy. Now he can add another title: international fugitive. Creditors and prosecutors allege that Kim's "Great Universe"--Daewoo's literal meaning--perpetrated one of the world's biggest frauds.
BUSINESS
December 23, 1999 | From Bloomberg News
Ford Motor Co. said on Wednesday that it is interested in buying Daewoo Motor Co., prompting the South Korean government to solicit bids for its No. 2 auto maker rather than negotiate exclusively with General Motors Corp. Ford will send its top Asia executive, Paul Drenkow, back to Seoul to talk with holders of Daewoo Motor's bonds and loans in early January, a month after he began talks with the creditors. Daewoo has more than $16 billion in debt.
BUSINESS
August 20, 1999 | MARK MAGNIER, TIMES STAFF WRITER
South Korea gave a strong signal Thursday that its economic recovery has strength and staying power as it chalked up 9.8% annualized GDP growth for the second quarter. The results solidify South Korea's lead at the head of the Asian recovery pack and provide further evidence that the North Asian nation has emerged from its 20-month nightmare. In most sectors of the economy, South Korea is now back to where it was before the December 1997 crash.
NEWS
August 17, 1999 | MARK MAGNIER, TIMES STAFF WRITER
Daewoo, a conglomerate whose dramatic ascent and troubled slide mirrored that of modern-day South Korea, agreed with creditors Monday to effectively dismantle itself--a watershed in the nation's economic reforms. The demise of Daewoo, which had been approaching for weeks, is seen as fostering meaningful reforms among other conglomerates, or chaebol, which have resisted many of the Seoul government's restructuring demands in the wake of the Asian economic crisis.
BUSINESS
July 4, 1999 | MARK MAGNIER, TIMES STAFF WRITER
A year after the launch of South Korea's corporate reform program and even as the nation strides impressively toward recovery, its major conglomerates continue to resist change, according to political and economic analysts. Indeed, as the power of these so-called chaebol is increasingly threatened, several display amazing flexibility and creativity in side-stepping government pressure, despite their reputation as huge, clumsy dinosaurs.
BUSINESS
January 20, 1998
Heeding an international plan to bolster South Korea's economy, two of the country's biggest conglomerates promised to delay or halt major projects. But the cost-cutting plans by the Hyundai and LG groups weren't specific on how they will meet a key government demand to shed subsidiaries. Taming South Korea's unbridled conglomerates, or chaebol, is a major condition of the International Monetary Fund's record $60-billion bailout package announced in December.
NEWS
June 23, 1991 | SAM JAMESON, TIMES STAFF WRITER
On the eve of the fourth anniversary of his promise to "democratize" South Korea, President Roh Tae Woo recognizes that widespread reforms he has carried out still have not won much popularity for him or his ruling party. In an interview with The Times, Roh blamed "the outmoded way of thinking of politicians," in general, and the factional feuding within his own Democratic Liberal Party, in particular, for the low ratings that all political parties, his own included, get in opinion polls.
BUSINESS
June 10, 1999 | Bloomberg News
Eighteen months ago, South Korea was buying won to prevent its currency from falling too far. Today, Seoul instructed its commercial banks to buy dollars--more than $2 billion worth--on the local foreign exchange market to help stem the won's rise, which threatens to compromise an export-led economic recovery. A strong won is the result of the government's success in forcing companies and banks to improve their finances by selling assets and equity to foreigners.
NEWS
June 5, 1999 | MARK MAGNIER, TIMES STAFF WRITER
Just short of bankruptcy 17 months ago, South Korea is suddenly bounding ahead with the vigor of a sprinter on steroids. A jump in VCRs, TVs and other exports heading overseas, more enthusiastic spending by consumers and a rise in the number of companies buying new widget-making equipment boosted the economy by 4.5% in the first quarter, in the process helping it recover nearly everything it had lost since the currency crisis hit 18 months ago.
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