South Korea Government

The South Korean government ordered the closure of five insolvent banks as part of its effort to restore foreign investor confidence in the nation's beleaguered economy. The action was in keeping with Seoul's promise to restructure its inefficient financial sector in exchange for a $58-billion bailout by the International Monetary Fund. The banks were identified as Kyungki, Chung Chong, Daedong, Donghwa and Dongnam.

South Korean President Kim Dae Jung, reaching out to hundreds of thousands of Koreans in Southern California, said Saturday that his government is preparing a new initiative to enable Korean Americans to enjoy the privileges of dual citizenship. Technically, it will not be called that because of possible thorny legal ramifications, such as mandatory military service in South Korea, he said in an interview.

Michael Jackson, Cory Aquino and Richard Riordan will be there. Nelson Mandela and George Bush can't make it. Elizabeth Taylor called in sick. After a bitter winter of economic turmoil, South Korea is preparing to inaugurate former dissident Kim Dae Jung on Wednesday as its eighth president, sending him to live in the presidential palace from which his predecessors once ordered his death.

Outgoing President Kim Young Sam has nearly three weeks left on the job, but he has virtually been erased from the picture. In what must be one of the most unusual political transitions in democratic history, the leader has effectively been deposed ahead of time. While incoming President Kim Dae Jung, who was elected in December, is running the country, what is the outgoing Kim up to?

In an extraordinarily blunt and contrite farewell address to the nation today, outgoing President Kim Young Sam apologized for a five-year term that has proved a bitter disappointment to many South Koreans. "I cannot but admit frankly that my efforts fell short of your expectations," Kim said in a speech from the Blue House, South Korea's White House.

Calling for "a small but effective government," longtime dissident Kim Dae Jung was inaugurated as president of South Korea today in a ceremony full of the symbolism of the era of reconciliation and global integration he has promised this nation. Drummers thumped a joyful beat, and napal trumpets wailed. Dancers in ancient court costumes waved pastel banners, and a folk chorus serenaded the audience of about 40,000.

Peter Ueberroth, president of the Los Angeles Olympic Organizing Committee, alleged in his 1985 autobiography that bidders from Seoul for the subsequent Summer Games gave two round-trip, first-class airline tickets to each International Olympic Committee member. "The tickets were easily redeemed for cash; many were," Ueberroth wrote.

Troubled Kia Motors Corp., South Korea's third-largest car maker, will be offered to the high bidder in an international silent auction that starts next week, its chief creditor said Monday. Ford Motor Co. is seen as a likely bidder. Separately, two former top Kia executives were arrested Monday in South Korea on charges of altering the car maker's books to help it obtain desperately needed bank loans from 1995 until its bankruptcy filing last year.

Everyone applauded South Koreans' patriotism, discipline and moral resolve when they began shunning restaurants, scrapping travel plans, driving less, patronizing swap meets instead of department stores, turning off lights and heat, doing their drinking at home. Soon the clapping may stop. South Korea's economic report card for January is just in, and the country gets straight A's for frugality.

Bucking a hostile parliament, new South Korean President Kim Dae Jung today appointed a 17-member Cabinet and indicated that he will name his coalition partner, the beleaguered Kim Jong Pil, acting prime minister. The move came after the National Assembly adjourned Monday amid shouting and shoving as opposition leaders tried to block approval of Kim Jong Pil's appointment.