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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World FACTBOX-Key bills before South Korea's parliament Reuters - 1 hour 21 minutes ago Send IM Story Print By Jack Kim SEOUL, April 5 - South Korea's parliament opened a month-long session on Monday, where questions about the sinking of a navy ship that killed dozens of sailors could overshadow and delay President Lee Myung-bak's business-friendly reforms. The measures, which include labour law reforms and new banking regulations proposed by Lee and his conservative Grand National Party , have already been delayed by political bickering with the left-leaning opposition and within the ruling camp. North Korea's possible involvement in the sinking of the naval ship, as has been suggested by the government, would alarm investors because it could change the security dynamics on the peninsula and increase the possibility of serious conflict. [ID:nTOE63103B] Following are some of the bills pending in parliament that are up for review in the session that ends on April 30. ECONOMIC AND FINANCIAL REFORMS * Banking law - Government-proposed bill seeks to relax law that limits commercial banks' business areas and also liberalise Internet-based lenders to enter the off-line banking industry. * Bank of Korea reform -- An amendment would allow the central bank to launch an independent probe of financial companies, including non-bank financial firms, in case the Financial Supervisory Service refuses to share its information. It would also add "financial stability" to its monetary policy goal on top of "price stability". An opposition-proposed amendment would require nominees for central bank governor to answer questions before a parliamentary hearing. The bill will not affect the new governor who took office on April 1. [ID:nTOE62F06V] * Poison pill against hostile takeover -- Government-proposed amendment to the Commerce Law will allow companies protection against take-over by foreign funds by allowing them to issue new shares to existing shareholders at a pre-set low price, diluting the ownership value of a hostile bidder. Some analysts said the move could hurt minority shareholders by stripping M&A premiums. KEY POLITICAL BILLS * Sejong City -- Five bills to create a new city about an hour south of Seoul that include tax breaks for corporations to relocate and building schools for the children of new arrivals. The proposal to scale back what was once a plan to move some government functions outside of Seoul is a highly charged issue that may not be taken up this session because of the ship sinking. * Constitutional amendment -- Lee's GNP wants to begin debate on an amendment that would allow for two-term presidencies. Opposition parties are less keen to engage in the discussions, believing the ruling party will turn it into an election issue. MEASURES FOR FUTURE SESSIONS * Overhaul of the national pension system so it can cope with an ageing society. Details are still being worked out. * A free trade deal with the United States, which also faces a rough ride in the U.S. Congress. The deal could boost the $80 billion annual two-way trade between the United States and South Korea, its seventh largest trading partner, by as much as $20 billion, some estimates say. 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