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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea says to inject $377 mln to help car industry Reuters - 2 hours 12 minutes ago SEOUL, April 12 - South Korea said on Sunday it plans to spend 500 billion won to help the country's car industry through the global downturn. ADVERTISEMENT "The government plans to bolster R&D support to improve their future competitiveness after a restructuring of the global auto industry," the Ministry of Finance and Strategy, the Ministry of Knowledge Economy and the Public Administration and Security said in a joint statement. The move comes after the government in March announced measures to support the domestic auto industry including tax incentives and easier consumer financing. The global auto industry has been suffering from the worst downturn in decades on a worldwide recession and the financial crisis. In March, South Korea said it planned to provide temporary tax incentives by lowering purchasing and registration taxes by 70 percent from May to December to customers who would buy new cars to replace old ones registered before 2000. The incentives apply to 5.48 million vehicles, about a third of total cars in the country, according to government data. The move also included measures to provide liquidity to auto financing firms to spur local car sales. The government said it considered using a bond market stabilisation and state-run funds to buy bonds issued by auto financing firms. State-run Korea Development Bank and other institutional investors will raise a 1 trillion won fund to use in mergers and acquisitions within the industry, the government said. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Toyota operating loss may hit $5 bln in '09/10-NikkeiReuters - 46 minutes ago China to maintain relaxed monetary policy-cbankReuters - 52 minutes ago Market rally could trip over the bottom lineAP - 54 minutes ago US-BUSINESS SummaryReuters - 1 hour 2 minutes ago MIDEAST STOCKS - Factors to watch - April 12Reuters - 1 hour 2 minutes ago Most Popular – Business Viewed UN sounds warning after Antarctica ice shelf rips Pirate hostage siege, Italian tug grabbed Bad mood, better recall, researchers find Harry Potter actor arrested over cannabis find Selective abortion causes 32mln excess China males View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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