InfoAnda - FACTBOX-S.Korea govt, party agree on $13 bln new spending

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Lawsuit between Google, authors in U.S. suspended pending appeal | | 18 September 2012
9 executed over China's deadly ethnic riots | 10 November 2009
French government bans journalists from saying "Facebook" and "Twitter" on-air | 8 June 2011

Non-stick cookware may boost cholesterol: study | 7 September 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : FACTBOX-S.Korea govt, party agree on $13 bln new spending

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: FACTBOX-S.Korea govt, party agree on $13 bln new spending Reuters - Monday, March 23 March 23 - South Korea's government and ruling party have agreed on fresh spending plans of some 18 trillion won out of a 29 trillion won extra budget to revive the economy, the ruling party said on Monday. [ID:SEO175477] ADVERTISEMENT The following shows the key measures taken by Seoul to help Asia's fourth-largest economy weather the global downturn: EXTRA BUDGET - The additional spending is expected to help bolster economic growth by 1.5 percentage points, or 2 percentage points if it was accompanied by more private sector investment and deregulations. - The spending is equivalent to about 2 percent of the country's annual gross domestic product. - The government plans to spend 4 trillion-4.5 trillion won to help people with lower incomes. - It will spend 3 trillion-3.5 trillion won to revive job markets and 4.5 trillion-5.0 trillion to support smaller exporters and self-employers. - The country will inject 2.5 trillion-3.0 trillion won to revive provincial economies and invest 2.0 trillion-2.5 trillion won in research and development as well as educations and river developments. - The government is set to unveil details on the extra budget on Tuesday. FISCAL SPENDING, TAX CUTS - The net value of plans for fiscal spending and tax cuts announced since last year is about 70 trillion won, or about 8 percent of GDP. - In 2008, the government offered plans worth 51.3 trillion won, under which some of the spending would be spread out through 2012. - It will soon submit a supplementary budget for parliamentary approval. This will be worth 27-29 trillion won, of which about 17 trillion won, or 2 percent of GDP, is in additional spending. The rest covers the anticipated shortfall in tax revenues. - The overall total includes 4.9 trillion won for job creation and other employment measures. - Another 6.1 trillion won -- mostly from the extra budget -- will go towards helping the poor, including shopping vouchers in return for simple public works. MEASURES TO HELP COMMERCIAL BANKS - The debt clearing agency, Korea Asset Management Corp , plans to launch a 40 trillion won fund to buy troubled loans from financial institutions and assets from beleaguered companies. The government hopes to pass a bill next month allowing KAMCO to issue bonds to help finance the fund. - KAMCO also plans to buy 1.24 trillion won in property-related loans from small savings banks to relieve them of soaring loan delinquencies and defaults. - Sometime this month, the authorities are expected to launch a 20 trillion won fund to recapitalise commercial banks. The central bank plans to contribute 10 trillion won to the fund. - In November, the central bank began accepting bonds issued by commercial banks as collateral for repurchase agreements. EFFORTS TO EASE FOREIGN-CURRENCY SHORTAGES - In October, the government offered up to a three-year guarantee to banks on foreign currency borrowings of up to $100 billion, if taken by the end of June. - The Bank of Korea sealed mutual currency swap arrangements with the central banks of the United States, Japan and China in a series of deals between October and December, providing for as much as $90 billion. - Since October, the central bank has supplied $15.57 billion to banks via swaps out of its foreign currency reserves and another $23.35 billion using the currency swap line with the U.S. Federal Reserve. Much of the outlay has been recovered. - Ten members of the Association of Southeast Asian Nations , China, Japan and South Korea agreed in late February to launch a $120 billion emergency fund that they can tap into any time -- up from an earlier proposal for $80 billion. MEASURES TO BOOST DOMESTIC LIQUIDITY - The Financial Supervisory Service said on March 16 it will raise the minimum threshold on money market funds' holdings of bonds and commercial paper in an effort to boost the pool of investors for government and corporate debt. - State-run Export-Import Bank of Korea plans to provide 4 trillion won to help local ship parts makers ease liquidity problems. - The Bank of Korea cut its policy interest rate by a total of 3.25 percentage points between early October and early February in six steps, taking the rate to a record low of 2.0 percent. - In October, it lifted the ceiling on special loans provided at preferential interest rates to small and mid-sized enterprises to 10 trillion won from 6.5 trillion. - The Bank of Korea paid one-time interest totalling 500 billion won to banks in December on their cash reserves deposited with the central bank for the first time in history. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Official says China to continue buying US debtAP - Tuesday, March 24 World markets surge ahead of US bank crisis planAP - Tuesday, March 24 China shares up for 6th day on higher commoditiesAP - Tuesday, March 24 Dollar falls broadly, Aussie hits 2-1/2 mth highReuters - Tuesday, March 24 Related Articles: Business FTSE up as U.S. bank plan lifts banks, commodsReuters - Tuesday, March 24 Over a third of Indian firms see worse ahead - surveyReuters - Tuesday, March 24 Tiffany 4Q profit sinks, still beats viewAP - Tuesday, March 24 Lebanon economy indicating 4 pct growth in 09-cbankReuters - Tuesday, March 24 Nippon Steel, BMA agree 57 pct cut in coal priceReuters - Tuesday, March 24 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed British reality TV star Jade Goody dies of cancer Prince Charles blue over green crusade Madoff loses bail appeal as victims' rage revealed Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants 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

Other News on Monday, 23 March 2009
U.S. says Iraqi prisoners to be freed or charged | International |
Guatemala to open mass grave in search for war dead | International |
Czech government MP will push to topple government on Tues | International |
Knowing tops weekend box office | Entertainment |
U.S. to put exit strategy in Afghanistan policy | International |
In Afghanistan, US military's `Help Wanted' sign
Riot shows desperate Tibetans may defy security | International |
Netanyahu recruits Shas party for Israel coalition | International |
U.S. says Iraqi prisoners to be freed or charged
Mumbai attack trial begins, gunman says from Pakistan | International |
NATO soldier dies in Afghanistan
Professor takes lead after peaceful Macedonia vote | International |
British reality TV star Jade Goody dies of cancer
US-led raid kills five Afghan civilians: officials
U.S. says Iraqi prisoners to be freed or charged | International |
Iran sets terms for U.S. ties
Global downturn threatens Cambodian garment success | International |
Iraqi VP calls for wise economic policy amid woes
FedEx plane crashes on landing in Tokyo, two dead | International |
Skype targets corporate market: report | Technology |
US pursues charges in 2007 attack in Iraq
Poland hopes U.S. will not let it down on shield
UK reality TV star dies of cancer amid media blitz | Entertainment |
Fox wants more of Gordon Ramsay | Entertainment |
Pakistani leaders reconcile as top judge reinstated
Japanese military assumes more global role
Seven hurt in Philippines blast: police
More than 1,100 civilians escape S.Lanka war zone
7 militants get life terms for Bangladesh bombings
US, disputing Afghans, says raid killed militants
Japan's economy 'needs big stimulus'
Natasha Richardson buried near upstate NY home
Reality TV star Jade Goody dies of cancer
"Knowing" tops box office
Acts twitter at SXSW, in interviews and on stage
Sci-fi thriller "Knowing" tops weekend box office
Taliban kill eight Afghan police: commander
US Afghan plan must have 'exit strategy': Obama
Lebanon bomb kills senior Fatah official, 4 others | International |
Israel, Hamas say talks on prisoner swap not over
U.S. sought ex-Guantanamo detainee's silence: court | International |
US to spend 500 bln to clean toxic assets
Madagascar leader's opponents launch protests | International |
Government won't take all the risk: Geithner
ECB's Trichet: no more stimulus spending needed
Obama warns of collapse if big institution fails
UAE investment fund takes 9.1 pct stake in Daimler
Sudan's Bashir visits Eritrea despite ICC warrant | International |
WTO's Lamy presses U.S. as world trade tumbles | International |
Kids among 17 killed in US plane crash
Nokia drops N73 model from gaming service plans | Technology |
Obama team sees U.S. rebound this year
The Nano, world's cheapest car, to hit Indian roads | Technology |
Under Obama, US drops hostility to ICC: experts
Japan robot model no challenge yet to human rivals | Technology |
US stimulus money fuels 'smart' power grid surge
US to publish torture details: report
Russia region chief quits after ruling party row
Auschwitz museum struggles to preserve site
Knowing tops weekend box office | Entertainment |
Sopranos star Gandolfini a hit on Broadway | Entertainment |
Australia's Big Pineapple wins heritage listing
Harrison Ford proposes to Calista Flockhart: People | Entertainment |
NKorea's 'thin Kim' triples public activities
Taiwan fires pro-China official
Tibet protest sparked by row over flag: exiles
Troops patrolling Tibetan town in northwest China
Indonesian zoo welcomes 32 newborn Komodo dragons
Four Bangladesh 'mutineers' die in custody
Philippine general takes leave during hostage crisis
Hip-hop group N.E.R.D. a no-show in Indonesia
Mitsubishi UFJ to cut 1,000 jobs, close 50 branches
Japan ship shot at off Somalia
US Treasuries still key to China investment plan
Seoul shares hit 6-wk closing high as banks rally
US-ENTERTAINMENT Summary
FACTBOX-S.Korea govt, party agree on $13 bln new spending
Chinese massacre movies clear censors
Japanese business confidence at new low: survey
Big news year boosts `60 Minutes'
S.Korea lenders mulling private bad bank in April
'God of Carnage' hilariously trashes civility
Seoul shares up as financials rise on US bank hopes
SXSW ends as buzz grows for bands who impressed
India's Tata Motors to launch $2,000 Nano
Harrison Ford proposes to Calista Flockhart: People
Minister: China still welcomes foreign investment
China to be flexible at Doha talks: state media
Kidnapper recruits victims in Indonesia vote
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01