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Read more with google mobile : WRAPUP 2-South Korea cuts rates, automaker seeks protection
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: WRAPUP 2-South Korea cuts rates, automaker seeks protection Reuters - Saturday, January 10 * Bank of Korea cuts rates, further cuts seen * SUV maker Ssangyong falls victim to downturn * December producer inflation hits 10-month low * Bond investors disappointed by size of rate cut By Seo Eun-kyung and Cheon Jong-woo SEOUL, Jan 9 - The Bank of Korea cut interest rates to a new low and suggested more cuts to help fend off recession, while a local auto maker filed for court receivership to become South Korea's first high-profile victim of the global crisis. The Bank of Korea cut its policy rate by half a percentage point to a record-low 2.5 percent on Friday, marking the fifth cut in three months aimed at shielding Asia's fourth-largest economy from the global downturn, which forced SUV maker Ssangyong to seek bankruptcy protection. The move, which brought the total reductions since early October to 2.75 percentage points, came in line with forecasts in a Reuters survey but bond futures <KTBc1> fell 0.73 percent as many investors had bet on a deeper cut. [ID:nSEO96874] "I think the Bank of Korea was concerned about the uncertain future and didn't want to use all its options in one go," said Kong Dong-rak, a fixed-income analyst at Hana Daetoo Securities. Governor Lee Seong-tae said rate policy would continue to aim to support the economy, which he said faced the risk of sliding further, prompting analysts to bet on more rate reductions ahead. " will manage its policy toward warding off a sharp slowdown in economic activity and contributing to the stability in financial markets," Lee told reporters, adding that the economy was rapidly slowing. But he suggested the room for further cuts was narrowing, by pointing out that the new policy rate was already lower than the inflation expectations. President Lee Myung-bak said this year's 3 percent economic growth target may prove unattainable and there was room for lower rates after rounds of steep rate cuts elsewhere, including this week's reductions in Britain and Taiwan. MORE CUTS ON TABLE "We can implement policy toward lowering interest rates further, when taking into account that interest rates in places like Europe stand at around 2 percent," the presidential Blue House quoted Lee as saying at a meeting with leaders of provincial governments. A Blue House official, who declined to be named, said later the president was not specifically suggesting additional rate cuts beyond Friday's move. Economists surveyed by Reuters later saw the Bank of Korea cutting rates further with a median forecast for 75 basis points of cuts in the coming months. [ID:nSEO69214] "I don't think there will be large reductions any more but the Bank of Korea will probably take baby steps of 25 basis-point cuts," said Seo Cheol-soo, an economist at Daewoo Securities. (For a graphic on South Korea's interest rates and growth, please click on https://customers.reuters.com/d/graphics/KR_RTS0109.gif) News of the country's first major casualty of the economic crisis came as the governor was still speaking to reporters. Ssangyong Motor Corp <003620.KS>, the smallest among the country's five auto makers, said it has filed for court receivership to avert a bankruptcy as global auto makers struggle with worst market conditions in recent memory. Ssangyong and its top stakeholder, China's SAIC Motor Corp <6500104.SS>, have sought financial support from the South Korean government and banks to weather the crisis and keep on as many of its 7,100 workers as it can. The government's official forecast has South Korea's economic growth this year at about 3 percent, but an increasing number of private-sector analysts now predict the economy will contract for the first time in 11 years by as much as 3 percent. Easing inflation led by cooling demand and falling international commodity prices also gives room to the central bank to further lower borrowing costs. Central bank data showed on Friday South Korea's annual rate of producer inflation slowed for a fifth consecutive month to 5.6 percent in December, the slowest pace in 10 months. (Writing by Yoo Choonsik; Editing by Keiron Henderson and Tomasz Janowski) 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: Business Ukraine Naftogaz: no progress yet in Gazprom talksReuters - 18 minutes ago MOVES-ANZ, New York Life, Henderson Global InvestorsReuters - 18 minutes ago Panasonic restructures as crisis bitesReuters - 20 minutes ago Ssangyong Motor seeks bankruptcy protectionReuters - 23 minutes ago Chettinad Cement drops share rights issue planReuters - 24 minutes ago Most Popular – Business Viewed Marks & Spencer to axe 1,230 jobs and close 27 stores Finance fights sex for Aussie dictionary honour Diplomats push for Gaza ceasefire as UN agency halts work Citigroup: 2-billion-dollar exposure to LyondellBasell Half the planet could be hit by food crisis by 2100: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular
Other News on Friday, 9 January 2009
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Friday, 9 January 2009 - WRAPUP 2-South Korea cuts rates, automaker seeks protection