Grand National Party News
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Park Geun Hye first lived in South Korea’s presidential mansion as a child, after her father seized power in a coup. Fifty years later, she returns as the country’s first female leader, vowing to heal the wounds of his legacy.
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South Koreans go to the polls tomorrow in local elections that are likely to give a victory to President Lee Myung Bak ’s party, endorsing his hard-line stance against North Korea for the torpedoing of a warship.
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South Korea may revive a 14 percent tax on domestic Treasury and central bank bonds held by foreigners as early as January to curb foreign-exchange volatility, a ruling party lawmaker said.
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South Korean President Lee Myung Bak ’s administration reversed course on a $13 billion plan to develop a new city after lawmakers rejected a proposal to get businesses instead of government agencies to move there.
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South Korea’s ruling Grand National Party won five of eight seats being contested in by-elections yesterday, cementing its majority in parliament.
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Independent candidate Park Won Soon won the Seoul mayoral election, dealing a blow to the ruling party ahead of elections for South Korea’s legislature and president next year.
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Renewed proposals to eliminate the tax-exempt status of municipal bonds as a way to reduce the $1.5 trillion federal deficit are unlikely to succeed, Bank of New York Mellon Corp. said in a report.
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South Korea’s financial watchdog came under increased scrutiny over its monitoring of savings banks after Prime Minister Kim Hwang Sik said it resisted probes by the state auditor into the lenders last year.
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South Korean President Lee Myung Bak said a new era in inter-Korean relations is possible if the North is sincere about shedding its nuclear program, after Pyongyang accused him of “madcap saber-rattling.”
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Lawmakers in South Korea voted to impose greenhouse-gas limits on the nation's largest companies, overruling industry opposition and laying groundwork for the third emissions-trading program in the Asia-Pacific region.
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