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South Korean president pardons jailed tycoon SEOUL: South Korean President Park Geun-Hye handed down a full pardon Thursday to the head of the country's third largest conglomerate who was serving his second jail term for multi-million dollar fraud.SK Group chairman Chey Tae-Won was among 6,500 pardons announced by Park to mark the 70th anniversary on Saturday of the end of Japanese colonial rule over Korea.The inclusion of Chey in the list sparked criticism of the president, who came to power promising to reform South Korea's all-powerful, family run conglomerates, or "chaebols," whose chief executives have often strayed onto the wrong side of the law.Speaking at a cabinet meeting, Park said her choice had been motivated by a need to "revitalise the economy".Chaebols dominate the national economy and the freeing of imprisoned top executives to help stimulate growth has been a common theme of presidential amnesties over the years.It was underlined this time around by Justice Minister ...

South Korea, US to hold live-fire drills after mine blasts SEOUL: South Korea announced Wednesday a series of heavy-weaponry, live-fire military drills with the United States as part response to a recent landmine attack blamed on North Korea.Four exercises, involving tanks, howitzers, attack helicopters and fighter bombers, will be held in the coming weeks in an area around 30 kilometers (18 miles) south of the North Korean border, the defence ministry said."This will show our preparedness to retaliate against any provocative acts, including such a ...
China landslide leaves around 40 missing BEIJING: Around 40 people were missing in China Wednesday after a landslide buried the living quarters of a mining company under one million cubic metres of earth, local authorities said.The deluge shortly after midnight swallowed 15 employee dormitories and three residential houses in Shangluo, in the northern province of Shaanxi, the city government said in a statement.Around 40 people were missing, it said. Police, firefighters, mining rescuers and medical staff had been sent to the ...
South Korea presidency office condemns landmine attack SEOUL: South Korea's presidential Blue House demanded an apology Tuesday from North Korea as military tensions surged after two border patrol soldiers were maimed by landmine blasts blamed on Pyongyang.President Park Geun-Hye's spokesman Min Kyung-Wok said the North was responsible for a gross act of provocation that constituted a "clear breach" of the armistice agreement that ended the 1950-53 Korean War.South Korea says North Korean soldiers sneaked across the border and laid the mines, three ...
Japan ends nuclear shutdown four years after Fukushima TOKYO: Japan switched on a nuclear reactor Tuesday, ending a two-year shutdown in the energy-hungry country that was sparked by public fears following the 2011 Fukushima crisis, the worst atomic disaster in a generation.Utility Kyushu Electric Power, which operates the reactor at Sendai about 1,000 kilometres (620 miles) southwest of Tokyo, said it was turned on at 10:30 am (0130 GMT).The 31-year-old reactor -- operating under tougher post-Fukushima safety rules -- was expected to reach ...
Australia pledges to cut carbon emissions by 26pc by 2030 SYDNEY: Australia plans to reduce carbon emissions by at least 26 percent from 2005 levels by 2030, Prime Minister Tony Abbott said Tuesday, adding the government was focused on balancing the economy with the environment.The conservative government is expected to take the target, which Abbott said was "fairly in the middle" of those made by comparable economies, to an upcoming global climate conference in Paris."We have come to the position our 2030 emissions reduction target ...
Typhoon Soudelor toll rises to 17 in China SHANGHAI: The number of people killed by Typhoon Soudelor in China rose to 17, state media reported on Monday, with five more missing.Three people were killed by a mudslide and one was missing after being swept away by floods in Ningde, in the eastern province of Fujian, the Fujian Daily reported.In neighbouring Zhejiang province 14 were killed and four were missing, the official news agency Xinhua said earlier, quoting local officials as saying that the ...

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln