久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

  Home>News Center>World
         
 

South Korea's finance minister resigns
(Bloomberg)
Updated: 2005-03-07 16:29

Lee Hun Jai, South Korea's finance minister and top economic planner, resigned after legislators questioned property investments by his wife that contributed to a $6.5 million jump in his family's wealth.

President Roh Moo Hyun accepted Lee's resignation today, according to a statement from the president's office in Seoul, which didn't name a replacement. Ministry spokesman Kim Kyung Ho told a briefing Lee, 60, didn't speculate in real estate, but some transactions prompted "regrettable" questions.

South Korea's Finance Minister Lee Hun-jai attends his office in Seoul March 7, 2005. [Reuters]
South Korea's Finance Minister Lee Hun-jai attends his office in Seoul March 7, 2005. [Reuters]
Roh rejected an earlier offer by Lee to step down, persuading the two-time finance minister to remain in office until his measures of tax cuts and increased government spending revived growth. Lee's resignation shouldn't derail a recovery in Asia's third-largest economy as the government will likely continue with his policies, said Lehman Brothers' Yoon Yong Chul.

"Regardless of who comes to the position, we expect the government's current economic policies to stimulate local sentiment and consumption," said Yoon, head of Lehman's Korea Research in Seoul. "Therefore, we think the negative impact on the equity market will be limited."

Yoon said it's difficult to predict who will replace Lee, though Financial Supervisory Service Chairman Yoon Jeung Hyun is "a strong candidate for economic team leader."

Lee's resignation spooked the stock market, with the Kospi the only benchmark index in Asia falling today. The Kospi has gained 16 percent since Lee took office in February 2004, rising last week above 1,000 points for the first time in five years. The index closed 0.5 percent lower at 1,007.50 in Seoul.

The Kospi last week gained for an eighth week, completing its longest weekly expansion since it rose for nine weeks in the period ended November 2001.

Slowdown

Growth in South Korea's economy halved in the year prior to Lee's February, 2004, appointment as consumers cut spending after a credit binge left many unable to meet debt payments. Growth rebounded to an estimated 5 percent last year, and the won currency has soared to a seven-year high against the dollar amid optimism the economy will continue to expand.

The won traded at 1,004.65 won per dollar at 3:46 p.m. in Seoul. The currency has gained 0.3 percent today.

"The presidential office will likely appoint a replacement who'll stick to its plans of boosting the economy, rather than someone who'll rock the boat by announcing new reform measures," said Lee Sung Kwon, an economist at Good Morning Shinhan Securities Co. "Lee was tremendously successful in calming the market after the Roh administration's initial reforms."

Real Estate

The ruling party called for Lee's resignation over the weekend after last month's annual review of cabinet ministers' assets revealed Lee's wealth had expanded by 6.5 billion won ($6.5 million) in the past seven years, 4.6 billion won of which was due to profits from real-estate transactions by his wife.

"The finance minister let us know of his intention to resign through the vice minister," Kim Jong Min, a presidential spokesman said. "It is my belief that the resignation will be accepted today."

Lee, a graduate of Harvard University, said Feb. 4 that South Korea's economy was showing "signs of a turnaround" after credit-card debts forced consumers to trim spending.

Business confidence had its biggest jump in more than a decade last month after reports showed consumer spending may be rebounding from a two-year slump.

Adjusting for changes in the timing of the Lunar New Year, sales at the nation's three largest department store chains surged 8.9 percent from a year earlier in January, official figures show. Sales fell in 18 of the 24 months ended Dec. 31 after many Koreans borrowed beyond their means and were unable to meet debt payments.

Slowing Growth

While South Korea's $605 billion economy rebounded under Lee's direction, the minister said Nov. 19 he expected growth to slow in the fourth quarter and forecast the government's 5 percent target for 2004 wouldn't be met. Sliding domestic demand may damp growth to less than 4 percent this year, he said Jan. 7.

Lee, who previously served as finance minister for eight months from January 2000 under former President Kim Dae Jung, returned to the nation's top economic policy role in February last year.

When Lee, a Seoul National University graduate, last took charge of the nation's finances, the economy was bouncing back from the Asian financial crisis. Gross domestic product rose 11 percent in 1999 -- its biggest gain in more than a decade -- and consumer spending, corporate investment and exports were all surging.

Lee was chairman of South Korea's Financial Supervisory Commission before his last appointment as finance minister and won the reputation of a reformist crusader in the international community by shutting dozens of troubled lenders, brokerages and trust companies and challenged conglomerates.

He also served as a director in the finance ministry's international department and was president of Korea's first credit rating company.



 
  Today's Top News     Top World News
 

Top banker: State banks to go public soon

 

   
 

Japan and US told: Hands off Taiwan

 

   
 

Market to have bigger say in yuan rate

 

   
 

Grain self-sufficiency still key for nation

 

   
 

Leading group to oversee energy sector

 

   
 

Heinz recalls its dye-fouled products

 

   
  Insurgent launch attacks in Iraq; 12 dead
   
  Vietnam reports a new case of bird flu
   
  Iraqis set opening for new parliament
   
  Iran admits keeping nuclear program secret
   
  Palestinians say Israel to hand over W.Bank city
   
  Bolivian president quits during new protest wave
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  Are the Republicans exploiting the memory of 9/11?  
Advertisement
         
主站蜘蛛池模板: 欧美xxxxb| 中文字幕亚洲在线 | 成人午夜久久 | 久久久久久尹人网香蕉 | 欧美一级毛片在线播放 | 草久在线观看视频 | 亚洲国产精品自在现线让你爽 | 国语精品视频在线观看不卡 | 亚洲欧美日韩综合久久久久 | 亚洲免费观看视频 | 日韩激情中文字幕一区二区 | 在线观看黄网视频免费播放 | 国产免费黄视频 | 亚洲一级香蕉视频 | 免费女人18毛片a级毛片视频 | 国产成人精品一区二区视频 | 蜜桃88av| aaa级毛片| 欧美成人毛片 | 国产美女动态免费视频 | 波多野结衣视频免费在线观看 | 婷婷色九月综合激情丁香 | 日韩毛片在线播放 | 美女日韩在线观看视频 | 国产精品久久久久无码av | 欧美白人和黑人xxxx猛交视频 | 免费 视频 1级 | 欧美福利一区二区三区 | 成人观看视频又黄又免费 | 国产综合在线播放 | 免费伦费一区二区三区四区 | 欧美日韩成人在线视频 | 成人香蕉xxxxxxx | 国产三级网站 | 亚洲七七久久精品中文国产 | 国产成人丝袜网站在线观看 | 久草视频资源 | 成人国产视频在线观看 | 亚洲 欧美 激情 另类 自拍 | 国产偷自拍 | 欧美成人伊人十综合色 |