Sign in Subscribe
Information technology services industry

South Korea's Economy and Politics in the Spotlight as APEC Forum Kicks Off

Strategic Insights

— 2 min read

South Korea's stock market inched up on brokerage gains as foreign and institutional investors picked up shares, with the Korea Composite Stock Price Index (KOSPI) rising 2.54 points, or 0.20 percent, to 1,256.40 as of 11:20 a.m. Meanwhile, the world's largest online auctioneer, eBay, announced plans to set up its Asia-Pacific headquarters in South Korea, citing the country as one of its most successful Internet auction markets. President Roh Moo-hyun emphasized the need for social dialogue to overcome conflicts and achieve prosperity, while APEC ministers finalized a joint statement on free trade, bird flu, and terrorism.

Key Takeaways:

  • South Korea's stock market gained marginally, with the KOSPI rising 2.54 points, or 0.20 percent, to 1,256.40 as of 11:20 a.m.
  • eBay will establish its Asia-Pacific headquarters in South Korea next January, with the company citing the country as one of its most successful Internet auction markets.
  • President Roh Moo-hyun urged the nation to learn ways of overcoming social conflicts and reaching a common goal through dialogue at a social movement promoting good behavior ceremony on the southern resort island of Jeju.
  • APEC ministers finalized a joint statement on free trade, bird flu, and terrorism, containing individual and collective action plans to promote global trade-investment liberalization and enhance human, health, business, and energy security.
  • The joint statement, a 22-page APEC AMM Joint Statement, was adopted by the 21 member economies of the Asia-Pacific Economic Cooperation group.
  • South Korea and the US will discuss North Korea's nuclear weapons program when their foreign ministers meet on the sidelines of the APEC forum.
  • South Gyeongsang Province was selected as the host for the 2008 Ramsar convention conference.
  • Korean cloning pioneer Hwang Woo-suk expressed confidence in resuming partnership with foreign institutes that recently cancelled their plans due to an ethical dispute.
  • Qualcomm Inc.'s CEO, Paul Jacobs, stated that talks with Samsung Electronics Co. for an alliance were "going well" for a cellular chip foundry partnership.

Statistics:

  • KOSPI increased by 2.54 points, or 0.20 percent, to 1,256.40 as of 11:20 a.m.
  • 21 member economies of the Asia-Pacific Economic Cooperation group adopted the joint statement.
  • 147 member countries are part of the Ramsar convention, a global agreement on wetlands preservation.
  • Hwang Woo-suk, the Korean cloning pioneer, held 1-2 meetings with foreign institutes in San Francisco.

Sources:

  • Korea Composite Stock Price Index (KOSPI)
  • Yonhap News Agency
  • Ministry of Environment
  • APEC AMM Joint Statement
  • Yoo Cheong-mo
  • Lee Chi-dong
  • Kim Deok-hyun
  • San Francisco Chronicle
  • Qualcomm Inc.
  • Samsung Electronics Co.
  • eBay Inc.

Read more