Wednesday August 02, 2006

Tough times ahead for South Korea

peakoil.com -> app.com :

Korea has long been a puzzle. With its high standard of living, work ethic and history of overcoming adversity, the nation of 48 million should be growing much faster - or at least getting more bang out of the growth it has. Instead, surging crude-oil prices and rising global interest rates are leaving Korea vulnerable.

Growth in some of Asia's biggest economies won't be enough to overcome three headwinds gaining in intensity. The first one is oil. The price of Dubai crude has jumped 27 percent this year, raising costs for consumers and businesses in nations like Korea that import almost all their oil. Rising interest rates are another headwind. In Washington, Frankfurt and even Tokyo, central banks are tapping on the brakes. The third headwind - the U.S. consumer - hasn't fully materialized, but its mere potential is weighing on Asian markets. For all the growth in China, India and, increasingly, Japan, U.S. demand still has a huge say in Asia's future.

peakoil.com -> koreaherald.co.kr :

South Korea's personal bankruptcy filings hit a record high in the first half of the year due to the ongoing economic slowdown and softened bankruptcy rules. The number of new personal bankruptcy cases approached 50,000 for the first six months, up some 260% from a year ago. Experts accused easier legal processes which prompt financially distressed debtors to seek voluntary bankruptcies at courts. Surging interest rates and a poor job market also fueled a rise in bankruptcy filings, industry watchers said.

(2006-08-02 07:54:45 SGT) [Biz] Permalink

Most popular blog postings on lowem.log :

1. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
2. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
3. 2010 Honda Civic Hybrid preliminary specifications released
4. Singapore SIBOR rate falls to 0.69% in Jan 2009, lowest since Apr 2004
5. How to insert currency exchange rates into Google Spreadsheets
6. Singapore : Nuclear power not ruled out
7. Live spot gold price quotes chart on COMEX
8. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option

Featured articles on lowem.log :

1. 2010 Honda Civic Hybrid preliminary specifications released
2. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
3. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
4. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
5. New efficient nanotech materials may boost enhanced geothermal power systems
6. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
7. Singapore property market recovery seen as private home sales surge 52% in Jul 2009
8. Singapore SIBOR rate falls to 0.69% in Jan 2009, lowest since Apr 2004