SOUTH KOREA

Financial Market Opening to Be Gradual, Official Says: South Korea will give foreigners wider access to its financial market but the moves will be made gradually to protect domestic businesses, Assistant Finance Minister Lee Hwan-kyun said. Lee said at an annual conference of U.S. and South Korean business leaders last week that South Korea needs to be cautious in deregulating its bond market and liberalizing foreign exchange and capital transactions. Lee’s remarks came in response to complaints by American businessmen about South Korea’s tight market controls. During the two-day conference, U.S. and Korean delegates differed widely over what the pace of market opening should be. In his conference speech, U.S. Ambassador Donald Gregg urged South Korea to protect American intellectual property rights and to reduce financial regulations.