Busan News for Tuesday, March 2nd, 2010

Busan Mayor Huh Nam Sik

Busan Mayor Huh Nam Sik

Dredging up the Nakdong River

The project to dredge the Nakdong river has hit a snag because of the clay composition of the soil at the site.
According to the city of Busan, results from a geological survey showed that 10 of 13 samples take from a 3.8 kilometer section of the surface layer turned out to be clay.
Clay was also discovered in another 3 samples take from depths below 9 meters.
This is a problem because the dredged soil cannot be moved to the Meongji International Business City because of its weak foundation.

If the soil has to be used elsewhere, transportation costs would soar, putting the company in increased financial hardship.

The project to dredge the Nakdong river has hit a snag because of the clay composition of the soil at the site.
According to the city of Busan, results from a geological survey showed that 10 of 13 samples take from a 3.8 kilometer section of the surface layer turned out to be clay.
Clay was also discovered in another 3 samples take from depths below 9 meters.
This is a problem because the dredged soil cannot be moved to the Meongji International Business City because of its weak foundation.
If the soil has to be used elsewhere, transportation costs would soar, putting the company in increased financial hardship.

Busan’s Manufacturing Industry

Busan’s manufacturing industry continues to struggle. According to the Bank of Korea in Busan, the February business survey index, or BSI, for the manufacturing industry fell to 83 points, 2 points less than the previous month.

The BSI measures the health of industries with anything over 100 points considered a positive sign.

The BSI for the export industry reached 75 points, up 2 points from the month before, while domestic businesses dropped 3 points to a score of 85.

There is a sign of hope however, as the manufacturing industry is posting an expected 91 points for March.

Foreigner ownership of Busan Land
The area of land owned by foreigners is 15.5 times the size of Yeongdo, Busan and is up 3.9% compared to the year before.
According to the Ministry of Land, Transport, and Maritime Affairs, foreigners owned 218 million square meters of land at the end of last year.
Based on the amount declared, its value was worth up to 30 trillion 750 billion won. Foreigners own nearly 5 million square meters of land in Busan, worth nearly an estimated 1.5 trillion won.
This represents .64% of the total land in Busan. Since the real estate market was opened in June of 1998, foreign ownership of land steadily increased over 20% since 2001. It continued to rise after 2002 although growth slowed down last year.
Overseas Korean with foreign citizenship hold the lion’s share of the land, up to 48%, with joint ventures between Korean and foreign companies accounting for another 36%.
According to nationality, Americans own the most land, 57%, followed by Europeans, Japanese, and Chinese.
Busan Legal Industry Declining
The number of law offices opened by judges and prosecutors is on the steady decline due to the continued economic recession.
According to the Busan Bar Association, only 6 new lawyers have been registered in Busan so far this year compared to 27 last year.
Only one of them was a former prosecutor or judge, 이기중, who was a former president of the Busan high court and retired from it earlier this month.
The other five recently graduated from the Judicial Research and Training Institute. Last year, 11 new lawyers came from positions as judges and public prosecutors and were in fierce competition with each other.
The local law industry has suggested that the tough financial times are the main reason behind the low number of new members.

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