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Business Words in the News

INTRO  		 In South Korea, the government has approved measures to support the country's troubled financial markets. The moves come after a sharp fall in the value of the South Korean currency, the won, and in share prices on the Seoul stock market. Business reporter Mark Gregory reports.
IN FULL    
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South Korea 6th April 2001

Financial troubles in South Korea

NEWS 1  
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In the latest development, the South Korean central bank has been authorised to intervene in currency trading to protect the won for the first time since the Asian financial crisis in 1997. Earlier this week the South Korean currency slumped to its lowest level in two and half years, amid concern about the impact of the global economic slowdown, and more specifially the knock on effect on the local economy of recent weakness in the Japanese yen. Action to prop up the won, which had fallen six percent against other currencies this year, came the day after the government announced an emergency package to boost the Seoul stock market.

WORDS  
 

to intervene in - if you intervene in something you take action to stop a situation developing a particular way

the won - South Korean currency, pronounced to rhyme with 'gone'

crisis - emergency

slumped - fell below what was expected

the knock on effect - the result that one action has on something else, perhaps unconnected

to prop up - to support or defend

NEWS 2  
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The government is to spend over four billion dollars on buying shares, but the confidence building measure failed to stop the main share index plumetting to a level last seen in December 1998. South Korea was able to recover rapidly from the Asian financial crisis four years ago because of strong demand for its exports in the then booming US - which offset the impact of the long running stagnation in its other main trading partner Japan. The problem for South Korea now is that both America and Japan are sliding towards recession at the same time.

WORDS   

plumetting - falling very quickly

booming -if your business is booming it is doing very well

offset - covered or compensated for

stagnation - without movement or development

sliding - moving in a steady way which is difficult to slow down or stop

recession - a period of poor economic performance
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2001
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