Seoul (S. Korea), Nov. 4 : South Korean Defence Minister Lee Sang-hee has claimed that North Korea is building a new missile launch site, which will be capable of firing an even longer-range missile than the country has tested in the past.

According to Fox News, Lee Sang-hee told parliament that construction on the new missile site on North Korea''s west coast, which began eight years ago, was about 80 percent complete.

Seoul - Shares surged more than 2 per cent Tuesday on the Seoul stock exchange led by construction and bank stocks that are expected to benefit from recent government measures to stimulate the econ

Seoul - Shares surged more than 2 per cent Tuesday on the Seoul stock exchange led by construction and bank stocks that are expected to benefit from recent government measures to stimulate the econ

Seoul - Microsoft Corp plans to invest 60 million dollars in South Korea's software industry over the next three years, chief executive Steve Ballmer told President Lee Myung Bak Monday during a visit to the Asian country.

The world's largest software maker wants to concentrate its investment on advancing software developers and new companies in the industry, Ballmer was quoted as saying by Lee's office.

US-based Microsoft also wants to encourage these firms in their expansions to other countries, he added.

Before his meeting with Lee, Ballmer signed an investment agreement with South Korean authorities for the promotion of the software sector.

Seoul - Shares surged 1.4 per cent Monday on the Seoul stock exchange as a recent currency swap between South Korea's central bank and the US Federeal Reserve as well as new stimulus measures for the local economy boosted investor sentiment. South Korea's currency surged against the dollar.

The benchmark Kospi index rose 16.02 points to close at 1,129.08.

Advancing issues outpaced decliners 660 to 192.

The main index of the technology-heavy Kosdaq market rose 17.53 points to 325.56.

Seoul - South Korea on Monday announced a 14-trillion-won (11-billion-dollar) stimulus package as it faces its worst economic turmoil since it needed an International Monetary Fund bailout a decade ago.

Public spending is to rise next year by 11 trillion won and the package's remaining 3 trillion won would go to tax benefits, the Finance Ministry said.

Finance Minister Kang Man Soo estimated South Korea's economy would grow only 3 per cent next year because of the global financial crisis but also warned of a further slowdown.

"It will be difficult to achieve the growth if global economic conditions further worsen," he said.