S. Korean businesses expect Obama to play 'central role' in financial crisis

SEOUL, Nov. 5 (Yonhap) -- South Korean businesses said Wednesday they expect U.S.
president-elect Barack Obama to play a "central role" in overcoming the global
financial crisis.
"Mr. Obama's victory in the U.S. election was a result of U.S. voters' aspiration
for an early recovery from the global financial crisis and economic malaise," the
Federation of Korean Industries said in a statement immediately after the
Illinois senator was elected as America's first black president.
"With strong leadership, we hope Mr. Obama to play a central role in addressing
economic challenges around the world," the FKI said.
The FKI represents the interests of South Korea's dominant family-run business
conglomerates such as Samsung and Hyundai Motor.
As the U.S.-sparked financial crisis spreads around the world, South Korea has
become one of the world's hardest-hit economies.
So far this year, the South Korean currency has lost nearly 30 percent of its
value against the U.S. dollar and the nation's benchmark stock index has plunged
almost 35 percent.
The Korea Composite Stock Price Index rose as much as five percent earlier in the
day, but pared gains in afternoon trading and closed at 1,181.50 points, up 2.4
percent from the previous session.
(END)