South Korea Promoted to Developed Market

A new release by the FTSE Group indicates that South Korea is now worthy of having its name placed among the ranks of the world’s elite “developed” markets. The FTSE’s listing of developed markets is closely monitored by investment fund managers, who use the designation as a means of allocating capital to various markets. South Korea’s new status means that it is likely to benefit from tens of billions of dollars in foreign capital. The boost to national pride from finally being viewed as “developed” is not a bad perk either…

The short brief of the story can be found at http://edition.cnn.com/2008/BUSINESS/09/19/skorea.ftse.ap/index.html