SKorean growth at 5pc

SEOUL: South Korea’s economy expanded a revised to five per cent last year from a year earlier, the central bank said, increasing its earlier 4.9 per cent estimate. GDP grew by 1.6 per cent in the fourth quarter from three months earlier, more than an initial estimate of 1.5 per cent. The Korean economy maintained an upward trend last year on solid exports and a recovery of consumer spending. — AFP

French growth slows

PARIS: The French economy is likely to suffer a modest slowdown in the first half of the year in the face of a global financial crisis and inflation of around three per cent. The agency, known as INSEE, forecast momentum of 0.4 per cent in the first quarter and 0.3 per cent in the second. The Paris-based OECD predicted growth of 0.4 per cent in the first and second quarters of 2008. — AFP

US, Abu Dhabi pact

WASHINGTON: The US says it has an agreement with Abu Dhabi and Singapore that they will not use their huge government investment funds to further their political goals. A set of policy principles was released after a meeting that treasury secretary Henry Paulson had with officials from Abu Dhabi, home to the world’s largest government investment fund and Singapore, which also controls a sizable investment fund. — AP