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South Korea's banks report a significant combined loss of 4.99 trillion won ($4.43 billion) for the year 1999. The loss is attributed to the financial troubles of Daewoo Group, one of the country's largest conglomerates. Daewoo's financial collapse has a ripple effect throughout the Korean economy, affecting not only the financial sector but also other industries that had significant ties with the conglomerate.
Thursday, 2 March, 2000