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South Korea unveils $14 bn stimulus package to spur growth

South Korea on Thursday announced a $14 billion stimulus package to boost its troubled economy, hammered by the deadly MERS outbreak which has dented consumer spending and business sentiment. In announcing the 15 trillion won programme — which follows a central bank interest rate cut to a record low this month — the finance ministry also slashed its growth outlook for this year. Finance Minister Choi Kyung-Hwan said the extra move was crucial as a recovery in Asia's fourth largest economy hinged on efforts to quickly contain the effects of Middle East Respiratory Syndrome.

South Korea reports 14 more MERS cases, fifth death

South Korean health officials on Sunday reported 14 more cases of Middle East Respiratory Syndrome, bringing the total in the country’s outbreak to 64, and said a fifth person infected with the virus had died. South Korea’s outbreak of the often-deadly MERS virus, first reported on May 20, is the largest outside the Middle East, prompting public fear and questions over the government’s initial response. The patient who died was a 75-year-old man who had been in the same Seoul hospital emergency room where a total of 17 people, including two medical staff, are believed to have been infected with MERS, South Korea’s health ministry said.