South Korea conservatives win parliament majority

The conservative party of South Korea's new president won a majority in a Wednesday parliamentary election, according to TV projections, giving him the political muscle to push through reforms of Asia's fourth largest economy.

Lee Myung-bak's Grand National Party (GNP) was projected to win between 155-178 of the 299 seats in parliament, according to projections by the KBS and MBC TV networks. Two other TV channels predicted much the same majority.

"I believe the voters made a political decision to give us a stable majority for the reason they elected President Lee Myung-bak, which is to revive the economy," GNP chief Kang Jae-sup said in a TV interview.

Lee began his five-year term in February pledging to boost growth this year to 6 percent from 5 percent last year, cut the red tape stifling business, win approval for a trade deal with the United States and make his economy more open and competitive.