Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Merck awards 18 for tech contributions
Merck Advanced Technologies, the Korean affiliate of Germany-based chemical and pharmaceutical company Merck KGaA, announced Thursday the winners of its “Merck Award” and “Merck Young Scientist Award” during the 2012 International Meeting of Information at Daegu EXCO. The 18 winners for the Merck Award included a team composed of Hyun Woo-jin of KAIST and three other scientists with the entry “Solution-Processible Corrugated Structure and Scattering Layer for Enhanced Light Extraction from Organ
Aug. 31, 2012
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Korea's industrial output shrinks for 2nd month in July
South Korea's industrial output shrank for the second straight month in July, raising concerns the country's economy might be faltering in the face of headwinds from the eurozone debt crisis and a global slowdown, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries fell 1.6 percent in July from a mon
Aug. 31, 2012
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Sales of diesel, hybrid cars soar
As if reacting to the continued economic slump, more Korean drivers are turning to more fuel-efficient cars with diesel, hybrid or LPG engines.A report from the Korea Automobile Manufacturers Association shows that consumers’ preference for such vehicles rather than gasoline-powered sedans and sports utility cars is increasing.Car industry observers said the increasing cost of fuel seems to be leading drivers to prioritize fuel efficiency. Gasoline prices in Korea have been hovering around 2,000
Aug. 30, 2012
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20s cut out clothes, 40s entertainment
Research shows how different generations cope with bad economyFashion-conscious young people in their 20s spent less on clothing to survive the prolonged economic slump, suggested recent research. Hana―SK Card said on Thursday that the credit card use of consumers in their 20s steadily decreased since the fourth quarter last year. The card company analyzed the consuming trend of its customers during the past year. This year marks the first time that clothing purchases have dropped from the top 1
Aug. 30, 2012
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Hyundai Motor agrees on wage hikes, work system
The management and labor union of South Korea’s leading automaker Hyundai Motor Co. on Thursday reached a temporary agreement on wake hikes and shorter working hours after months of negotiations.The agreement calls for introducing a two-shift daytime work system. It also includes a wage hike of 98,000 won ($87), or 5.4 percent, with additional bonuses.The new working system will start from March next year, according to the agreement. The company changed the system for the first time in 45 years.
Aug. 30, 2012
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Daewoo E&C supports African ambitions
Following is the fifth in a series of articles about major companies’ social contribution activities at home and abroad. ― Ed.For Daewoo Engineering and Construction Co., its corporate social responsibility activities in Africa are all about sharing with humanity beyond race and nationality.Having proceeded with construction deals in local communities of multiple continents for decades, the construction company has employed a variety of community service projects and aid programs to enhance the
Aug. 30, 2012
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Korea submits FTA with Turkey to parliament for ratification
South Korea's government on Wednesday submitted a free trade deal with Turkey to the National Assembly for ratification, the final step needed for Seoul to put the pact into effect, the trade ministry said.After nearly two years of negotiations, South Korea and Turkey signed the free trade agreement on manufactured goods on Aug. 1.The two countries plan to hold further talks this year to conclude
Aug. 29, 2012
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Asset deflation clouds Korean economy
Falling prices of property, stocks deal blow on consumptionFears of an asset deflation are casting a shadow over the Korean economy as prices of real estate and stocks continue their downward streaks.Murky outlooks on the recovery of asset prices dampen consumption and investment in the long term, which in turn pulls down asset prices further. The value of real estate, which takes up about 80 percent of assets owned by Korean households, has been dropping over the past four years.Apartment price
Aug. 29, 2012
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‘Four rivers’ worth W52tr, Dokdo W7.4b: Land Ministry
The Land Ministry estimated the asset value of Dokdo at 7.4 billion won and the refurbished four rivers at 51 trillion won, according to a report the ministry submitted to the National Assembly.Land Ministry officials said that the government reevaluated all state-owned land assets including Dokdo and the nation’s major four rivers. The report calculates the total properties under the supervision of the ministry as worth around 542.7 trillion won, which takes up about 35.6 percent of state asset
Aug. 29, 2012
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Korea’s current account surplus hits new high
South Korea’s current account surplus rose to a new high in July as imports fell at a steeper pace than exports amid weakening demand and falling oil prices, the central bank said Wednesday.The current account surplus reached $6.1 billion in July, up from a revised $5.88 billion the previous month, according to the Bank of Korea. The current account is the broadest measure of cross-border trade.The July data marked the sixth straight month of the surplus run, worth a cumulative $19.85 billion, a
Aug. 29, 2012
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Korean, ASEAN ministers to adopt ...joint declaration on forests
Over 100 high-level officials from 11 countries participate in two-day special meeting to discuss forestation cooperationForestry ministers from Korea and member countries of the Association of Southeast Asian Nations are to announce the Seoul Declaration on Forestry on Thursday, which vows cooperation on forestry maintenance, as a result of the two-day special meeting held in Seoul. The Special ASEAN-Korea Ministerial Meeting held from Aug. 29-30 was aimed at discussing concrete measures of th
Aug. 29, 2012
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Credit card firms to cut commission fees for merchants
South Korean credit card firms will lower their commission rates next month in an effort to ease smaller stores‘ financial burdens, a trade association said Wednesday.The average commission rate will be lowered to 1.5 percent from the current 1.8 percent in September, benefiting some 1.8 million stores, according to the Credit Finance Association. The store figure equates to 74 percent of the 2.42 million card-accepting shops.“The rate cut, applied ahead of the enforcement of the revised Special
Aug. 29, 2012
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S. Korea's current account surplus hits new high in July
South Korea's current account surplus rose to a fresh record high in July as imports fell at a steeper pace than exports amid the protracted eurozone debt crisis, the central bank said Wednesday.The current account surplus reached US$6.1 billion in July, up from a revised $5.88 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-bo
Aug. 29, 2012
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Advertisers pursue Psy for commercials
Corporate advertisers are rushing to sign Korean rapper and singer Psy to do his bizarre and comical horseback-riding dance in their commercials from his latest hit music video “Gangnam Style.”Psy is in talks with six companies to appear in their ads, said an official with YG Entertainment, a music talent agency with which the singer is affiliated.The official, however, said the company cannot yet disclose the names of the brands Psy will be promoting possibly over the next six months to one yea
Aug. 28, 2012
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Business leaders vow continued efforts to help revive economy
The leaders of South Korea’s five major business lobby groups pledged more efforts Tuesday to promote job creation, investment and exports in a bid to help boost the faltering economy.The pledge, made at a breakfast meeting in Seoul, comes as the South Korean economy, Asia’s fourth-largest, is struggling to overcome strong global headwinds, like the European fiscal crisis.The business leaders agreed to urge the nation’s top 10 family-run conglomerates to push ahead with their employment plans fo
Aug. 28, 2012
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Investment in intellectual infrastructure key to Korea’s future
Developing new growth engines is an urgent priority for economies around the world. This is prompting more attention to grooming and acquiring elite science and technology personnel. Advanced countries and emerging economies alike are mounting efforts to foster personnel who can lead the next-generation growth engines of their economy.Technology powerhouses such as Japan and Germany have emphasized home-grown talent. In Germany, the “High-Tech Strategy” adopted in 2005 seeks to nurture expertise
Aug. 28, 2012
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Myanmar hopes to attract greater forestry investment
Senior official expects exports of products of high-quality teak to Korea will increaseBorn and raised in attachment to forest by culture and history, Koreans have remained in active partnership with multiple Asian countries such as Indonesia and Vietnam to acquire beautiful wooden products.Myanmar has emerged as Korea’s next overseas investment partner, Korean government officials said, and economic experts crowded the seventh conference for the Korea-Myanmar forestry partnership held in Naypyi
Aug. 28, 2012
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AFoCO the start of ‘forestry diplomacy’ for Korea Forestry Service
The Asia Forest Cooperation Organization, the first-ever international organization led by South Korea, will officially launch early next month after three years of preparation. The Korea Forest Service first suggested an organization regarding forestry during the Korea-ASEAN Special Summit Meeting held in June on the nation’s southern resort island of Jeju, and then held bilateral meetings and negotiations with 10 ASEAN member countries. Member countries finally agreed to establish the organiza
Aug. 28, 2012
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Korea, ASEAN to launch forestry body
Asian ministers gather in Seoul to discuss cooperation before the AFoCO inaugurationA two-day special meeting of forestry ministers from Korea and member countries of the Association of Southeast Asian Nations, or ASEAN, will kick off in Seoul on Wednesday.The conference is aimed at discussing concrete measures among ministers to promote cooperation on forestation and enhance green growth in Asia, Seoul officials said.The Special ASEAN-Korea Ministerial Meeting will take place to commemorate the
Aug. 28, 2012
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3 Hyundai Heavy workers win Master Artisan’s Award
Hyundai Heavy Industries Co., announced Tuesday that three of its employees were honored with the nation’s most prestigious award presented to artisans and technicians. The company said that it has had 26 award recipients since the Korea Master Artisan’s Award was created in 1986. Kim Choon-jin, technical assistant manager in utilities administration; Kim Geum-man, technical manager in engine assembly and test engineering; and Heu Tae-young, technical assistant in material research, were present
Aug. 28, 2012