Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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[Kim Seong-kon] Democracy and the future of South Korea
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Yoon's office denies considering liberal figures for key posts
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Why is Apple Pay struggling to get purchase in Korea?
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Seoul says Fu Bao loan 'not going to happen'
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Korea works green growth with Asia to improve forests
Korea Forest Service seeks to expand forest cooperation regionwideThe Asian Forest Cooperation Organization, or AFoCO will be established after three years of preparation through an agreement between the governments of the member states of the Association of Southeast Asian Nations and Korea on forest cooperation.Through it, Seoul will attempt to actively strengthen international forest affairs among Asian countries through climate change mitigation and forest cooperation projects. It also plans
Aug. 6, 2012
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Jeju Air appoints new CEO
Aekyung Group announced that it has named Choi Kyu-nam the new CEO of Jeju Air, one of Korea’s budget carriers. Choi will replace Cho Jae-yearl, who was nominated to be CEO of AK Holdings, which will be established Sept. 1.If the shareholders endorse the selection of Choi as CEO. he will lead the airliner with Aekyung Group’s Household Product and Aviation Business division’s vice president Ahn Yong-chan in a dual CEO system, company officials said.Choi, a U.S. qualified chartered financial ana
Aug. 6, 2012
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One in 4 SNU doctorate graduates unemployed
More than one in four doctorate degree recipients from Seoul National University (SNU) were unemployed last year, statistics showed Monday, the highest ratio in 10 years that indicates the country‘s most prestigious university is no exception to the tightening job market.According to SNU’s annual statistics on employment and careers of graduates, out of 1,054 people who earned doctoral degrees from the school between August 2010 and February 2011, 289 or 27.4 percent were unemployed.The unemploy
Aug. 6, 2012
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Seoul restarts aged nuclear reactor despite safety concerns
The government decided Monday to restart an aged nuclear reactor that recently underwent months-long scrutiny over its safety, amid looming signs of a power shortage due to a record heat wave.Operation of the Reactor-1 at Gori Nuclear Power Plant in Busan was resumed earlier in the day with the reactor expected to reach its full generation capacity on Friday, according to the Ministry of Knowledge Economy."We are relieved the Gori reactor was restarted," Knowledge Economy Minister Hong Suk-woo t
Aug. 6, 2012
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Rice-growing households shrink
The number of rice growing households in South Korea fell 3.5 percent on-year in 2011, affected by declining demand for rice in the daily diets of its people, a report showed Sunday.Rice growing households totaled about 750,000 last year, down from 777,000 a year earlier, according to the report by the farm ministry. It is down 30.4 percent from 1.08 million tallied in 2000.The decline is attributable to less demand for rice among Korean citizens who tend to replace the staple crop in their diet
Aug. 5, 2012
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Sales rise for online oil products
Online market transactions on imported petroleum products have rapidly increased due to the government’s tariff-lifting policy and other measures.The Ministry of Knowledge Economy lifted the 3-percent tariff on imported petroleum goods that are traded online in July 2012, three months after launching the online trade of imported oil goods on March 30. According to the ministry, the new tax policy boosted the average volume of daily trade of these goods by over eight-fold from April to July.The a
Aug. 5, 2012
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Yeonggwang nuke plant restarts after shutdown
A nuclear power plant in Yeonggwang, South Jeolla Province, resumed operations on Sunday, six days after the plant came to a halt due to technical malfunctions. The Korea Hydro and Nuclear Power Co. announced that the Yeonggwang-6 nuclear power plant went back into operation at 8:40 a.m., following the official inspection and approval from the Nuclear Safety and Security Commission the day before. The Yeonggwang-6 unit is expected to reach its normal power-generating capacity by midnight on Mond
Aug. 5, 2012
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Korea’s per-capita GNI to reach all-time high in 2012: data
South Korea's per-capita gross national income (GNI) will likely reach an all-time high this year despite gloomy global economic conditions, data showed Sunday.The country's nominal GNI are forecast to reach about US$23,159 this year, up 3 percent from $22,489 reported a year earlier, according to the data provided by the Finance Ministry.The figures are based on the ministry's 3.3 percent economi
Aug. 5, 2012
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Seoul shares dip 1.11 percent on eurozone woes
South Korean stocks dropped 1.11 percent on Friday after the European Central Bank (ECB) failed to meet market expectations it would buy bonds issued by Spain and Italy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) lost 20.72 points to 1,848.68. Trading volume was light at 254.6 million shares worth 3.6 trillion won ($3.2 bi
Aug. 3, 2012
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Seoul shares open lower on ECB disappointment
South Korean stocks got off to a weak start Friday as investors were disappointed with lukewarm actions by the European Central Bank (ECB), analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 19.55 points, or 1.05 percent, to 1,849.85 in the first 15 minutes of trading.Most shares traded in negative territory, with market bellwether Samsung Electronics falling 0.87 percent a
Aug. 3, 2012
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Echo boomers’ birth rate half of their parents’: data
The birth rate of the echo boomer generation, the children of baby boomers, fell to only about half the rate of their parents, Statistics Korea said in a report released Thursday.A married woman in the echo boomer generation born between 1979 and 1992 gave birth to an average of 1.10 children, compared to 2.04 in her parents’ generation.About half of married women in the echo boomer generation gave birth to a single child while 63.9 percent of those in the baby boomer generation, born between 19
Aug. 2, 2012
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Global online ad market grows 12.1 % in Q1: report
The global market for Internet advertisements jumped 12.1 percent in the first quarter from a year earlier, growing faster than traditional advertising channels, a report showed Thursday.The increase surpassed a 3.1 percent growth in the overall global advertising market as well as single-digit growth in other advertising channels such as TV, newspaper and radio, according to the quarterly report
Aug. 2, 2012
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Average price of houses drops for first time in 2 years
The average price of houses in South Korea dropped for the first time in two years, related data showed Thursday, offering another clear indication of the country's struggling housing market.The average price of homes across the country dropped 0.1 percent from a month earlier in July, according to the data released by Kookmin Bank, the largest bank in South Korea. July marks the first time since
Aug. 2, 2012
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Seoul shares open higher ahead of eurozone meeting
South Korean stocks started a whisker higher Thursday as investors remained optimistic on stimulus packages at a key meeting of the European Central Bank (ECB) later this week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.27 points, or 0.12 percent, to 1,882.2 in the first 15 minutes of trading.Large-cap shares lent support to the increase, with the world's bigges
Aug. 2, 2012
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Korea, Turkey sign free trade deal
Korea and Turkey signed their free trade deal on Wednesday, paving the way for South Korean firms to tap deeper into the Eurasian nation, Seoul's trade ministry said.Seoul Trade Minister Bark Tae-ho and Turkish counterpart Zafer Caglayan signed the pact on merchandise in the Turkish capital of Ankara earlier in the day, according to the ministry."The Korea-Turkey FTA is expected to serve as a good
Aug. 1, 2012
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SK scholarship benefits over 3,000 students
A nonprofit organization founded by SK Group has awarded a scholarship to its 3,000th student this year, SK officials said.According to the officials, the scholarship program has financially supported a total of 3,059 students as of July 29.The program is promoted by the Korea Foundation for Advanced Studies, a non-profit organization established in 1974 with the aim of fostering talented scholars. SK Group founder and late chairman Chey Jong-hyun created the foundation to materialize his vision
Aug. 1, 2012
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STX Group signs $200 million contract to ship corn from U.S.
STX Group announced on Wednesday that it had formed a business partnership with Nonghyup Feed Co. in Portland, Oregon, to import U.S. corn for about one year starting November 2012. The partnership contract states that STX will be responsible for shipping about 700,000 tons of U.S. corn to Korea for livestock feed. The corn will be processed and distributed by Nonghyup Feed, which holds about an 18 percent share of the livestock feed market here. Among rising concerns regarding agflation ― a com
Aug. 1, 2012
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Trade surplus narrows on falling exports
Korea’s trade surplus shrank from a month earlier in July as exports slipped at a greater pace than imports, the government said Wednesday.The country’s trade balance came to $2.7 billion in the black last month, compared with a surplus of $4.96 billion in June, according to the Ministry of Knowledge Economy.Still, July marks the sixth consecutive month the country has posted a trade surplus since January when the country’s trade balance went into the red for the first time in 24 months.Exports
Aug. 1, 2012
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Trade dependence hits record high in 2011
Korea’s dependence on trade rose to an all-time high last year, data showed Wednesday, spawning concerns the country could become more vulnerable to the slumping global economy. The ratio measuring Korea’s reliance on trade for growth stood at a record 113.2 percent last year, up from 105.2 percent in 2010, according to data by the central bank. The ratio measures the value of exports and imports against gross national income.The ratio, which largely hovered near the 80-percent range in the mid-
Aug. 1, 2012
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S. Korea's July trade surplus narrows on falling exports
South Korea's trade surplus shrank from a month earlier in July as exports slipped at a greater pace than imports, the government said Wednesday.The country's trade balance came to $2.7 billion in the black last month, compared with a surplus of $4.96 billion in June, according to the Ministry of Knowledge Economy.Still, July marks the sixth consecutive month the country has posted a trade surplus
Aug. 1, 2012