Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Auto parts, textile firms benefit most from U.S. FTA
Korea’s auto parts and textile industries have benefited the most from lowered tariffs under a Seoul-Washington trade pact that took effect earlier this year, a report said Tuesday.According to the report compiled by the Korea International Trade Association, the United States imported a total of $1.19 billion worth of Korean products that were subject to tariff cuts in April alone.The bilateral free trade agreement, known as the KORUS FTA, was implemented on March 15, cutting or phasing out tar
June 26, 2012
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Most Korean firms in Europe feel pinch of debt crisis: poll
Nearly nine out of 10 Korean companies operating in Europe are experiencing difficulties because of the persistent eurozone debt crisis, a poll showed Tuesday.According to the survey by the Federation of Korean Industries, 87.6 percent of 90 European subsidiaries of Korean companies polled said the eurozone crisis is having an adverse impact on their operations.Nearly 83 percent saw their revenues decrease during the fiscal crisis, with 65.6 percent finding it inevitable to revise their targets
June 26, 2012
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Canadian house bought for $15,000, now on market for $2 million
A Canadian man, who purchased his home for $15,000 in 1982, is now selling the property for $2 million.The house, located in Nova Scotia and comprised of seven rooms, is believed to be one of the oldest east of Quebec City and was built by French missionaries.The owner, Sherman Hines, remembered the first day he toured the area, saying, “We drove up and I crawled around in this basement, it was full of mud and debris. I was doing kind of a duck walk around, I couldn‘t stand up, and I fell in lov
June 26, 2012
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Seoul to halt Iranian oil imports from July
South Korea will be forced to halt oil imports from Iran due to European Union sanctions that will ban insurance on Iranian oil shipments from next month, the Seoul government said Tuesday."The country, too, has to suspend oil imports from Iran as the European Union is set to stop offering any type of insurance on Iranian oil imports while also suspending oil imports from Iran itself from July 1,
June 26, 2012
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Seoul shares open lower on EU doubt
South Korean stocks opened a tad lower Tuesday, dampened by concern that this week's European Union summit will not suffice to tame the prolonged crisis, analysts said.The Korea Composite Stock Price Index (KOSPI) declined 1.19 points, or 0.07 percent, to 1,824.19 in the first 15 minutes of trading.Shares lost ground across the board, with steelmakers and machineries leading the fall.Top-cap Samsu
June 26, 2012
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Consumer sentiment falls in June
South Korea's consumer confidence fell in June from the previous month due to persistent eurozone uncertainties and a slowdown in domestic production and spending, the central bank said Tuesday.The consumer sentiment index (CSI), which gauges consumers' overall economic outlook, living conditions and future spending, stood at 101 for this month, compared with 105 in May, according to the Bank of K
June 26, 2012
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Hyundai Motor chief calls for measures against euro crisis
Hyundai Motor Group chairman Chung Mong-koo called for its affiliates on Monday to devise measures to defend against the deepening eurozone crisis.The chairman gave the instruction during a meeting of heads of overseas branches of Hyundai Motor and Kia Motors, which was convened to check on the global production and marketing strategy for the second half of this year. Company officials said the chairman is trying to find solutions to protect its sales growth amid the European economic crisis, wh
June 25, 2012
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China’s environment policy to benefit Samsung SDI: report
HONG KONG (Yonhap News) ― Samsung SDI Co., a South Korean manufacturer of hybrid car batteries, will likely benefit from China’s eco-friendly vehicle policy as China has grown to become the world’s largest auto market, a report by a final services firm said Monday. Shinhan Investment Corp. said in the report that Samsung SDI will gain long-term growth momentum from China’s eco-friendly vehicle promotion.“China’s promotion of the eco-friendly vehicle industry is not a choice but a must,” said Soh
June 25, 2012
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Korea reports sharp fall in Iran oil imports
Korea’s May imports of Iranian crude oil fell 39.5 percent from a year earlier to 3.96 million barrels as it cuts shipments in line with a U.S. sanctions drive, figures showed Monday.Imports from January to May dropped 15.7 percent from the same period last year, according to the preliminary figures from the state Korea National Oil Corp.May’s imports from Iran were down 47.3 percent month-on-month. Korea has in the past imported about 10 percent of its crude needs from Iran. It is cutting purch
June 25, 2012
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Korea declares war on new types of drugs
Customs service sets up unit to block inflow of designer drugs such as synthetic marijuanaThe Korea Customs Service said Monday it launched a campaign against the trafficking of new types of narcotics, such as synthetic marijuana, a day ahead of the U.N.-designated International Day against Drug Abuse and Illicit Trafficking.Increasing volumes of the so-called “designer drugs,” including synthetic marijuana and synthetic cathinones, are being smuggled into Korea.Designer drugs are created to eva
June 25, 2012
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FKCCI to hold networking session
An informal business networking session organized by the French Korean Chamber of Commerce and Industry will be held on July 12. As the latest installment in the chamber’s regular “cafe du commerce” series, next month’s session will take place at the Novotel Seoul Ambassador Gangnam in southern Seoul.Participants will also be able to enjoy a selection of French wines and dishes from a buffet that features traditional and regional cuisine from France. For more details, please email novogfbcoord@a
June 25, 2012
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CanCham Korea to celebrate national day
The Canada Chamber of Commerce in Korea will hold a Canada Day 2012 event on July 1.It will take place at the Embassy of Canada, located in Jung-gu, central Seoul.The event will be divided into two parts, and the second requires advance registration, according to a CanCham spokesperson. Those interested in attending the event should contact pr@canchamkorea.org.
June 25, 2012
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AustCham to hold donation drive Saturday
The Australian Chamber of Commerce in Korea will hold a donation drive on June 30.The chamber is asking patrons to donate gently used clothing and shoes in good condition, as well as used kitchenware, linen, bedding and curtains. Other wished-for items include used toys, CDs, DVDs and books. According to AustCham Korea, the media items can be in any language. Donations can be made via several options, including drop-off points in Itaewon and Sinchon, a pick-up service, or even a “quick service”
June 25, 2012
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Foreign execs recharge with weekend activities, excursions
Join family and friends for sports, cultural outings, gardeningOn a typical weekend, one can find Danish business executive Steen Lauge Kokkenborg at a traditional Korean market, scouring the stalls for locally sourced, hard-to-find ingredients. “My wife and I share the Koreans’ passion for food ... (so) one of our favorite pastimes is to go and look for ingredients among the hundreds of stalls selling vegetables, fruits, meats and herbs,” he said. Kokkenborg, who currently serves as the general
June 25, 2012
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Childbirths in S. Korea dip in April
Childbirths in South Korea dipped in April despite the government's ongoing efforts to encourage couples to have more children, a report showed Monday.According to the report by Statistics Korea, the number of babies born in the cited month reached 40,200, a contraction of 0.2 percent, or 100, from the same month a year earlier.The decline comes after birthrates grew for two months in a row in Feb
June 25, 2012
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Seoul shares opens lower on weak U.S., China economic data
South Korean stocks opened lower onday, weighed down by weak U.S. and Chinese economic data that overshadowed easing eurozone jitters ahead of a European Union summit meeting, analysts said.The Korea Composite Stock Price Index (KOSPI) fell 1.19 percent, or 22.06 points, to 1,825.33 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.28 percent, with top automaker Hyund
June 25, 2012
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Aging society could burst housing bubble
The shrinking proportion of Korea’s working age population could burst a real estate market bubble and trigger a financial crisis, a private think tank said in a report released Sunday.Hyundai Research Institute warned that Korea may follow the footsteps of Spain and Ireland as the country is now past its demographic window, the period when the percentage of people able to work is at its heights.“We must be mindful of the possibility of a property bubble burst as a sharp fall in the proportion o
June 24, 2012
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Customs authorities collect W7.7 billion in overdue tariffs
The Korea Customs Service said on Sunday it collected overdue tariffs worth 7.7 billion won ($6.8 million) in cash including 1 billion won from a single person after a special inspection on tax delinquents.The KCS also seized about 900 million won worth of deposits, property and golf club memberships from 39 tariff delinquents, and said the assets will be liquidated if the overdue taxes are not paid. Two delinquents who failed to pay 400 million won and 700 million won each in tariffs were prohi
June 24, 2012
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Korea, Chile to boost mining, energy ties
South Korea and Chile agreed to expand mining and energy cooperation that can help ensure better use of important natural resources, the government said Friday.The Ministry of Knowledge Economy said that under the memorandum of understanding reached in Santiago, both sides concurred on the need for joint exploration of resources, sharing information on development projects and technological exchange.At the gathering between government officials and entrepreneurs from the two countries, Seoul exp
June 22, 2012
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Korea to raise eco-friendly support to 30% of ODA
RIO DE JANEIRO (Yonhap News) ― South Korea plans to increase the portion of eco-friendly green programs it supports to 30 percent of its official development assistance fund by 2020, the country’s top economic policymaker said Thursday.In a speech given on the sidelines of the “Rio+20” summit in Rio de Janeiro, Minister of Strategy and Finance Bahk Jae-wan said Seoul’s plans to assign more money to green programs through its ODA program is part of a larger effort to support sustainable growth wo
June 22, 2012