Most Popular
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What is Hybe’s next move?
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Hopes rise for possible Gaza truce deal
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Seventeen shows who is the ‘Maestro’ of K-pop in greatest hits album
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Around 50% of people with disabilities aged 65 or above: report
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Singapore to display respect for environment at Yeosu Expo
The Singapore Pavilion at the Yeosu Expo will showcase how Singapore balances growth and development with environmental sustainability, organizers said.“Presenting the theme ‘Paradox-ity: City of Contrast,’ a story inspired by the creative contrasts within our island city-state, the visitor journey at the pavilion will begin at the facade and continue through four main galleries,” said Eng Tiang Sing, commissioner for the Singapore Pavilion. Through the four main content segments ― waste managem
April 23, 2012
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Korea, U.S. close to deal on Iranian oil imports: minister
WASHINGTON (Yonhap News) ― South Korean Finance Minister Bahk Jae-wan said Wednesday that his country is nearing a deal with the United States on crude oil imports from Iran.“In general, consultations are proceeding smoothly. So, I don’t think there will be a big problem,” Bahk told reporters here. He arrived in Washington earlier in the day to attend a gathering of G-20 finance ministers and the spring meetings of the International Monetary Fund and the World Bank.Seoul is seeking a waiver from
April 19, 2012
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Korea, Qatar to tap global construction markets
South Korea and Qatar are moving to join forces in making inroads into construction markets in third countries by utilizing sovereign wealth funds of the Middle East, Seoul officials said Thursday.The Ministry of Land, Transport and Maritime Affairs said it will sign a memorandum of understanding with the Qatar Investment Authority in May in a bid to expand joint investment in overseas construction projects.The envisioned MOU is a follow-up on a bilateral agreement that calls for the Qatari sove
April 19, 2012
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Sea level near Jeju Island rises sharply
The sea level near Jeju Island has risen at a pace faster than the global average, data showed on Thursday. The Korea Hydrographic and Oceanographic Administration said the mean sea level surrounding the southern resort island has gone up by 5.97 millimeters on average per year, far higher than the world average of 1.8 millimeters. The agency began to collect the sea level data involving the island in 1978. The broader sea level for South Korea increased by 2.48 millimeters per year, also higher
April 19, 2012
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Korean shipyards win half of world’s ship orders in 1st quarter
South Korea continued to lead the world’s shipbuilding market in the first quarter of 2012 by winning half of all global orders in terms of weight, the government said Thursday.In the first quarter, the country’s shipbuilders secured orders for 60 ships worth $7.9 billion and totaling 1.93 million compensated gross tons in the January-March period, according to the Ministry of Knowledge Economy. The figure represents 50.7 percent of 3.80 million CGTs worth of global orders placed during the cite
April 19, 2012
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Samsung Total’s entry aimed at curbing petrol prices
Pan-governmental measures include a new petrol supplier, tax breaks for discount gas stations and electronic trading Samsung Total Petrochemicals Co. is set to break into the tightly controlled retail petrol market as part of the government’s across-the-board drive to rein in skyrocketing gas prices and revamp Korea’s fuel supply structure. A pan-governmental task force headed by the Ministry of Knowledge Economy unveiled the proposal on Thursday, which also envisages an upsurge in electronic t
April 19, 2012
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Number of first-time marriages up in 2011
The number of marriages involving couples tying the knot for the first time rose to a nine-year high last year mainly due to favorable demographic factors, a government report showed Thursday.According to the report by Statistics Korea, the number of men and women getting married for the first time reached 258,600, or 78.6 percent of all marriages tallied last year. This is the highest percentage since 78.7 percent reached in 2002.“The increase of about 4,000 couples is mainly due to the rise in
April 19, 2012
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Ministry to unveil measures to stabilize petroleum prices
The government will soon announce a set of measures to help control soaring oil product prices that can hurt economic growth, the country’s top economic policymaker said Wednesday.Minister of Strategy and Finance Bahk Jae-wan said at a weekly economic policymaker meeting that high global crude oil prices have been a big burden to the South Korean economy, Asia’s fourth-largest.“Crude prices have stabilized somewhat recently, but there is a need to address this problem,” he said. The minister str
April 18, 2012
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Foreign hospitals to open in FEZs
The Cabinet passed a set of revised ordinances on the detailed conditions and procedures on Tuesday to allow foreign medical institutions in free economic zones.A 600-bed hospital in the Incheon FEZ in Songdo will be the first.Although there is a special law that permits opening foreign medical facilities in FEZs, a lack of rules on procedural details had made it difficult to actually set them up.Under the new enforcement ordinances, the foreign medical institutions to be set up must operate in
April 17, 2012
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Korea’s welfare spending to jump after elections: report
South Korea’s welfare related spending is expected to jump by more than 50 trillion won ($44 billion) though such a development will not adversely affect the economy, a report showed Tuesday.According to the Korea Center for International Finance report based on predictions made by global investment banks, outlays to bolster the country’s welfare infrastructure are inevitable outcomes of last week’s parliamentary elections.Both conservative and liberal parties pledged to strengthen welfare progr
April 17, 2012
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FTC probes HP, Oracle, IBM: reports
The Korean units of multinational IT giants HP, Oracle and IBM are under investigation by the Fair Trade Commission, the country’s anti-trust agency, for alleged unfair business practices, according to news reports here.The FTC recently sent its investigators to HP Korea’s headquarters in the financial district of Yeouido to look into the suspicions. Oracle and IBM have also been investigated, the reports said.The FTC declined to comment. HP, Oracle and IBM could not be reached for comment.Indus
April 16, 2012
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Seoul conference to pave way for establishment of AEO programs worldwide
Dear participants,It is a great pleasure for me to welcome you all to this WCO Global AEO Conference with the theme “AEO, the way towards secure and competitive growth” which is taking place in Seoul, the Republic of Korea’s beautiful capital city.Indeed, the WCO is proud to be hosting this conference in partnership with the Korea Customs Service this year which is particularly significant as the organization and its 177 members are celebrating the WCO’s 60th anniversary.2012 is also the year th
April 16, 2012
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Korea’s exports to stay weak in Q2: poll
South Korea’s exports are expected to remain in the doldrums in the second quarter of the year on global jitters stemming from the eurozone debt crisis, a poll showed Monday.The leading indicator index for exports came in at 51.7 for the April-June period, up a mere 0.1 point from three months earlier, according to the survey taken jointly by the Korea Trade-Investment Promotion Agency and Samsung Economic Research Institute.The survey was conducted on 2,156 foreign buyers of South Korean produc
April 16, 2012
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BOK revises down 2012 growth outlook to 3.5 percent
South Korea's central bank on Monday revised down its 2012 economic growth outlook due to deteriorating terms of trade and lowered its inflation projection in anticipation of more stable food and energy prices.The Bank of Korea (BOK) lowered its growth projection to 3.5 percent for the whole year from an earlier 3.7 percent estimate made in December. The economy will grow 3 percent in the first ha
April 16, 2012
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U.S. FTA cuts prices by more than 6% for wholesale, retail: report
The free trade agreement between Korea and the U.S. led to an average reduction of 7 percent in wholesale prices and 6.3 percent in retail prices of products imported from the U.S., a think tank under the Korea International Trade Association and the Korea Importers Association said in a report Sunday.Wine and beer (13 percent), fruits and nuts (9.6 percent) and meat and fisheries (7.7 percent) were among the items that showed the sharpest price cuts in the first month under the FTA. Medicine an
April 15, 2012
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Korea issues rabies alert after discovering infected dog
South Korea has issued a rabies alert after a dog tested positive for the potentially deadly disease, the country’s Farm Ministry said Saturday.The Ministry for Food, Agriculture, Forestry and Fisheries said a dog on a farm in Hwaseong 55, southwest of Seoul, tested positive for rabies. Local quarantine officials have been ordered to inoculate all domestic animals in the vicinity of the farm and to conduct decontamination.Also called hydrophobia, rabies is a contagious zoonotic disease, meaning
April 15, 2012
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Seoul, Beijing, Tokyo to share food security info
South Korea, China and Japan agreed Sunday to share information on food security and to enhance their trade of agricultural products.The agreement was made at a trilateral meeting on the southern resort island of Jeju attended by agriculture ministers of the three neighboring Northeast Asia countries, the Ministry for Food, Agriculture, Forestry and Fisheries said in a statement.Agriculture Minister Suh Kyu-yong and his Chinese and Japanese counterparts agreed to conduct joint studies of agricul
April 15, 2012
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KLM signs footballer as PR ambassador
KLM Royal Dutch Airlines has signed a contract with soccer player to be the new celebrity promoter of the Netherlands’ flag carrier, according to a press release.Lee, who was part of Korea’s national team at the 2010 FIFA World Cup in South Africa, is currently playing for the English Premier League side Bolton Wanderers.KLM said that Lee is a frequent user of its airline, which has Korean crew and serves Korean meals when directly connecting between the Netherlands’ main hub Amsterdam Airport S
April 15, 2012
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BOK freezes key rate for 10th month in April
South Korea's central bank on Friday left the key interest rate unchanged for the 10th straight month in April, as lingering inflationary concerns and weak pace of economic recovery challenge policymakers. Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers froze the benchmark 7-day repo rate at 3.25 percent for this month, as widely expected. All 20 analysts polled by Yonhap Infom
April 13, 2012
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Business sector follows election results
South Korea’s business community breathed a sigh of relief as the general elections ended with a victory for the ruling Saenuri Party. The result led to expectations that there won’t be any drastic change in key economic polices. But local business organizations expressed concerns about intensifying political clashes ahead of the presidential election, a host of “populist” welfare pledges and bipartisan moves in favor of more regulations for conglomerates. The Korea Employers Federation, an orga
April 12, 2012