Most Popular
-
1
Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
-
2
Army takes group action against Hybe for neglecting BTS
-
3
Debate rages over ‘overly fatty’ samgyeopsal
-
4
[Weekender] Korean psyche untangled: Musok
-
5
Hankook Tire takes over control of Hanon Systems
-
6
[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
-
7
S. Korea, Japan, China agree to create new financing facility against regional crises
-
8
40 flights canceled on Jeju Island due to bad weather
-
9
From fake prostitution ring to nonexistent robber, prank calls hamper police
-
10
Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
-
Korea’s trade minister rules out scrapping KORUS FTA
South Korea’s top trade official on Thursday said it would be impossible to scrap a free trade pact with the U.S., stressing that the accord will help South Korea’s economic growth.The trade pact signed in 2007 is set to go into effect on March 15. South Korea’s parliament approved the free trade pact in November last year despite vehement protests from opposition lawmakers. The deal was approved by the U.S. Congress in October.The scheduled implementation of the free trade pact will come amid g
March 8, 2012
-
Korean builders become top foreign players in Saudi Arabia
Korean companies clinched the largest amount of orders among foreign builders operating in Saudi Arabia last year on the back of their strong competitiveness, a local contractors association said Thursday.The International Contractors Association of Korea said companies such as Samsung C&T Corp. secured $16.6 billion worth of orders in 2011, or 23 percent of all building contracts signed.Total building contracts in the oil-rich Middle Eastern country hit $72 billion.“Excluding Saudi builders tha
March 8, 2012
-
Detection of radiation in Japanese fish on rise
Korea is more frequently finding radioactive materials in fishery products from Japan but has no immediate plans to ban imports as their levels are far below the maximum intake limits, the quarantine office said Thursday.In the first two months of the year, the country has detected traces of radioactive materials, such as cesium, in 32 separate shipments of fisheries products from Japan, according to the Animal, Plant and Fisheries Quarantine and Inspection Agency.The figure represents an over 5
March 8, 2012
-
High oil prices forecast to last a while
Global oil prices are expected to remain high for the foreseeable future, fueled by geopolitical risks caused by Iran‘s suspected nuclear program, local think tanks said Wednesday.Leading private think tanks such as Samsung Economic Research Institute and Hyundai Research Institute said the steady rise in crude prices in recent months stems from mounting uncertainties that can be triggered by a showdown in the Middle East.“The current situation comes from plentiful liquidity in the market and th
March 7, 2012
-
Korea to take preemptive action against danger factors: minister
South Korea will maintain its current economic policy stance but will be ready to take preemptive action against any danger factors facing the country‘s economy, the finance minister said Wednesday.“Though our economy sees continued improvement in employment and other major indicators, it is still difficult to let our guard down in the face of external risk factors such as high oil prices and the eurozone fiscal crisis,” Bahk Jae-wan told a meeting with other policymakers.“An economic slump come
March 7, 2012
-
Korean pop culture beneficial to business: poll
The popularity of South Korean popular culture in Asia and other parts of the world is beneficial to businesses seeking to expand overseas, a poll showed Wednesday.The survey on 300 companies conducted by the Korea Chamber of Commerce and Industry showed 51.9 percent of the respondents saying the Korean wave contributing to greater sales abroad.The Korean wave, or “hallyu,” refers to the popularity of TV shows and music that have secured hordes of fans in Asia, Europe and the American continent.
March 7, 2012
-
Container cargo at Korea‘s seaports surges in Feb.
The amount of container cargo processed at South Korea’s seaports rose 14.1 percent from a year earlier to an all-time high for February on growths of both export-import cargo and transshipments, the government said Wednesday.The amount of container cargo handled at the country‘s seaports last month is estimated to reach 1.67 million 20-foot-equivalent units (TEUs), according to the Ministry of Land, Transport and Maritime Affairs.“This is the largest volume ever recorded in February, which was
March 7, 2012
-
Retail gasoline prices reach new monthly high in Feb.
Retail prices of gasoline in Korea hit a fresh monthly record in February on the back of escalated tensions surrounding Iran and upbeat economic figures from the U.S. and China, data showed Tuesday.According to the state-run Korean National Oil Corp., the average price of regular gasoline was 1,986.54 won ($1.77) per liter last month, up 5.52 won from the previous high logged in November. That is also 31.46 won higher than in January. Oil prices have been skyrocketing over the last year as persi
March 6, 2012
-
‘UAE to place orders for four more nuclear power plants’
The United Arab Emirates is expected to place orders for four more nuclear power plants next year beside the four units currently being built by a Korean consortium, Knowledge Economy Minister Hong Suk-woo said. “I heard that the UAE is planning orders for about four additional nuclear power stations,” Hong said in a press conference in Abu Dhabi on Monday, according to the ministry.About the nuclear power plants currently under construction in the UAE, Hong said the project has great meaning in
March 6, 2012
-
Customs agency seizes 1,471 kg of gold in smuggling crackdown
Korea’s customs office said Tuesday it has seized a total of 1,471 kilograms of gold in its crackdown on smuggling attempts over the past four years as rising international gold prices have encouraged people to ship out the precious metal for profit.The amount was the result of crackdowns enforced from 2008-2011 in a total of 74 cases, according to the Korea Customs Service. All of it was confiscated as it was being smuggled out. This marks a contrast from the previous four years when 6,768 kilo
March 6, 2012
-
Samsung to focus on premium TVs in China
HONG KONG (Yonhap News) ― Samsung Electronics Co. will focus more on the premium TV market in China, company executives said Monday, in a move seen to distinguish itself from cheaper products made by Chinese manufacturers.In the liquid crystal display TV segment, the South Korean tech giant will only sell light emitting diode backlit TVs and discontinue the sale of other kinds of LCD TVs, corporate sources said.Samsung Electronics will be the first TV maker in China to upgrade all of its LCD TV
March 5, 2012
-
Shares end lower on dampened China outlook
Korean stocks closed 0.91 percent lower Monday, as investors sought to offload their holdings after China announced a downward growth target for this year, analysts said. The local currency fell against the U.S. dollar. Moving in a tight range, the benchmark Korea Composite Stock Price Index dropped 18.57 points to 2,016.06. Trading volume was heavy with 541.1 shares worth 5.05 trillion won ($4.51 billion) with decliners outstripping gainers 528 to 297.“China’s growth forecast took the steam out
March 5, 2012
-
Overcoming growing pains for Italian chamber
Many challenges for companies working outside their cultureThe economic crisis in European countries raised the awareness of possible business opportunities in Korea for Italian companies, but still, even with the free trade agreement between Korea and the EU, the divide seems to be as far as both countries are geographically.To build bridges in the business world, the Italian Chamber of Commerce is organizing activities such as trade visits with the hope that companies in both countries will ge
March 5, 2012
-
Hyundai, Kia, BMW to provide vehicles for nuclear summit
Hyundai Motor and its affiliate Kia Motors will help support the 2012 Nuclear Security Summit in Seoul, slated for March 26-27.The two companies delivered 262 vehicles, produced for protocol and guard of the global leaders, to the preparation committee for the summit on Monday.The vehicles included the Equus limousine by Hyundai Motor and the Starex van from Kia Motors, which will be used for the figures from more than 50 countries.The automakers will also run a maintenance team of 70 experts fo
March 5, 2012
-
Korea-U.S. FTA to boost food product imports: KCCI poll
Korean retailers plan to import more food products once the free trade pact with the United States goes into effect this month, a poll by a private economic organization showed Monday.According to the Korea Chamber of Commerce and Industry survey on 250 local retailers, 29.1 percent of the respondents said they are interested in importing more processed foods, followed by 27.9 percent that wanted to bring in various fresh farm produces.“Many companies are eying cheese, pork, oranges and other fo
March 5, 2012
-
Korean CEOs among Forbes’ 50 top Asian businesswomen
HONG KONG (Yonhap News) ― Four Korean entrepreneurs are on the Forbes Asia list of 50 top Asian businesswomen in the magazine’s March 12 issue, which went on sale Friday.The four are Romi Haan of Haan Corp., Hyun Jeong-eun of Hyundai Group, Kim Sung-joo of Sungjoo Group and MCM Holdings AG. and Lee Mi-kyung of CJ Entertainment & Media.The Forbes Asia Power Businesswomen list is the magazine’s first catalog of 50 noteworthy Asian women who contribute significantly to the region’s business environ
March 2, 2012
-
Crude oil imports rise 13.2% in Feb.
Korea, the world’s fifth- largest oil importer, increased purchases of crude by 13.2 percent in February.Imports rose to 80.1 million barrels in February from 70.7 million a year earlier, the Ministry of Knowledge Economy said in an e-mailed statement Thursday, without giving reasons for the rise. The nation’s crude-import bill increased 34.6 percent to $9.4 billion as prices rose 18.9 percent to an average $117 a barrel, it said.Korea, which imports almost all of its oil, urged companies and in
March 1, 2012
-
Korea, China open preliminary meeting on FTA
Korea and China opened a two-day preliminary working-level meeting in Seoul on Thursday to discuss how formal negotiations between the two countries to conclude a free trade agreement will be conducted.The meeting will be a place to set the “framework of negotiations” with the aim of launching official talks before the end of June, according to news reports.The reports said the Korean government will propose to divide negotiations into two ― one dealing with sensitive issues like farm products a
March 1, 2012
-
Korea posts trade surplus of $2.2b in Feb.
Korea posted a trade surplus of $2.20 billion in February buoyed by a steady rise in overseas demand for locally made goods, a government report showed Thursday. The favorable trade balance is a turnaround from the $2.03 billion deficit tallied for the previous month, according to the monthly report by the Ministry of Knowledge Economy.Exports came to $47.18 billion last month, up a solid 22.7 percent on-year, with imports jumping 23.6 percent to $44.98 billion, the report said.“Overseas demand
March 1, 2012
-
Retail giants in competition to cut prices
Big discount stores cut prices of everyday goods amid increasing inflationary pressureThe country’s two largest discount store chains are making moves to cut prices of daily goods for up to one year amid the government’s effort to curb inflationary pressure.Homeplus said Thursday that it is offering an average of 13 percent discount ― ranging from 5 to 50 percent ― on 400 different everyday goods at its 126 chain stores and internet shopping sites until February next year. The discounted items i
March 1, 2012