Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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KOGAS finds more gas in Mozambique field
Daily output expected to reach 3,200 tons of natural gas off East AfricaThe Korea Gas Corp. has found an additional reserve of natural gas in waters off Mozambique with a potential quantity enough to supply Koreans for six months, the government said Wednesday. The state-run energy firm, together with co-developers, detected another pool with up to 7.5 trillion cubic feet of natural gas from the East African offshore block, the Ministry of Knowledge Economy said. The latest discovery thus raised
Feb. 15, 2012
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Korea posts trade deficit in January: data
Korea posted a trade deficit for the first time in two years in January as its exports shrank, affected by toughening external market conditions, the customs office said Wednesday.The country’s trade deficit came to about $2 billion last month, a turnaround from a surplus of $2.3 billion tallied in the previous month, the Korea Customs Service said in a report.The trade balance swung into the red for the first time since January 2010.Exports fell 7 percent on-year to $41.3 billion, while imports
Feb. 15, 2012
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Ministry to announce measures to support mid-sized firms
The government plans to soon announce a set of measures to support the country’s mid-sized companies as part of an ongoing effort to boost South Korean exports, the Commerce Ministry said Wednesday.A mid-sized enterprise is defined as a company with more than 300 employees and 100 million won ($89 million) in annual sales.Such businesses have long been recognized but were legally identified for the first time in March 2011 in a revision to the industry development law. The law previously only re
Feb. 15, 2012
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Jobless rate rises to 3.5% in January
Korea’s jobless rate rose in January from a month earlier, indicating job market conditions remain cloudy despite continued economic recovery, a government report showed Wednesday.The jobless rate stood at 3.5 percent last month, up from 3 percent in December, according to the report by Statistics Korea.It was also higher than the annual average of 3.4 percent for last year.The economy still gained 536,000 more jobs in January compared to the previous year. The on-year job creation was the large
Feb. 15, 2012
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Korean firm gets interim nod for oil project in Jordan
A Korean energy developer said Wednesday that it has obtained approval from Jordan to negotiate a deal for the development of a massive oil field in the western part of the Middle Eastern country.The Jordanian Cabinet approved a memorandum of understanding on negotiations for a final agreement Tuesday to explore the field with an estimated reserve of more than 1.1 billion barrels, said Park Cheong-sig, president and CEO of Korea Global Energy Corp. A signing ceremony will soon be held.Under the
Feb. 15, 2012
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Korea-China FTA move puts Taiwan under pressure
HONG KONG (Yonhap News) ― A possible free trade agreement between Korea and China has put Taiwan under pressure to speed up follow-up trade talks with China, Taiwanese government officials said Tuesday. In early January, Korea and China agreed to start formal negotiations for a free trade agreement with the aim to launch talks before the end of June.Taiwan’s Ministry of Economics said the country must quickly move toward securing follow-up trade and economic agreements with China, saying it has
Feb. 14, 2012
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Korea’s trade terms hit 3-year low
Korea’s 2011 terms of trade deteriorated to the lowest level in three years as oil price hikes pulled up import costs, outpacing moderate gains in export prices, the central bank said Tuesday. The country’s net terms-of-trade index for goods stood at 78.9 last year, down 8.3 percent from 2010, marking the sharpest annual fall since the 2008 global financial crisis, according to preliminary figures released by the Bank of Korea. On a quarterly basis, Korea’s net terms-of-trade index for goods, a
Feb. 14, 2012
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Iran envoy expects 10-15% oil import cut from Korea
Seoul denies any discussion with Washington on percentage of oil import cutsIran’s top envoy to Korea said he was informed by the Korean government that it might cut Iranian oil imports to the level of 2010 ― a reduction of 10 to 15 percent ― as part of the U.S.-led sanctions to pressure Tehran to end its nuclear ambitions.“They (The Korean government) informed us that they might decrease at the level of 2010 oil imports,” Iranian Ambassador Ahmad Masoumifar told The Korea Herald. “Maybe decreas
Feb. 14, 2012
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Siemens, Samsung may vie for $21 billion Russian rail link
Siemens AG and Samsung C&T Corp. are among the European and Asian companies that may vie to build and operate a $21 billion rail link between Moscow and St. Petersburg before the 2018 World Cup soccer tournament.Alstom SA, Bouygues SA of France, Italy’s Finmeccanica SpA and UniCredit SpA and a unit of South Korea’s Hyundai have also expressed interest in the high-speed link, said Yelena Shebunina, deputy head of OAO High-Speed Rail Lines, in an interview in Moscow. A Portuguese group led by Braz
Feb. 13, 2012
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German green cabbage dinner next week
The “must-be-there” event in the German chamber of commerce calendar will happen next week when they roll out the green cabbage for a dinner that brings members back to simpler times.The Korean-German Chamber of Commerce and Industry secretary general explained that according to northern German tradition, all participants must appear in a blue fishermen’s shirt with a red bandana. The fisherman’s shirt and bandana can be ordered directly from the chamber’s site or by calling Hana Cha at (02) 378
Feb. 13, 2012
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French chamber to examine Korean titles
Newly arrived foreign business professionals might find it difficult to understand the Korean title system at the workplace.The French Korean Chamber of Commerce and Industry and the Experts Training Club plan to demystify this practice by inviting Christophe Piganiol, president of Zuellig Pharma Korea, to a seminar on Feb. 23.Piganiol will examine the important questions of why ranks and titles are so important in Korea, what are the challenges in a professional bi-cultural environment and how
Feb. 13, 2012
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Energy forum opportunities in Australia
The Australian Chamber of Commerce will host a breakfast forum with the Australian head of resources to discuss the state of play in the global energy resource market.Tania Constable from the Department of Resources, Energy and Tourism will also explain the rules for investing, Australia’s clean energy sector, resource tax reforms and the country’s energy exports to Korea.The forum will take place on Feb. 22 at the COEX InterContinental’s Moderato Room. It costs 50,000 won for members and 60,000
Feb. 13, 2012
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EUCCK seminar on energy, joint venture
The European Chamber of Commerce in Korea plans to hold two seminars on energy and joint ventures, respectively, this week.The forum on energy, organized by the EUCCK’s Energy and Environment Committee, will take place at 8:00 a.m. at the Ritz Carlton Hotel on Thursday.The breakfast seminar has invited KEPCO general manager Park Seong-cheol to talk about the company’s International Cooperation Division’s role and how it applies to European Union stakeholders.The meeting costs 35,000 won for comm
Feb. 13, 2012
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Vietnam emerges as key market for Korea
Bilateral relations improve as Vietnam’s economy continues to growVietnam is emerging as a major market for Korean goods on the strength of strong sales of Korean cars and mobile handsets, the Ministry of Strategy and Finance said Monday. In a report on the 20th anniversary in which Korea forged formal ties with Vietnam, the ministry said the middle-class consumers in Vietnam were showing greater appetite for Korean products and that the Vietnamese government was encouraging Korean firms to ente
Feb. 13, 2012
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EUCCK teams with shamans for successful year
The European Union Chamber of Commerce in Korea held a special event last week by inviting Korean shamans to wish for good luck for its member companies this year.The event was organized with several intentions, first to strengthen the EUCCK’s relationship with Korean society by showing their respect for a piece of the country’s history and culture. “Today it was a momentous moment because I had comments from people who had attended this kind of ceremony for tourists and felt how authentic it wa
Feb. 13, 2012
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Sheppard Mullin ambitious about Seoul opening
Sheppard Mullin ambitious about Seoul openingKicker: Law firm chief says advance into Korea is part of its greater Asia practice By Cynthia J. KimSheppard Mullin, U.S. legal adviser of Samsung Electronics and Hyundai Motor Co., will set up a Seoul office within the next few months as it joins a rush of U.S. law firms advancing into Korea, chairman Guy Halgren said.“We hope to be able to apply for a license within the next few weeks and then be approved in the next month or two after that. We wil
Feb. 13, 2012
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Foreign chambers offer advice on how to get jobs
‘Global firms look for responsive, creative, trustworthy candidates’With Korea’s youth unemployment rate hovering at 6.7 percent, foreign chambers of commerce here have offered advice and guidance on ways young people can break into multinational or foreign companies.During the annual career development forum last week, the foreign business chambers discussed the persistent youth unemployment issue in Korea. “We are doing this as a (corporate social responsibility) activity from all the chambers
Feb. 13, 2012
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Peru to show agro-fishery delights at Yeosu Expo
For Peru, the Yeosu Expo will be a rare opportunity to showcase its agro-fishery and gastronomical delights.“For us, this expo is important because we want to show our innovation, scientific investigations we are making toward the utilization of the sea, but also the preservation of the richness of the sea,” said Alberto Massa, Peru Commissioner General for Yeosu Expo. Peru’s economy reflects its varied geography with its coastal waters providing excellent fishing grounds.A couple of products th
Feb. 13, 2012
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Japan features coexistence with ocean at Yeosu Expo
Japan plans exhibitions themed around its people’s coexistence with the ocean at the Yeosu Expo, which opens on May 12. The Japan Pavilion, which will be the largest exhibition space for foreign countries taking part in the world fair, expects about 800,000 visitors during the three-month expo, or 10 percent of the total number of people projected to see the fair. “We plan to introduce the wisdom and technologies of the Japanese people who have coexisted with the ocean, and accepted both the ben
Feb. 12, 2012
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Jobs at 8 Korean firms increase 8.7% in 2011
The number of jobs at eight South Korean conglomerates rose 8.7 percent last year as companies acquired affiliates and expanded into new business areas, data showed Sunday.The tallied conglomerate groups, including tech behemoth Samsung and auto giant Hyundai Motor, employed 622,000 people as of the end of 2011, compared with 572,000 the previous year, according to the data they provided to Yonhap News Agency.The eight conglomerate groups are Samsung, Hyundai Motor, SK, LG, POSCO, Hyundai Heavy
Feb. 12, 2012