Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Pandemic left Korea more depressed than before: report
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EUCCK to hold shaman ritual for New Year
The European Union Chamber of Commerce plans to hold an event where its members can have their fortune read, on Feb. 6 at Min’s Club in Seoul.According to Korean tradition, at the start of the New Year, some families visit shamans to seek divine intervention for their well-being. Shaman master Kim Hye-suk will perform one of the many rituals to repel evil spirits and make an offering to the gods in order to bring business prosperity and good health.The event starts at 7 p.m. and is free for EUCC
Jan. 30, 2012
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French chamber to discuss tax changes
The French Chamber of Commerce and Industry will hold a training seminar on Wednesday on the tax changes that were applied to this year.The training session will review and discuss main changes in Korean tax laws with a special focus on changes that will influence foreign-invested companies, foreign shareholders and employees. Kim and Chang partner Jenny Kim will discuss all the relevant changes to the tax code for this year from 8:30 a.m. until 10 a.m. on the 14th floor of the Grand Ambassador
Jan. 30, 2012
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CanCham promotes GLOBE 2012 conference
CanCham has made arrangements for its members to participate in the 12th Biennial Conference and Trade Fair on Business and the Environment.Also known as GLOBE 2012, the conference is one of the most important industry events on energy and the environment.Taking place between March 14-16 in Vancouver, cleantech and urban sustainability will also be prominently featured in the conference and trade fair.Special rates for Canadian Chamber of Commerce members apply such as free access to the trade f
Jan. 30, 2012
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German business leaders upbeat about Korea economic outlook
Despite the gloomy global and eurozone economic woes, German businesspeople in Korea presented positive forecasts of their business prospects for this year.Industry leaders from 10 German companies and the German ambassador to Korea spoke during the Korean-German Chamber of Commerce and Industry Economic Outlook seminar on Jan. 19. Friedrich Stockinger, KGCCI president and chief of Trumpf Korea, said that “2012 will mark the Year of the Black Dragon, but I am confident that even without the help
Jan. 30, 2012
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[Herald Interview] ‘Korea-Japan business activity recovering’
Biz association chief says FTA would make bilateral economy strongerBusiness cooperation between Seoul and Tokyo is getting stronger and closer as more and more Japanese companies are setting up operations in Korea, a top Japanese business leader said. “We thought that in Japan, our supply chain was perfect, but the earthquake and tsunami made our perfect supply chain a disaster. So Japanese companies started to think about diversifying the supply chain,” Tsutomu Awaya, chairman of Seoul Japan C
Jan. 30, 2012
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Chamber celebrates Australia Day
The Australia Chamber of Commerce celebrated Australia National Day at the Grand Ambassador hotel in Gangnam, southern Seoul, on Friday.Participants were greeted with a Down Under theme as cabanas decorated one side of the room and Aussie favorites like fish and chips and meat pies were served. No day marking the country’s birthday would be complete without a good old fashion Aussie barbeque.Austcham Executive Director Rod Rothwell said that he wanted to give the feeling of home to the 145 guest
Jan. 30, 2012
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EUCCK to hold shaman ritual for New Year
The European Union Chamber of Commerce plans to hold an event where its members can have their fortune read, on Feb. 6 at Min’s Club in Seoul.According to Korean tradition, at the start of the New Year, some families visit shamans to seek divine intervention for their well-being. Shaman master Kim Hye-suk will perform one of the many rituals to repel evil spirits and make an offering to the gods in order to bring business prosperity and good health.The event starts at 7 p.m. and is free for EUCC
Jan. 30, 2012
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Korea-Japan business ties ‘flourishing’ after disaster
Biz association chief says FTA would make bilateral economy strongerBusiness cooperation between Seoul and Tokyo is getting stronger and closer as more and more Japanese companies are setting up operations in Korea, a top Japanese business leader said. “We thought that in Japan, our supply chain was perfect, but the earthquake and tsunami made our perfect supply chain a disaster. So Japanese companies started to think about diversifying the supply chain,” Tsutomu Awaya, chairman of Seoul Japan C
Jan. 30, 2012
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German entrepreneurs upbeat about Korea business outlook
Despite the gloomy global and eurozone economic woes, German businesspeople in Korea presented positive forecasts concerning their business prospects for this year.Industry leaders from 10 German companies and the German ambassador to Korea expressed this view during the Korean-German Chamber of Commerce and Industry Economic Outlook seminar on Jan. 19. Friedrich Stockinger, KGCCI president and chief of Trumpf Korea, stated that “2012 will mark the year of the black dragon, but I am confident th
Jan. 30, 2012
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Record oil product consumption defies high prices
Korea’s consumption of petroleum products soared to its highest ever last year despite record-breaking oil prices.Last year’s average price of Dubai oil, which accounts for 80 percent of Korea’s crude oil imports, jumped 35.6 percent from a year before to $105.98 per barrel, breaking the previous record of $94.29 in 2008, according to the Korea National Oil Corporation.Prices of the North Sea Brent oil ($111.08 per barrel), Omani crude oil ($106.73 per barrel), Iranian heavy crude oil ($105.71 p
Jan. 30, 2012
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Quarter of households suffer 'absolute poverty' in 5 years
More than one out of four South Korean households have suffered "absolute poverty" in the past five years with over one third also facing relative difficulties making ends meet, a report showed Monday.According to the report by the Korea Institute for Health and Social Affairs, 27 percent of some 5,
Jan. 30, 2012
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Korea's current account surplus hits $3.96 billion in Dec.
South Korea posted a current account surplus for the 22nd month in December, but the surplus narrowed from the previous month as the service account turned negative due to tourism-related shortfalls, the central bank said Monday. The current account surplus reached US$3.96 billion in December, down
Jan. 30, 2012
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Commerce minister to address AMCHAM
Knowledge Economy Minister Hong Suk-woo will speak about the Korean economy at a luncheon meeting organized by the American Chamber of Commerce in Korea on Jan. 31.After his speech, Hong will field questions from participants in the event that will take place at the Grand Hyatt hotel from noon to 2 p.m.The networking event, which is also open to the press, is 72,000 won for members and 92,000 won for nonmembers at the door. A 10,000 won discount applies to guests who register before noon on Jan.
Jan. 29, 2012
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Trade minister stresses need for FTA with China
DAVOS, Switzerland (Yonhap News) ― Korea’s trade minister stressed the need to sign a free trade agreement with China, as the deal will help Seoul attain its goal of becoming a global free trade hub and lure more foreign investment.“As Korea has FTA deals with the U.S. and the European Union, it would be a right move to clinch additional FTAs with China and Japan,” Bark Tae-ho, the country’s new trade minister, said in an interview with Yonhap news agency here on Saturday.“There might be little
Jan. 29, 2012
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Hyundai Mobis net rises, Daewoo E&C turns positive
Hyundai Mobis Co., Korea’s largest auto parts maker, said Friday that its net earnings rose 11.5 percent in 2011 from a year earlier on brisk sales of auto parts amid record sales by local automakers.Net profits came to 3 trillion won ($2.7 billion) last year from 2.7 trillion won in 2010, the company said in a regulatory filing. Sales also rose 18.7 percent on-year to 26.3 trillion won from a year ago, and operating profit gained 6.7 percent to total 2.7 trillion won, the company said.In the me
Jan. 29, 2012
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Top telecom regulator steps down amid bribery scandal involving ex-aide
South Korea's top communications regulator resigned on Friday amid allegations that his former aide took a bribe from a businessman in return for favors.Korea Communications Commission (KCC) Chairman Choi See-joong has been under pressure to step down since suspicions arose that his aide, Jeong Yong
Jan. 27, 2012
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Confidence for Feb. manufacturing up
South Korean manufacturers’ business confidence for February inched up on the back of easing eurozone fears but still remained close to a more than 2-year low amid lingering uncertainties, the central bank said Friday.The index of manufacturers’ outlook on business conditions reached 81 for February, up from 79 for January, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.The figure marks a recovery from January when it hit i
Jan. 27, 2012
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Korea’s consumer sentiment hits 10-month low in Jan.
South Korean consumer confidence fell to its lowest level in 10 months in January as persistent public debt concerns in Europe and the standoff over Iran’s nuclear ambitions fueled economic uncertainties, the central bank said Friday. The consumer sentiment index, which gauges consumers’ overall economic outlook, living conditions and future spending, fell 1 point from the previous month to 98 for January, according to a survey by the Bank of Korea. The January figure marked the lowest level sin
Jan. 27, 2012
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Business sentiment for Feb. remains negative: poll
Korea’s business sentiment for February edged up slightly but remained in negative territory due to the deepening European debt woes and concerns over the sluggish domestic economy, a poll showed Thursday.The monthly business survey index for the upcoming month came in at 91, up 2.7 points from the 88.3 forecast for January, according to the survey by the Federation of Korean Industries, the lobbying group for the country’s large businesses.The latest number stood below the break-even 100 mark f
Jan. 26, 2012
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Korea feared to log current account deficit in Jan.
Korea’s current account balance is feared to swing into the red in January due to a large deficit in trade and service accounts stemming from high oil prices and a strong local currency, data showed Thursday. The country’s imports jumped 19.8 percent on-year to $32.03 billion in the first 20 days of January, while exports rose 5.9 percent to $29.1 billion, bringing its trade deficit to $2.93 billion, according to the data by the Korea Customs Service.If exports fail to outweigh imports by around
Jan. 26, 2012