Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Korea overtakes China as world’s top shipbuilder
South Korea regained its status as the world’s leading shipbuilding nation in 2011 by beating its archrival China and securing deals for large, value-added vessels, data showed Tuesday.According to London-based market researcher Clarkson Research Services, South Korean shipbuilders won a combined 13.55 million compensated gross tons in new orders last year, while Chinese shipbuilders clinched a total of 9.2 million CTGs.Last year, South Korea accounted for 48.2 percent of a total of 28.11 millio
Jan. 10, 2012
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Prices of daily necessities rise in December: report
Prices of most daily necessities in South Korea increased in December despite government efforts to fight rising inflation, a report by the state-run consumer protection watchdog showed Tuesday.The report by the Korea Consumer Agency showed that of the 102 everyday consumer necessities monitored such as sugar, cereals and detergents, prices of 70 products, or 68 percent, went up in December from a month earlier. Prices for 28 products fell or remained unchanged over the cited period, it showed.T
Jan. 10, 2012
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Asian woes may pose risks to Korean economy
China and other Asian economies are saddled with a raft of downside risks, adding to fears they may hurt the South Korean economy along with lingering eurozone debt woes, a report showed Tuesday.The report by the Korea Center for International Finance said that such risks could further undermine the global economy already buffeted by the impact from the long-standing eurozone debt crisis.According to the report, China is likely to see its economic growth rate fall by up to 1.5 percentage points
Jan. 10, 2012
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Stronger won exposed to more volatility
Sino-U.S. currency friction could amplify Korean currency fluctuation in 2012It has been a familiar year-end scene. Korean financial officials try to shore up the value of the nation’s currency to help local companies that settle accounts in December avoid exchange losses.In the closing days of 2008, a year when the Korean won fell sharply against the U.S. dollar amid the global financial crisis, some foreign exchange dealers in Seoul were pressed to withdraw their orders to buy the greenback.At
Jan. 10, 2012
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Korea to offer better biz environment for foreigners
South Korea will beef up efforts to provide a better business environment for foreign enterprises by “actively” reflecting their opinions in its policymaking process, the nation’s finance minister said Monday.“We will actively reflect the opinions of the EU Chamber of Commerce, and make redoubled efforts to improve areas such as investor protection and property rights registration,” Bahk Jae-wan told a meeting with European business people.Bahk promised to push ahead with measures to lower land
Jan. 9, 2012
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Korea, China, Japan to start FTA talks in H1: report
HONG KONG (Yonhap News) ― South Korea, China and Japan will likely start their first round of trilateral free trade negotiations during the first half of this year, a Chinese official said Monday, in a move expected to boost trade among the three export-driven countries. In December, the three countries held their final joint study meeting on the feasibility of a free trade agreement among them.“If there is no strong opposition from inside South Korea, talks on the China-South Korea-Japan FTA wi
Jan. 9, 2012
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Germany benefits from Korea-EU FTA
Chamber advises SMEs to enter Korean marketGermany is benefiting from the Korea-EU FTA that went into effect in July as its exports to Korea are increasing, a top German chamber official said.“We have already seen some positive effects but not as spectacular as some people might have thought,” said Korean-German Chamber of Commerce and Industry Secretary General Jurgen Wohler.One reason for the not-so-spectacular expectations is the European debt crisis, which is hampering Korean exports to the
Jan. 9, 2012
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Global business innovation lecture
IE Business School is offering a free lecture and networking evening with as guest lecturer, the school’s chair of the Entrepreneurship Management Department.Pablo de Holan is a popular professor of strategy at IE Business School and will present the school’s 4th lecture in a series on global business innovations on Jan. 13 from 7 p.m. at the COEX Convention Center Hall C room 318 A in southern Seoul.Titled “The Giant Within: How Businesses Grow Thru Entrepreneurship and Innovation, A review of
Jan. 9, 2012
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German chamber holds Korean classes
The German Chamber of Commerce will offer Korean language lessons for all its members.The courses take place Jan. 11-March 28 every Wednesday except for holidays from 8:00 ― 9:30 a.m.Classes will be held in the German language by a qualified teacher, Park Hye-sook. The basic level course will be taught at the Korean-German Chamber of Commerce and Industry office in Hannam-dong, Seoul.Cost is 550,000 won for 12 sessions and includes beverages and learning materials. For more information or to reg
Jan. 9, 2012
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AMCHAM to hold foreign investment meeting
The American Chamber of Commerce in Korea will examine regulatory reform and foreign direct investment inducement and aftercare services during their first networking luncheon of the year next week, officials said.The meeting is scheduled to be held on Jan. 19 at the Grand Hyatt Hotel on Namsan. The luncheon includes a speech by Ahn Choong-yong, chairman of the Regulatory Reform Committee and foreign investment ombudsman at Korea Trade-Investment Promotion Agency.“The recent passing of the KORUS
Jan. 9, 2012
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Germany benefits from Korea-EU FTA
Chamber advises SMEs to enter Korean marketsGermany is benefiting from the Korea-EU FTA that went into effect in July as its exports to Korea are increasing, a top German chamber official said.“We have already seen some positive effects but not as spectacular as some people might have thought,” said Korean-German Chamber of Commerce and Industry Secretary General Jurgen Wohler.One reason for the not-so-spectacular expectations is the European debt crisis, which is hampering Korean exports to the
Jan. 9, 2012
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Koreans to hold off on spending for Seollal: poll
South Korean consumers are likely to spend less or limit buying to last year’s level during the upcoming Lunar New Year holidays, mainly due to higher prices and economic concerns, a local poll showed Monday.The poll, conducted by the Korea Chamber of Commerce and Industry on 600 housewives in Seoul and the Gyeonggi region, showed 92.5 percent saying they will cut down or control their spending in the next few weeks.Of the total, 40.6 percent said they will reduce purchases, with 51.9 percent sa
Jan. 9, 2012
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2011 producer inflation hits 3-year high: BOK
South Korean producer prices grew at the fastest clip in three years in 2011 on a sharp rise in crude oil prices, the central bank said Monday. The producer price index, a barometer of future consumer inflation, rose 6.1 percent on-year in 2011, up sharply from a 3.8 percent gain in 2010, the Bank of Korea said. It marked the highest annual increase since a 8.6 percent surge in 2008.In December, producer prices climbed 4.3 percent from a year earlier, the slowest gain in 15 months, as vegetable
Jan. 9, 2012
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‘Korea to offer better environment for foreigners’
South Korea will beef up efforts to provide a better business environment for foreign enterprises by “actively” reflecting their opinions in its policymaking process, the nation’s finance minister said Monday.“We will actively reflect the opinions of the EU Chamber of Commerce, and make redoubled efforts to improve areas such as investor protection and property rights registration,” Bahk Jae-wan told a meeting with European business people.Bahk promised to push ahead with measures to lower land
Jan. 9, 2012
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Korea considers reducing oil import dependence on Iran
Korea is considering bringing down its dependence on Iran for oil imports to the 2010 level in response to new U.S. sanctions on the Islamic country over its alleged nuclear weapons program, a government source here said Sunday.The proportion of South Korea‘s aggregate petroleum imports from Iran rose to 9.7 percent in 2011 from 8.3 percent in 2010.“Unlike other countries, our country’s oil imports from Iran increased over the past year. It won‘t be difficult to return the volume back to the lev
Jan. 8, 2012
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Bird flu not cause of duck deaths at farm
South Korea’s farm ministry said Saturday that bird flu did not cause the spike in dead ducks at a local poultry farm earlier in the week.“Detailed tests using hemagglutinin showed no traces of the virulent H5N1 avian influenza virus,” it said.The farm in Icheon some 80 kilometers east of Seoul reported 110 dead birds from Sunday through Tuesday, causing local quarantine authorities to seal off the immediate area and prevent movement of all birds.Vehicle and human traffic were also subject to de
Jan. 8, 2012
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Economic growth showing signs of ‘moderating’: KDI
Korea’s economic growth is showing signs of “moderating” due to weakening exports and domestic demand, a state-run think tank said Sunday.“The Korean economy showed signs of moderating growth as export growth slowed gradually and domestic demand weakened slightly,” the Korea Development Institute said in its monthly report analyzing current economic trends.The report is based on the latest major economic indicators including industrial output, exports, employment, investment and consumer spendin
Jan. 8, 2012
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Pork self-sufficiency ratio drops to record low
South Korea’s self-sufficiency rate of pork dropped to the lowest point ever last year due to massive culling of pigs in the wake of foot-and-mouth disease outbreaks, government data showed Sunday.The self-sufficiency ratio of the meat stood at 60.3 percent at the end of last year, down 20.6 percentage points from a year earlier, according to the data provided by the Ministry for Food, Agriculture, Forestry and Fisheries. The sharp decline comes as South Korea suffered a widespread outbreak of F
Jan. 8, 2012
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Number of registered vehicles up 2.8% in 2011
The total number of registered vehicles in Korea rose to a new high last year as the number of people purchasing new vehicles also climbed to a 10-year high, the government said Friday.The number of registered vehicles grew 2.8 percent on-year to a little more than 18.43 million, with nearly 1.6 million new cars purchased in 2011, according to the Ministry of Land, Transport and Maritime Affairs.It said people writing off older cars also surged to an all-time high of some 1.1 million, up 18.4 pe
Jan. 6, 2012
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Farm, fishery exports hit record high in 2011
South Korean exports of agricultural and fishery products jumped 30.8 percent on-year to a record $7.69 billion in 2011 thanks to greater demand, the government said Friday.Of the total, $4.37 billion were processed farm products, with fresh produce exports reaching just over $1.01 billion. Overseas shipments of fishery goods totaled just under $2.31 billion, according to the Ministry for Food, Agriculture, Forestry and Fisheries.The strong exports were propelled by the popularity of cigarettes,
Jan. 6, 2012