Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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GM Korea unionists go on partial strike
Union workers at GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., staged a partial strike on Tuesday after wage negotiations with management broke down, the carmaker said. Unionized employees at the company's Incheon, Gunsan and Changwon factories stopped work for about three hours from 1:50 p.m., after holding a similar work stoppage the previous day, GM Korea said. G
July 5, 2011
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’Non-tariff barriers still limit Korea’s energy sectors’
Alstom Korea CEOBarry HoweThe Korea-EU Free Trade Agreement will benefit Korean and European firms in the energy sector, but many non-tariff barriers still limit market access, president of Alstom Korea Barry Howe said.“The FTA will obviously benefit countries because it brings down tariff barriers, so what is imported should be at a lower cost, no matter which way it is going, but in my own indus
July 5, 2011
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EU trade pact to boost Korean manufacturing
With the Korea-EU Free Trade Agreement now in effect, Korea’s manufacturing sector is set for a significant rise in exports to the region.The pact, formally signed in October, went into effect on July 1. As a result, tariffs placed on 11,261 items produced in Korea and 9,842 items produced in the EU will be removed over seven years.According to a report compiled by 10 think-tanks, including the Ko
July 5, 2011
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Korea’s real wages drop on inflation in Q1
Koreans’ real wages contracted for the first time in 18 months in the first quarter as income gains remained stagnant amid high inflation, data showed Tuesday.Korean workers’ real wages reached 2.36 million won ($2,222.3) in the January-March period, down 4.08 percent from the previous year, according to the data compiled by the labor ministry and the state-run statistics agency.The real wage, the
July 5, 2011
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Top chaebol see affiliates mushroom
The number of affiliates of South Korea’s 15 largest chaebol has increased about 65 percent over the past four years, as the family-run conglomerates have aggressively expanded their territory in the construction and real estate industries, a report showed Tuesday. Companies affiliated with the top 15 conglomerates numbered 778 as of April, jumping from 306 four years ago, according to the report
July 5, 2011
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Most retailers to cut prices of EU imports on FTA
More than 60 percent of Korean retailers plan to lower prices of imports from the European Union following the implementation of a bilateral free trade deal, a poll showed Monday.According to the survey of 619 retailers, wholesalers and manufacturers by the Korea Chamber of Commerce and Industry, 61.3 percent of the retailers said that they will reduce prices of EU imports to reflect the decrease
July 4, 2011
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Trade volume with FTA partners doubles
Korea’s trade volume with free trade pact signatories almost doubled last year but the trade balance showed mixed reactions by regions, a report showed Monday. According to the Korea Customs Service, the nation achieved $136.8 billion last year in the total trade volume with Chile, ASEAN, Singapore and the European Free Trade Association ― a 1.73-fold increase from $79 billion from the year before
July 4, 2011
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Korea-EU FTA opens new doors to economic and cultural exchange
Lee Kyung-taePresident of Institute for International Trade, Korea International Trade Association2011 is a landmark year for trading companies in Korea. This is because Korea is expected to become the ninth country in the world to achieve one trillion dollars in trade volume this year. Amid the shortage of resources and technology, this accomplishment was made possible by Korea’s driven work forc
July 3, 2011
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Korea's consumer prices rise 4.4% in June
Korea's consumer prices rose at a faster pace in June, raising concerns that inflationary pressure is mounting despite the government's price stability efforts, a report showed Friday.According to the report by Statistics Korea, the country's consumer price index rose 4.4 percent last month from a year earlier, quickening from the previous month's 4.1 percent gain. The figure represents the sixth
July 1, 2011
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Korea, Europe now in one market
The Korea-EU Free Trade Agreement took effect Friday, beginning the process of removing tariffs on more than 20,000 items produced in Korea and the EU.Negotiations over the pact, which began in May 2007, came to a close in October 2009 when the agreement was penciled in, and in October 2010 the agreement was formally signed by the leaders of Korea and the EU.Under the agreement, tariffs on 11,261
June 30, 2011
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KEPCO eyes spot among world’s top five power firms
Celebrating 50 years in business, company hopes to nearly triple annual sales by 2020Korea Electric Power Corp. is hoping to more than double its annual revenue as it drives for a spot among the world’s five largest energy companies.The company, which has its 50th anniversary on Friday, is aiming for annual sales of 85 trillion won ($79 billion), of which 26 trillion won will be raised from overse
June 30, 2011
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FTA: EU and Korea trade and investment moves into top gear
EU Ambassador Tomasz Kozlowski speaks during a news conference on Thursday. (Yonhap News)On July 1 a historic Free Trade Agreement will come into effect between two important actors on the world trade scene: the EU and Korea. The EU-Korea FTA is a landmark agreement. It is the most ambitious ever FTA negotiated by the EU with a partner outside Europe and the first FTA with a country in Asia. The E
June 30, 2011
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Hyundai execs invited to White House forum
Korea’s leading automaker Hyundai Motor Co. said Wednesday that its executives will take part in a White House policy meeting aimed at improving the fuel economy of cars sold in the United States.The company said Ron Bloom, senior counselor for manufacturing policy to President Barack Obama, and Gary Guzy, deputy director of the Office of Environmental Quality, will be present at the meeting sched
June 29, 2011
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Samsung Engineering wins order from India
Samsung Engineering Co. Ltd., Korea’s largest industrial plant builder, said Wednesday that it has won a $230 million order to build a petrochemical plant in western India.Under the deal with ONGC Petro-additions Ltd., a unit of India’s state-run Oil & Natural Gas Corporation Ltd., Samsung Engineering will complete the plant by July 2013 with an annual production capacity of 340,000 tons of high-d
June 29, 2011
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Yeosu-Fukuoka sea route opened for World Expo 2012
The state-run Korea Tourism Organization said Wednesday that it has secured a sea route linking the southern port city of Yeosu to Fukuoka, southwestern Japan, in preparation of next year’s Yeosu World Expo.The organization, together with the South Jeolla provincial government and the Yeosu city government, has arranged for a chartered ferry service by Japan’s Kyushu Railway Co. (JR Kyushu) over t
June 29, 2011
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Rare earths deposits found in central Korea
Korea has found rare earths reserves in the North Chungcheong and Gangwon provinces, with a sufficient supply for the next 50 years, a state-run think tank said Wednesday.The deposit in Chungju, 147 kilometers southeast of Seoul, contains 71,500 metric tons of rare earths. The one in Hongcheon in the country’s east has about 76,000 metric tons, the Korea Institute of Geoscience and Mineral Resourc
June 29, 2011
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Well begun is ‘half’ done: The Korea-EU FTA
Kim Jong-hoonTomorrow, the free trade agreement between the Republic of Korea and the European Union will finally enter into force. With the publication of the agreement in the official gazettes of the two sides the day before yesterday, all the required procedures have been completed and we are now about to embark upon the smooth implementation of the agreement.As is often said, well begun is hal
June 29, 2011
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Korea-EU FTA opens doorway to Europe
South Korea steps closer to completing FTA networkThe Korea-EU Free Trade Agreement is set to take effect on Friday, opening new doors for the country’s economy.The negotiations over the pact, which began in May 2007, came to a close in October 2009 when the agreement was penciled in, and in October 2010 the agreement was formally signed by the leaders of Korea and the EU.The EU approved the deal,
June 28, 2011
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Full employment of most precious resources
The most valuable economic resources are human resources, and Korea needs to improve its use of its most precious assets. A survey released last week reported that the average worker in Korea retires in his or her mid-50s. This is much earlier than their Western European OECD counterparts, who usually retire at 65 or older, and for whom even early retirement is usually 60 or older.The survey resul
June 28, 2011
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Seoul decides to lift ban on Canadian beef
(AFP-Yonhap News)Cattle under 30 months of age allowed, as with U.S. beef importsThe government has decided to lift its import ban on Canadian beef after blocking them for about eight years over mad cow disease concerns, allowing local consumers to buy Canadian product once feared to affect humans. The Agriculture Ministry said Seoul and Ottawa agreed to resume imports of Canadian cattle younger t
June 28, 2011