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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S. Korea's mortgage rates hit 30-month high
SEOUL, June 19 (Yonhap) -- South Korean mortgage rates have soared to a near 30-month high due to the central bank's rate hike, sources said Sunday, raising concern that an increase in household interest costs could dampen consumer spending.Following a two-month freeze, the Bank of Korea on June 10 hiked the benchmark seven-day repo rate by a quarter percentage point to 3.25 percent for this month
June 19, 2011
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3 state firms’ CEOs face dismissal
Three are among 11 who received lowest grades in evaluationA government’s evaluation committee has called for the dismissal of the chiefs of three public corporations and institutions over their poor performance.Announcing the results of its assessment on Friday, the panel under the Finance Ministry also said the chiefs of local state-run corporations and institutions were better managers and ramp
June 17, 2011
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Korea, China agree on efforts for FTA
Korea and China have agreed to make efforts for a bilateral free trade agreement to boost trade and further deepen economic ties, the Trade Ministry in Seoul said Thursday.The agreement came at Wednesday’s high-level talks held on Korea’s southernmost resort island of Jeju, in which both sides shared views that a bilateral free trade pact will solidify their economic and trade relations, according
June 16, 2011
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Seoul shares end 1.91% lower on Greece debt woes
Korean stocks ended 1.91 percent lower on Thursday as investor sentiment was frozen by concerns about the escalating Greece debt crisis and the pace of the global recovery, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI tumbled 39.9 points to 2,046.63. Trading volume was light at 231.1 million shares worth 5.76 trillion won ($5.28 billion) with losers outpacing
June 16, 2011
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Foreign entrepreneurs learn to thrive in Korea
Robert Taylor, an American entrepreneur living in Seoul, clearly remembers one of his earliest attempts to pitch his life coaching services to a marketing director at a big Korean firm. “For 45 minutes, we sat there while he told me why my business wouldn’t work,” said Taylor. “He assured me that cold calling simply couldn’t succeed in Korea, because everything is based on relationships.”Fortunate
June 16, 2011
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Finance Ministry, BOK agree on policy coordination
The Bank of Korea and the Ministry of Strategy and Finance will increase policy coordination as they work to minimize the effect of uncertainties in domestic and international economic conditions. The measures were announced in a joint statement released by the central bank and the ministry following an early morning meeting between Bank of Korea Governor Kim Choong-soo and Finance Minister Bahk J
June 15, 2011
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S. Korea's jobless rate stands at 3.2 pct in May
South Korea's jobless rate remained unchanged in May from a year earlier, but it fell sharply from the previous month as the private sector increased employment amid an economic recovery, a government report showed Wednesday.The jobless rate was 3.2 percent last month, unchanged from the same month a year earlier, according to the report by Statistics Korea. However, it was down from 3.7 percent i
June 15, 2011
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Korea eyes electricity price hike
June 14, 2011
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Roubini says ‘Perfect Storm’ may threaten global economy
June 13 (Bloomberg) -- A “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said.There’s a one-in-three chance the factors will combine to stunt growth from 2013, Roubini said in a June 11 interview in Singapore. Other possible outcomes are “anemic but
June 13, 2011
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Seoul is 5th most costly city in Asia
Seoul is the 5th most expensive city in Asia, according to a research “Cost of Living in Asia.”Conducted by ECA International, a global HR solution company, the data showed that the cost of living is highest in Tokyo. The other three cities pricier than Seoul were also in Japan -- Nagoya, Yokohama, and Kobe.The research is conducted twice a year, where the criteria are focused on consumer goods li
June 10, 2011
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BOK hikes key rate to 3.25% on inflation risk
Korea's central bank raised the key interest rate by a quarter percentage point on Friday following a two-month freeze, resuming its monetary tightening to curb persistent inflationary pressure.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 3.25 for June.The June rate hike, which marked the third increase this y
June 10, 2011
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Korean economy grows 1.3% on-quarter in Q1
The South Korean economy grew at a slower pace than previously estimated in the first quarter as weaker domestic demand and sluggish facility investment offset robust exports, the central bank said Wednesday.The country's gross domestic product, the broadest measure of economic performance, grew a revised 1.3 percent in the January-March period from three months earlier, down from an earlier estim
June 8, 2011
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BOK to decide key rates on June 10
The Bank of Korea will meet on June 10 to decide interest rates as policy makers try to tame inflation without damping an economic recovery.Korea’s inflation climbed 4.1 percent from a year earlier in May, exceeding the central bank’s target for a fifth straight month and adding to the case for an increase in interest rates even as export and output growth cools. Exports last month advanced 23.5 p
June 6, 2011
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Korea’s farm, food product exports jump 34.3% this year
Korea’s food and agricultural exports surged 34.3 percent on-year in the first five months of 2011 mainly due to a rise in demand from Japan and other Asian countries, the government said Monday.The Ministry for Food, Agriculture, Forestry and Fisheries said outbound shipments reached $2.82 billion in the cited period, fueled by solid overseas demand for such goods as ginseng, processed food and v
June 6, 2011
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Budget carriers permitted to start operations to Vietnam
Korea’s smaller-sized budget carriers may start flight operations to Vietnam under a new arrangement reached between Seoul and Hanoi, the government said Monday.The Ministry of Land, Transport and Maritime Affairs said that under the new pact, both countries will abolish restrictions imposed on how many carriers can offer flight services.The two countries signed a so-called open skies accord in 20
June 6, 2011
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BRICS pose both opportunities, risks for global economy: report
The emergence of BRICS economies in recent years poses both opportunities and risks for the global economy, which needs to be carefully monitored, a government report said Monday.The report by the finance ministry said the economies of Brazil, Russia, India and China as well as South Africa, which joined the ranks of the other large, rapidly growing countries this year, have contributed to a surge
June 6, 2011
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European business delegation promoting partnership in Korea
A European Union delegation focusing on construction, building technologies, environment and energy-related technologies is in town until June 10.The Gateway Program is comprised of 51 specially selected European small- and medium-sized enterprises.“Participating European companies possess outstanding technologies and products in their field and receive comprehensive support aimed at developing bu
June 6, 2011
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Facebook Korea stays faceless
Months after registration, no sign of operations at Facebook Korea By Cho Ji-hyun Nearly eight months have passed since Facebook, the biggest name in social media, filed paperwork to establish a corporation in Korea. But Facebook Korea is still nowhere to be seen. According to industry sources, Facebook Korea turned in its application to Korean authorities to set up a corporation in Korea in Oc
June 6, 2011
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Jung named CEO of Hyundai E&C
Hyundai Automotive Group named Hyundai Amco president Jung Soo-hyun to head Hyundai Engineering and Construction. The auto group acquired Hyundai E&C, the nation’s top builder in April. Hyundai Amco is the construction affiliate of the automotive group. Jung Soo-hyunThe new president, 59, is a veteran who has worked in the construction industry for more than 30 years since he graduated from Seoul
June 5, 2011
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Ministry to hike fuel surcharges for long-haul flights
Air travelers will likely pay more fuel surcharges for long-haul flights and less for short-haul flights starting July at the earliest as the government looks to better adjust the rates to fluctuations in jet fuel prices, officials said Sunday. Fuel surcharges are an extra charge added to the ticket price of air flights, to cover the cost of fuel rates. The Ministry of Land, Transport and Maritime
June 5, 2011