Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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Will China's self-sufficient dream in HBM come true?
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Trade Ministry to review all FTA texts
The Trade Ministry said Thursday it will review the Korean-language texts of all free trade agreements the nation has signed after more than 200 mistakes were found in the pact with the European Union.The ministry is currently reviewing the texts of its pacts with the United States and Peru which have yet to be approved by the parliament. “In addition to the two FTAs, we will conduct rereading of
April 7, 2011
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Korea to contain price hikes of farm products
The government said Thursday that it plans to tackle the recent spike in the price of farm and fisheries products that has contributed to rising inflationary pressure.The announcement by the Ministry for Food, Agriculture, Forestry and Fisheries came after soaring costs for food helped send growth in consumer prices to a 29-month on-year high of 4.7 percent in March. Of total gains, prices for far
April 7, 2011
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FMD dents demand for Korean beef, pork
Korean beef promotion event is held in Suwon, Gyeonggi Province. (Yonhap News)About half of Korean consumers cut spending on beef and pork due to concerns over foot-and-mouth disease, which has spread nationwide since November and caused significant damage, a survey conducted by Nielsen Company showed Tuesday. The survey was conducted on 1,000 internet users in major cities in Korea including Seou
April 7, 2011
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Most people’s job switches down to salary: study
(MCT)While people move from one company to another for many different reasons, a recent study showed that the biggest factor is salary.In a survey by Korea-based recruitment portal Saramin, about 41.5 percent of respondents who had changed jobs said salary was the main reason. About 2,057 people participated in the research, with 65.8 percent of respondents having experience of moving in their car
April 7, 2011
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S. Korea regains status as top winner of new ship orders in Q1
South Korea recaptured its status as the world's leading shipbuilding nation in terms of new orders in the first quarter by beating China by a wide margin, industry data showed Thursday. According to data compiled by London-based market researcher Clarkson Research Services, South Korean shipbuilders won a combined 3.29 million compensated gross tons (CGTs) in new orders in the January-March pe
April 7, 2011
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Seoul to launch online oil market
Measure seeks price transparency; P.M. says will consider cutting taxThe government on Wednesday said it will launch an online market for oil products and boost competition among suppliers in a package of measures to lower fuel prices. The proposal submitted by a pan-governmental task force also said that the government will consider cutting fuel taxes in the long-term if price hikes continue to w
April 6, 2011
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Korea to invest 54.3b won in smart TV development
The government said Wednesday that it plans to inject 54.3 billion won ($49.8 million) this year to help local companies maintain their lead in the global smart TV market.The joint plan announced by the ministries of knowledge economy and culture, and the Korea and Communications Commission calls for concerted efforts to build up smart TV-related contents and the establishment of a viable Internet
April 6, 2011
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ADB sees strong growth for Asia
Asian economic growth will ease slightly to just under 8 percent for the next two years as the region continues a solid recovery, the Asian Development Bank said Wednesday, although rising food prices threatened to throw more people into poverty.Korea’s economy will grow 4.6 percent this year on the back of recovering domestic demand and export conditions, it predicted.The Manila-based lender said
April 6, 2011
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Korean companies hope to boost ties with Malaysia
Korean companies expect to step up cooperation with Malaysian businesses in the green energy sector, the head of a leading local business organization said Tuesday.“We want further cooperation (between the two countries’ companies) in the green energy sector such as in biofuels and batteries for electrical vehicles,” said Sohn Kyung-shik, chief of the Korea Chamber of Commerce and Industry (KCCI),
April 5, 2011
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Budget deficit less than forecast
Korea’s government budget deficit and liabilities in 2010 came in at less than previously forecast, thanks mainly to faster-than-expected growth in Asia’s fourth-largest economy, the Finance Ministry said on Tuesday.The government debt grew more than 30 trillion won ($27.6 billion) last year from a year earlier as the government had to expand borrowing to fill its budget shortfalls.According to a
April 5, 2011
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More Koreans feel the pinch of rising commodity prices
Nine out of 10 Koreans think the prices of everyday necessities have risen compared to three months ago, a survey said. Nielsen Company Korea, a research firm, said the results came from its survey conducted between Feb. 25 and March 4 this year, targeting 1,000 Internet users in major cities including Seoul, Gwangju and Busan. Local consumers thought meat prices had risen the most, followed by ag
April 4, 2011
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S. Korea's rice wine output falls amid slowing demand
Models promote Makgeolli, Korean rice wine. (Yonhap News)South Korea's production of makgeolli rice wine fell for the first time in 32 months in February amid slowing demand from strong consumption over past few years, data showed Monday.Makgeolli production came to 24,395 kiloliters in February, down 6.8 percent from the same month a year earlier, according to the data provided by Statistics Kore
April 4, 2011
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Debt woes weigh on Korean economy
Debts owed by the government, individuals and companies in Korea reached a record high last year, data showed on Sunday, raising concerns that the high level of debts could derail the economy off the recovery track.According to data compiled by the Bank of Korea, their interest-bearing debts reached 2,586 trillion won ($2.37 trillion) at the end of last year, up 7.4 percent from 2,408 trillion won
April 3, 2011
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German university opens campus in Busan
The Friedrich Alexander University of Germany has launched its branch campus in Busan offering graduate programs in chemicals and biotechnology. The university, founded in 1743 and located in Erlangen and Nuremberg, Bavaria, is one of the world’s leading institutions for education and research of bio-chemical engineering. Its local campus is located at Busan Techno Park within Busan-Jinhae Free Ec
April 3, 2011
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Stocks forecast to extend gains
Korean stocks are forecast to gather further momentum to set a new record high this week as the market brushes off global woes like Japan’s massive quake and Middle East political unrest, analysts said.The benchmark Korea Composite Stock Price Index ended this week 66.97 points, or 3.26 percent, higher to 2,121.01 on Friday from a week earlier, marking the highest closing ever for the local key in
April 3, 2011
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Yeosu Expo to hold preliminary meeting of participants
YEOSU -- The organizing committee for the 2012 Yeosu Expo will hold a meeting with representatives from the participating countries to explain details on its preparation for the international exhibition, it said Sunday. The meeting is expected to bring together Vicente Gonzalez Loscertales, secretary general of the Paris-based Bureau of International Exhibitions (BIE), and some 250 represent
April 3, 2011
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S. Korean exporters get $7.14 mln in orders at fisheries expo
South Korean seafood exporters have won $7.14 million worth of export orders at North America's largest seafood event in the U.S. city of Boston, the government said Sunday. The Ministry for Food, Agriculture, Forestry and Fisheries said eight companies attended the 2011 International Boston Seafood Show to highlight locally produced fresh, canned and ready-made products, and hold tasting eve
April 3, 2011
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Consumer prices rise at record pace
South Korea’s consumer prices rose by the fastest pace in 29 months, fanning the growing fears of an inflation rate that could put a damper on the nation’s economic growth. Statistics Korea said on Friday that the country’s consumer price index surged 4.7 percent last month from a year earlier, marking the fastest on-year increase since the 4.8 percent recorded in October 2008. From February, cons
April 1, 2011
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KOSPI hits new high on foreign buying
South Korean stocks rose on the seventh-straight day to set a new record of 2,121.01 points on Friday, buoyed mainly by foreign buying. The benchmark KOSPI jumped 14.31 points or 0.68 percent from the previous day to break the previous record it set in January when the KOSPI closed at 2,115.69. Trading volume was moderate at 328.2 million shares worth 7.12 trillion won ($6.5 billion), with gainers
April 1, 2011
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$48 million set to boost Jeju’s corporate edge
South Korea will invest a record amount of 53.8 billion won ($48 million) in Jeju Island this year to boost regional businesses in industries such as water and energy management, the Ministry of Knowledge Economy said Friday. The government will be spending about half of the funds on developing renewable energy facilities such as offshore wind turbines, while another 23 billion won will be used to
April 1, 2011