Korea Auto Parts Park in Detroit was launched Monday to help Korean firms settle in the U.S. city.The opening ceremony was organized by Korea’s Commerce Ministry and the state-run Korea Trade Investment Promotion Agency.KAPP provides offices with presentation devices and conference rooms. “It takes a long time for small and medium auto part companies to win business contracts from global carmakers. That is when the local offices are needed,” KOTRA’s vice president Oh Sung-keun said. “KAPP will g

If you spot a dangerously rattling manhole cover on a street, think English translations should be extended to subway announcements, or need some tips on important life decisions, where would you turn for help?For Seoulites, the quickest help may come from the city mayor via Twitter.Seoul Mayor Park Won-soon, who took office in October with strong support from younger generations, checks and replies to his Twitter posts past midnight and throughout the weekend. Some issues are as practical and p

The Korea Communications Commission said Monday that a ministerial-level meeting on broadcast and telecommunications will be held at the COEX Convention Center in southern Seoul on Tuesday.Organized for the eighth consecutive year, this year’s meeting will focus on “connectivity,” according to KCC officials. The meeting will be taken part by ministers from 17 countries including Laos, Vietnam, New Zealand, Australia, Venezuela, South Africa and South Korea.Ministers from Australia, Rwanda, Indon

The Korea Trade Investment Promotion Agency and U.S. software giant Microsoft have agreed to help local venture start-ups expand overseas. Combining the state-run agency’s global presence and Microsoft’s technical supremacy, the “KOTRA-MS Smart Growth Project” aims to help Korean software developers go global with new services. A total of 20 venture firms are to be selected among those whose services can be combined with cloud computing, KOTRA said. With an aim to commercialize their services wi

South Korean banks’ short-term overseas borrowing declined in April as lenders secured enough funds in the past few months to make it possible to cut back on incurring fresh debt, the financial watchdog said Monday.According to the Financial Supervisory Service, the spread on short-term foreign borrowing by local banks stood at 8.9 basis points, a drop from 15.3 basis points in March. A basis point is 0.01 percentage point.“The move by local banks to secure sufficient funds from late 2011 onward

South Korean stocks closed 0.18 percent lower Monday due to persistent European fiscal uncertainties, analysts said. The local currency fell against the U.S. dollar.After swerving in and out of positive territory, the benchmark KOSPI fell 3.40 points to 1,913.73, extending its losing run to four sessions. Trading volume was light at 386 million shares worth 3.97 trillion won ($3.45 billion), with losers clearly outpacing gainers 571 to 280.“Developments unfolding in Europe’s political landscape

HONG KONG (Yonhap News) ― China aims to strike a free trade deal with South Korea within two years, the country’s top state planner said Monday, stressing it will spur the pace of economic integration in Northeast Asia. Earlier this month, the two neighboring countries announced the start of free trade negotiations, setting in motion a process to tear down trade barriers between two of Asia’s biggest economies.The first round of talks on a bilateral free trade agreement will take place later thi

Korea and China on Monday set the terms of negotiations for a bilateral free trade agreement in their first round of bargaining in Beijing, and agreed to hold the next round of talks in Korea in early July.The two sides set the detailed rules on how to proceed with the negotiations, discussed the scope and coverage of the FTA as well as how to organize the negotiation working groups, Seoul’s Trade Ministry said in a statement.The terms of reference covered the principles of the negotiation, obje

Financial authorities are set to launch an inspection into the National Agricultural Cooperative Federation and Nonghyup Bank over frequent online transaction system breakdowns and irregular lending practices.“We plan to begin a comprehensive check-up on Nonghyup Bank within May. The inspection will take more than a month,” an official at the Financial Supervisory Service said, suggesting the high intensity of the examination.Nonghyup Bank’s cyber network broke down several times after transacti

Boehlinger Ingelheim Korea is seeking to recruit female college supporters for a new leg-cooling spray named Alistak.The 30 successful candidates will engage in online promotion activities for the new product for about two months, according to the company.Any female college students with fresh ideas will be able to apply for the position, the company added.Five excellent supporters among the group will be given prize money and an opportunity for an interview with the company to select an intern.