The European Union Chamber of Commerce in Korea has had a very fruitful and productive year and it looks forward to further strengthening EU-Korea business ties in 2011.This year has been a landmark year for ties between the European Union and South Korea, with both sides strengthening their economic and cultural relations. The icing on the cake was undoubtedly the Free Trade Agreement signed on October 6, 2010. After intense negotiations for over two years, the deal was implemented on July 1, h

Boom is expected to increase sales of formula firms, diaper and toiletry makers for children. Finance Minister Bahk Jae-wan on Monday said the government will factor in the 2012 growth projection cut by the state-run Korea Development Institute in revising its economic outlook.Answering questions about the deteriorating economic conditions and Seoul’s soon-to-be revised growth outlook for next year, Bahk said he respects KDI’s decision in scaling down the expectations as uncertainties stemming

The government is set to again face the dilemma of how to balance between price stability and public enterprise debts as the country’s sole electricity provider is pushing to increase rates by 10 percent starting next month.The Korea Electric Power Corp.’s board of directors has recently agreed on the hike, said Cho In-kook, the company’s chief operating and financial officer, Monday. The plan needs approval from the Ministry of Knowledge Economy.The envisioned plan targets energy-intensive larg

The head of an Italian business delegation said Monday that it aims to bring the knowledge that Koreans have of traditional Italian products into other sectors.“We have very good companies that might not have been good at promoting a brand but are equally good in making quality products, we need to expand that,” said Paolo Zegna, vice president of the confederation of Italian industries Confindustria. He heads the Italian Business Delegation that will stay in Korea until Thursday.  The delegatio

The average lifes pan of Koreans will hit 89.38 years by 2040 in an economy where per capita income will have doubled to $38,408, a state report said.The Ministry of Strategy and Finance Ministry said Asia’s fourth largest economy will continue to expand exports and that 2009’s per capita income of $17,175 will more than double in just under three decades. The average life expectancy in Korea is 80, making it the 20th longest living nation among 193 countries monitored by the World Health Organi

FSC to work closely with prosecution to weed out irregular lendingRegulators have decided to call for the prosecution or police to investigate financial industry employees engaged in irregular sales practices.Bank employees, who urge customers to buy other financial products in exchange for issuing loans could be subject to imprisonment under regulators’ coordination with the investigative agencies, the Financial Services Commission said Monday. While the figures engaged in the practices have be

LG Group said Monday that 12,000 employees at its seven affiliates will participate in 30 different kinds of year-end social contribution activities.With a theme focusing on love and sharing, the LG Welfare Foundation will be taking part in making kimchi and delivering the group’s electronic products to the underprivileged throughout this week, according to LG officials.The group’s other affiliates, including employees of LG Electronics’ Pyeongtaek plant, will also participate in making kimchi a