The Korea Herald

New EU envoy hails trade pact

Feb 18, 2011

Kozlowski calls Korea-Europe FTA a win-win deal benefiting businesses, consumersThe Korea-EU free trade agreement expected to come into force in July will benefit businesses, workers and consumers of both economies, Thomas Kozlowski, the new EU ambassador to Seoul, said Friday. The European Parliament approved the landmark accord on Thursday. Korea seeks a parliamentary ratification during an extr
TV license fee increases to 3,500 won per month

Feb 18, 2011

The state media regulator, Korea Communications Commission, on Friday approved public broadcaster KBS’s request to increase the monthly viewing fee by 40 percent to 3,500 won ($3).The decision was made during its general meeting from which two of the five commissioners walked out in protest.Households with television sets are all currently obliged to pay a fixed fee of 2,500 won under the Broadcas
Watchdog OKs 40-pct rise in KBS subscription fee

Feb 18, 2011

South Korea's communications regulator approved on Friday a 40-percent increase in the subscription fee for public broadcaster Korea Broadcasting System (KBS). The rise in the KBS subscription fee by the Korea Communications Commission is subject to approval by the National Assembly. Should the proposal win parliamentary approval, KBS's subscription fee will increase to 3,500 won (US$3.14) from
KEPCO to spend W8tr on smart grids by 2030

Feb 18, 2011

Korea Electric Power Corp. said Friday that it will invest 8 trillion won ($7.2 billion) in smart grids until 2030. A smart grid is a new electric transmission system that allows two-way communication, as well as trade, between suppliers and consumers. KEPCO will spend 400 billion won a year for the next five years to improve facilities for the supply and distribution of electricity, the company s
Foot-and-mouth to subside by early March: minister

Feb 18, 2011

Korea‘s severest foot-and-mouth disease outbreak is expected to come under control by early March as nationwide vaccination efforts take effect, a senior policymaker said Friday.In a radio interview with a local broadcaster, Farm Minister Yoo Jeong-bok said the number of FMD cases has started to fall off in recent weeks after the first round of nationwide vaccinations have been completed on all ca
POSCO to increase cost-cutting on ore, coal prices

Feb 18, 2011

POSCO, the world’s third-biggest steelmaker by output, and its units raised their cost-cutting target for this year by 20 percent to sustain profits amid rising iron ore and coal prices.The group aims to cut overall costs by 2.4 trillion won ($2.2 billion) this year from a previous target of 2 trillion won in an effort to “Improve competitiveness,” Chung Jae-woong, a spokesman for Pohang, Korea-ba
Seoul shares end 1.82 pct higher on bargain hunting

Feb 18, 2011

South Korean stocks ended 1.82 percent higher Friday as investors hunted for bargains following recent bearish trading, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 35.92 points to 2,013.14, ending above the 2,000-point level for the first time in three sessions. Trading volume was heavy at 488.9 mi
EU-Korea FTA brings huge economic benefit: EU diplomat

Feb 18, 2011

A free trade pact between South Korea and the EU will bring great economic benefit to both sides, and break ground for the consolidation of the two markets, an EU diplomat said Friday. On Thursday, the European Parliament approved the free trade pact with South Korea, bringing it one step closer to coming into force this July. Seoul and Brussels signed their bilateral free trade agreement (
EU Parliament OKs free trade pact with S. Korea

Feb 18, 2011

The European Parliament approved a free trade pact with South Korea on Thursday, bringing it one step closer to coming into force this July, diplomatic sources said. The trade accord, adopted in Strasbourg, France, during the European Parliament's plenary session, is the most ambitious free trade pact the European Union (EU) has so far negotiated, and the first of its kind with an Asian country
Two savings banks suspended as woes deepen

Feb 17, 2011

FSC orders 6-month business halt to Busan, Daejeon banksThe Financial Services Commission on Thursday suspended operations of two savings banks as part of its ongoing restructuring of the secondary banking sector hit by toxic construction debt.It also announced plans to provide a nearly 20 trillion won ($18 billion) credit line in support for other viable institutions. The regulator said it halted
GS chief to head FKI

IndustryFeb 17, 2011

GS Group chairman Huh Chang-soo was tapped on Thursday to head the Federation of Korean Industries, the country’s largest business organization. The FKI said its executive board and advisers unanimously nominated him as new chairman during their meeting on the day.The 62-year-old chief of the nation’s seventh largest business group had already accepted the offer, it added. Huh Chang-sooHe will su
Better biz environment eyed to lure foreign firms

Feb 17, 2011

Korea will take steps to improve its overall business environment to world-class levels by 2014 so it can better attract foreign firms and investors, a senior policymaker said Thursday.In a meeting with executives of foreign-invested companies and diplomats in Seoul, Knowledge Economy Minister Choi Joong-kyung said a “three-year foreign investors plan” will be established by March that aims to rev
Koreans move less amid property slump

Feb 17, 2011

Korea’s population mobility fell in 2010 as people were discouraged from moving amid slumping property market conditions, a government report showed Thursday.According to the report by Statistics Korea, a total of 8.23 million people changed their legal residence last year, down 3.1 percent from a year earlier. This marked the fourth consecutive year with less movement since 2007 when the mobility
Chinese shoppers struggle with spiraling prices

IndustryFeb 17, 2011

BEIJING (AP) ― Spiraling prices have made the grocery store a scary place for Chu Yun, a 27-year-old office clerk.“Prices for everything are going up and it seems it will never stop,” Chu said as she hunted for bargains in a supermarket. “I have no confidence prices can be brought under control this year. I think they will keep going up.”China’s public is struggling with a months-long surge in foo
Fed officials slightly more upbeat on economy

Feb 17, 2011

Central bank upgrades 2011 growth forecasts, but remains pessimistic on jobsWASHINGTON (AP) ― Some Federal Reserve officials last month raised the possibility of scaling back the Fed’s $600 billion Treasury bond purchase program out of fear that a strengthening economy could spur high inflation.The minutes from the Fed’s Jan. 25-26 meeting were released on the same day that the government reported