The Korea Herald

BOK freezes key rate for 7th straight month in Dec.

Dec 12, 2013

South Korea's central bank froze the key interest rate for the seventh consecutive month on Thursday as the local economy is showing signs of a moderate recovery amid tame inflation.Bank of Korea (BOK) Gov. Kim Choong-soo and his six fellow policymakers held steady the benchmark seven-day repo rate, dubbed the base rate, at 2.5 percent, as widely anticipated.The decision came as a set of data pointed to a moderate recovery of the Korean economy while the timing of the Federal Reserve's monetary
No 'free pass' for S. Korea into TPP: Overby

Dec 12, 2013

South Korea should not be granted a 'free pass' to enter the U.S.-led Trans-Pacific Partnership (TPP) unless it fully implements the bilateral free trade agreement called "KORUS FTA," a representative from the U.S. business community said Wednesday.Speaking at a forum, Tami Overby, vice president for Asia at the U.S. Chamber of Commerce, said her organization is "excited" about South Korea's announcement of its interest in the TPP talks, which she expects to be completed in January.Realistically
FTC reveals overcharging by 9 travel agencies

Dec 11, 2013

Nine travel agencies were found to have overcharged consumers fuel adjustment fees, which are calculated on the basis of oil prices, in their proxy sales of air tickets, the Fair Trade Commission said Wednesday.The companies are Hana Tour, Interpark Tour, Online Tour, Mode Tour, Yellow Balloon Tour, Web Tour, Tour Baksa, Naeil Tour and Very Good Tour.They were also found to have engaged in inflating flight usage taxes when they publicized tour products on their cyber homepages, according to the
Korea's import prices fall for 15th month in Nov.

Dec 11, 2013

South Korea's import prices declined for the 15th straight month in November as oil prices fell and the local currency gained against the U.S. dollar, the central bank said Wednesday.In local currency terms, the country's import prices declined 4.9 percent in November from a year earlier, smaller than the 7.3 percent on-year fall in October, according to the Bank of Korea (BOK).It marked the 15th consecutive month of on-year declines in import prices since September last year when such prices di
S. Korea's jobless rate drops in Nov. with job creation picking up

Dec 11, 2013

South Korea's jobless rate slightly dropped in November from a month earlier as job creation picked up speed, raising hopes that labor market conditions are improving, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 2.7 percent last month, down from 2.8 percent in October.The jobless rate adjusted for inflation also inched down to 2.9 percent from the previous month's 3 percent.Job creation accelerated sharply. The number of employed pe
[Graphic News] New KTX routes

Dec 10, 2013

A new corporation to be established under KORAIL will operate the new high-speed KTX routes expected to open in 2015. The line, which will connect to the nation’s southern region, will start in Suseo, southeastern Seoul. The existing KTX service starts in Yongsan, central Seoul. The new section is are expected to make access easier for people in eastern Seoul and Gyeonggi Province.
[Newsmaker] Leadership of rail chief put to test

Dec 10, 2013

Choi Yeon-hye, CEO of the state-run rail operator KORAIL, is taking a chance on her leadership by adopting a zero-tolerance policy on the hard-line unionized rail workers’ strike.“I shall deal (with the walkout) with a mother’s heart,” Choi said through an official statement on Monday, apologizing for the inconveniences caused by the KORAIL labor union’s nationwide strike.Despite her seemingly soft-hearted words, the rail operator’s first-ever female chief has largely been stern and forthright s
26 percent of divorces involve elderly couples

Dec 10, 2013

The number of divorce cases among elderly or middle-aged Koreans surpassed 30,000 for the first time in 2012, according to Statistics Korea data released on Tuesday.According to the state statistics agency, the number of divorces among people whose married life exceeded 20 years reached about 30,200 last year. This comprised 26.4 percent of the total number of divorces in 2012 among couples of all ages.Further, this marked the first time that the number of divorces among elderly couples surpasse
Korea to rely on nuclear plants for 29% of power supply by 2035

Dec 10, 2013

6-8 more nuclear plants needed to meet power demand, ministry says
Overseas construction orders likely to grow in next four years

Dec 10, 2013

Despite the slump in the domestic construction market, overseas orders in the sector have risen this year and are expected to grow further over the next four years.The Export-Import Bank held a seminar Tuesday with the Korea Development Bank, Korea Trade Insurance Corp., and the Korea Finance Corp., seeking to improve the financial support for firms engaged in overseas construction projects.As of the end of November, overseas construction orders totaled $79 billion this year, up 5 percent from 2
S. Korea recoups 62.9% of bailout funds

Dec 10, 2013

The government has recouped 62.9 percent of the public funds it spent to bail out troubled financial firms during the 1997-1998 Asian financial crisis, the financial regulator said Wednesday. The government has retrieved 106.1 trillion won ($100.7 billion) in public funds as of the end of September, according to the Financial Services Commission (FSC). The September recovery rate is a tad higher than the previous tally of 62.8 percent at the end of June, and marks a 7.5 percent gain from the end
China expands presence in large LCD panel market

Dec 9, 2013

Chinese display panel makers are bolstering their presence in the global market, rapidly catching up to their South Korean rivals in the past few months, data showed on Monday.According to the data compiled by market researcher DisplaySearch, Chinese panel makers such as BOE Technology Group Co. shipped a combined $5.46 billion worth of large LCD panels in the first three quarters of the year, up almost 20 percent from a year earlier.Their combined market share stood at 9.9 percent in the Januar
Korea to create five new foreign investment zones

Dec 9, 2013

The government has designated five new foreign investment zones, hoping to attract global capital and boost employment here.The Ministry of Trade, Industry and Energy said Monday that it had added five new locations including Munmak, Yeosu and Gunsan, to the list of foreign investment zones.“If the FIZ plan works out as planned, it will lead to a total investment of 1.17 trillion won ($1.1 billion) and some 1,159 new jobs in terms of direct employment,” said a ministry official through a press r
Han Nanotech’s export success proves potential of SMEs

Dec 9, 2013

Small and medium enterprises must target markets with high demand for their products regardless of whether those markets are local, said Han Nanotech Co., a domestic producer of plastic additives for fire- and heat-resistant products.Despite being a small venture firm, Han Nanotech made a bold move to secure foreign clients from the get-go, knowing that the domestic demand for its technology was minimal.“No matter how advanced the technology or how great the product, it’s all useless without a p
Nuclear plant operation rate falls to 25-year low

Dec 8, 2013

The operation rate of Korea’s nuclear power plants fell to a 25-year low this year at about 75 percent, data showed Sunday. The dip in the operation rate apparently came as a result of a series of shutdowns of nuclear power plants due to mechanical problems or renewal. According to a report from the state-run Korea Electric Power Corp., the nation’s 23 nuclear power plants produced 115 million megawatt-hours of electricity from January to October, operating at 75.2 percent of total operation cap