The Korea Herald

Korea should push ahead with TPP, KITA chief says

Dec 3, 2013

Korea should aggressively take part in negotiations on the Trans-Pacific Partnership, a proposed trade bloc involving most of the key states in the Asia-Pacific rim, according to the chief of the Korea International Trade Association.“Considering the process and maturity of the TPP, it is time for us to express an interest and join the ongoing bilateral negotiations (with each member),” KITA chairman Han Duck-soo told reporters Monday.“It is desirable that the government should send off a positi
AmorePacific promotes adviser Baek to CEO

Dec 3, 2013

AmorePacific Group, the holding company of the nation’s No. 1 cosmetics maker, said Tuesday that it had named Baek Chung-ki, the group’s adviser, as vice chairman and CEO.Baek will replace Sohn Young-chul, who resigned after serving for just 11-months ― the shortest in the group’s history ― and will now take up the auditor’s position.Baek will not officially be appointed as CEO until the shareholders’ meeting in March next year, but will serve as a management consultant in the meantime, accordin
Registered execs at top 100 conglomerates get W1.1b on average

Dec 3, 2013

Registered executives of South Korea’s top 100 conglomerates received an average of 1 billion won ($943,000) in annual salary in 2012 with C-suite members at Samsung Electronics Co. topping the annual paycheck list, data showed Tuesday.According to the data compiled by market research service firm CXO Institute, 334 board members of the top 100 local companies in terms of sales received 1.09 billion won in yearly salary last year.Three registered executives at Samsung Electronics, the world’s to
S. Korea records tourism deficit for 17th straight month in October

Dec 3, 2013

South Korea recorded a deficit in tourism balance in October, extending its losing streak to 17 months since June last year, data showed Tuesday.According to the data by the Korea Culture & Tourism Institute, the country's tourism deficit came to $94 million in October. The spending by foreign tourists visiting the country came to $1.448 billion in October, while South Korean tourists' overseas spending reached $1.542 billion. Foreign tourist arrivals stood at 1.09 million in the same month, up
TPP membership offers mixed prospects for Korea

Dec 2, 2013

The Korean government has “expressed interest” in joining the U.S.-led Trans-Pacific Partnership, but experts still debate whether or not its much-delayed decision will indeed be beneficial for the nation’s economy.Optimists claim that the mega-sized economic deal will offer Korea leverage in the Asia-Pacific, whereas opponents say that it may bring about few benefits and even deter other trade pacts, including the top-priority Korea-China Free Trade Agreement still under negotiation.The TPP cou
Seoul to log new-high trade surplus with U.S. in 2013

Dec 2, 2013

South Korea is expected to post a record-high trade surplus with the United States this year, customs sources said Monday, sparking woes that Washington may take action to narrow its deficit.The outlook came as South Korea has posted a trade surplus of $18.1 billion as of Nov. 20, already hovering above a record-breaking annual surplus of $15.2 billion posted in 2012, according to related data released earlier from the Ministry of Trade, Industry and Energy.It also marked a sharp increase from t
Dublin welcomes investment from S. Korean firms: official

Dec 2, 2013

Ireland, which has made large strides in recovering from a financial crisis, seeks to emerge as a favorable investment destination for Seoul-based firms, a chief investment official from the country said Monday."Ireland is one of the most globalized economies in the world," said Barry O'Leary, the head of IDA Ireland, which stands for the Industrial Development Authority. "Ireland is interested in bringing businesses that will bring clear substance," said O'Leary.The remark came as the IDA Irela
S. Korea's consumer price growth staying below 1 pct in Nov.

Dec 2, 2013

South Korea's consumer price growth stayed below 1 percent in November, aided by falls in costs of farming products, but quickened slightly from the previous month, a government report showed Monday.The country's consumer price index rose 0.9 percent on-year in November, accelerating from a 0.7 percent on-year gain tallied in the previous month, according to the report by Statistics Korea.The October figure marked the slowest on-year consumer price growth since July 1999 when it increased 0.3 pe
[Graphic News] Economic scale of the TPP

Dec 1, 2013

The Trans-Pacific Partnership currently involves 38 percent of the world’s total gross domestic product and 27.8 percent of total trade, though it only covers 11.2 percent of the world’s population. The Korean government on Friday said it would carefully review its participation in the U.S.-led multilateral trade bloc.
Korean consumers join Black Friday fever

Dec 1, 2013

As Black Friday kicked off the Christmas shopping season in the U.S., consumers in South Korea joined the retail frenzy through online stores. A growing number of consumers here recognize and show interest in Black Friday, the day after Thanksgiving in the U.S. that kicks off a sale season that lasts until January. A survey of 1,400 consumers by local online shopping mall 11street found that 40 percent of respondents had purchased products in previous years’ Black Friday sales. Some consumers di
SKorea to start talks on joining US-led trade pact

Nov 29, 2013

SEOUL, South Korea (AP) – South Korea said Friday it will start negotiations to join a U.S.-led trade pact covering a dozen Pacific and Asian nations.The finance ministry said in a statement that officials will explore the possibility of joining the Trans-Pacific Partnership through the preliminary negotiations.The move is a first step and doesn't commit South Korea to becoming part of the agreement but the trade ministry has been talking up its benefits for the economy.Joining the trade bloc of
FTA talks with Japan, China see progress: Seoul

Nov 29, 2013

The latest round of talks with Japan and China for a trilateral free trade agreement has ended after productive discussions and working group meetings on the specifics of the proposed deal, the Seoul government said Friday.The four-day talks have been held in Tokyo since Tuesday, according to the Ministry of Trade, Industry and Energy.“At this round of negotiations, the sides held discussions on the modality (guidelines) for negotiations in the area of products, the scope of negotiations and the
S. Korea's industrial output grows 1.8 pct on-month in Oct.

Nov 29, 2013

South Korea's industrial output grew at the fastest pace in 11 months in October, raising hopes that the economy might be picking up its recovery momentum, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries gained 1.8 percent last month from a month earlier. This marked the fastest growth since November of last year when it increased 2.1 percent. It also represented a turnaround from a revised 2.3
[Graphic News] Unemployed married women

Nov 28, 2013

Nearly one out of five married women was found to have discontinued her career due to marriage, childbirth or the education of her children, according to Statistics Korea. It said the number of married women between the ages of 15 and 54 is 9.71 million this year. Among them, 4.06 million women are unemployed and 1.95 million women have left their careers.
Korea to ease rules for FEZ hospitals, schools

Nov 28, 2013

Foreign hospitals may be allowed to hire more Korean doctors