The Korea Herald

Korea starts extracting lithium from sea

Jul 14, 2011

Korea has completed the construction of its first offshore plant to extract lithium from seawater in a bid to supply spiraling demand for the scarce metal in the automobile and electronics industries.The “Seawater Lithium Research Center” located in Gangneung in the country’s east entered test-production and will develop technology to churn out 30 tons of high-purity lithium carbonate annually sta
BOK freezes key rate at 3.25%

Jul 14, 2011

Korea's central bank froze the key interest rate on Thursday, following a rate hike in June, in the face of mounting household debt and the eurozone debt crisis.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers held steady the benchmark seven-day repo rate, dubbed the base rate, at 3.25 percent for July.The decision is in line with a forecast by 18 out of 19 economists surveyed b
Obama still uncertain on ways to proceed with FTA bill

Jul 14, 2011

The Barack Obama administration is still looking for the best timing to send a bill on a free trade agreement (FTA) with South Korea to Congress, a senior official said Wednesday, with no clear signs of a breakthrough in federal debt limit talks."Senior-level discussions continue on the timing for formal submission of the bill," Carol Guthrie, assistant U.S. trade representative for public and med
Korean CEOs expand networks as honorary consuls

Jul 13, 2011

Business leaders committed to solidifying diplomatic, economic, cultural ties with foreign countriesKorea’s business leaders are expanding their scope into the international arena, but not as representatives of their companies; they are honorary consuls of foreign countries.Despite the extra duties these roles bring to their already busy lives, such as issuing visas and passports, the new job help
June jobless rate falls to 6-month low

Jul 13, 2011

The job market in June grew to the healthiest level in six months, posting a 3.3 percent unemployment rate as hiring conditions improved in manufacturing and service sectors, Statistics Korea said. The June figure is unchanged from May, but it saw the largest number of jobs in 11 months, 472,000, added to the economy.“The job growth is driven by the private sector and we’re seeing the job market c
S. Korea's jobless rate falls to 3.3 pct in June

Jul 13, 2011

South Korea's jobless rate declined in June from a year earlier as the nation added more jobs, helped by robust exports and expanded industrial output, a government report showed Wednesday.The jobless rate stood at 3.3 percent last month, down from 3.5 percent a year earlier, according to the report by Statistics Korea. It was, however, slightly higher than 3.2 percent in May.Job creation appears
Korea, Colombia to resume free trade talks next month

Jul 12, 2011

Minister sees completion of negotiations by year endNegotiations for a free trade agreement between Korea and Colombia could be concluded as early as December, Colombian Minister of Trade, Industry and Tourism Sergio Diaz-Granados said on Tuesday.“Working-level officials will hold a round of negotiations in late August, and it was agreed that we will try to finish the negotiations by the end of th
Farm sector faces uphill battle

Jul 12, 2011

Korea’s free trade agreement with the European Union is expected to deal a blow to the local agricultural and livestock industry for the next decade as farmers compete with an inflow of cheaper products from the world’s largest economic bloc.The Agriculture Ministry forecasts that farmers here will produce 177.6 billion won ($166.5 million) fewer goods each year for the next 15 years. Stock farmer
Senator proposes congressional conference on pending FTA bills

Jul 12, 2011

A senior U.S. senator on Monday proposed a joint "mock conference" by the Senate and the House of Representatives to help resolve a deadlock over trade deals with South Korea, Colombia and Panama.President Barack Obama's push for the ratification of the free trade agreements (FTAs) has been complicated, as he has sought to link it with a controversial labor assistance program.Members of Congress l
Households with divorcees top 1m

Jul 11, 2011

The number of divorced householders exceeded the 1 million mark last year, with seven out of 100 living alone after the dissolution of marriage, a government data showed Monday. The state-run Statistics Korea said Monday that the number of divorced householders was 1.26 million as of November, a 40.2 percent increase from five years. The figure has more than doubled over the past 10 years and incr
Korea to sell W2tr in Treasury bills

Jul 11, 2011

Korea will sell 2 trillion won ($1.89 billion) in Treasury bills this month as part of efforts to secure money to cover possible shortfalls in government operation funds, the Finance Ministry said Monday.Treasury bills are intended to raise money for the government so it can cope with short-term financial shortfalls. They are generally sold with a maturity of less than one year.The July debt with
Korea considers new immigration office

Jul 10, 2011

The government has taken the first steps of creating an exclusive agency to take oversee the nation’s policies on immigration and multiculturalism, officials said Sunday. The Ministry of Strategy and Finance gave public notice of a bid to analyze foreign immigration agencies and study measures to attract a talented workforce from abroad. The ministry plans to streamline immigration policy over the
Obama under pressure over FTAs, TAA

Jul 9, 2011

WASHINGTON -- The leader of the U.S. House of Representatives on Friday voiced clear opposition to President Barack Obama's push to package three pending trade pacts with a worker assistance program. "We expect in the House to move four separate bills, and I would hope they would heed our advice," House Speaker John Boehner (R-Ohio) told reporters. His firm stance came a day after key commi
Korea-EU FTA to put Seoul at public health crossroads

Jul 8, 2011

Friedrich-Wilhelm GausePharmaceuticals might not have been the most discussed sector before the Korea-European Union Free Trade Agreement came into effect from July 1. However, it is forecast to have a huge influence on public health since the deal is deeply connected to drug pricing of original drugs and will eventually affect national health insurance finance. “It will be a great opportunity for
More than half who switch jobs regret it

Jul 8, 2011

Workers often turn to other companies for better opportunities but more than half of those who switched jobs have regrets, according to research.In a poll conducted by Incruit, a local online recruitment website, about 58.7 percent of those who changed jobs are unsatisfied and willing to go back to their previous employment.The major reasons provided was “the original work turned out to be better,