South Korea's central bank on Friday revised down its 2011 economic growth outlook on weaker domestic demand and construction investment, but raised its inflation projection on high oil and food prices.The Bank of Korea (BOK) lowered its growth projection to 4.3 percent for the year from an earlier 4.5 percent estimate made in April. In the second half, the economy is expected to grow 4.7 percent,

South Korea's import prices grew at the slowest clip in seven months in June as the local currency's ascent to the dollar overshadowed an on-year gain in oil prices, the central bank said Friday.In local currency terms, the country's import prices rose 10.5 percent in June from a year earlier, slowing from a 13.2 percent on-year expansion tallied in May, according to the Bank of Korea (BOK).The Ju

South Korean scientists said Friday that they have developed a highly efficient nanoporous industrial catalyst that can have a considerable impact on chemical and oil-refining sectors.The team of scientists led by Ryoo Ryong, a chemistry professor at the Korea Advanced Institute of Science and Technology (KAIST), said the solid zeolite compound developed in the laboratory has a reaction speed five

South Korea's Hyundai Motor Co. and its sister company Kia Motors Corp. ranked as the best-selling passenger carmakers in Canada in the first half of this year, industry sources said Thursday.The two leading automobile makers in South Korea sold a combined 64,671 passenger cars in the North American country in the January-June period for a market share of 18.2 percent, according to the sources.The

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

With North Korea seen as opening its door wider to western media, the United States government maintained a cautious view Wednesday on the reclusive communist nation's latest gesture.The London-based news agency Reuters announced earlier this week that it was planning a video news service in North Korea in partnership with its propaganda news agency, KCNA.The move comes a couple of weeks after the

 

The Navy will expand its air base on an East Sea island in a bid to ensure better protection of the nation's territorial waters surrounding the easternmost islets of Dokdo, a lawmaker said Wednesday.According to Rep. Song Young-sun of the minor opposition Future Hope Alliance, the Navy recently inked a project to expand its base on Ulleung Island by about threefold to cover 5,040 square meters of

North Korea would like to co-host the 2018 Winter Olympics to be held in South Korean alpine town of PyeongChang, a senior North Korean sports official said Wednesday.Jang Ung, a North Korean member of the International Olympic Committee (IOC), said it was "positive" for Asia to host only its third Winter Games. When asked about the possibility of sharing some events with PyeongChang, Jang replied

U.S. Secretary of State Hillary Clinton called Tuesday for an end to partisan strife over free trade agreements (FTAs) with South Korea, Colombia and Panama."I know two things about trade. It is a polarizing political issue, but done right, it creates American jobs," she said in a speech at the U.S. Global Leadership Coalition Conference in Washington.She pointed out the U.S.-South Korea FTA is pr

The head of South Korea's state image-making agency said Tuesday that the country's planned hosting of the Winter Olympics will greatly boost its national brand.South Korea's eastern alpine city of PyeongChang was chosen last week as host of the 2018 games after two consecutive failed attempts.Lee Bae-yong, chairwoman of the Presidential Council on National Branding, said the international communi

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