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Chinese firm proposes investing W211 bln into Dangjin marina project

IndustryMay 30, 2016

A Chinese state-run company has proposed a plan to invest a total of 210.7 billion won ($177.2 million) in a South Korean marina project, the government said Monday.The Ministry of Oceans and Fisheries said Liaodi Group, a construction and engineering firm run by China's Liaoning Province, submitted a proposal last week for the marina project in Dangjin on the west coast. Dangjin, Korea (Yonhap)The South Korean government has announced a set of projects to build six marina harbors, including one
Opposition criticizes Ban's 'political' remark

PoliticsMay 30, 2016

Officials from South Korea's opposition parties continued to criticize U.N. Secretary-General Ban Ki-moon on Monday following a remark that hinted at him possibly running in the next presidential race, as such a development is expected to seriously complicate their efforts to bring about regime change."Ban just came out and settled the battle between pro- and anti-Park Geun-hye factions within the Saenuri Party," said Park Jie-won, the floor leader of the minor People's Party, during an intervie
Sales at department stores rise in April

IndustryMay 30, 2016

Sales at South Korea's major department stores gained at the fastest clip in three months in April from a year earlier on promotion events, government data showed Monday.The combined sales of three department stores -- Hyundai, Lotte and Shinsegae -- jumped 4.3 percent on-year last month, the highest on-year gain since January, when it marked a 9 percent on-year gain, according to the data compiled by the Ministry of Trade, Industry and Energy.At the same time, the major discount stores of E-Mar
Kim Whan-ki's painting fetches 4.56 bln won in H.K. auction

CultureMay 30, 2016

South Korean painter Kim Whan-ki garnered the third-highest price for a Korean painting in a recent auction in Hong Kong, an auction firm said Monday, proving once again that the late artist's unique artworks are in high demand among art collectors."Untitled 3-V-71 #203" painted in 1971 by the country's abstract art pioneer was auctioned off for 4.56 billion won (HK$30 million) in the art event by Seoul Auction, South Korea's biggest art auction company. It was held at the Grand Hyatt Hotel in H
More than half of senior Army officers overweight: study

DefenseMay 30, 2016

More than half of South Korea's senior Army officers are either obese or overweight, many of them gaining weight with age and because of their career-related lifestyle, a study showed Monday.Based on body mass index, 34.9 percent were found to be obese while 25.9 percent were assessed as overweight, according to the study conducted jointly by Prof. Park Jung-sook of Keimyung University's Nursing College and a team led by Prof. Chang Soon-yang of Daegu University's Nursing Department. The study r
Hyundai Merchant in last-ditch effort to cut charter rates

IndustryMay 30, 2016

Financially troubled Hyundai Merchant Marine Co. is in its last-ditch effort to trim the leasing rates for its chartered ships, industry sources said Monday, as the country's No. 2 shipper has made some progress in the negotiations.Since February, Hyundai Merchant, the country's No. 2 shipper, has been in talks with the ship owners of its chartered vessels to slash the leasing rates, one of the key prerequisites demanded by its creditors, led by the state-run Korea Development Bank, to stay aflo
3 N.K. overseas restaurant workers may arrive in Seoul this week: source

North KoreaMay 30, 2016

Three North Korean women, who fled from a restaurant where they worked in China, may arrive in South Korea as early as this week, a source familiar with North Korean affairs said Monday.The North Korean women in their late 20s and known to be seeking to defect, are staying in Thailand, awaiting to board a flight to Seoul, after escaping a North Korean-run restaurant in the Chinese northwestern province of Shanxi, according to the source."They may arrive in South Korea as early as this week," the
Korea, France to bolster cooperation on Fintech

May 30, 2016

Aiming to become a hub of Asia's financial technology (Fintech) sector, South Korea agreed Monday to join hands with France.The two sides signed a memorandum of understanding on sharing related information and supporting their Fintech firms on each other's soil.The deal between South Korea's Fintech Center and the French Tech Hub Seoul was reached on the sidelines of a joint Fintech seminar to commemorate the 130th anniversary of the two nations forging formal diplomatic relations."When South Ko
Bullard says world well prepared for U.S. rate hike

World BusinessMay 30, 2016

The president of the U.S. Federal Reserve Bank of St. Louis hinted at a possible U.S. rate hike in the near future Monday, claiming the world is well prepared for a U.S. rate hike."My sense is that markets are well prepared for a possible rate increase globally," James Bullard told reporters here. "My idea is that if all goes well, this will come out smoothly, and you won't get too much of a reaction in the global financial market."The St. Louis FRB president was on a visit to attend an internat
Park's approval rate gains ground on Africa visit

PoliticsMay 30, 2016

President Park Geun-hye's approval rating edged up last week from the previous seven-day period, data showed Monday, as the public cheered her efforts to expand diplomatic ties with Africa.According to the data compiled by RealMeter, Park's approval rating came to 33.9 percent, up 1.6 percentage points from a week earlier. The poll was conducted on 2,532 South Koreans last week.The disapproval rate of Park's performance came to 61.3 percent, down 1.6 percentage points over the cited period. The
Sales of hybrid cars jump on environmental concerns, new models

TransportMay 30, 2016

Sales of hybrid cars have fast risen in South Korea this year as the popularity of diesel vehicles is losing its spark due to the loss of consumer trust and rising concerns over air pollution, data showed Monday. Korean automakers sold a combined 14,173 hybrid cars in the first four months of the year, up 42.4 percent from a year ago, the Korea Automobile Manufacturers' Association said.A hybrid vehicle uses two or more distinct types of power, such as an internal combustion engine and an electr
Chronic exposure to fine dust linked to high blood pressure: study

HealthMay 30, 2016

There is a correlation between long-term exposure to fine dust and cardiovascular diseases, such as high blood pressure, a study showed Monday, casting concerns among the public over the influx of pollutants from home and abroad.The annual rise in fine dust emissions increases the number of people with high blood pressure, or hypertension, by 4.4 percent, according to the study conducted by a team of scientists at Seoul National University.The study was conducted after analyzing data on more tha
More women joining, receiving benefits from national pension system

May 30, 2016

More women are getting state pensions for the elderly, now accounting for about one-third of the total recipients, the latest tally showed Monday.The National Pension Service had 3.16 million subscribers as of February this year after surpassing the 3 million line for the first time in 2015. The number compares with 2.49 million in 2011. National Pension Service (Yonhap)Of the total, elderly female recipients accounted for 995,693.This number is up from 764,719 in 2011.The NPS said more women we
BOK chief says employment, structural reform keys to growth

May 30, 2016

South Korea's top central banker on Monday called for stepped-up efforts to create quality jobs and spearhead structural reform, calling them keys to balanced and sustainable growth.In his opening remarks marking the start of an annual international conference, Bank of Korea Gov. Lee Ju-yeol said the role of employment has shifted from supporting economic growth to one that ensures growth."I believe that the 2008 global financial crisis gave us an opportunity to rethink the importance of employm
Manufacturing confidence soars to 1-year high in June

May 30, 2016

South Korean manufacturers' business sentiment climbed to a 12-month high for June with more companies anticipating improved conditions for their financing and employment in the upcoming month, a poll showed Monday.The business survey index of manufacturing companies came to 74 for next month, up from 73 for May, according to the survey by the Bank of Korea.The June reading marks the highest level since June 2015. A reading below 100 means pessimists outnumber optimists, while a reading above th