Economy

"Korean Economy Can Grow 3% in 2H"...Deputy PM
Tuesday, June 18th, 2013

SEOUL, KOREA - Hyun Oh-seok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, said, "In the latter half of this year, we will be able to get out of the low-growth quagmire and achieve a 3-percent growth."
Foreign Workers in Korea Get Paid 1.62 Mil. Won a Month
Tuesday, June 18th, 2013

SEOUL, KOREA - Foreign workers hired in small enterprises in Korea are being paid about 6.4 times more wages than the amount they earned in their home country.
Korean Exporters to Iran Welcome Presidential Election Outcome
Monday, June 17th, 2013

SEOUL, KOREA - Korean companies doing business with Iran welcome the latest election outcome there in which a moderate candidate Hassan Rouhani was elected as President of Iran on June 15, defeating conservative politician and current mayor of Tehran Mohammad Bagher Ghalibaf.
Gov't to Create Industrial Zone in Myanmar Exclusively for Korean Companies
Monday, June 17th, 2013

SEOUL, KOREA - An industrial complex will be built in Myanmar exclusively for Korean companies. In addition, an agreement to guarantee investment in order to reduce risk for companies doing business there.
May Household Loan Balance Rises by Large Margin
Friday, June 14th, 2013

SEOUL, KOREA - The May balance of household loans by commercial banks has increased by a large margin.
May Jobs Number Stays below 300,000 Level
Friday, June 14th, 2013

SEOUL, KOREA - The net increase of the May jobs number was below the 300,000 level from a year ago.
Gov't to Support SMEs Hit by Iran Sanctions
Thursday, June 13th, 2013

SEOUL, KOREA - The government is considering subsidies to those small- and medium-sized enterprises hit by U.S. sanctions against Iran.
Seoul, Wrold's Top 5 Convention City for 3 Years in a Row
Thursday, June 13th, 2013

SEOUL, KOREA - Seoul was ranked as the world’s Top 5 Convention City for the third consecutive year.

SK Planet Releases T Store-dedicated iOS e-Book Viewer
Tuesday, June 11th, 2013

SEOUL, KOREA - SK Planet announced on June 10 that it released an iOS e-book viewer "T-Store Books" that can be used on iPhone and iPad.

HanGlas and KCC Corp. Hit with Fines in Violation of Fair Trade Law
Tuesday, June 11th, 2013

SEOUL, KOREA - HanGlas and KCC Corp., Korea's No. 1 and 2 companies in plate glass, were found to have engaged in price collusion for 2 years and 5 months.
Seoul City to Cut Subway Services during Summer Months
Tuesday, June 11th, 2013

SEOUL, KOREA - During the summer months of July and August, Seoul's all subway lines will reduce their services in order to save electricity consumption.
AMCHAM Korea President Complains of
AMCHAM Korea President Complains of "More Regulation after New Government"
Tuesday, June 11th, 2013

SEOUL, KOREA - Amy Jackson, president of the American Chamber of Commerce in Korea, said on June 10, "Since the inauguration of the Park Geun-hye government, corporate business conditions have changed a lot and the government talks about deregulation.
Gov't to Raise 2013 Growth Forecast to 2.8% from 2.3%
Tuesday, June 11th, 2013

SEOUL, KOREA - The government is considering adjusting its 2013 economic growth forecast upward to 2.6-2.8 percent from current 2.3 percent.
Two Koreas to Hold Ministerial Talks on June 12
Two Koreas to Hold Ministerial Talks on June 12
Tuesday, June 11th, 2013

SEOUL, KOREA - Officials from North and South Korea have agreed to hold a ministerial-level meeting on June 12 in Seoul.
Korea to Join Trade in Services Agreement
Tuesday, June 11th, 2013

SEOUL, KOREA - Korea will join negotiations on a multilateral Trade in Services Agreement currently promoted by 21 countries worldwide including the United States, the EU, and Australia.
Yeonggwang No. 3 Nuclear Reactor to Go on Stream
Monday, June 10th, 2013

SEOUL, KOREA - As Yeonggwang No. 3 nuclear reactor is expected to resume operations by June 10, the strain on electric power supply will somehow be eased.
Korea's 2012 Investment in Australia Rises 62% despite Global Recession
Monday, June 10th, 2013

SEOUL, KOREA - Last year Korea's direct investment in Australia has hit a record high at US$2.2 billion. Despite the overall decline in foreign direct investment by Korean corporations by 12.6 percent, the sum of investment to Australia rose 61.7 percent, due to, among others, an equity purchase of a liquefied natural gas development project.
Two Koreas Negotiate over Venue for Renewed Talks
Monday, June 10th, 2013

SEOUL, KOREA - Although the two Koreas are set to hold talks, the two sides still squabble over where to hold the talks.
Gov't to Spend 40 Tril. Won to Foster Creative Economy Ecosystem
Friday, June 7th, 2013

SEOUL, KOREA - The government will spend 40 trillion won for the next five years as part of a creative economy initiative and create as many as 650,000 jobs.
May Foreign Reserves Fall Slightly
Friday, June 7th, 2013

SEOUL, KOREA - Korea's May foreign reserves fell in three months. The Bank of Korea said on June 5, foreign reserves as of the end of May were US$328.1 billion, down $700 million from the previous month's $328.8 billion.
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