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2009-06-30 23:16:05

South Korean ship builders have been hit hard by the global economic slowdown as new orders plunged in 2009 first half, industry sources told Yonhap. The slump has hit South Korea's leading shipbuilders, the South Korean news agency reported. The three major shipyards received combined orders of only $1.23 billion in the first six months of this year, compared with $34.1 billion in the same period of last year, Yonhap said.

2009-06-23 05:47:41

South Korea's plans to improve safety of rechargeable lithium batteries are not meant to restrict trade but address public concerns, an official said Tuesday. Under new South Korean rules, which reportedly have raised concerns in Japan, all lithium battery products in mobile phones, laptop computers and portable devices will be subject to stringent safety rules to test their ability to withstand heat, high humidity and impact, Yonhap news agency reported. The rules become effective next...

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2009-06-05 01:20:00

The South Korean economic downturn may be bottoming out but experts say there is still enough uncertainty to make the recovery a slow process. The optimistic signs include improvement in business and consumer sentiment but they are still dogged by sluggish investment and domestic demand, Yonhap news agency reported. Even if the economy is improving, the pace of its recovery is likely to be considerably slow, the Financial Services Commission, the country's financial regulator, said, citing...

2009-06-02 07:43:01

South Korea and the Association of Southeast Asian Nations Tuesday signed a free trade agreement on investment, completing a process that began in 2005. The agreement signed at the South Korea-ASEAN summit held on South Korea's Jeju Island was the final step in concluding free trade agreements covering merchandise, service and investment, the Yonhap News Agency reported. The agreement on merchandise was completed in 2007 and the pact on service last month. The investment deal aims to provide...

2009-05-18 21:25:20

The South Korean economy, despite stimulus measures, remains burdened by declining exports and domestic demand, the finance ministry said Tuesday. The ministry said the stimulus measures helped prevent a sharp economic downturn but said it would not be possible to predict if the recovery can be sustained because of other conditions, Yonhap news agency reported. The country prevented a technical recession after the gross domestic product rose 0.1 percent in the first quarter of this year from...

2009-05-16 16:11:28

South Korean officials said Saturday they will continue efforts to hold talks with North Korea on the fate of their troubled joint industrial complex. Officials want to press ahead for discussions despite North Korea's move to unilaterally void existing wage and rent contracts at Kaesong, Yonhap News Agency reported. Given the analysis of the contents of North Korea's letter (to the South) and attitude, North Korea seems to be moving to shut down the Kaesong industrial zone, but not...

2009-05-12 07:27:53

South Korean Finance Minister Yoon Jeung-hyun said the country did not need to worry about a shortage of cash reserves similar to a crisis in 1997. Considering major indicators unveiled recently for our economy, chances are slim that we might face a financial crisis, he said, the Yonhap News Agency reported Tuesday. With current and trade accounts remaining in the black and foreign investments pouring into the local stock market, foreign reserves are expanding and the exchange rate is...

2009-05-11 23:01:01

South Korea's central bank, saying the pace of economic downturn had eased, Tuesday left its key interest rate unchanged at 2 percent. It was the third straight month the Bank of Korea had made no change in the seven-day repo rate, a move that had been expected by experts, Yonhap news agency reported. Prior to that, the bank, pressed to respond to the slumping economy, had cut the rate six times totaling 3.25 percentage points to bring it to current record low level of 2 percent. In recent...

2009-05-10 12:37:20

The South Korean Ministry of Public Administration and Security says the government will offer 250,000 temporary jobs to help stimulate the economy. The government ministry said those hired for the temporary manual work positions will come from low-income and unemployed households throughout South Korea, the Yonhap News Agency said Sunday. The new hope labor project will cost the government $1.36 billion and will include positions lasting six months, in employment areas such as repairs and...

2009-04-22 07:44:09

A South Korean parliamentary committee approved a free trade agreement with the United States, sending the deal to a plenary session for ratification. The free trade agreement, signed in June 2007, has found opposition in both countries, Yonhap news reported Wednesday. Before the vote in Seoul, opposition lawmakers held a press conference asking representatives to postpone the vote until lawmakers in Washington appeared more likely to endorse it. They also reviewed concerns over a lack of...


Word of the Day
tessitura
  • The prevailing range of a vocal or instrumental part, within which most of the tones lie.
This word is Italian in origin and comes from the Latin 'textura,' web, structure.