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2009-04-19 10:26:15

South Korea says the United States has yet to ask for a renegotiation of the delayed Korea-U.S. free trade agreement. South Korean Trade Minister Kim Jong-Hoon said Sunday at the Boao, China, Forum for Asia annual conference that despite repeated assertions by U.S. President Barack Obama during last year's campaign he was dissatisfied with the terms of the proposed deal, the White House has yet to seek to modify the pact, the South Korean news agency Yonhap reported. I have never heard that...

2009-04-12 08:15:42

The U.S. Trade Representative is aiming to avoid renegotiating a proposed U.S.-South Korean free trade deal, Seoul officials say. The South Korean Ministry of Foreign Affairs and Trade and the office of ruling party lawmaker Rep. Hong Jung-wook Sunday confirmed a U.S. trade journal report that Assistant U.S. Trade Representative Danny Sepulveda told business interests the USTR wants to address opposition to the trade deal without changing its text, something that goes against the reported...

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2009-04-06 09:50:00

South Korean and European Union officials said an expected trade agreement would have to wait another month, due to disagreements on tariff duty drawbacks. Although a final agreement was expected, a meeting between trade representatives in London failed to conclude with a document ready to sign, Yonhap News reported Monday. South Korea wants tariff duties returned to companies if the materials used in production were imported, Yonhap said. We expect both sides to meet again next month to iron...

2009-04-02 08:09:10

South Korea and the European Union are close to a trade deal that would knock off tariffs for at least 96 percent of the goods bought and sold between them. The two sides were scheduled to put the finishing touches on a trade agreement in London, the Yonhap news agency reported. Officials have already agreed to phase out tariffs on 96 percent of EU goods and 99 percent of South Korean goods. In one of the more sensitive issues previously negotiated, the trade partners agreed to phase out...

2009-03-24 07:41:21

The South Korean government added a $20.7 billion spending package to its budget Tuesday to stimulate the nation's slumping economy. The supplemental spending, at 3 percent of the nation's gross domestic product, is the largest addition to the country's budget since 1998, the Yonhap news agency reported. The global economic downturn is taking place at a faster pace than has been expected in terms of its depth and breadth, South Korean Finance Minister Yoon Jeung-hyun told reporters....

2009-01-21 07:28:24

The state-run Korean Development Bank said it would reject a deal for Hanwha Group to buy 50.4 percent of Daewoo Shipping & Marine Engineering Co. The board of directors reached a consensus that Hanwha's funding plan was not realistic and its proposal to buy a part of the stake was not acceptable, a bank official said, Yonhap News Agency reported Wednesday. The bank said it would keep a $220 million Hanwha deposit, Yonhap said. Hanwha signed preliminary papers on the deal in November....

2009-01-07 13:03:28

A media workers' union in South Korea halted its strike Wednesday while the passage of a law allowing new firms to own television networks was put on hold. Members of the National Union of Media Workers, including well-known news anchors, have boycotted work since late December, Yonhap reported Wednesday. Workers objected to President Lee Myung-bak's media reform bill, which would allow large companies, including newspapers, to buy television networks. The union also threatened to strike...

2008-12-27 15:35:29

South Korean President Lee Myung-bak said Saturday his country will suffer its first period of negative economic growth in a decade. Lee blamed the situation on the global financial problem, Yonhap News Agency reported. On an annual basis, Korea may attain some economic growth, but may undergo economic contraction in the first and second quarters, Lee said. Few countries worldwide will attain economic growth between the fourth quarter of 2008 and the first quarter of 2009. The Korean economy...

2008-12-02 14:01:06

South Korea's Hyundai Motor Co. will reduce production at overseas plants to adjust to slowing demand, a union spokesman said. Hyundai has already cut production in seven Korean plants by 10 percent, Yonhap News reported Tuesday. On Monday, the domestic plants halted overtime on weekdays, a move that follows a previous decision to cut out weekend overtime, Yonhap reported. But the company, which has plants in China, India, Turkey and the United States, told the union it would cut production...

2008-11-24 11:18:49

A Korean district court ruled Monday the sale of 51 percent of the Korean Exchange Bank to a U.S. equity firm was handled legally. Lone Star Funds purchased controlling interest in the bank in 2003, at less than market value, when the bank was struggling, Yonhap News Service reported. Prosecutors alleged that Byeon Yang-ho, a director with the finance ministry at the time, and Lee Kang-won, the bank's former chief executive officer, conspired to undervalue the lender to ensure the deal would...


Word of the Day
lambent
  • Licking.
  • Hence Running along or over a surface, as if in the act of licking; flowing over or along; lapping or bathing; softly bright; gleaming.
This word comes the Latin 'lambere,' to lick.
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