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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.
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.
South Korean and European Union officials said an expected trade agreement would have to wait another month, due to disagreements on tariff duty drawbacks.
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.
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
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.
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
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.
South Korea's Hyundai Motor Co.
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.
- The act of burning, scorching, or heating to dryness; the state or being thus heated or dried.
- In medicine, cauterization.