Korea to accelerate spending to boost growth: ministry

The government plans to make certain that the state budget earmarked for use in the second half will be spent in a timely manner to bolster economic growth, the Finance Ministry said Monday.In a budget review meeting chaired by Vice Finance Minister Kim Dong-yeon, Seoul said it will do its best to inject money into projects in the coming months without delay.“The goal is to reduce the size of funds that are carried over into next year or not used at all because of various obstacles,” the senior

June 18, 2012

Blizzard to offer compensation, refunds for poor service of Diablo 3

Blizzard Entertainment has finally given in to growing demands by consumers for refunds and compensation over its poor data-server management and service for Diablo 3.It will fully pay back 55,000 won to unsatisfied users who digitally downloaded Diablo 3 via the Battle.net account, or those who purchased the packaged game after 5 a.m. on June 21, according to Blizzard’s Diablo 3 website.Players whose game level is below 40 can also apply for a refund, it noted.Blizzard will begin accepting refu

TechnologyJune 18, 2012

Korea-China FTA to increase international use of yuan: expert

HONG KONG (Yonhap News) ― A free trade pact between South Korea and China will likely bolster the international use of the yuan as more traders may use the Chinese currency for their transactions, a Chinese researcher said Monday.“The increasing bilateral trade and economic cooperation will provide a foundation for the development of the financial sector involving the two countries,” Dong Yan, a research fellow at the Chinese Academy of Social Sciences, said in a report. “South Korean exporters

June 18, 2012

New nuclear reactor halted again on glitch

GYEONGJU (Yonhap News) ― One of the new nuclear reactors under trial operation here has shut down due to a technical glitch, a week after resuming a test run following a stoppage due to flaws in coolant pumps in March, officials said Monday. The Shin (New) Wolsong 1 reactor went offline on Sunday morning after its turbine generator was automatically stopped, said officials at the Korea Hydro & Nuclear Power Co. It did not cause any leaks of radioactive materials or other serious accidents, but r

June 18, 2012

Self-employed tradesmen threaten Lotte Card boycott

Self-employed tradesmen across the country have threatened to boycott Lotte Card starting next month in protest of the low commission rate Lotte Mart applied to its credit card affiliate. A group of about 1 million self-employed businesspeople and some 60 organizations representing massage parlors, motels, restaurants and bars said Monday they will start boycotting Lotte Card and Lotte Mart from July 1. Lotte VIC Market, a warehouse store chain established by Lotte Mart to launch late this month

June 18, 2012

British Chamber organizes rooftop BBQ

The British Chamber of Commerce in Korea will hold a “Rooftop BBQ Shindig” on June 28. A celebration for the upcoming London 2012 Summer Olympics, the party will take place at the serviced residence called Somerset Palace Seoul, located in Susong-dong. Casual sportswear is recommended, and attendees will also get an opportunity to win prizes such as air tickets and wine.For enquiries, email administrator@bcck.or.kr.

June 18, 2012

Philips Electronics kicks off health campaign

Philips Electronics Korea kicked off the local version of a global health and wellness initiative called “Simply Healthy @ Schools” on Friday, on the Korean islets of Dokdo and Ulleungdo. The Dutch multinational company’s community wellness program has been held in 50 countries and has benefited about 14,000 children to date, according to company officials. The company also donated defibrillators and LED lamps to schools and institutions on Ulleungdo, and also held a CPR training program for stu

June 18, 2012

Book signing event for N.K. defector

The French Korean Chamber of Commerce and Industry will hold a cocktail party and book signing on Tuesday. A 26-year-old North Korean defector, who goes by the assumed name of Kim Eun-sun, will present her book titled “North Korea: The Nine-Year Escape from Hell.” The event will take place at the French bistro and restaurant Le Saint-Ex in Itaewon. The book’s co-author, Sebastien Falletti, will also attend. Falletti works as a Seoul-based correspondent for the French newspapers Le Figaro and Le

June 18, 2012

Obesity could end human race

A study found that overweight people could end the human race by eating all the world’s food.Conducted by the London School of Hygiene and Tropical Medicine, the study revealed that the number of obese people has been growing and said the demand for food resources will surge.According to the United Nations, the world’s food resources are expected to be depleted by 2050 as the global population grows.“Our study shows population fatness is also a major threat,” said professor Ian Robert, who led t

TechnologyJune 18, 2012

S. Korea, Mexico agree to resume FTA talks before September

South Korean President Lee Myung-bak and Mexican President Felipe Calderon agreed Sunday to resume stalled negotiations on a free trade agreement between their countries this year, an official said.The two leaders reached the agreement during summit talks held after Lee arrived in the Mexican resort city of Los Cabos for a summit of the Group of 20 major economies, set for Monday and Tuesday.South

June 18, 2012

Seoul shares open higher on Greek election results

South Korean stocks opened higher Monday following the victory of pro-bailout parties in the Greek elections that could allow the country to stay within the eurozone, analysts said.The Korea Composite Stock Price Index (KOSPI), which fell Friday due to mounting concerns ahead of Greece's critical elections, moved up 1.97 percent, or 36.69 points, to 1,894.85 in the first 15 minutes of trading.Mark

June 18, 2012

6.4 quake hits off east coast of Japan: USGS

A 6.4-magnitude undersea earthquake on Monday jolted the sea area off the east coast of Honshu, the main island of Japan, US seismologists said, but no tsunami alert was issued.The US Geological Survey said the quake had a depth of 31 kilometers (20 miles) and hit at 5:32am (2032 GMT Sunday) some 140 kilometers east of the city of Sendai.In March last year a 9.0-magnitude undersea earthquake off J

TechnologyJune 18, 2012

CJ O to open TV shopping channel in Thailand

CJ O Shopping Co., one of South Korea’s major home shopping channels, will launch a 24-hour TV shopping channel in Thailand on Monday in a joint venture with a local firm, a company spokesman said Sunday.G“CJ O Shopping, a joint venture with the biggest Thai entertainment and media group GMM Grammy, will show Korean as well as foreign-made electronic consumer products and other goods to 12 million households in the Southeast Asian nation, the spokesman said.G”CJ O Shopping is the fifth of its ki

IndustryJune 17, 2012

Trade group to set payment limit of exporters to Iran

The Korea International Trade Association said Sunday that it started controlling local companies’ exports to Iran from June 12 following the European Union’s tightened sanctions on the Middle Eastern country. The EU enacted rules in March to stop insurance coverage on all tankers carrying Iranian crude oil starting July 1 as part of sanctions on Iran to force it give up its nuclear program. With the temporary measure taken by the quasi-state trade agency, Korean companies can face restrictions

IndustryJune 17, 2012

Shipbuilding industry likely to begin rebounding in 2014: BOK

South Korea’s shipbuilding industry will likely begin picking up in 2014 despite the slumping global economy caused by lingering concerns over the eurozone debt crisis, a report said Sunday.The global shipbuilding market has contracted gradually since 2007, when the shipbuilding business index reached 103.21 points.SBI is a measure of shipbuilding demand, shipping business sentiment, global trading volume and several other factors affecting the shipbuilding industry developed by the Bank of Kore

June 17, 2012