Increase in trade volume to boost air cargo revenue; removal of high tariffs on textiles to help raise market shareThe airline and shipping industries are among those expected to benefit the most from the free trade agreement between Korea and the United States due to an increase in two-way cargo shipments.The FTA will also be a boon to the Korean textile industry, mostly made up of small and medium-sized businesses, as the U.S. tariff on textiles, which goes up to 32 percent, will be removed. A

IndustryNov. 24, 2011

South Korea’s central bank said Thursday that its policymakers have approved measures to help boost its capacity to supply liquidity into the country’s financial system and promote financial stability.After holding a policy meeting, the monetary policy committee of the Bank of Korea has decided to supply intra-day funds to brokerage houses and to expand the scope of its open market operations, according to the central bank.The BOK said it will be able to provide temporary funds to securities fir

Nov. 24, 2011

Limited impact expected on telecom sector, while protection for intellectual property strengthenedThe free trade agreement between Korea and the United States is expected to hit the nation’s small broadcasting and production companies particularly hard.Under the pact, direct investment by foreign nationals into local program providers will be limited to the current level of 49 percent of shares.But if they set up a local branch and invest indirectly, 100 percent ownership will be allowed at netw

IndustryNov. 24, 2011

Pork imports have more than doubled this year to almost one-third of the market, the largest-ever portion, a government report said Thursday. The nation imported 151.89 million metric tons of pork this year, up 117 percent from the amount imported until last November, the Ministry of Food, Agriculture, Forestry and Fisheries said. Competition in the pork market is set to become fiercer as more pork imports are set to enjoy tax and tariff exemptions with the Korea-U.S. Free Trade Agreement ratifi

Nov. 24, 2011

Smaller-than-expected fee cuts will affect less than 50 percent ofvendors: FTCThe nation’s major home-shopping channels and supermarket chains have agreed to reduce commission fees for small- and medium-sized vendors by three to seven percent, antitrust authorities said Thursday. The Fair Trade Commission, however, pointed out that the smaller-than-expected fee cuts would affect fewer than half the vendors, denouncing companies for their lack of willingness to share growth with smaller firms.Acc

IndustryNov. 24, 2011

A Microsoft Corp. senior executive met South Korea‘s telecommunications regulator on Thursday to discuss ways to expand ties with South Korea by collaborating on new businesses that may include building a data center, government officials said.Jean Philippe Courtois, president of Microsoft’s international business, met Choi See-joong, chairman of the Korea Communications Commission (KCC), in Seoul to talk about the U.S. company‘s investment opportunities in the country and measures to forge coll

TechnologyNov. 24, 2011

South Korean stocks reversed early morning losses to close up 0.67 percent on Thursday, as institutions snapped up battered stocks following a plunge in the previous session, analysts said. The local currency slumped against the U.S. dollar.The benchmark KOSPI rose 11.96 points to 1,795.06. Trading volume was moderate at 275.6 million shares worth 4.08 trillion won ($3.52 billion), with gainers slightly outnumbering decliners 432 to 412.“Institutions went hunting for bargains after the KOSPI dro

Nov. 24, 2011

The possibility of a last-minute agreement between the terrestrial broadcasters and cable TV operators is gaining increased attention as the two sides made last-ditch efforts over the broadcasts of public channels on Thursday.“The two groups are currently engaged in negotiations without putting a stop to airing programs of terrestrial broadcasters, a measure devised not to cause any inconvenience to cable TV watchers,” said Kim Jun-sang, director-general of the broadcasting policy bureau at the

IndustryNov. 24, 2011

FSC official says the U.S. fund was ‘financial investor’ between 2003 and 2006The Supreme Court ordered the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank on Thursday.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago. The FSC and the Financial Supervisory Service are poised to clarify their stance on Lon

Nov. 24, 2011

PARIS, Nov 24, 2011 (AFP) - The word's first artificial windpipe transplant has been such a success that a second operation has been carried out and a third is being planned, The Lancet reported on Thursday.Andemariam Teklesenbet Beyene, a 36-year-old Eritrean, is doing well after undergoing the gro

TechnologyNov. 24, 2011

Researchers at Boston University School of Medicine (BUSM) have, for the first time, identified an intracellular signaling enzyme that regulates the wake-sleep cycle, which could help lead to the development of more effective sleep aid medications. Subimal Datta, PhD, director and principle investig

TechnologyNov. 24, 2011