Koreans still favor instant coffee fix

Although the country’s thriving coffee market has stoked demand for espresso and drip coffee in recent years, instant coffee remains Korea’s preferred drink, a recent survey showed. Last year, Koreans consumed 22.8 billion cups of coffee collectively, according to the survey by Nielson Korea and Dongsuh Foods Corp., the top local instant coffee maker. That translates as 452 cups for every Korean o

IndustryJune 6, 2011

POSCO to begin work on magnesium smelting plant

POSCO will begin work on its first magnesium smelting plant on Friday.The plant, to be located within an industrial complex in Gangneung, Gangwon Province, is scheduled for completion in June 2012. Once complete, the plant will be capable of producing 10,000 metric tons of magnesium ingots on an annual basis, reducing imports by an estimated 35 billion won ($32 million) each year.According to indu

IndustryJune 6, 2011

BOK to decide key rates on June 10

The Bank of Korea will meet on June 10 to decide interest rates as policy makers try to tame inflation without damping an economic recovery.Korea’s inflation climbed 4.1 percent from a year earlier in May, exceeding the central bank’s target for a fifth straight month and adding to the case for an increase in interest rates even as export and output growth cools. Exports last month advanced 23.5 p

June 6, 2011

Shares expected to gain further ground this week

Korean stocks are expected to continue their upward trend this week on a series of events that may keep market sentiments afloat, analysts said.The benchmark Korea Composite Stock Price Index closed this week at 2,113.47, up 0.63 percent from a week earlier.The KOSPI lost ground at the beginning of last week, dipping to 2,093.79 on program and foreign sell-offs. The index rebounded to the 2,100 le

June 6, 2011

Korea’s farm, food product exports jump 34.3% this year

Korea’s food and agricultural exports surged 34.3 percent on-year in the first five months of 2011 mainly due to a rise in demand from Japan and other Asian countries, the government said Monday.The Ministry for Food, Agriculture, Forestry and Fisheries said outbound shipments reached $2.82 billion in the cited period, fueled by solid overseas demand for such goods as ginseng, processed food and v

June 6, 2011

Budget carriers permitted to start operations to Vietnam

Korea’s smaller-sized budget carriers may start flight operations to Vietnam under a new arrangement reached between Seoul and Hanoi, the government said Monday.The Ministry of Land, Transport and Maritime Affairs said that under the new pact, both countries will abolish restrictions imposed on how many carriers can offer flight services.The two countries signed a so-called open skies accord in 20

June 6, 2011

Local food prices rise sharply in May

Local food product costs rose twice as fast as national consumer prices in May, fueling inflationary concerns that could exert a negative influence on economic growth, a government report showed Monday.The joint report by the Bank of Korea and Statistics Korea showed prices of 38 staples such as pork fat back cuts, various traditional stews and noodles shot up by more 8 percent last month compared

June 6, 2011

Lone Star plans another dividend under new deal

Lone Star Fund is in talks with Hana Financial Group to recoup another quarterly dividend off the Korea Exchange Bank as part of its re-negotiation to sell its majority stake over to Hana, sources involved in the negotiation said Monday.The insider said details of the payout dividend are expected to arrive when the two officially extend the $4.3 billion takeover deal of KEB for six months. The two

June 6, 2011

BRICS pose both opportunities, risks for global economy: report

The emergence of BRICS economies in recent years poses both opportunities and risks for the global economy, which needs to be carefully monitored, a government report said Monday.The report by the finance ministry said the economies of Brazil, Russia, India and China as well as South Africa, which joined the ranks of the other large, rapidly growing countries this year, have contributed to a surge

June 6, 2011

European business delegation promoting partnership in Korea

A European Union delegation focusing on construction, building technologies, environment and energy-related technologies is in town until June 10.The Gateway Program is comprised of 51 specially selected European small- and medium-sized enterprises.“Participating European companies possess outstanding technologies and products in their field and receive comprehensive support aimed at developing bu

June 6, 2011

Nexon, Bluehole Studio set up at L.A. game trade show

The Electronic Entertainment Expo 2011, the world’s largest game trade show participated in by local players Nexon and Bluehole Studio, will take place at the Los Angeles Convention Center from June 7-9.Nexon and Bluehole Studio will set up their own booths throughout the exhibition to make public their line-up of online games.Nexon, which took part in the show for the first time last year, will f

IndustryJune 6, 2011

Facebook Korea stays faceless

Months after registration, no sign of operations at Facebook Korea  By Cho Ji-hyun　Nearly eight months have passed since Facebook, the biggest name in social media, filed paperwork to establish a corporation in Korea. But Facebook Korea is still nowhere to be seen. 　 According to industry sources, Facebook Korea turned in its application to Korean authorities to set up a corporation in Korea in Oc

June 6, 2011

E. coli outbreak blamed on German veggie sprouts

HAMBURG, Germany – The terrifying E. coli outbreak in Europe appears to have been caused by vegetable sprouts grown on an organic farm in Germany, an agriculture official said Sunday as the toll climbed to at least 22 dead and more than 2,200 sickened.Preliminary tests found that bean sprouts and other sprout varieties from the farm in the Uelzen area, between the northern cities of Hamburg and Ha

TechnologyJune 6, 2011

Ministry to hike fuel surcharges for long-haul flights

Air travelers will likely pay more fuel surcharges for long-haul flights and less for short-haul flights starting July at the earliest as the government looks to better adjust the rates to fluctuations in jet fuel prices, officials said Sunday.　Fuel surcharges are an extra charge added to the ticket price of air flights, to cover the cost of fuel rates. The Ministry of Land, Transport and Maritime

June 5, 2011