South Korea and Japan have decided not to extend the soon-to-be-expired won-yen swap facility worth $3 billion in currency, officials said Monday.Korea's central bank said that it and its counterpart in Japan have reached a decision to end the bilateral swap line, which is due to expire on July 3.South Korea and Japan signed a swap deal worth $13 billion in 2008 to better prepare for the global financial crisis. They expanded the swap line temporarily to $70 billion in 2011. Under the deal, Seou

June 24, 2013

South Korea and Saudi Arabia sought to boost their cooperation in nuclear energy Monday in a meeting attended by their energy ministers."The nuclear technology advanced by South Korea will be of a great help to Saudi Arabia in its project to build nuclear power plants," Seoul's Energy Minister Yoon Sang-jick said, according to the Ministry of Trade, Industry and Energy.Saudi Arabia, the world's largest supplier of petroleum, plans to build up to 16 nuclear reactors by 2032 as a way of diversifyi

June 24, 2013

Korea will launch a drive to export its nuclear power plants to Saudi Arabia by hosting minister-level talks between the two countries in Seoul on Monday for cooperation in the nuclear energy sector.The repeated scandals revolving around the use of substandard parts supplied with forged quality certificates in several domestic nuclear reactors, however, may put a dent in the government’s nuclear plant export initiative ― one of the administration’s key economic policy agendas. The number of loca

June 23, 2013

South Koreans' meat consumption increased more than 22 percent over the past four years, with pork remaining the most popular, government data showed Sunday.   The data released by the Ministry of Food and Drug Safety found that South Koreans consumed a total of 2.18 million tons of meat last year, or 43.7 kilograms per person.The nation's per capita meat consumption has increased 22.3 percent over the past four years, rising from 36.8 kg in 2009 to 38.7 kg in 2010, 40.4 kg in 2011 and 43.7 kg i

June 23, 2013

Korean Air announced on Thursday that it would stop transporting shark fins, joining a campaign to protect endangered sharks. The company’s decision was in line with several international moves to protect shark species. Earlier in March, delegates agreed to add five species of sharks to a list of endangered animals at the annual Convention on International Trade in Endangered Species of Wild Fauna and Flora held in Thailand. “Shark fins are one of the most expensive seafood products. Currently 1

June 20, 2013

June 19, 2013

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Korea would help Myanmar to adopt the Saemaul Movement, a development model, Korea used during the 1970s to grow the economy under the direction of late President Park Chung-hee, the father of President Park Geun-hye.A group of government officials led by Hyun visited Naypyidaw on Wednesday to hold a series of meetings with Myanmar officials, including Kan Zaw, minister for National Planning and Economic Development of Myanmar.Korea pl

June 19, 2013

The first fisheries college is expected to open in Korea as soon as 2015.The Ministry of Oceans and Fisheries said Wednesday that it will establish a special fisheries college here, jointly with the United Nations-affiliated Food and Agricultural Organization.The goal is to help developing countries achieve sustainable growth by promoting their fisheries industries, according to officials.The curricula will include fisheries policy, ocean resource management, sea farming skills and international

June 19, 2013

Amid daily possibilities of a power shortage, the country will begin enforcing a set of measures this week aimed at reducing its use of electricity, the government said Monday.Starting Tuesday, all public offices will be required to maintain their indoor temperatures at 28 degrees Celsius or above, with all commercial buildings also required to keep their temperatures at 26 degrees or above, according to the Ministry of Trade, Industry and Energy.The move comes as the country was forced to shut

June 17, 2013

The Ministry of Land, Infrastructure and Transport is to share its expertise in spatial information management with the Saudi Arabian government.Civil servants of the Mecca city office will be visiting Korea this week to take educational sessions on spatial information technology, according to officials on Monday.During the two-day course, the ministry will give a presentation on how to computerize information on underground facilities and to run an information platform on spatial information.“T

June 17, 2013

The reactivation of the suspended nuclear reactors will take longer than the four months predicted by the government, elevating concerns about the nation’s electricity shortage, according to nuclear experts.The Korea Institute of Nuclear Safety recently reviewed the inspection period for the suspended Shin-Wolsong Reactor 1, extending it by two months from early August to mid-October, according to officials.The 1 million-kilowatt reactor was suspended late last month after it was revealed that a

June 16, 2013

South Korean commercial banks will kick off their debt restructuring programs for the so-called "house poor," who are unable to pay off their debts, including mortgages, starting on Monday. Under the plan named "pre-workout," the banks will extend the repayment period for borrowers with fewer than 90 days of delinquency to up to 35 years, industry sources said Sunday. However, borrowers whose properties are under legal dispute can not apply for the program. Borrowers who filed for a personal fin

June 16, 2013