Goodbye, Korea!

I am sure that I don’t want to say “Goodbye, Korea.” As a Brazilian, I prefer to say “Ate logo, Korea!” which means “See you soon, Korea!”After five years in Korea, I am leaving with my wife Carolina for a new start, this time in Moscow. It will be a start in a new and different culture with different challenges.I am extremely grateful for all the opportunities given to me in my life. I started my career in Sao Paulo, Brazil, later moved to Rio de Janeiro and after four years we moved to Germany

July 16, 2013

[Graphic News] Issuance of bank notes, checks decreases

According to the Bank of Korea, the number of bank notes and checks issued in Korea has decreased since the introduction in 2009 of the 50,000 won note, the country’s highest denomination bill.

July 15, 2013

[Power Korea] New city development scheme spurs urbanization, concentration in capital area

For the past six decades, Korea has experienced rapid industrialization, and with it, rapid urban growth. As the nation’s core industries quickly evolved from the primary sectors to manufacturing and services between the 1960s and 1990s, the urban population grew rapidly. Ninety-one percent of the population lived in cities in 2010, compared to 50 percent in 1970, according to Hyundai Research Institute. In the course of urbanization, population and income per capita have grown as well, spurring

July 15, 2013

Hanwha gets parliamentary boost for key Iraq project

By winning a massive landmark housing construction project in Iraq, Hanwha Group not only notched up the highest-value overseas construction deal in Korea’s history but also solidified a long-term partnership with the Middle Eastern state.Based on Hanwha’s reputation, other Korean builders, too, won potential opportunities to expand their businesses in the region and participate in the lucrative post-war reconstruction plan.Group officials, however, are expressing concerns that the prolonged abs

July 15, 2013

[Graphic News] South and North Korean economy

According to a report released by the Bank of Korea in Seoul last week, North Korea’s nominal gross national income amounted to 33.5 trillion won ($29.8 billion) last year, which is equivalent of 2.6 percent of South Korea’s 2012 GNI of 1,279.5 trillion won.

July 14, 2013

[Graphic News] U.S., China rise as Koreans’ major property flight destinations

According to the Korea Customs Service, the United States and China have been emerging as major destinations for South Koreans seeking to launder money or stash away their wealth overseas.

July 11, 2013

BOK freezes rate at 2.5%

The Bank of Korea has kept its key base rate unchanged at 2.50 percent for July and revised upward its domestic economic projection for this year to 2.8 percent.BOK Gov. Kim Choong-soo reiterated on Thursday that expectations of a modest recovery of the global economy and higher growth in Korea in the second quarter of this year than the first quarter were its main reasons for a rate freeze.The central bank’s monetary policy committee also cited Korea’s negative output gap narrowing despite lowe

July 11, 2013

[Graphic News] Global smartphone shipments

Global shipments of high-end smartphones priced at $300 or above are likely to suffer a slowdown in the coming years, according to a report released by Hi Investment & Securities on Wednesday.

July 10, 2013

KLM to introduce night flight to Western Europe

KLM Royal Dutch Airlines announced on Monday it would introduce an overnight flight from Incheon International Airport to Amsterdam, the Netherlands, starting Oct. 28. The decision was made after considering its customers’ needs, especially those who frequently travel on business, they said. The new redeye flight schedule will ensure even better flights via Amsterdam to many destinations within Europe and South America and Africa, said company officials. It said it was also in line with the comp

July 9, 2013

Indonesia to enhance exchange, cooperation

Indonesian Forestry Minister Zulkifli Hasan attended the 21st Korea-Indonesia Forest Cooperative Committee and the Forest Forum held in Jakarta last week. He showed much interest in cooperation with Korea in boosting forestry resources development. Following is an interview with the minister.  Q: Korea and Indonesia are celebrating the 40th anniversary of diplomatic ties. How do you evaluate cooperation between the two countries in the forestry field?A: It was 1968 when a Korean company first ca

July 9, 2013

Korea boosts cooperation with Indonesia in forestry

Korea Forest Service Minister Shin Won-sop visited Indonesia to discuss cooperation with Indonesian government officials in the forestry field and to participate in a forum last week. He discussed a wide range of issues related to the opening of an eco-education program on forestry near Jakarta, overseas plantation investment and Korean companies’ participation in Indonesia’s development of forestry resources. He also toured Korean companies’ plantations in the Southeast Asian country.Following

July 9, 2013

Korea needs to boost investment in developing overseas forest resources

When it comes to forest planting, Korea has been widely acclaimed as one of the most successful nations across the world.Beyond forestation, the Korea Forest Service is now leading global efforts to preserve forest resources in the face of the emerging issues of climate change and CO2 emissions.Against this backdrop, the meeting between Korea and Indonesia on cooperation in forestry and the seventh forest forum that took place last week in Jakarta bear much significance. Those meetings were held

July 9, 2013