[Graphic News] Incheon Airport best-paying public firm for new staff

Incheon International Airport Corp. has been revealed to pay the highest starting salary among public corporations.The average yearly salary for new employees at the 30 top public corporations last year was 39.18 million won ($27,825), up 10.2 percent from the previous year, according to local employment portal Saramin on Thursday.The data was based on Alio (All Public Information In One), a public management information system run by the Ministry of Strategy and Finance.IIAC was followed by Uls

May 2, 2013

[Graphic News] Korean, Japanese billionaires acquire wealth differently

Most of Korea’s billionaires accumulated their wealth through inheritance, while the Japanese superrich built up their wealth by creating their own business, according to a recent survey by CEO Score, a local online corporate management evaluator.In the survey of the top 50 richest people in Korea and Japan based on their stock ownership, 78 percent of Korea’s richest are second and third generation chaebol chiefs. In contrast, 60 percent of the top 50 richest Japanese are entrepreneurs. In Kore

May 1, 2013

[Graphic News] Sungnyemun to open to great fanfare after more than five years of renovation

Sungnyemun, or the South Gate from the Joseon era (1392-1910), will be unveiled to the public on Saturday after 63 months of restoration. A lavish ceremony is planned to mark the return of the National Treasure No.1 in central Seoul. The restoration was the fruit of around 35,000 people’s dedication, from the selection of the best wood and stone to adhering to the most traditional method possible.The Cultural Heritage Administration said it reinforced fireproofing and the fire alarm system since

CultureApril 30, 2013

[Graphic News] Turkey becomes Korea’s 9th FTA partner

The Korea-Turkey Free Trade Agreement, which comes into effect on Wednesday, is to be Korea’s ninth FTA, as well as the first to take effect under the new Park Geun-hye administration.Under the FTA, all tariffs on industrial goods, including automobiles, plastic and home appliances, will be eliminated within seven years, according to the Ministry of Trade, Industry and Energy and the Korea International Trade Association.As of last year, Turkey was Korea’s 25th-largest trading partner with $4.55

IndustryApril 29, 2013

[Graphic News] Korea’s labor productivity still low

Korea’s labor productivity ranked 23rd among 34 members of the Organization for Economic Cooperation and Development in 2011, moving up one notch from 2010, the government said.In 2011, the total output by each Korean worker came to $62,185, which amounted to 79.9 percent of the OECD average but 60.6 percent of that of the U.S., according to the Ministry of Trade, Industry and Energy.The ministry noted that Korea’s labor productivity grew at an average annual rate of 2.92 percent, the sixth high

April 28, 2013

[Graphic News] Seoul posts poor growth in equities

South Korea lagged far behind major countries in growth of stock prices this year due mainly to lackluster private consumption and a slowdown in export performance upon Japan’s weakening yen. According to an adjusted index unveiled by the U.S.-based Morgan Stanley Capital International, the country recorded minus 0.5 percent growth on-quarter of composite equity prices during the first quarter.The MSCI Index for the shares on the Korean bourse dropped from 575.311 at the end of 2012 to 572.151 a

April 25, 2013

[Graphic News] Gay marriage around the globe

France became the 14th country in the world to legislate for gay marriage on Tuesday, following months of bitter debate over the socially divisive issue.Europe remains the stronghold of same-sex unions, with Spain, Portugal, Iceland, Sweden, Norway, Denmark, Belgium and the Netherlands all having relevant laws on the books. In North America, Canada and nine U.S. states recognize gay marriage. Argentina and Uruguay and parts of Brazil and Mexico fly the flag for same-sex unions in Central and Sou

Foreign AffairsApril 24, 2013

[Graphic News] Cheaper yen benefits Japanese carmakers

The cheaper yen is improving the competitiveness of Japanese carmakers, while their Korean and German rivals are expected to struggle with falling profits. According to IBES earnings estimates on Tuesday, Toyota is estimated to log $4.79 billion in operating profit in the first quarter, a 60.5 percent increase from a year ago. Japan’s Nissan and Honda were also to see a 38 percent and 23.6 percent increase in profits, respectively. Despite their increased sales this year, however, Korea’s Hyunda

IndustryApril 23, 2013

[Graphic News] Korea remains stable in food security

Korea ranked 21st for food security in a global survey of 105 countries, posting a score of 77.8 out of 100, according to the Korea Rural Economic Research Institute on Monday. The index was created by the U.K.-based Economist Intelligence Unit, using data on food affordability, availability, quality and safety of each country surveyed. The U.S. topped the index, securing a score of 89.5, followed by Denmark (88.1) and Norway (88.0). The survey, however, didn’t use food self-sufficiency data to

IndustryApril 22, 2013

[Graphic News] Manhunt in Boston for bombing suspect

World NewsApril 21, 2013

[Graphic News] 1 in 5 Korean men to die of illnesses linked to smoking

One out of 5 Korean men is projected to die of an illness linked to smoking, according to research by the state-run Korea Institute for Health and Social Affairs. The institute unveiled the study Thursday as the Ministry of Health and Welfare pushes to raise prices of cigarettes to help smokers kick the habit. The research claimed that 79,917, or 21.6 percent, of about 370,000 high school seniors in 2010 were likely to die of smoking-related illness by age 85.It added that 26.9 percent of adults

TechnologyApril 18, 2013

[Graphic News] IMF revises down global economic outlook

The International Monetary Fund announced Tuesday that it had downgraded this year’s outlook for global economic growth, citing continued risks. In its most recent report on the global economic outlook, the IMF lowered this year’s global economic growth projection to 3.3 percent, 0.2 percentage point down from three months ago.The IMF also lowered Korea’s expected growth rate to 2.8 percent, 0.4 percentage point down from three months ago, citing the country’s weak exports and domestic consumpti

April 17, 2013

[Graphic News] Weak yen deals blow to Korean exports

Concerns over the impact of the weakening yen on the nation’s exports are proving well founded. About 40 percent of Korean-made products that compete against Japanese goods in the global market posted reduced export figures for the first two months in 2013 compared with the same period a year ago, the Korea International Trade Association said in a press release. In a KITA survey of the nation’s 49 export items in competition with Japanese goods, including cars, ships and petroleum products, exp

IndustryApril 16, 2013

[Graphic News] More Korean hospitals going abroad

The number of Korean medical institutions expanding overseas has nearly doubled in the last three years, a report showed Monday.According to the report released by the state-run Korea Health Industry Development Institute, 91 Korean hospitals had made inroads into foreign countries as of December, up 85 percent from 49 in 2009.The hospitals were operating in 16 countries in Asia and North America. The most popular countries were China, where 31 Korean hospitals provide medical services, and the

Social AffairsApril 15, 2013

[Graphic News] Import car repair costs average $2,300

Repair costs for import cars produced by companies such as BMW and Mercedes-Benz average 2.6 million won ($2,300), far exceeding the average of 840,000 won for the five Korean-made brands.Over the weekend, the Korea Insurance Development Institute released the import car repair costs paid by nonlife insurance companies in 2011.The institute’s report showed that import car repair charges were three times higher than those for domestic cars.Further, components of import cars were five times more e

April 14, 2013

[Graphic News] N. Korea ready to launch multiple missiles

North Korea has completed preparations for launching multiple missiles with various ranges that can put South Korea, Japan and U.S. bases in Guam within striking range, Seoul officials said.The communist state has positioned two Musudan missiles with ranges beyond 3,000 kilometers at a launch site on its east coast. The intermediate-range missiles can, in theory, reach Guam, a key strategic U.S. base in the Asia-Pacific. Seoul also spotted four to five transporter-erector-launchers around the Do

North KoreaApril 11, 2013

[Graphic News] Koreans own 8.8 luxury items on average

Purchasing luxury goods was nothing unusual for more than 45 percent of Korean customers, a survey showed on Wednesday.According to the poll conducted by the Korea Consumer Agency, spending on premium designer brands ― such as Hermes, Cartier and Bvlgari ― accounted for 5 percent of household income on average, compared to 4 percent in Japan.Amid the recent surge in consumption of French and Italian premium brands, Korean adults have an average of 8.81 luxury items in their closet, said the poll

IndustryApril 10, 2013

[Graphic News] Baby boomers have highest economic participation rate

The economic participation rate of the 50-59 age group soared to 73.8 percent in 2012, the highest rate since 2000, data showed Tuesday. The rate was 73.1 percent in 2011 and 72.7 percent in 2010. According reports from the Korea Exchange and Statistics Korea, however, the economic participation rate of the so-called “baby boomer generation” of those born between 1955 and 1963 is expected to abruptly decline as they will soon reach retirement age. The baby boomers make up about 14 percent of the

April 9, 2013

[Graphic News] China boosts bird flu response as cases rise

China reported three more cases of human infection of a new strain of bird flu on Sunday, raising the total number of cases to 21.Six of those who contracted the H7N9 virus have died. All 21 cases have been reported in the eastern part of the country.Health officials believe people are contracting the virus through direct contact with infected fowl and say there’s no evidence the virus is spreading easily between people.China’s official Xinhua News Agency reported two new cases in Shanghai and o

World NewsApril 8, 2013

[Graphic News] Economic slump takes toll on online sales

The global economic slump appears to be taking a toll on local internet shoppers, with online sales posting a record-low monthly growth since the government first started to compile the data, Statistics Korea said.Internet shopping sales declined by 2 percent in February from the same period last year to record the lowest monthly growth figure since 2009, the agency said. In January that year, monthly internet sales fell 1.8 percent. For the year, sales increased by 15.1 percent from 2008, addin

IndustryApril 7, 2013