Policymakers are set to start offering a support package for 30 promising medium-sized local enterprises from May, aiming to foster them as globally successful firms, the Ministry of Knowledge Economy said on Sunday.The plan, which involves the cultivation of administrative, research and marketing skills, is part of action plans for the roadmap unveiled by the government last March, dubbed “World

Industry Feb. 20, 2011

The government and private sector will organize a 60 billion won ($53 million) fund this year to be used for reshaping the country’s lagging industrial complexes, the Ministry of Knowledge Economy said Sunday.The investment is part of the Quality of Working Life Valley project launched by the government in October, which is aimed at reinvigorating old industrial sites to attract more young workers

Feb. 20, 2011

MANAMA, Bahrain (AP) – Security forces opened fire Friday on Bahraini protesters for a second straight day, wounding at least 50 people as thousands defied the government and marched toward Pearl Square in an uprising that sought to break the political grip of the Gulf nation's leaders.Once again, Bahrain authorities showed no hesitation in using force against demonstrators who ramped up demands t

Latest News Feb. 19, 2011

Group of 20 policy makers, at odds over smoothing over global economic imbalances, confront a new threat as higher inflation ripples from emerging markets to advanced economies. A report of greater-than-expected U.S. inflation yesterday followed a jump in the European cost-of-living index to a two- year high and a pickup in Chinese prices, further fraying a tentative global consensus over how to s

Latest News Feb. 19, 2011

PARIS -- South Korea's top economic policymaker on Friday urged financial and economic leaders of the world's major countries to continue efforts to stabilize the global financial system if they intend to strengthen the economy and tackle the issue of global imbalance."The financial system needs to maintain stability to strengthen the real economy and reduce global imbalance," Finance Minister Yoo

Latest News Feb. 19, 2011

The bid for Brazil’s planned $20 billion bullet train venture slated for April is shaping up to be a three-way race between South Korea, Japan and Europe, a Seoul official said Thursday.The head of the Latin American country’s transport regulator ANTT Bernardo Figueiredo said this week that at least three consortia will be competing for the right to build and run a high-speed railway in country. C

Industry Feb. 17, 2011

Hyundai Heavy Industries won awards at the 2011 Design Award of the Federal Republic of Germany, the world’s largest shipbuilding firm said Wednesday.The winning products were two types of HiMSEN medium speed marine diesel engine and ship monitoring system ACONIS-DS (advanced control & integration system), the firm said.The HiMSEN engine is an environmentally friendly model which boasts higher out

Industry Feb. 16, 2011

New Minister of Knowledge Economy Choi Joong-kyung Thursday reaffirmed the government’s intent to intervene in the local refining market to contain the recent petrol price hike.“The profit margins of local oil companies are 3 percent, even after giving out salaries. Considering that they do not have many other costs, the figure is not at all small compared to those of other manufacture industries,

Feb. 10, 2011

Policymakers, refiners argue over whether the cause is tax or profit marginsThe average price of regular unleaded gasoline in Seoul broke through the 2,000-won level for the first time in more than 30 months on Wednesday, despite the government’s recent efforts to control the country’s rising fuel prices.According to state-run Korea National Oil Corp., the price of regular unleaded gasoline on Tue

Feb. 9, 2011

The central government plans to tighten its grip on the management of water resources nationwide in a move apparently aimed at expediting its controversial river renovation projects. The work to clean up and develop Han, Nakdong, Geum and Yeongsan rivers has been delayed by the recalcitrant provincial governments in charge of them. The Ministry of Land, Transportation and Maritime Affairs said Tue

Feb. 8, 2011