Articles by 김주연
김주연
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Over 8 million jobs taken by 50s or older
The number of employed people over 50 has exceeded 8 million for the first time, reflecting an older workforce brought on by Korea’s fast-aging society. Statistics Korea said Thursday that the number stood at 8.02 million as of the end of April, up 313,000 from the previous month. The figure is the highest ever recorded for the age group and is more than double the level in 1991, 4.03 million.The
May 12, 2011
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Safdie bids for Incheon Airport terminal No. 2
Famed architect Moshe Safdie on Thursday said his team aimed to incorporate elements unique to Korean culture in his design bid for a second terminal at Incheon International Airport. Addressing reporters in Seoul, the star designer of Singapore’s Marina Bay Sands Resort detailed his ambitions to take on what would be his third airport project. “In the old days, people coming to Seoul felt their f
May 12, 2011
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Real interest rates below zero percent
Real interest has stayed below inflation for the past year, devaluing returns on bond investments and deposits at banks, a government report said Wednesday.The interest rate on 1-year savings products at most commercial banks is just over 4 percent, leaving no room for profit given on-year inflation in the 4 percent range on top of a 15.4 percent tax on interest income. “Real returns on deposits w
May 11, 2011
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36% of recent college graduates out of work
The number of unemployed fresh college graduates increased by 0.2 percent in April from a year earlier despite a drop in the overall jobless rate, Statistics Korea said Wednesday. Some 63.6 percent of college graduates in their twenties were part of the workforce, posting a 0.3 percent drop from a month earlier, indicating a persistent structural mismatch between the reality of the job market and
May 11, 2011
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Ex-FSS, BOK officials on troubled banks’ payrolls
Data shows practice leads to collusion between lenders and watchdogOne in three savings banks suspended in the last decade had hired former officials from the financial watchdog or the central bank as auditors, a report said.Analysts said the data demonstrates long-held collusive ties that public agencies have had with the lenders they supervise.The findings by the Korea Federation of Savings Bank
May 9, 2011
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Mega Mini is fun in traffic, seriously cool
The 2011 Mini Cooper S Countryman is a big Mini. Big, of course, is relative in this case, but this new four-door’s size rankles purists, who point to the name of the brand itself. You can’t have a super-size Mini.Yes, BMW says, you can.The Mini family, owned by BMW, now includes the various Cooper models, the larger Clubman and the all-new Countryman, which has been described as Mini’s SUV. The b
Mobility May 8, 2011
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Bigger now better in fuel efficiency race
With Hyundai and Kia releasing gasoline-hybrid electric vehicles, you might want to consider something bigger than a compact model. Mid-sized cars can be just as fuel efficient.No compact cars were included in the list of top 10 most fuel efficient models for the first time after Hyundai Motor Group’s Sonata, K5, and Volkswagen’s Jetta BlueMotion joined the race this month ― your bigger and more p
Mobility May 8, 2011
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Korea to cut collusion in financial sector
The administration and the National Assembly have begun in earnest to reform the nation’s top financial watchdog, to cut its long-held collusive ties with financial companies it supervises.Assessing that the Financial Supervisory Service, hit by a series of corruption scandals involving its former and incumbent staff, cannot complete a self-purification drive, the Prime Minister’s Office is pushin
May 6, 2011
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Finance chiefs vow to bolster regional safety net
Korea, China, Japan agree to double regional emergency liquidity fundFinance ministers of South Korea, Japan and China on Wednesday vowed to strengthen the crisis prevention function of the current regional financial safety net of the Chiang Mai Initiative, their joint statement said.Gathered for an annual Asian Development Bank conference in Hanoi, Vietnam, the three finance chiefs also agreed to
May 4, 2011
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Seoul pushes benefit sharing for mutual growth
New scheme suggested as alternative to controversial ‘profit-sharing’ planThe government will encourage big businesses to share the benefits of cost reduction and technology development with their smaller subcontractors, as an alternative scheme after conglomerates blasted its controversial profit-sharing plan.The Ministry of Knowledge Economy said that sharing benefits would be a more viable opti
May 3, 2011
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Inflation slows on price control, fresh food supply
Consumer prices rise 4.2 percent on-year in AprilInflation in April slowed to 4.2 percent on-year, down from a 29-month high of 4.7 percent a month earlier on Seoul’s price controls and lower fresh food prices, a government report said Monday. The figure still exceeded the Bank of Korea’s inflation target of 2 to 4 percent for the fourth consecutive month but was slower than the 4.3 to 4.6 percent
May 2, 2011
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Package of tax, loan supports set for builders
Investors will also get tax benefitsThe government said Sunday it would extend tax benefits to real estate investors in the Seoul metropolitan area and widen financial support for local builders as a way of shoring up the sluggish housing market.In their joint statement, the Land Ministry, the Finance Ministry and the Financial Supervisory Commission said the government will urge banks to roll ove
Industry May 1, 2011
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Paralyzed Nonghyup banking system normalized
The nation’s largest banking network at Nonghyup has been normalized since Saturday after weeks of paralysis, which prosecutors suspect was caused by a cyber attack from North Korea.South Korea’s prosecution reportedly said they found evidence of break-ins by Internet Protocol addresses similar to that of the hacker hired by North Korea for the 2009 cyber attack of the presidential office Cheong W
May 1, 2011
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FSS to claw back insider savings bank withdrawals
The nation’s top financial watchdog said Wednesday that it will retrieve deposits withdrawn improperly at Busan Savings Bank right before the agency suspended its businesses.The Financial Supervisory Service took the action a day after President Lee Myung-bak ordered a thorough probe into allegations that relatives and friends of employees at some savings banks withdrew deposits on the eve their o
April 28, 2011
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Bioethics body approves first embryonic stem cell test
A clinical test using embryonic stem cells was approved for the first time in Korea on Wednesday. The National Bioethics Committee said it had approved CHA Bio & Diostech’s request to conduct a clinical test using embryonic stem cell in treating macular degeneration which can lead to sight loss. The test in particular will be conducted to prove the stem cells’ effect on Stargardt’s Macular Dystr
Technology April 27, 2011
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