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Foreign exchange reserves...rebound on less intervention

Nov 2, 2011

The central bank’s stockpile of foreign exchange reserves rebounded in October, indicating it poured in less money to tame currency volatilities amid deepening sovereign debt crisis in Europe. Data released by the Bank of Korea Wednesday said its foreign exchange reserves posted the largest monthly gain in six months to $310.98 billion in October on higher returns from investments. The bank said...
Scientists detect new toxic plankton off Jeju

IndustryNov 2, 2011

A group of scientists in a government-led project have found four new types of toxic microorganism in the waters off Jeju Island. They say their appearance could be evidence of the long-term rise in ocean temperatures here. Two of them produce palytoxin, one of the deadliest toxins known to humans, the Ministry of Maritime Affairs said Wednesday. One gram of palytoxin can kill about 170 million...
Lee, Medvedev vow to cooperate for gas pipeline venture

PoliticsNov 2, 2011

President Lee Myung-bak and Russian President Dmitry Medvedev agreed during their summit talks Wednesday in St. Petersburg to closely cooperate to pipe Siberian natural gas to South Korea via North Korea. “The two leaders agreed that if carried out successfully, the project to import Russian natural gas will bring economic benefits for all three countries,” Lee’s office said in a press release. ...
Foreign investors buy Korean stocks, bonds in October

Nov 2, 2011

Foreigners snapped up around 2.63 trillion won ($2.33 billion) worth of South Korean equities and debts in October amid softening concerns over a global financial meltdown, data showed Wednesday. Overseas investors picked up a net 1.04 trillion won of equities, raising their share holdings to 367.87 trillion won as of October, compared with 339.1 trillion won in the previous month, according to ...
New moderate labor body launched

Social affairsNov 2, 2011

A new labor umbrella group submitted documents to register with the Labor Ministry on Wednesday, officials at the ministry and the labor group said. “The ministry will review its constitution and other papers for any violation of labor rules. The new group will be given the green light within three days, if no problems are found,” a ministry official said. The Korea Trade Unions Confederation w...
Military recruitment agency offers counseling for overseas Koreans

DefenseNov 2, 2011

The state military recruitment agency is offering counseling on conscription procedures for overseas Korean men during the annual World Korean Business Convention in Busan this week, officials said Wednesday. The Military Manpower Administration is running a booth in BEXCO in the southeastern port city until Friday to introduce a system under which those with foreign permanent residency can appl...
Pop a cork with a New York state of mind

Food&BeverageNov 2, 2011

ALBANY, New York (AP) ― When Billy Joel sang about “a bottle of white, a bottle of red” 40 years ago, the Long Island native probably wasn’t in a New York state of mind. But the wine universe is growing and changing, and today New York regularly tangles with Washington state in a two-coast tussle to maintain the No. 2 spot in behind California for domestic wine production. And it’s not just abo...
Freecycle network grows globally in bad economy

PeopleNov 2, 2011

NEW YORK (AP) ― Offer. Wanted. Taken. With those three words, Deron Beal of Tucson, Arizona, helped move the yard sale online, only with no money changing hands. Beal is the founder of The Freecycle Network, or Freecycle.org. It’s a grassroots gifting network that ― thanks to the sour economy and a growing commitment to the environment ― has transformed into a global movement of millions offeri...
U.S. manufacturing growth slowed slightly in Oct.

World BusinessNov 2, 2011

WASHINGTON (AP) ― U.S. manufacturing growth slowed slightly in October, hampered by weaker demand for exports and slower production at factories. But companies ordered more goods and factories slashed their stockpiles, trends that suggest activity could rebound in coming months. The Institute for Supply Management said Tuesday that its manufacturing index dropped to 50.8, down from 51.6 in Sept...
Freak weather likely to get way more wild

World NewsNov 2, 2011

Experts say extreme weather will increase; possibly linked to global warming WASHINGTON (AP) ― For a world already weary of weather catastrophes, the latest warning from top climate scientists paints a grim future: More floods, more heat waves, more droughts and greater costs to deal with them. A draft summary of an international scientific report obtained by the Associated Press says the extre...
Hite Jinro’s soju, beer exports to hit record high

IndustryNov 2, 2011

Hite Jinro Co., South Korea’s No. 1 beer and soju producer, said Wednesday that its exports will reach a new record high in 2011 thanks to strong overseas demand. In the first nine months of this year, exports surged 30.3 percent to reach $107.15 million, surpassing the previous record of $107.08 million shipped out for the whole of last year, the company said. Sales of soju, a Korean distilled...
Glow and shine in less than 30 minutes

TheaterNov 2, 2011

Quick makeup services allure budget-conscious women to get more for the money Dropping by a salon to get a touchup on your makeup and hair before brunch is no longer a luxury reserved for celebrities and the well-off. Makeup salons offering quick and reasonably priced makeup and hair services are emerging to attract beauty-conscious women who are reluctant to spend time and money on more up-mar...
Kia Motors to build 3rd plant in China

TransportNov 2, 2011

Kia Motors Corp., South Korea’s No. 2 automaker, signed an investment contract on Wednesday to build a new Chinese assembly plant in an effort to better meet demand growth in the world’s largest car market. The deal calls for the Kia plant, which will be the third in the country, to be built by the second half of 2014 and have an annual production capacity of 300,000 cars. This output will comp...
Foreign IBs cut 2012 growth outlook for Korean economy

Nov 2, 2011

Major foreign investment banks slashed their growth projections for the South Korean economy next year to an average of 3.8 percent, saying the global economic slowdown will hit the country’s export growth, data showed Wednesday. The growth outlook was downgraded from an average of 3.9 percent estimated in October by 10 foreign investment banks including Barclays Capital, according to data compi...
Korean official named to senior post at U.N. IPR agency

Nov 2, 2011

GENEVA (Yonhap News) -- A South Korean government official has been nominated for a senior position in the World Intellectual Property Organization, becoming the first Korean to rise to the agency’s higher echelon, the country’s representative here said Wednesday. Kim Jong-an, 52, a former trademark examiner of the Intellectual Property Tribunal of Korea, was nominated to be the director for the...