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S. Korea hopes to strike free trade deal with EU within one year
The top South Korean negotiator in free trade talks with the European Union said Friday he hopes to reach an agreement within one year although no official deadline has been set, with the first round of negotiations scheduled to start next week. "As a chief negotiator for South Korea, I would like to conclude a deal within one year, while the EU side just wants to wrap up negotiations as soon as possible," Deputy Foreign Affairs and Trade Minister Kim Han-soo told reporters.
Kim said he expected a "good" agreement to be sealed in negotiations with the 27-member economic bloc. South Korea, Asia's third-largest economy, and the EU will hold their first round of negotiations in Seoul from Monday for five days, with five or six rounds of negotiations planned, the ministry said. On Sunday, South Korean Trade Minister Kim Hyun-chong and EU Trade Commissioner Peter Mandelson will formally announce the start of talks in Seoul.
For about a year, South Korea and the EU have held preliminary talks for the negotiations. Two-way annual trade is worth around US$79 billion, putting the EU on equal footing with the United States as South Korea's biggest trading partner after China. "A free trade agreement with the EU will provide important economic and strategic benefits to South Korean companies," Kim said. One of the key negotiating issues for South Korea will be tariff reductions on electronic and mechanical parts, in a possible move to reduce trade deficits with Japan, the chief negotiator said. "We would like to see Korean companies buying parts at a cheaper price," Kim said.
South Korea and the EU are expected to sign a deal that is "one notch higher" than the level of an agreement between the EU and Chile, Kim said. The EU's economy was valued at $13.5 trillion in 2005, according to the ministry data, compared with South Korea's $788 billion economy. If a deal is reached, it would increase South Korea's economy by 2.02 percent in the short term, the ministry said, citing a report by the state-run Korea Institute for International Economic Policy.
Indonesia and South Korea to cooperate in EPA farmework
Members of the Indonesian delegation at the Asian Deveolpment Bank (ADB)`s 40th annual conference here on Friday focused its attention on cooperation in energy, investment and trade in a bilateral meeting with South Korea, the country`s delegation spokesman Anggito Abimanyu saie here on Friday. He said Indonesia would hold a meeting with Japan, China, Australia, the United States and South Korea to implement cooperation in the framework of Economic Partnership Agreement (EPA).
The Economic Partnership Agreement is a bilateral cooperation in the field of trade, investment, industry, and energy which was initiated by Indonesia following President Susilo Bambang Yudhoyono`s decision to dissolve Consultative Group on Indonesia (CGI) early this year. Meanwhile, Energy and Mineral Resources Minister Purnomo Yusgiantoro said in Jakarta early this week that Indonesia and South Korea have agreed to set up an energy forum to step up energy cooperation between the two countries. In the meeting between Purnomo and Kim Young-ju, three memoranda of understanding (MoU) in the field of mining and oil/gas were signed.
S. Korea to seize assets of colonial collaborators
The South Korean government announced Wednesday its first-ever plan to seize assets gained by alleged collaborators during Japan's colonial rule. South Korea will confiscate 3.6 billion won ($ 3.9 million) worth of land from the descendants of nine alleged collaborators who worked for Japan during its 1910-1945 colonial rule of the Korean Peninsula, a presidential committee said in a statement.
The property owners can file a lawsuit to contest the government decision, the committee said. Committee head Kim Chang Kuk said in a statement that the seizures, the first of more to come, would enable South Korea "to recover our people's dignity that was violated by Japanese imperialism and those involved in pro-Japanese and antinationalistic acts."
Skywalkers in Korea Cross Han Solo
They came from all over the world, poles in hand, and feet ready to inch more than half a mile across a high wire strung over the Han River in a spine-tingling battle of balance, speed and high anxiety. As part of its annual city festival, the South Korean capital staged Thursday what was billed as the world's first high-wire championship, drawing 18 contestants from nine countries for three days of supreme feats of concentration.
Each acrobat must navigate the 1.2-inch-thick wire that spans the river, with the top prize of $15,000 going to the person crossing it fastest.
The contestants _ 14 men and four women _ include such masters of the high wire as Jade Kindar-Martin of Shelburne, Vt., a former Cirque du Soleil performer who once crossed London's River Thames at a height of 150 feet, and Colombia's Alan Martinez, who ambled across the Amazon.
They will face Adili Wuxiuer of China _ the world record-holder for distance who walked on a wire nearly a half-mile across the Chongqing Cliff at a height of 2,250 feet in 2003.
Organizers in Seoul said stringing the wire across the Han made it the longest-ever such high wire, meaning anyone making it across will break the record for distance. The iron cable was supported by 72-foot-high towers on either bank of the river. A safety net was deployed under the sections of the wire over the riverbanks; otherwise the walkers faced a plunge into the swirling gray water.
Alexey Marchenko of Russia (vidi sliku) was one of two competitors who lost his balance and fell into the river Thursday with only 164 feet to go. Some in the crowd screamed as he splashed loudly into the Han, followed about a second later by his pole.
Damp and disqualified, Marchenko appeared unhurt as he chatted with rescuers in a motor boat that had scooped him from the water. All the contestants wore life vests.
Thursday's first competitor _ Kwon Won-tae of South Korea _ glided across the wire to the cheers and applause of hundreds of people on each bank of the river that bisects Seoul. Kwon, a famous tightrope walker in South Korea, flinched when his balance was disrupted by the wind and birds before completing the walk in 17 minutes and 7 seconds.
South Korea has a tradition of tightrope walking going back centuries, but the skill has recently experienced a renaissance after last year's hit film "King and the Clown," which featured a troupe of entertainers who became court jesters. In the movie, Kwon was a stand-in for the lead actor in tightrope walking scenes.
The winner of the competition will be announced Saturday.
North Korea to debut liqour in U.S. next month
A traditional North Korean liquor that is clear and tastes smoother and sweeter than vodka is expected to hit the U.S. market as early as next month, a news report said Thursday. A New York-based Korean-American trader is importing the traditional Korean liquor called soju from communist North Korea for the first time, Yonhap news agency reported, citing the importer, Park Il U.
The report said the U.S. government has approved the import and the first shipment of Pyongyang Soju left North Korea last month. It is expected to arrive in the U.S. later this month and could be available in American stores next month, the report said.
S.Korea Kia Q1 swings to loss on weaker sales
Kia Motors Corp. (000270.KS: Quote, Profile, Research, South Korea's No.2 auto maker, posted a quarterly loss for a third consecutive quarter, hit by weaker sales, higher marketing expenses, costlier raw materials and a firmer won.
Kia, an affiliate of South Korea's top auto maker Hyundai Motor Co. (005380.KS: Quote, Profile, Research, reported a net loss of 30.6 billion won ($33.02 million) in the first quarter, compared to a 38.4 billion won profit a year ago and a 214 million won loss in the previous quarter.
Roh invites Putin to S. Korea
South Korean President Roh Moo-hyun wants to meet Russian President Vladimir Putin to discuss linking the Korean peninsula to the trans-Siberian railway. Roh recently sent a personal letter to his Russian counterpart, asking him to visit South Korea for discussions on closer economic cooperation, Roh's office said Thursday.
The presidential office declined to disclose the content of the letter, but according to local media, Roh wants to discuss linking the inter-Korean rail network to the trans-Siberian railway at the proposed summit. South and North Korea have agreed to reconnect the cross-border railway that was severed during the 1950-53 Korean War. The cross-border railway will reconnect the two Koreas' capitals and proceed on to Sinuiju, a major industrial city on North Korea's border with China. It will connect to China, Mongolia and eventually Russia's trans-Siberian railway, through which South Korea could deliver products to Europe.
S. Korea's imported car sales jump 30.2 pct in April
Sales of imported cars in South Korea jumped 30.2 percent from a year ago to 4,145 units in April, driven by the introduction of new models, an industry association said Friday.
A total of 16,496 imported cars were sold in the country in the January-April period, up 27.4 percent from a year earlier, according to the association. On Wednesday, South Korea's five automakers, led by Hyundai Motor Co., reported that their combined domestic sales rose 14.7 percent on-year to 456,310 units in April. Japanese automaker Honda Motor Co. took the top spot in South Korea's imported auto market in April with 616 units sold, followed by BMW with 616 units and Toyota Motors Corp. with 604 units.
"Spider-Man 3" Scores Biggest Opening Day Grosses In South Korea And Japan
Many in the U.S. are anxiously awaiting the new release of "Spider-Man 3," but in Asia the web-slinging comic flick has already turned into an overnight box office hit. The film, which features Tobey Maguire and Kirsten Dunst in their reprising lead roles, scored record breaking numbers during its first day opening in Japan and South Korea. On opening day Tuesday, "Spider-Man 3" raked in $3.4 million in South Korea and a slightly higher amount in Japan, with $3.5 million.
The Associated Press reports the film proved to be the biggest opening in both South Korea and Hong Kong. It has also smashed other record-breaking numbers, such as biggest single day grossing, in Singapore, Thailand and Malaysia.
S. Korea to build world's largest tidal power station on Ganghwa sland
South Korea's Incheon City said Thursday that it plans to build the world's largest tidal power station on Ganghwa Island by 2014. The project calls for connecting four islands in Gyeonggi Bay with seawalls and installing 32 electric generators for a total output of 812 megawatts, three times the capacity of the Rance tidal power station in northern France, the current title holder in the field.
The generators make electric power by using the difference in water levels during high and low tide, which can reach a maximum of 9.6 meters. On average, the difference is about 6-7.6 meters. The four islands are Ganghwa, Gyodong, Seogeom and Seongmo.
Incheon, located 80 kilometers west of Seoul, said construction will cost 1.77 trillion won (US$1.90 billion). The port city has signed a memorandum of understanding with Korea Midland Power Co. and a consortium led by Daewoo Engineering and Construction Co. to build the power facility. Incheon said once commercial generation starts in 2015, it can provide 8.4 percent of the annual electric power used by the city, currently 18,165 gigawatt-hours. The electricity can power 400,000 of the 930,000 homes in the city, equivalent to burning 320,000 tons of heavy oil.
Popular TV drama sheds light on social stigma attached to AIDS in South Korea
A new TV soap opera is gaining popularity in South Korea with the tear-jerking tale of an 8-year-old girl infected by the virus that causes AIDS, a disease that still invites more ostracism than sympathy here. The MBC network show "Thank You" has been winning top ratings in its time slot with the story of a young HIV carrier, a rare topic for South Korean dramas that typically focus on forbidden love or secret love affairs.
Since its premiere in March, the show's viewership across the country steadily rose to reach 18.5 percent of viewers last Thursday, according to AGB Nielsen Media Research. In the show, the child Lee Bom becomes infected with HIV through a blood transfusion. When villagers find out she has the virus they pressure Bom and her family, her single mom and great-grandfather suffering from Alzheimer's, to leave the small island village. They fear, out of ignorance, that they will also get infected for just being near her.
The portrayal of the strong stigma attached to AIDS reflects low awareness of the disease in South Korea, where AIDS is becoming increasingly a social issue even though the rate of the disease's spread here is relatively low. "People's knowledge of the disease has increased, but discrimination and prejudice against HIV carriers and AIDS patients are still very strong and widespread," said Kim Hoon-soo, executive director at the Korea Confederation for HIV-AIDS Prevention. "This is not something that can be changed overnight."
S. Korea, S. Africa agree to widen cooperation in IT
President Roh Moo-hyun on Thursday met with visiting South African Vice President Phumzile Mlambo-Ngcuka at his office Cheong Wa Dae and agreed to deepen bilateral relations in information technology and atomic power plants, Roh's spokesman said.
"Roh expressed a wish to expand cooperation with South Africa in the IT and atomic power sectors after positively evaluating the development in bilateral relations and explaining South Korea's experiences in IT development," Cheon Ho-seon said.
Cell Phone Market in South Korea Faces a Bang
Prices of cell phones are likely to reach a record low over the coming weeks in South Korea as mobile operators are vying among themselves to sign up a greater number of subscribers.
In a country where cell phone purchase is subsidized, the mobile market is shrinking and operators are finding themselves taking part in a rat race. “Those who want to buy cellular phones are likely to take action this month with Korea's mobile operators ready to open up their wallets in a bid to sign up new subscribers,” the newspaper reported.
South Korea’s cell phone makers announced Tuesday that the domestic market had shrunk to 1.76 million units in April, down 11.6 percent from the month of March.
Post je objavljen 04.05.2007. u 11:33 sati.