Korea sees high chance for Turkey atomic power deal

Minister of Knowledge Economy Choi Kyung-hwan expressed confidence Thursday that Korea will win an atomic power plant order in Turkey by the end of the year. 

He said the Turkey and Korea plan to have a private negotiation, instead of an open bid, for the project to build nuclear reactors in the northern region of Sinop.

“We see strong possibilities,” Choi told reporters after meeting with Turkish Energy Minister Taner Yildiz in Ankara. “We don’t see any competition because this would be a negotiated contract.”

Minister of Knowledge Economy Choi Kyung-hwan (right) meets with Turkish Energy Minister Taner Yildiz in Ankara on Thursday. Ministry of Knowledge Economy

Gold prices flying high

According to the Korea Jewelers Association, the wholesale price of 1 don (3.75 grams) of pure gold rose to 196,000 won, more than 20 percent higher than the price a year ago. The retail price of the precious metal broke past the 200,000-won bar, standing at 208,000 won. Don is a unit used in Korea to measure gold.　

That means a pure gold ring of one don, which is a common present for a baby at its first birthday, could easily cost about 210,000 won to 220,000 won. 

High-flying gold prices are scaring off customers from buying gold products, jewelry shops said. 

“So few customers are shopping for gold products, whereas the number of those seeking to liquidate what they have is increasing,” said a jewelry shop owner in Jongno, Seoul. 

BOK edging closer to rate hike

Key interest rate unchanged for 16th month 

The Bank of Korea froze the benchmark interest rate for another month Thursday, but hinted that it was moving closer to a hike in order to rein in inflation. 

“We’re keeping a close tab (on prices,) as upward inflationary pressure is expected to grow in the second half of this year,” BOK Governor Kim Choong-soo told reporters after a monetary policy board meeting. 

Bank of Korea Governor Kim Choong-soo The Korea Herald

Korea takes steps to stem capital flows

The government plans to limit the currency forward trades by domestic and foreign banks in Korea to reduce volatility in the currency market, officials said Sunday.

It will also more strictly regulate the use of foreign currency loans drawn by domestic firms and enhance the monitoring of foreign currency liquidity rates.  

Vice Finance Minister Yim Jong-ryong speaks during a press briefing in Gwacheon on Sunday. (Yonhap)

Pomers’ 1st trip as honorary consul of Korea

Dzintars Pomers Honorary Consul of Korea to Latvia

A man in charge of promoting Korea in Latvia was in Korea for the first time, finding out about the country he represents.

“The most important information I received was that Koreans love their work and they do it professionally as well,” Dzintars Pomers, honorary consul of Korea to Latvia, said in a recent e-mail interview.

The week-long trip took place in May, organized by the Korea Foundation, a government affiliate that aims at promoting Korean culture abroad.

Pomers now works as a project manager at construction firm SIA ACB. He has been a civil engineer for most of his career at Riga International Airport and SIA Lido, another construction firm. He has held the honorary consul position for five years now.

More Koreans value family over work

In its report on a Korean’s 24- hour schedule Sunday, the LG Economic Research Institute (LGERI) summarized “Koreans’ lifestyle” with seven keywords .

family, health, solitude, share of housework, decrease of media exposure, online amusement and routine life.


Family 

According to the report, the amount of time spent at home during the weekdays in 1999 was 14 hours and 8 minutes, which was nearly the same 10 years later at 14 hours and 11 minutes in 2009.

However, the gap widened during the weekends, as an average of 15 hours and 54 minutes were spent at home last year, 67 minutes longer than a decade ago.

It is widely believed that a stronger family-oriented attitude has arisen due to a five-day workweek, which has enabled people to spend more time going out.


Health 


The economic development has steadily increased people’s interest in healthcare and it is clearly shown in the study.

They are spending more time paying attention to personal health from 40 minutes in 1999 to 57 mOnline amusementinutes in 2009. The increase was attributed to the well-being trend.


Solitude 


A growing number of Koreans spend more time developing or refreshing themselves rather than building social networks.

Koreans spent 4 hours and 42 minutes meeting friends and on leisure activities in 1999, but this fell to 4 hours and 30 minutes in 2009.

Share of housework Rising dual-income families reduced the amount of time women worked inside the home.

Men recorded an average of 1 hour and 4 minutes of household chores in 2009, a slight hike from 59 minutes in 1999, while women saw their time sharply drop by 24 minutes during the same span.

The percentage also shows that the assignment of duties has altered, as 43.9 percent of men do housework in 2009, compared to 37.3 percent in 1999.


Less media exposure 


The overall time using media, including television, newspaper, magazine, radio and CD/MP3, decreased from 2 hours and 35 minutes to 2 hours and 26 minutes.

Among twenty-somethings, interest in media, the hours of media usage decreased by 14 minutes from 2 hours and 21 minutes in 1999 to 2 hours and 7 minutes in 2009.


Online amusement 


With the decline of media exposure, people moved to online territory, including Internet surfing, online shopping, blogging and games.


30s and 40s trapped in routine 


Those in their 30’s and 40’s focus on daily routines, such as taking care of the family, making money and commuting.

As a matter of fact, they spent the least amount of time on leisure activities at 3 hours and 38 minutes among all ages.

In addition, they also ranked the lowest in such categories as personal management, volunteering and interaction.

Tasting Apple's bitter fruit

The iPhone 4, below, is the year’s mostanticipated smartphone model, but SK Telecom CEO Jung Man-won, above, wants no part of the device, expressing confidence that the carrier’s wealth in phones powered by the Google-backed Android operating system, including Samsung Electronics’ Galaxy S, will be enough to weather the Apple onslaught. / Korea Times file

SK Telecom slams Apple over after-service, belittles iPhone 4


Conflicts between Korea’s top mobile carrier SK Telecom and Apple are reaching a peak after the SK chief executive officially asked the iPhone maker to ameliorate its inadequate after-sales policies.

"Unless Apple implements improved after-sales policies, SK Telecom's elimination of iPhones will continue," CEO Jung Man-won told reporters at an industry forum held in downtown Seoul, last week.

The request at the CEO-level of a certain company for the changes in consumer policies to suit Korean customers is the first since the iPhone arrival, here, late last year. 

"An improved after-sales service is the top pre-condition for SK Telecom to negotiate with Apple. Because we feel a greater responsibility to deal with service-related issues as the nation's top carrier, SK Telecom's next-step will follow up on the situation," according to the executive.

Seoul hits foreign banks with new FX regulations

The government announced a set of tight measures on foreign exchange control Sunday, in a bid to ease heavy volatility on the local financial market.

The introduction of the new regulations will effectively give Korean banks some $18 billion of foreign banks’ business. The government also expects that tightened regulations on currency forward transactions will help stabilize the local currency market by curbing sudden cross-border capital flows and discouraging firms from making speculative bets on exchange rates.

2-0 win over Greece but tough road ahead

South Korean supporters, nicknamed the Red Devils, cheer for their team during the first Group B match against Greece at Nelson Mandela Bay Stadium in Port Elizabeth, Saturday. / Korea Times

In a surprise to a lot of experts _ and a refutation of the odds against South Korea as well _ the national team claimed a comfortable 2-0 win over Greece in its opening match. Its goal of getting through the first round, however, still remains open ended with the manager having to come up with tactics to deal with Argentina and Nigeria.

UNSC likely to settle for presidential statement on Cheonan

The United Nations will not completely commit to South Korea's bid to mete out full sanctions against North Korea for the sinking of a South Korean warship due to China's reluctance, Yonhap news agency said on Saturday.

"It's going to be difficult, probably impossible, to get a resolution in the U.N. Security Council," Yonhap reported, quoting Douglas H. Paal, vice president at the Carnegie Endowment for International Peace, as saying in organization's website.

"My judgment is China will be unable to support a resolution condemning North Korea. There could be a presidential statement as, when the five major powers in the council don't agree to support action, a statement by the president can condemn something, in this case the sinking of the ship," he said.

Pastor visits N. Korea without permission

Pastor Han

A progressive South Korean pastor entered North Korean territory Saturday without prior approval from the South Korean government after his previous efforts to gain legal permission to visit the North went in vain. 

The Ministry of Unification confirmed that it hadn't issue a visa for Pastor Han Sang-ryul, adding if it is confirmed that he visited the North, he will be brought to justice on charges of violating the inter-Korean cooperation law once he returns to Seoul.

Han's illegal visit to the communist country came while tension on the Korean Peninsula is escalating. 

Lee to speak today on post-election strategy

President Lee

President Lee Myung-bak will deliver a nationally televised address Monday to outline his plan to reshuffle the Cabinet and the presidential staff, Cheong Wa Dae said Sunday.

In the speech, which will be broadcast live at major television networks, Lee may also call for unity of the governing camp and unveil his position on the Grand National Party’s unexpected defeat in the June 2 local elections.

Sources say he may replace some of his secretaries early next month in a bid to address the deepening feud inside the ruling camp following the upset.

Red Devils roar, once again!

The entire nation went wild Saturday night as South Korea trounced Greece 2-0 in its first match of this year's World Cup. Undaunted by rain, more than 1 million supporters ㅡ famously known as the "Red Devils" in iconic red jerseys and bedecked with lit-up plastic horns ㅡ went out to the streets to root for the national team in front of giant TV screens nationwide.

The outdoor rallying was a repeat of the 2002 Korea/Japan World Cup when Korea reached the semifinals. They went into a frenzy at each goal and their celebrations continued overnight.