The Ministry of Foreign Affairs and Trade will review the entire text of the Korean-language version of the Korea-EU Free Trade Agreement, and correct any errors found before the provisional session of the National Assembly scheduled to begin in April.“Review will take place over the next three weeks from today until the end of March,” Deputy Trade Minister Choi Seok-young said. “A temporary taskf

Hyundai family groups Thursday began 11 days of commemoration for the 10th anniversary of the death of founder Chung Ju-yung.The former Hyundai Group chairman is widely respected for his contribution to Korea’s emergence from a war-torn basket case to an industrial powerhouse. He died from complications brought on by pneumonia on March 21, 2001 at the age of 85 leaving behind a colossal business e

POSCO chief executive Chung Joon-yang was appointed as the co-chief of the Ministry of Gender Equality and Family’s expert forum on multicultural families, the steelmaker announced Thursday.Chung will head the forum with Chung-Ang University honorary professor Kim Yang-hee. Chung Joon-yangPOSCO said that Chung was selected as the co-chief of the forum, which consists of experts from concerned fiel

Germany-based industrial pump maker Wilo SE will invest $30 million in the Busan Jinhae Free Economic Zone, the BJFEZ Authority announced Wednesday.A memorandum of understanding for the investment was plan was signed by BJFEZ Authority commissioner Ha Myeng-keun and the German firm’s chief operating officer Holger Krasmann at Busan City Hall on Tuesday. Under the agreement, Wilo SE’s Korean arm Wi

The Ministry of Foreign Affairs and Trade came under fire for mistranslation of the free trade agreement with the European Union which was signed on Oct. 6, 2010.On Monday the ministry announced that it has agreed with the EU to correct yet more errors found in the Korean version of the agreement, less than two weeks after other mistakes were corrected.On Feb. 25, the ministry announced that mista

The world’s fourth largest steelmaker POSCO ranked highest among South Korean firms in the latest world’s most admired companies list from the U.S. business magazine Fortune.The rankings are based on an analysis of 667 companies from 32 nations that reviewed nine categories including financial stability, innovation and human resource management. With a score of 7.21, POSCO received the highest rat

RAYNE, Louisiana (AP) – Officials worked Sunday to get people back into their homes a day after a tornado ripped through this southwestern Louisiana town, killing a mother shielding her child from the fierce winds and leaving 12 hurt.Many of the 1,500 residents who had been evacuated were being allowed to return to their homes in this community about 70 miles (112 kilometers) west of Baton Rouge,

Sixty-two hard disc drive destructions were reported as of Sunday among an estimated 34,000 zombie computers mobilized to carry out massive cyber attacks on the web sites of South Korea's key government agencies and financial institutions on Friday and Saturday, government officials said.The web sites of about 30 government agencies and financial institutions came under a so-called "distributed de

Fresh off her first victory of the 2011 season, South Korean female golfer Park In-bee said she has her sight on a bigger goal.   "This year, I would like to be among the top 10 players of the world," Park said after winning the Daichi Orchid Ladies Golf Tournament in Okinawa over the weekend. It was the first event of the 2011 Japan LPGA Tour, and Park overcame a three-stroke deficit to win by th

President Lee Myung-bak said Monday that South Korea's military is diversifying its role and mission, from deterring war on the Korean Peninsula to peacekeeping, recovery and rescue work abroad."Our troops are emerging as a military that contributes to the world's peace beyond the protection of its fatherland and peace on the Korean Peninsula," Lee said in his biweekly radio address.He pointed out

President Lee Myung-bak is carefully considering using his veto power against a controversial revision to the political fund law passed by a parliamentary committee last week to practically legalize lobbying towards lawmakers, a ranking presidential aide said Monday.After failing to pass the revision through parliament due to strong opposition from the public at the end of last year, the National

Korean families’ spending on food rose to a record high last year due to surging prices of agricultural goods, government data showed Sunday. According to Statistics Korea, households’ average monthly expenditure on food came in at 602,604 won per month ($539) last year.Last year was the first time that the figure, which includes expenditure on groceries, beverages and eating out, rose above the 6

Toyota Korea is receiving pre-launch orders for the compact car Corolla from Monday. The Corolla, which holds the world sales record with more than 37 million units sold since the first generation Corolla was launched in 1966, will be introduced to the local market later in the month. CorollaAs part of the promotion event, the company opened a Facebook page for the vehicle, and is holding a prize

Volkswagen Korea is operating a free checkup campaign for the Phaeton and Passat sedans and the sport utility vehicle Touareg until March 25.During the period, owners of the three models registered before March 2008 can have their vehicles checked free of charge, and receive 10 percent discount on charges arising from any repairs that may be required.For more information, call Volkswagen customer

Hyundai Motor Co. launched the hatchback version of its subcompact Accent and added a diesel engine to the subcompact lineup on Wednesday.The new diesel engine, available in both Accent Wit and the original Accent, is a 1.6-liter engine that puts out 128 brake horsepower and manages 20 kilometers per liter of fuel with automatic transmission. With manual transmission, the vehicle manages 23.5 kilo

SK Network launched a black box application for smartphones Wednesday.The application allows smartphones to act as a black box, recording the surroundings of a vehicle. According to the company, the application allows more drivers to benefit from the functions of a black box without the additional cost of buying and installing such equipment.The application also provides the locations of SK gas st

Nissan Korea is offering a range of special deals, and holding a special test drive event until the end of the month.During the period, the company is offering lease financing programs with the Rogue crossover utility vehicle and the Altima sedan. RogueThe program requires 35 percent of the price to be paid up front, and monthly payments of 139,000 won ($124) for the Rogue, and 149,000 won for the

Honda Korea is offering a range of discount and free equipment packages with its vehicles until the end of the month.With the Accord, the company is offering a navigation system and rear-view camera, 1 million won ($895) discount and coverage for the 2 percent acquisition tax. AccordThose purchasing the Civic are given a choice between 4 million won discount, 36-month interest free installment pro

Renault SA will begin selling low- cost cars online to defend its leadership of Europe’s surging budget-vehicle market against rival offerings including a new brand being developed by PSA Peugeot Citroen.Dacia, Renault’s no-frills badge, will experiment with an Internet sales program in Europe to prepare a wider rollout in the region next year, Gerard Detourbet, head of the company’s low-cost Entr

The A6 from VW’s luxury brand undercuts prices of rivals in high-end sedan segmentVolkswagen AG’s Audi luxury brand will target executives with a revamped A6 sedan to increase sales and lure customers from BMW and Daimler AGat the more expensive end of the product range.“The A6 is the epitome of the top-of-the-range sedan,” development chief Michael Dick said in an interview. “I’m convinced it wil