Chinese Students in Korea Make Money from Korean Wave

Chinese students in Korea are less likely than their counterparts from other countries to work in low-grade jobs in convenience stores or waiting tables to pay their tuition. Instead they provide shopping services, work as tour guides or advertise Korean goods among Chinese buyers.

The easiest way for Chinese students to make money here is to shop for buyers back in China. They buy Korean cosmetics 60-70 percent cheaper in wholesale markets and send them to acquaintances in China.

Foreigners can register as business operators if they buy more than W500,000 (US$1=W1,112) worth of goods in their first transaction. Once registered, they can still buy smaller quantities at wholesale prices.

They can make profit margins of up to 60 percent if they buy goods here and sell them in China at list prices.

Bilingual speakers of Chinese and Korean can also make decent money as tour guides due to a surge in demand from growing numbers of Chinese tourists. "Chinese students are highly trusted by Chinese tourists," a tour operator said.

Some make money from online advertising for Korean culture and products as the Chinese market grows. Companies and regional governments are hiring Chinese students as their marketers to promote their products or local goods on Chinese social media like Weibo.

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Korea, U.S. Keep Tussling Over Civilian Nuclear Energy

An agreement between Seoul and Washington allowing Korea to enrich uranium and reprocess spent fuel rods that are piling up in storage is unlikely before the end of the year. Both sides had aimed at an agreement within this year but were unable to narrow their differences.

Gaining permission to enrich uranium and reprocess the masses of spent fuel rods has been the main goal of the government in more than four years of negotiations with the U.S.

A 1974 nuclear energy pact between Korea and the U.S. bans Korea from enriching uranium and reprocessing its own spent nuclear fuel.

The two sides planned their final round of talks this year on Wednesday and Thursday, and Korea's chief negotiator left for Washington on Tuesday. But a government source said, "The differences won’t be resolved this time, and there is no time for another round of talks within this year."

A senior government official told reporters in Washington, "The timing of the agreement is important, but the content of the pact is more important. We're not going to race against the clock but try our best to ensure that a solid and future-oriented deal is made."

The official said the talks were at the stage of ironing out "a few remaining issues."

Seoul and Washington had been in talks since 2010 to revise the 1974 agreement, which expired in March this year. But they two sides extended the deal until March 2016 due to difficulties narrowing differences.

An agreement must be reached early next year considering the time it will take for parliaments on both sides to ratify the deal. A government official said, "We don't have much time left."

The two sides have agreed on the main framework and were optimistic that a deal could be announced within this year. But mounting public criticism over some details slowed them down.

One diplomatic source said, "The deal is very complicated and it's important to gain public support, which was thought unlikely in its present form."

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Art Garfunkel to Stop in Korea on World Tour

Art Garfunkel of folk duo Simon and Garfunkel will hold his first concert here on Feb. 14 next year.

The group gained huge popularity worldwide in the 1960s and 70s.

Art Garfunkel (left) and Paul Simon

Garfunkel was off the stage for some time due to vocal problems, but they were resolved through painful rehabilitation.

Now, at 73, he is on a world tour which includes three shows in Korea, six in Europe and multi-night runs in the U.S. cities of Vienna, Pittsburgh and Niagara Falls.

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Korea Falls to Record Low in FIFA Rankings

Korea dropped three spots to No. 69 in the FIFA world rankings released on Thursday. It gained 481 ranking points, 15 points less than the previous month, to rank 3rd among Asian countries.

Japan was the highest-ranked Asian country at 53rd with 563 points, followed by Iran at 56th (547 points).

Oman, Australia and Kuwait, which are in the same group as Korea at the AFC Asian Cup in 2015, were 96th, 102nd and 123rd, respectively.

The top six nations were unchanged from last month. Germany, the winner of the 2014 World Cup in Brazil, was No. 1, followed by Argentina, Colombia, Belgium, the Netherlands and Brazil.

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$285,000 Range Rover Goes on Sale in Korea

British luxury carmaker Land Rover on Wednesday launched the most expensive SUV ever sold in Korea. The long-wheelbase Range Rover Autobiography Black costs a cool W268.2 million (US$1=W1,108).

Since the SUV targets customers who can afford a driver, Land Rover went to extra lengths to ensure that the passenger seats are top quality.

The rear seats tilt back up to 17 degrees and come with leg rests and massage functions. They also have 10.2-inch infotainment screens and retractable walnut tray tables.

The Range Rover Autobiography Black /Courtesy of Land Rover Korea

The Autobiography Black is equipped with a 5 liter V8 engine that delivers up to 510 horsepower and can allegedly accelerate from 0 to 100 km in just 5.8 seconds. The entire car is built from aluminum to make it lighter.

According to the Korea Automobile Importers and Distributors Association, the most expensive SUV until now was the Range Rover Autobiography, which cost W214.3 million. The Mercedes Benz G63 AMG (W204 million) and Porsche Cayenne Turbo S (W177.3 million) come next.

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Korea 'Caught in Tug-of-War Between U.S., China'

U.S. officials are worried that Korea and China are getting too close, but the high-wire diplomacy required of Seoul also offers opportunities, the Wall Street Journal said Wednesday.

An article on the front page headlined "South Korea Looks to Propser in China While Staying Close to U.S.," it says Seoul is now "into a diplomatic balancing act" between the U.S. and China.

The daily cited diplomatic conflict over the U.S. missile defense program as a prominent example. "The U.S. is portraying the Terminal High-Altitude Area Defense battery as a deterrent against North Korea, a nuclear-armed rogue state. South Korea, though, hasn't publicly supported the deployment, aware that Beijing, Pyongyang's patron, opposes it."

A free trade agreement Seoul and Beijing signed recently is "a cornerstone of the new friendship." But South Korea "isn't formally part of the talks the U.S. is pushing" for the Trans-Pacific Partnership, "in part because they exclude China."

"Sometimes it's very difficult for the Korean government to choose a policy," the daily quoted Deputy Finance Minister Jeong Eun-bo as saying.

The improvement in bilateral relations is reflected in South Korea's increasing investment in China, export volumes and number of students studying there.

"South Korean businesses poured $3.2 billion into China-based factories through end-September, up a third on the previous year... Last year, China accounted for a quarter of South Korea's $560 billion in total exports," the daily wrote. "Today, there are almost as many South Korean students enrolled at colleges in China as in the U.S."

In contrast, "the U.S. share stood at 11 percent, down from around 40 percent in the 1980s," it added.

"The Korean slant toward China is viewed by some as reducing the influence of America here," the daily quoted Jeffrey Jones, an American lawyer at Kim & Chang, a Seoul-based law firm, as saying.

But South Korea is also irritating China in the security sector. "China is our single most important economic partner. But we can’t weaken U.S. security ties," it quoted an official as saying.

When China announced an air defense identification zone over the East China Sea, South Korea stood up to it by expanding its own air defense zone. And South Korea agreed to sell the Philippines, which is in a territorial dispute with China, FA-50 fighter jets.

But South Korea could turn this tug-of-war between the bigger powers to its own advantage, the daily added.

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Korea Accounts for 40% of FDI in Vietnam This Year

Korean firms have invested nearly US$7 billion in Vietnam this year, according to media there. That accounts for about 40 percent of all foreign direct investment.

Singapore and Japan are also major investors after Korea.

The influx of investments seems to be attributed to tax benefits provided by the local and central governments there as well as cheaper labor compared to main rival China.

View the original article here

Korea Accounts for 40% of FDI in Vietnam This Year

Korean firms have invested nearly US$7 billion in Vietnam this year, according to media there. That accounts for about 40 percent of all foreign direct investment.

Singapore and Japan are also major investors after Korea.

The influx of investments seems to be attributed to tax benefits provided by the local and central governments there as well as cheaper labor compared to main rival China.

View the original article here

Korea Falls to Record Low in FIFA Rankings

Korea dropped three spots to No. 69 in the FIFA world rankings released on Thursday. It gained 481 ranking points, 15 points less than the previous month, to rank 3rd among Asian countries.

Japan was the highest-ranked Asian country at 53rd with 563 points, followed by Iran at 56th (547 points).

Oman, Australia and Kuwait, which are in the same group as Korea at the AFC Asian Cup in 2015, were 96th, 102nd and 123rd, respectively.

The top six nations were unchanged from last month. Germany, the winner of the 2014 World Cup in Brazil, was No. 1, followed by Argentina, Colombia, Belgium, the Netherlands and Brazil.

View the original article here

Korea Falls to Record Low in FIFA Rankings

Korea dropped three spots to No. 69 in the FIFA world rankings released on Thursday. It gained 481 ranking points, 15 points less than the previous month, to rank 3rd among Asian countries.

Japan was the highest-ranked Asian country at 53rd with 563 points, followed by Iran at 56th (547 points).

Oman, Australia and Kuwait, which are in the same group as Korea at the AFC Asian Cup in 2015, were 96th, 102nd and 123rd, respectively.

The top six nations were unchanged from last month. Germany, the winner of the 2014 World Cup in Brazil, was No. 1, followed by Argentina, Colombia, Belgium, the Netherlands and Brazil.

View the original article here

Korea 'Caught in Tug-of-War Between U.S., China'

U.S. officials are worried that Korea and China are getting too close, but the high-wire diplomacy required of Seoul also offers opportunities, the Wall Street Journal said Wednesday.

An article on the front page headlined "South Korea Looks to Propser in China While Staying Close to U.S.," it says Seoul is now "into a diplomatic balancing act" between the U.S. and China.

The daily cited diplomatic conflict over the U.S. missile defense program as a prominent example. "The U.S. is portraying the Terminal High-Altitude Area Defense battery as a deterrent against North Korea, a nuclear-armed rogue state. South Korea, though, hasn't publicly supported the deployment, aware that Beijing, Pyongyang's patron, opposes it."

A free trade agreement Seoul and Beijing signed recently is "a cornerstone of the new friendship." But South Korea "isn't formally part of the talks the U.S. is pushing" for the Trans-Pacific Partnership, "in part because they exclude China."

"Sometimes it's very difficult for the Korean government to choose a policy," the daily quoted Deputy Finance Minister Jeong Eun-bo as saying.

The improvement in bilateral relations is reflected in South Korea’s increasing investment in China, export volumes and number of students studying there.

"South Korean businesses poured $3.2 billion into China-based factories through end-September, up a third on the previous year... Last year, China accounted for a quarter of South Korea's $560 billion in total exports," the daily wrote. "Today, there are almost as many South Korean students enrolled at colleges in China as in the U.S."

In contrast, "the U.S. share stood at 11 percent, down from around 40 percent in the 1980s," it added.

"The Korean slant toward China is viewed by some as reducing the influence of America here," the daily quoted Jeffrey Jones, an American lawyer at Kim & Chang, a Seoul-based law firm, as saying.

But South Korea is also irritating China in the security sector. "China is our single most important economic partner. But we can’t weaken U.S. security ties," it quoted an official as saying.

When China announced an air defense identification zone over the East China Sea, South Korea stood up to it by expanding its own air defense zone. And South Korea agreed to sell the Philippines, which is in a territorial dispute with China, FA-50 fighter jets.

But South Korea could turn this tug-of-war between the bigger powers to its own advantage, the daily added.

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Korea Spectrum: Style Bus

Passengers board a free shuttle bus from Dongdaemun to COEX, where a design festival is held, on Nov. 26, 2014. The festival ends this weekend.

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Korea Accounts for 40% of FDI in Vietnam This Year

Korean firms have invested nearly US$7 billion in Vietnam this year, according to media there. That accounts for about 40 percent of all foreign direct investment.

Singapore and Japan are also major investors after Korea.

The influx of investments seems to be attributed to tax benefits provided by the local and central governments there as well as cheaper labor compared to main rival China.

View the original article here

$285,000 Range Rover Goes on Sale in Korea

British luxury carmaker Land Rover on Wednesday launched the most expensive SUV ever sold in Korea. The long-wheelbase Range Rover Autobiography Black costs a cool W268.2 million (US$1=W1,108).

Since the SUV targets customers who can afford a driver, Land Rover went to extra lengths to ensure that the passenger seats are top quality.

The rear seats tilt back up to 17 degrees and come with leg rests and massage functions. They also have 10.2-inch infotainment screens and retractable walnut tray tables.

The Range Rover Autobiography Black /Courtesy of Land Rover Korea

The Autobiography Black is equipped with a 5 liter V8 engine that delivers up to 510 horsepower and can allegedly accelerate from 0 to 100 km in just 5.8 seconds. The entire car is built from aluminum to make it lighter.

According to the Korea Automobile Importers and Distributors Association, the most expensive SUV until now was the Range Rover Autobiography, which cost W214.3 million. The Mercedes Benz G63 AMG (W204 million) and Porsche Cayenne Turbo S (W177.3 million) come next.

View the original article here

OECD Holds Fast to Growth Outlook for Korea

The OECD has forecast the Korean economy to grow 3.8 percent next year. This is in line with a previous prediction presented earlier this month ahead of the G20 summit in Brisbane, Australia.

The Paris-based organization says the Korean economy is gradually picking up steam, with output projected to grow on the back of the government's expansionary monetary policies. It said, however, that mounting household debt could constrain private consumption.

The organization says the Korean economy should grow 4.1 percent in 2016.

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Cyndi Lauper to Return to Korea After 26 Years

Pop star Cyndi Lauper will perform in Korea for the first time in 26 years.

The planned concerts on Jan. 23-24 next year are part of the star's world tour marking the 30th anniversary of her debut album "She's So Unusual."

Lauper rose to fame along with Madonna in the 1980s.

The world tour began in June last year and has visited 56 cities in North America, Asia and Australia.

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Watchdog to Study IKEA Prices in Korea

The Fair Trade Commission will launch an inquiry into pricing at IKEA, the world's largest furniture chain, which will open its first store in Korea next month.

The move comes in response to allegations that prices here are in some cases nearly double those elsewhere.

The watchdog plans to publish its survey by February so that consumers can compare prices. It says the findings will pressure IKEA to voluntarily adjust its prices.

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Full Metal Chopsticks: Ultimate Korea tour video

I am hoing through my old videos and compiling them to make fun travel videos. Here is a mix of all the great places you can go, things you can do and foods you can eat in Korea. If you need help planning your own travel adventure let me know![youtube http://www.youtube.com/watch?v=-dEqba95MoM]

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Women to Outnumber Men Next Year as Korea Ages

Women will outnumber men in Korea from next year, not because of the fading traditional preference for boys but because women outlive men. The aging society is leading to massive demographical change.?

According to Statistics Korea on Sunday, there will be 25.31 million women in the country in 2015, overtaking the estimated 25.3 million men.

The change is expected to have a profound impact on the economy. A country with a growing population can achieve economic growth thanks to a larger working age population and burgeoning consumer market. But an aging population means a decrease in the working-age population and increase in dependent population, which tends to stall economic growth.

The working-age population between 15 and 64 will peak in 2016 at 37.04 million and then strat to dwindle. The most economically active population, between the ages of 25 and 49, is already in decline, dropping below 20 million for the first time last year with 19.78 million.

The number of employed people will also drop. According to the National Assembly Budget Office, 25.55 million people are in employment this year, and this will peak in 2026 with 28.65 million before dropping.

Korea will turn into an aged society by 2017, where those over 65 account for 14 percent of the total population. As recently as 2000 they made up seven percent.

The elderly population now stands at 6.39 million and is expected to surpass 7 million by 2017, outnumbering the 6.84 million people under 15.

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Korea Comes 6th in R&D Spending

Korea ranks sixth in the world in terms of spending on research and development, with the U.S. topping the list.

But Korea comes first in terms of the proportion of GDP it invests in technological development with roughly four percent.

About 76 percent of the investment came from the private sector, with foreign investors accounting for a mere 0.3 percent. Despite the heavy spending, researchers say more needs to be done to ensure practical application of research.

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