우공's story/english study2010. 1. 4. 16:44

[article]Heavy Snow Alert Issued in Metropolitan Seoul(KOREA TIMES,100104)

Heavy Snow Alert Issued in Metropolitan Seoul


Motor vehicles, bumper to bumper in Itaewon, downtown Seoul, move at a snail’s pace Monday as nearly 20 centimeters of snow fell on Seoul and its surrounding areas. / Korea Times

Heavy snowfall hit Seoul and other parts of central South Korea Monday, triggering traffic chaos and forcing airlines to cancel all domestic flights and delay some international flights on the first work day of the New Year.

새해 첫 업무일인 월요일 서울과 한국 중남부를 폭설이 강타하자,교통 혼란이 유발되고 지역 항공 운항이 취소되며 일부 국제 항공은 지연되었다.


According to city officials and weathermen, nearly 20 centimeters of snow had accumulated in Seoul as of 9:00 a.m., the Korea Meteorological Administration (KMA) said, issuing a heavy snow alert for the capital city, Incheon and surrounding areas, according to Yonhap News Agency.

연합뉴스는 시 공무원과 기상대 직원에 따르면 오전 9시 현재 서울에는 거의 20센치미터의 눈이 쌓였으며 기상청은 폭설 경보를 서울과 인천 및 그 주변 도시에 내렸다고 전한다.

The unusually heavy snow disrupted traffic on Seoul's major roads and highways, forcing citizens on their first work day to flock to subways, buses and other public transportation.

서울의 주요 도시와 고속도로는 유별날 폭설로 교통 혼란을 빚었으며, 첫 출근길 시민들을 지하철, 버스 및 기타 대중 교통으로 몰리게했다.

Some ministers were late for the first cabinet meeting presided over by President Lee Myung-bak at Cheong Wa Dae due to the traffic congestion caused by heavy snowfall.

일부 장관들은 이명박 대통령이 청와대에서 주재하는 첫 내각회의에 폭설로 인한 교통혼잡으로 지각을 했다.

Officials said Seoul's urban highways and riverside expressways already turned into a huge parking lot due to the heavy traffic congestion.

공무원은 서울의 도시 고속도로와 강변 고속도로는 이미 폭설에 따른 교통 혼잡으로 큰 주차장으로 변했다고 말했다.

The municipal authorities closed all mountain roads leading to the downtown area and controlled traffic on hilly roads.

자치시는 도심으로 인도하는 모든 산악 도로를 폐쇄하고 산길의 교통을 통제했다.

 
Airlines were forced to cancel all domestic flights out of Gimpo Airport on the western outskirts of Seoul, while severe international flight delays were reported at Incheon International Airport, further west of the capital.

서울 서부에 위치한 김포공항에서 출발하는 지역 운항은 취소되었으며, 수도에서 보다 서쪽에 위치한 인천 국제공항에서는 몇개의 국제 운항이 연기되었다고 보고됐다. 

"Snowfall began at 5 a.m. in Seoul and as much as 7.5 centimeters was recorded in just two hours. Snow is expected to stop falling Monday evening," said an official at the KMA.
기상청 관계자에 따르면 폭설은 오전 5시부터 시작되었으며 2시간만에 7.5cm를 기록했다. 눈은 월요일 저녁에야 멈출것으로 예상된다.

"With the temperature plunging to minus 6.9 degrees early Monday morning, most roads in Seoul and neighboring areas are expected to become icy," the official said, asking motorists to exert special caution.
The Seoul Metropolitan Government said it has mobilized about 3,500 civil servants and 1,200 vehicles to spray snow-melting calcium chloride on all major roads and highways.

월요일 아침 일찍 기온은 영하 6.9로 떨어졌으며 서울과 주변 대부분의 도로는 결빙이 예상된다고 관계자는 전했으며 자가용 운전자는 운전에 주의를 요청했다.

서울시는 모든 주요도로와 고속도로에 제설제인 염화칼슘을 살포하기 위하여 3,500명의 시공무원과 1,200대의 차량을 동원했다고 한다.

http://www.koreatimes.co.kr/www/news/nation/2010/01/117_58389.html

sahds@koreatimes.co.kr

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우공's story/english study2009. 12. 11. 09:41

[KOREA TIMES]Korea Struggles to Cut Reliance on Export

Korea Struggles to Cut Reliance on Export

By Yoon Ja-young
Staff Reporter

The government is seeking ways to strengthen the country's domestic market, as the export-oriented economy has made the country vulnerable to outside shocks.

The Ministry of Strategy and Finance has said the services sector will be developed but many economists say there is no magic short-term solution to expand the domestic market and reduce the overreliance on exports.

The ministry said Korea will have to shift its focus from export-oriented mass manufacturing to the domestic market, while enhancing productivity.

It cited falling dynamism, high dependency on overseas market and income polarization as challenges the economy will face next year.

According to the Bank of Korea (BOK), exports accounted for 55 percent of the nation's gross national income (GNI) in 2008, up 11.2 percentage points from the previous year, and well above Britain's 26.3 percent, Japan's 22 percent and the U.S.' 18.5 percent.

In a report to President Lee Myung-bak on next year's economic management plan, Finance and Economy Minister Yoon Jeung-hyun predicted a paradigm shift in the global economy and industrial structure, triggered by the global financial crisis.

He sees little possibility of robust growth in the global economy amid many uncertainties.

Yoon predicted 5 percent economic growth next year, with consumption growing over 4 percent and facility investment by around 11 percent.

Some 200,000 jobs will be created and the current account will mark a $15 billion surplus, while inflation should remain stable at 3 percent, he said.

President Lee will regularly chair a national employment strategy meeting next year as the government's focus is creating more jobs through growth.

Lee said that the expansionary fiscal policy should continue next year though the economic outlook has turned increasingly positive.

"There are still a lot of uncertainties in the global economy," the President said in a meeting with policymakers and economists at Cheong Wa Dae, Thursday.

The government plans to continue its expansionary policy, but will gradually slow it down in keeping with economic trend and job market conditions. Financial policy will also be in expansionary mood for the time being.

Another focus of economic policy next year will be stabilizing the livelihood of the working class.

Considering that college tuition is a big burden on the household economy, loans for students will be expanded.

The government will continue its drive to secure more growth engines. To try and increase the birthrate, households will be given incentives to have more children, such as support for the medical expenses of pregnant mothers.

The authorities are also considering bringing the elementary school entry age forward by one year, to lessen the burden of nursery school fees.

They are also considering attracting more talented foreigners to Korea.

chizpizza@koreatimes.co.kr

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우공's story/english study2009. 12. 7. 19:39

[article]Korea’s Social Security Cost Grows Fastest in OECD(12.7.KOREA TIMES)

Korea’s Social Security Cost Grows Fastest in OECD



By Lee Hyo-sik
Staff Reporter

Households' pension contributions and other social security-related payments in Korea are increasing at the fastest pace among the 30 OECD member economies.

The soaring costs are putting a heavier financial burden on families here and diminishing their ability to spend on various goods and services.

According to an OECD report Monday, Korea's ratio of pension and other welfare-related spending on total taxation surged to 20.8 percent in 2007 from 7 percent in 1995. This 13.8-percentage point increase was considerably higher than the average OECD gain of 0.5-percent over the 13-year period.

Statistics Korea also said domestic households paid an average of 170,000 won per month from July to September for state pension, health, employment insurance and other social security-related coverage, up 38 percent from 123,000 won in the third quarter of 2004.

These expenditures are expected to continue to head upward in the future, with Korean working families having to pay more to financially support a growing number of senior citizens and boost the rapidly falling birthrate.

In a report to the National Assembly, the Ministry of Strategy and Finance said the ratio of pension and other welfare-related contributions to gross domestic product (GDP) will reach 6 percent this year. It will continue to rise to 6.3 percent in 2010, 6.7 percent in 2011, 7 percent in 2012 and 7.3 percent in 2013.

A ministry official said national pension, health insurance and other social security related-expenses will likely go up at a faster clip in the future, due to the worsening financial soundness of the state-funded welfare schemes. ``Additionally, the rapidly aging population and low birthrates are forcing working families to shoulder greater financial burdens to support the elderly and newborns. It will negatively affect households' ability to spend, further dampening the prolonged sluggish domestic demand.''

Salaried workers and the self-employed making over 3.6 million won per month will likely pay more to their state-run pension program from next April, with the government moving to apply higher rates to high-income earners.

The national employment insurance is also expected to charge higher rates to contributors as its financial soundness has deteriorated, due to the record of number of laid-off workers claiming unemployment benefits this year in the aftermath of the global economic downturn.

Salaried employees and the self-employed will pay a greater portion of their income for the state-run health insurance as its premiums will be hiked 4.9 percent in January next year.

Truckers, construction workers and other physical labor providers will be required to pay greater premiums, up as much as 10 percent in 2010 to benefit from insurance that covers workplace accidents.

leehs@koreatimes.co.kr

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우공's story/english study2009. 5. 18. 10:54

[article]LG Aims to Save $320 Mil. From Better Supply Chains[KOREATIMES]


LG Aims to Save $320 Mil. From Better Supply Chains


Didier Chenneveau
By Kim Yoo-chul
Staff Reporter

LG Electronics aims to save $320 million next year from better supply chain management systems.

``Our inventory is arranged to last 40 days, down from 50 days thanks to more accurate sales forecasts and on-time deliveries,'' said Didier Chenneveau, LG Electronics chief supply chain officer.

``Open bidding systems targeting global logistics companies and the efforts to cut costs in shipments have paid off,'' he said.

According to its public relations office, the world's No. 3 producer of mobile phones has saved some $85 million on a smoother supply chain in the first quarter year-on-year.

LG's supply structure management comes at a time when vulnerability to supply chain hiccups is a key factor negatively affecting the bottom lines of Korean firms that are becoming bigger with more sophisticated products.

Thus, how to minimize risks in their supply chains is everybody's concern, according to experts, with tasks coming down to handling wide-ranging issues from assessing the right sizes of inventory to fraud.

For LG, its supply line management carries added importance because it has been expanding its global presence in mobile phones and flat-screen TVs. Its relatively weaker supply chain management has been posing the biggest threat and is a chronic headache in saving costs on overseas markets.

``By steadily investing in supply chain management systems for strengthened optimization, LG plans to reach the world's top level in supply chains by 2011,'' the executive vice president said.

He declined to comment when asked about the amount LG is planning to invest to improve the systems.

Chenneveau had previously hinted at forming a joint venture with other companies to set up a ``supply chain management belt,'' though no official decision has been made.

``Still, we are in the process of optimizing and sharpening our supply chain management systems. More time will be needed for a joint venture,'' the company spokesman added.

As for its risk management strategy, LG created a team in March composed of 15 experts to work on its 80 overseas affiliates.

Its CEO Nam Yong has been consistently asking key staff members to gain an understanding of risks to make a better supply chain by emphasizing the mapping of key supplier dependencies as the first step in taking control.

Chenneveau, who spent over 15 years at U.S.-based Hewlett-Packard, joined LG in 2008 as part of Nam's globalization efforts.

yckim@koreatimes.co.kr

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우공's story/english study2009. 2. 3. 13:29

[article]Obama Vows Strong Support for 6-Way Talks(koreatimes.090203)

Obama Vows Strong Support for 6-Way Talks


U.S. President Barack Obama
U.S. President Barack Obama said Tuesday his country will increase support for six-nation talks on ending North Korea's nuclear program, saying recent developments suggest the multilateral talks are the only way to denuclearize the communist nation, a spokesman for the South Korean presidential office was quoted as saying by Yonhap News.

Obama made the remarks during a telephone conversation with his South Korean counterpart Lee Myung-bak.

"Regarding the North Korean nuclear issue, President Obama said it is important for the countries to increase their cooperation in the six-party talks," spokesman Lee Dong-kwan was quoted as telling a press briefing.

The U.S. President was quoted as saying he has learned the denuclearization of the Korean Peninsula can be realized at an earlier date through close cooperation within the six-way talks, "considering the recent series of developments."


President Lee Myung-bak
Obama did not elaborate, but the remarks came amid reports that Pyongyang may be preparing to test-launch a long-range missile.

Though North Korea has a self-imposed moratorium on tests of long- and intermediate-range missiles, it test-fired a Taepodong-2 missile in July 2006, three months before it conducted its first-ever nuclear detonation.

The Taepodong missile is believed to have a payload of 500 kilograms, which theoretically is enough to carry a small nuclear warhead, and also have a maximum range of 6,000 kilometers, which would include Alaska and western parts of the U.S. in its range.

Lee thanked Obama for expressing such a firm stance on the North Korean nuclear issue and how to resolve it, his spokesman said.

Tuesday's telephone call was the first official dialogue between Lee and Obama since the latter was inaugurated Jan. 20.

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우공's story/english study2008. 12. 18. 09:53

[article] Era of Three Lows Revisits Korea (KoreaTimes.12.17)


Era of Three Lows Revisits Korea



Low Interest Rates, Low Oil Prices, Low Won's Value

By Kim Tae-gyu
Staff Reporter

After decades of fast growth, Korea chalked up a much-hyped current account surplus in 1986 for the first time thanks in large part to a favorable situation called ``the three lows'' ― low interest rates, low oil prices and a depreciated won against the dollar.

Things are almost identical at the moment since all of the three blessings are back ― crude oil prices have plunged of late; the won is weak against the greenback; and the benchmark interest rate is at a record low.

On the surface, a three-lows era seems to be revisiting Korea, so the question is whether the period will benefit the nation as it did 20 years ago. The answer appears to be negative.

``In the late 1980s, both the local and international markets were good. Under a fully functioning economy, Korea was able to make the utmost of the three lows to leap forward,'' said Kim Young-il, an economist at the Korea Development Institute.

``Today, it is different. Of course, the three lows are good for our economy. However, they will not catapult the country sky high. They will just attenuate the difficulties to some extent,'' Lee said.

Lee Geun-tae, a senior researcher at the LG Economic Research Institute, concurs.

``Plunging oil prices and interest rates are systematic responses to an economic downturn, which takes place automatically over the economic slump to prevent a further downward spiral,'' Lee said.

``Look at the United States where the benchmark rate is zero. Oil prices are low and the dollar starts to depreciate. Then, should the U.S. be a beneficiary of the three lows?'' he asked.

Growth Potential

On the other hand, some observers see the bright spots of the three lows.

``The three lows will not work in the same way as they did in the late 1980s. The influence of the favorable factors will be limited under the lingering financial distress,'' said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.

``However, they will speed up the pace of recovery down the road when things get back on track. In that sense, they are elements that will do good to our economy later on rather than right away,'' he said.

His logic is that the three lows will not weed out financial difficulties on their own but they will combine forces to power the Korean economy into recovering at higher pace than is generally expected.

The Bank of Korea has slashed the benchmark interest rate by 2.25 percentage points over the past two months to a record low of 3 percent.

The central bank said it slashed the interest rates so drastically because inflationary pressure has subsided with the consumer price index stabilizing.

The value of the local currency has also headed down throughout this year. Although the won has appreciated a little bit this month, its value is still substantially low in comparison to last year.

The won closed at 936.1 won per dollar last year and suffered a free fall to a yearly low of 1,525 won last month. It rose of late to move between 1,300 won and 1,400 won.

This is good news for the export-oriented Korean economy where trade accounts for about two-thirds of the gross domestic product (GDP). The high won-dollar rate cuts prices of dollar-denominated products of Korean firms, thus attracting more purchases.

Crude oil prices soared to approach $140 a barrel this summer but plummeted to below $50 this month, once again good news for Korea which does not produce a drop of oil.

voc200@koreatimes.co.kr

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