what's up Korea July 5

- Korea Commission for the Press selected 12 presses including Hankyerae, Kyunghyang, and Ohmynews as ‘preferred newspapers’ which will receive financial assistance from the commission this year. The commission said a total of 32 newspapers applied for the subsidy and it conducted an evaluation those applicants on 10 items.” The budget came from the government and amounts to W15.7 bn.

- The government is expected to conduct a maritime survey in the disputed waters as early as today.

- As territorial disputes especially over Tokdo do not show any sign of abating, Seoul and Tokyo are said to have a respective plan to set up a department to take care of the specific matter.

- Since the inauguration of this government, labor expenses of public sector have seen a dramatic increase to surpass W20 trillion, up 7.4 per cent from a year earlier.

- The Bank of Korea said yesterday the national economic growth will slow in the second half of this year and current account surplus is estimated to be worse-than-expected with $4 bn. The year-on-year GDP growth rate for the second half will also fall short of the expected 4.6 per cent with 4.4 per cent.

- Internet mini-hompy might undergo a drastic evolution with emotional avatar and three dimensional images. In an ITRC ( IT research center ) forum recently taken place in COEX sponsored by Ministry of Information and Technology, Kim Jong-hwan, professor of intelligent robot research institute of KAIST, has introduced a three dimensional homepage he developed in association with DMD, a software company famous for its golf playing simulation.

- Federation of Korea Trade Unions leader Lee Young-deuk said “a union network has been a long-cherished mission for labor union, but that might lead to a worrying situation if a union network only focuses on struggle and strike.”

- The US Senate military committee is reported to have directed Washington to buy a Korean T-50 as the next-generation trainer fleet. If the US Air Force accepts to buy one, it will open a new chapter in Korea’s military technology.

- The price of nation’s organic food is reported to be too expensive for ordinary consumers with the price of some products being 8 times non-organic ones.

-- Hong Seok-hyun, former CEO of Joongang Ilbo, has been imposed overseas travel ban in connection with the Samsung Everland’s convertible bonds scandal.

- Cyworld said the four winners of Cyworld Song Festivals, which was held from April 10 to June 2, finished producing their digital debut album. The four winners are ordinary netizens and their digital albums will be available from mid-July for free download on the Cyworld web site.

- According to a survey conducted by Korea Chamber of Commerce, 6 out of 10 respondents (60.3%) say university education does not meet the need of a company. And 28.2 per cent of workers with university degree say university education doesn’t necessarily essential for the work they are doing now on the workplace.