US Senate unanimously adopts resolution on importance of alliance with S. Korea

The United States Senate unanimously adopted a resolution this week recognizing the importance of the US alliance with South Korea, Congress' website showed Friday.The resolution, introduced in April by a bipartisan group of lawmakers, passed the Senate by unanimous consent on Wednesday.It notes that the two countries "enjoy a comprehensive alliance partnership, founded in shared strategic interests and cemented by a commitment to democratic values." It also praises the contributions o

Foreign AffairsJan. 11, 2020

US downplays link between NK provocation and Iran

US Army Secretary Ryan McCarthy said Friday that he recognizes the risk of North Korea taking provocative action in light of tensions between the United States and Iran, but denied there is a direct correlation.At an event at the Brookings Institution, McCarthy was posed a question about the possibility that North Korea will launch a provocation as the US military focuses its operations on the threats from Iran. "There's always risk with that. I don't see a direct correlation right now,&quo

North KoreaJan. 11, 2020

As Winter Youth Olympics host, S. Korea to bring together teen athletes for competition, cultural activities

 The Youth Olympic Games, a fledgling sporting event organized by the International Olympic Committee (IOC), are designed to bring together young athletes from around the world, not just for athletic competition, but for cultural and educational activities.And South Korea will provide the stage for these programs in early 2024, when its eastern province of Gangwon will host the Winter Youth Olympics. It'll be the second IOC winter competition for the region, after PyeongChang hosted the 201

Olympic GamesJan. 10, 2020

S. Korea named host of 2024 Winter Youth Olympics

South Korea has been named the host country of the 2024 Winter Youth Olympics.   The International Olympic Committee (IOC) awarded Gangwon Province in eastern South Korea the right to stage the fourth edition of the quadrennial youth competition, following a vote during its 135th Session in Lausanne, Switzerland, on Friday.Of 81 valid votes, Gangwon received 79 votes in its favor, with only two against its bid. South Korea is now the first Asian country to host the Winter Youth Olympic

Olympic GamesJan. 10, 2020

Presidential office voices strong regret over prosecution raid

Cheong Wa Dae expressed strong regret Friday over state prosecutors' attempt at what it called a reckless search of the presidential office.   Seoul Central District Prosecutors Office in the morning sent a team of investigators to Cheong Wa Dae with a search warrant for the office of a unit that handles policies related to support for provincial governments.   It was part of an intensive probe into allegations that President Moon's aides had meddled in the 2018 Ulsan mayor e

PoliticsJan. 10, 2020

Nuclear safety agency approves additional spent fuel storage facilities

Nuclear safety agency approves additional spent fuel storage facilitySouth Korea's nuclear safety agency said Friday that it has approved the construction of seven additional spent fuel storage structures at the Wolsong nuclear power plant to allow for uninterrupted power generation.The decision comes after the state-run Korea Hydro & Nuclear Power Co.,  said the load at the plant hit 93.1 percent of capacity in September 2019, according to the Nuclear Safety and Security Commission. Th

IndustryJan. 10, 2020

HDC board OKs W400b rights issue for Asiana acquisition

HDC Hyundai Development Co. said Friday it will raise 400 billion won ($344 million) in a rights issue to help finance its acquisition of Asiana Airlines Inc.HDC plans to issue 21,969,110 shares, or half of its outstanding 43,938,220 shares, at about 18,550 won per share, the company said in a statement.The price will be finalized on March 2, and investors are required to make their payments for the purchase of the new shares by March 13. The new HDC shares are set to be listed on the main KOSPI

MobilityJan. 10, 2020

S. Korea conveys Trump's birthday message for Kim Jong-un

US President Donald Trump has congratulated North Korean leader Kim Jong-un on his birthday, South Korea's top presidential security adviser said Friday after returning from his trip to Washington, D.C.Chung Eui-yong, head of Cheong Wa Dae's national security office, had a brief meeting with Trump at the White House during the three-day visit.Trump had some congratulatory words for Kim on the occasion of his Jan. 8 birthday and asked President Moon Jae-in to deliver the message, according to the

PoliticsJan. 10, 2020

Investors accuse Lime, Shinhan, Woori of fraud after hedge fund debacle

Three individual investors have filed criminal complaints against representatives of Lime Asset Management, Shinhan Investment and Woori Bank, accusing them of fraud and capital market law violations in the sale of private equity funds, the investors’ legal representatives said Friday.Local law firm Hannuri said it had filed complaints with the Southern District Prosecutor’s Office against six officials from the three companies on behalf of the three investors.Lime Asset is accused o

MarketJan. 10, 2020

S. Korea asks China for info on virus suspected of causing pneumonia-like illness

South Korea's public safety and health agency on Friday asked China to provide information on the new type of coronavirus that is suspected of having caused pneumonia-like illness in recent weeks.The request comes two days after the Korea Centers for Disease Control and Prevention reported the country's first suspected case of the illness that has caused alarm in China for weeks.A 36 year-old Chinese woman, who visited the city of Wuhan in China's Hubei Province last month, reportedly showed sym

Foreign AffairsJan. 10, 2020

Main opposition submits motion to impeach justice minister over reshuffle row

The main opposition Liberty Korea Party (LKP) submitted a motion to impeach Justice Minister Choo Mi-ae on Friday over the recent replacement of top prosecutors probing high-profile scandals involving former and incumbent presidential officials.   The conservative party said it submitted the proposal signed by 108 of its lawmakers to the National Assembly, with its floor leader calling the reshuffle an attempt to "massacre" the prosecution service.   The Ministry of

PoliticsJan. 10, 2020

Samsung Electronics again hits record high amid rosy outlook

Shares in Samsung Electronics again climbed to a record high Friday on an outlook for an earlier-than-anticipated recovery in global demand and prices for chips, while foreign investors continued to net purchase local stocks for a sixth consecutive session.Samsung, the world's No. 1 memory chipmaker, surged 1.54 percent to close at 59,500 won ($51.23), one day after spiking3.17 percent to reach the highest level since its listing in 1975. The broader KOSPI advanced 0.91 percent to close at

MarketJan. 10, 2020

Pengsoo fans irked by stricter YouTube rules

Fans of Pengsoo have reacted angrily after comments were blocked on YouTube videos starring the EBS penguin character, after the streaming sites enforcement of stricter children’s content rules starting Tuesday. The strengthened regulations came into effect after the US’ Federal Trade Commission last September announced that it was fining Google $170 million for violating children’s privacy law in the US. “We do understand that fans are upset about not being able to leave

CultureJan. 10, 2020

Moon’s security adviser meets Trump, US and Japanese counterparts

Chung Eui-yong, chief of the Cheong Wa Dae National Security Office, met with US President Donald Trump in Washington on Wednesday amid tensions over North Korea and Iran.　Trump briefly met with Chung and his Japanese counterpart, Shigeru Kitamura, and noted that the two countries are among the strongest US allies in the Indo-Pacific, according to a White House readout sent late Wednesday.Chung had visite the US to meet with his Japanese and US counterparts.   Upon his return

Foreign AffairsJan. 10, 2020

SK Innovation to build 2nd car battery plant in US

SK Innovation Co., South Korea's leading refiner and chemical company, said Friday it will invest 1 trillion won ($860 million) to build its second car battery plant in the United States.SK Innovation has already invested 1.9 trillion won to build a car battery plant with a capacity of 9.8 GWh in Georgia.It has decided to make an additional investment to build a second plant in the US to meet soaring demand for all-electric vehicles there, a company spokesperson said. SK Innovation chief executi

IndustryJan. 10, 2020

S. Korea to speed up budget spending in Q1: vice finance minister

South Korea will speed up its budget spending in the first quarter as it seeks to revitalize the economy through large-scale investment projects, a vice finance minister said Friday. Vice Finance Minister Koo Yun-cheol said it is most important for the economy to gain recovery momentum this year, backed by the government's expansionary fiscal policies. "The government will focus on spending in social infrastructure and job creation in the first quarter," Koo said, according to a statem

EconomyJan. 10, 2020

Foreign minister vows to put citizens, national interest first

South Korea’s top diplomat vowed to put citizens and the national interest first in dealing with a range of security issues, including the ongoing conflict in the Middle East. “Since the beginning of the year, it has been a whirlwind. Due to the tension in the Middle East, I think it will be a busy year ahead,” Foreign Minister Kang Kyung-wha told reporters Thursday at a New Year’s press event in Seoul. “The Foreign Ministry has been proactive in response to th

Foreign AffairsJan. 10, 2020

S. Korea to deal with risks from US-Iran tensions, assures limited impact on economy: FM

South Korea’s finance minister said Friday that the government would continue to monitor the situation in the Middle East and would respond firmly to any threats, while reassuring them that the tensions would have a limited impact on the economy. “We will closely monitor the volatile situation in the Middle East along with the market trend and respond firmly if necessary, as related uncertainties continue to exist,” Deputy Prime Minister and Finance Minister Hong Nam-ki said in

EconomyJan. 10, 2020

Foreigners turn net buyers of Korean stocks, but continue to dump bonds in Dec.

Foreign investors snapped a four-month selling streak to net purchase South Korean stocks in December but continued to reduce their investment in local bonds for a third month, central bank data showed Friday.Foreigners net bought $660 million worth of local stocks in the month, marking a sharp turnaround from a net selling of $2.44 billion the month before, according to the data from the Bank of Korea.Foreign investors had net sold local stocks for four consecutive months since August, dumping

MarketJan. 10, 2020

S. Korea, US to hold defense cost talks next week after Washington hints at compromise

South Korea and the United States will hold a new round of talks in Washington next week on sharing the cost for stationing American troops here amid expectations the two sides are closer to a deal.Jeong Eun-bo, South Korea's chief negotiator for the talks, is set to meet his US counterpart, James DeHart, for two-day talks starting on Tuesday (US time), the foreign ministry said Friday.The planned negotiations come as the two allies are under pressure to clinch a fresh deal on determining how mu

DefenseJan. 10, 2020