South Korea, US finalize return of 4 military sites, kick off return of Yongsan base

South Korea and the US have finalized the return of four US military sites here and will start the return process for Yongsan Garrison in central Seoul, the government said Wednesday.In a joint ministry briefing, the government announced that the US handed over control of the four sites previously used by US Forces Korea: Camps Eagle and Long in Wonju, Gangwon Province; parcels of Camp Market in Bupyeong, Incheon; and the Shea Range parcel located at Camp Hovey in Dongducheon, Gyeonggi Province.

DefenseDec. 11, 2019

S. Korea sets aside W9.4tr for tech independence, green energy

The Industry Ministry said Wednesday it has set aside around 9.4 trillion won ($7.8 billion) in its budget for 2020, up 23 percent from this year, to focus on technology independence from Japan and the expansion of renewable energy. The budget plan for the ministry was finalized through a resolution of the National Assembly on Tuesday. “In response to Japan’s export controls, the budget for supporting the materials and parts equipment has increased significantly from 669 billion won

IndustryDec. 11, 2019

Yanks reportedly sign hurler Cole to $324m deal

LOS ANGELES (AFP) -- Right-handed pitcher Gerrit Cole has agreed to a record-setting nine-year, $324 million contract with the New York Yankees, US media reported Tuesday.Yahoo Sports, USA Today and MLB.com cited sources at the Major League Baseball owners' meetings in San Diego in reporting the deal, which was not immediately confirmed. Cole, 29, was widely considered the top free agent pitcher available this season after becoming a star with the Houston Astros.His reported deal comes just a da

BaseballDec. 11, 2019

[Newsmaker] Singer Kim Gun-mo to be investigated on sexual assault allegation

A sexual assault allegation against singer Kim Gun-mo will be investigated by the Gangnam Police Station, according to the prosecutors’ office Tuesday.Lawyer Kang Yong-seok filed a case Monday at the Seoul Central District Prosecutors’ Office on behalf of a woman who claims to have been sexually assaulted by the singer. In the complaint, Kang accused Kim of raping his client. Kim’s agency denied the sexual assault allegation and said it would take legal action for defamati

Social AffairsDec. 11, 2019

[Video] Korean dance, communication delivered through the body

People dance for many reasons -- for imparting love and joy, in celebration or when they try to overcome something unexpected through passion. Similarly, the aesthetic movement is an art that can work as a form of communication. The bodily conveyance could be directed toward ourselves, but it could also serve others and even play the role of a medium for emotional release. South Korea’s traditional dances, along with its chronicled history, have developed over a long period -- including th

CultureDec. 11, 2019

NK exports dropped 83.9% in 2018: UN agency

North Korea’s exports plummeted last year amid the continued international sanctions, according to the latest data of a UN agency for trade and investment.The United Nations Conference on Trade and Development’s Handbook of Statistics 2019 issued on Monday shows that North Korea’s exports plunged 83.8 percent in 2018 from a year ago to $300 million last year. Its imports dropped 34.1 percent from the previous year to $2.59 billion.The latest UNCTAD handbook did not disclose the

North KoreaDec. 11, 2019

S. Korea's household debt continues to rise in Nov.

Household debt extended by banks in South Korea continued to increase at a steady pace in November, while fresh bank deposits spiked at the highest level in nearly five years amid lack of viable places to park their money, central bank data showed Wednesday.Fresh bank loans extended to households came to 7 trillion won ($5.9 billion) in the month, slightly slowing from a 7.2 trillion-won increase the month before, according to the data from the Bank of Korea.Outstanding home-backed loans added 4

MarketDec. 11, 2019

N. Korea likely tested liquid-fuel engine for rockets: US expert

WASHINGTON -- North Korea's "very important test" over the weekend likely involved an existing liquid-fuel engine for rockets, not a solid-fuel one, a US expert said Tuesday.Pyongyang has not revealed details of the test other than to say that it took place at the Dongchang-ri satellite launch site on Saturday and that the results "will have an important effect on changing the strategic position" of the country.Speculation has mounted that North Korea tested an engine for a n

North KoreaDec. 11, 2019

S. Koreans to face fewer inconveniences for US entry

South Korea and the United States have agreed to reduce inconveniences South Korean travelers experience when entering the US mainland, the transport ministry said Wednesday. In its annual aviation security meeting held in Washington last week, the Ministry of Land Infrastructure and Transport said it signed a "joint statement" with the Transportation Security Administration to work on removing an interview for Koreans entering the US mainland, additional security checks and other inco

IndustryDec. 11, 2019

Six dead in hours-long New York-area shootout

JERSEY CITY (AFP) -- Six people including a police officer and two suspects were killed during an hours-long shootout across a New York suburb not far from the Statue of Liberty, local officials said."Our officers were under fire for hours," Jersey City Police Chief Michael Kelly told reporters after the latest high-profile US shooting.In addition to the officer and the suspects, three civilians were killed in the incident that began around midday at a cemetery and ended in a store, Ke

World NewsDec. 11, 2019

Japanese firms urged to invest more in S. Korea amid trade row

South Korea wants more investment from Japanese companies into their neighboring country and business ties should remain unfazed by the still ongoing trade row between the two Asian neighbors, Seoul's trade minister said Wednesday."Despite the temporal tumble in the bilateral relationship, the exchange and cooperation between the two nations must remain steady," Trade Minister Yoo Myung-hee said during a meeting with officials from the Seoul Japan Club, which represents some 400 Japane

IndustryDec. 11, 2019

US flies another reconnaissance plane amid tensions with N. Korea: aviation tracker

The United States again flew a surveillance aircraft over the Korean Peninsula, an aviation tracker said Wednesday, the latest in a series of flights to monitor North Korea amid growing concern Pyongyang may be preparing for a long-range rocket launch.The RQ-4 Global Hawk was spotted over the Korean Peninsula at 52,000 feet, Aircraft Spots said on its Twitter account without specifying the exact time of the operation. Global Hawk is a high-altitude long-endurance unmanned aerial vehicle capable

DefenseDec. 11, 2019

Number of C-suite employees at top 30 groups falls 0.5% over 4 yrs

The number of executives at South Korea's top 30 conglomerates fell 0.5 percent compared to 2015, amid a slowing economy, data showed Wednesday.The data compiled by CEOScore, a research firm that tracks conglomerates, showed that the number of executives at 262 companies affiliated with the conglomerates came to 9,742 as of the end of September, down 53 from 9,795 during the same period of 2015.Samsung Group, South Korea's largest family-run conglomerate, whose flagship units include Samsung Ele

IndustryDec. 11, 2019

Govt. to grant smaller firms 1-year grace period for 52-hour workweek implementation

South Korea plans to give a one-year grace period to the country's small and medium-sized enterprises in adopting the 52-hour workweek system, the labor ministry said Wednesday, reflecting financial concerns for the smaller firms amid an economic slowdown.The 52-hour policy was initially devised to cap the average working hours at 52 on a weekly basis in Asia's fourth-largest economy, known for long working hours compared with other Organization for Economic Cooperation and Development members.A

Social AffairsDec. 11, 2019

Hankook Tire supplies tires for Audi SQ8 TDI SUV

Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Wednesday it began to supply tires for Audi's SQ8 TDI SUV in October.Hankook Tire supplies the high-performance Ventus S1 evo 3 SUV tires for the high-performance SQ8 TDI SUV in the form of original equipment tires, the company said in a statement. The company didn't give an exact time frame for the supply deal or the value of the deal. The tiremaker has supplied OE tires to a variety of Audi models, including

IndustryDec. 11, 2019

Samsung emerges as No. 3 vendor of wearable devices in Q3: report

Samsung Electronics Co., South Korea's top electronics manufacturer, was the third-largest vendor of wearable devices in the third quarter of the year, a market report showed Wednesday, amid soaring global demand for wearables. Samsung shipped 8.3 million units of wearable devices in the July-September period, more than doubling from a year earlier, according to the latest report from market tracker International Data Corp. The tech giant emerged as the No. 3 player in the global wearables marke

TechnologyDec. 11, 2019

Korean builders' overseas orders down 31% through Nov.

Overseas orders won by South Korean construction companies fell 31 percent in the first 11 months of this year from a year earlier, a state-run bank said Wednesday.The combined overseas orders by the builders came to $18 billion in the January-November period, the Export-Import Bank of Korea said in a report, citing data compiled by the International Contractors Association of Korea.By region, orders from Asia accounted for the lion's share with $10.6 billion, followed by the ones from Middle Ea

IndustryDec. 11, 2019

Korea's exports up 7.7% in first 10 days of December

South Korea's exports rose 7.7 percent in the first 10 days of December, thanks to rising demand for wireless equipment and passenger cars, customs data showed Wednesday. The country's exports stood at $12.9 billion in the December 1-10 period, up $920 million from the same period last year, according to the Korea Customs Service.By product, exports of wireless equipment and passenger cars gained 18 percent and 10.9 percent, respectively. However, outbound shipments of semiconductors, a key expo

EconomyDec. 11, 2019

S. Korea's 2020 defense budget rises 7.4% to over 50tr won

South Korea raised its defense budget by 7.4 percent for next year as it strives to strengthen self-defense capabilities amid growing security uncertainties, officials said Tuesday.According to the budget plan approved by the National Assembly the previous day, military spending for 2020 was set at 50.15 trillion won ($41.29 billion), up from this year's 46.7 trillion won. It is the first time the country's defense budget has surpassed the 50 trillion-won mark.The approved amount is the same as

DefenseDec. 11, 2019

S. Korean pitcher Ryu Hyun-jin named to inaugural All-MLB Team

South Korean free agent pitcher Ryu Hyun-jin has been selected to the inaugural All-MLB Team.Major League Baseball announced its first-ever official star squad Tuesday (US Eastern Time) to recognize a season's worth of accomplishments, in line with other major professional sports leagues in North America.Ryu, who led all of baseball with a 2.32 ERA while pitching for the Los Angeles Dodgers, was one of five starting pitchers on the All-MLB Second Team. He was joined by Zack Greinke (Arizona Diam

BaseballDec. 11, 2019