Most Popular
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Korea to face another massive shortfall in tax revenue
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Global drama stars gather for 2024 Seoul International Drama Awards
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[Contribution] Turkmenistan celebrates the 33rd anniversary of its Independence
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SK hynix outpaces Samsung, Micron with more powerful AI chips
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Power of nostalgia brings K-pop legends back together
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North Korea unveiling uranium enrichment site a US election-conscious move: NIS
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[Photo news] Faker Mercedes
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'Shaman says president will die,' caller warns
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Lotte chairman in quandary over sister’s fate
Lotte Group chairman Shin Dong-bin’s pledge to separate his family’s ownership from its influence on the group’s management was put to the test Monday amid escalating controversy over his elder sister’s involvement in a lobbying scandal.With calls mounting to fire Shin Young-ja, a former executive and a sitting boardroom member of Hotel Lotte, the chairman appears to be contemplating whether to kick his sister out or to keep her by his side.(Yonhap)Shin Young-ja, the eldest daughter of Lotte fou
IndustryJune 6, 2016
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Flip-flops undermine Korea's military tech credibility
Last month, the state-run Defense Acquisition Program Administration said that it is considering an overseas purchase of the active electronically scanned array radar for the Korean Fighter Experimental, or KF-X, project.“We believe we can achieve development of AESA radar with our own technology but if we do not succeed, we will consider purchasing the radar as the worst case scenario,” a DAPA official said in a meeting with reporters.He added that it was only a contingency plan, and that the a
DefenseJune 6, 2016
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Korea’s negative exports to weigh down growth
With the global economy in a low-growth trap, Korean exports are expected to remain in negative territory, affecting the growth prospect of Asia’s fourth-largest economy this year.Data by the Organization for Economic Cooperation and Development showed that the growth of Korean exports, which the country relied mostly on to expand on account of weak domestic consumption, has dropped since last year.(Yonhap)Although Korea ranked fourth in the OECD after Japan, Ireland and Mexico in January last y
June 6, 2016
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Park urges unity in Memorial Day speech
President Park Geun-hye paid respect to the nation’s fallen soldiers during a Memorial Day ceremony on Monday, urging the people to unite against the security threat from North Korea and warning that Pyongyang’s nuclear ambitions will lead to its “self-destruction.” President Park’s speech, delivered after she attended a wreath-laying ceremony at the National Cemetery, came after her return from an overseas trip during which she spent much of her time building international coalition against th
PoliticsJune 6, 2016
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BOK to weigh timing of rate cut
In light of weak economic data, sketchy corporate restructuring plans at home and fluctuating expectations on U.S. rate hikes, the Bank of Korea’s monetary policymakers will meet Thursday to review borrowing costs. Korea’s seven-day repurchase rate is at a record-low of 1.5 percent for the 11th month running, but minutes of the BOK’s latest rate-setting session in May showed that one board member called for a rate cut in the near-term. For the month of June, experts see the monetary policy board
June 6, 2016
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Samsung chief Lee Kun-hee tops list of local equity holders
Samsung Electronics Co. Chairman Lee Kun-hee claimed the top spot among 23 holders of listed stocks worth more than 1 trillion won (US$843 million) as of last week, a local market research company said Monday. According to Chaebul.com, a total of 23 people held domestically traded stocks worth over 1 trillion won and their combined stock value reached 65.42 trillion won as of June 3, slightly down 1.1 percent from early this year. Chairman Lee maintained the No. 1 position with the value o
IndustryJune 6, 2016
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Vehicle sales by Hyundai, Kia exceed 30 million
Cumulative vehicle sales by Hyundai Motor Group exceeded 30 million in 54 years after it entered the car-making business, the automotive conglomerate said Monday. Since entering the market in 1962, Hyundai Motor Co. and Kia Motors Corp. sold a combined 30.03 million units -- 18.46 million by Hyundai and 11.57 million for Kia. The sister companies together form the fifth-biggest car-making group in the world. Their collective sales hit 10 million in 1996 and 20 million in 2007, and finally hi
IndustryJune 6, 2016
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S. Korea sets up new gov't team to promote Saemaeul Movement
South Korea will set up a special team that will systematically promote the spread of its rural development Saemaeul Movement in foreign countries, the government said Monday. According to the Ministry of Interior, the governmental team will move to establish a long-term road map to spread the initiative that has been lauded for mobilizing South Korean villagers to modernize the country's rural areas in the past that played a part in significant agricultural productivity growth. The movement
PoliticsJune 6, 2016
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Yuhan-Kimberly faces fire over sanitary pad prices
Yuhan-Kimberly, Korea's leading manufacturer of diapers, tissues and feminine hygiene products, is stirring controversy with the release of a new, more expensive premium line of sanitary pads, seemingly contrary to its previous decision to freeze prices on the products. Last month, the firm announced plans to raise prices on its sanitary pads by up to 20 percent, starting from June 1. The notice immediately sparked backlash from local consumers and advocacy groups against the company, which acco
IndustryJune 6, 2016
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Households' overseas spending jumps 12.9 pct in Q1
South Korean households' overseas spending jumped 12.9 percent in the first quarter from a year earlier on increased outbound travel to neighboring countries, the central bank said Monday. Korean households spent 6.95 trillion won (US$5.9 billion) overseas in the January-March quarter, up from 6.16 trillion a year ago, showed data from the Bank of Korea (BOK). The quarterly data does not include local households' purchases through "direct buying" channels such as Aamazon.com and their expe
June 6, 2016
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N. Korea blasts Kenneth Bae's criticism of its ruling ideology
North Korean on Monday blasted a former Korean-American detainee who spent two years in its prison for criticizing the country's ruling ideology. The state-run Internet propaganda site Meari said Bae's speeches made at his recent book release events in South Korea and the United States defamed the country by calling the juche idea and Kim Il Sungism the pillars that support the repressive regime in power. Both juche or self-reliance, and Kim Il Sungism, named after the founder of the countr
North KoreaJune 6, 2016
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Large number of endangered porpoises found off S. Korea's west coast
A large number of endangered porpoises has been discovered near the Taean Peninsula, a sign that the marine mammals are making a comeback off South Korea's western coast, the local park service said Monday. According to the Korea National Park Service, some 100 Indo-Pacific finless porpoises have been sighted in protected waters. It said the discovery of such a large number of porpoises is a sign of the stable and safe eco-system of the Taeanhaean National Park. The mammals are listed on
Social AffairsJune 6, 2016
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Weak exports set to hurt country's growth: forecast
South Korea's weakening export growth may hurt the country's growth by 0.2 percentage point this year as global demand remains sluggish and uncertainties involving a possible U.S. rate hike this month remain high, a parliamentary agency said Monday. The country's weak export growth will continue to weigh on its gross domestic product growth for two consecutive years. Last year, declining exports cut into the country's growth by 1.1 percentage points, according to the National Assembly Budget Off
June 6, 2016
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S. Korea, Cuba hold first foreign ministerial talks
South Korea and Cuba held their first foreign ministerial talks in Havana Sunday, breaking a decades-long absence of formal diplomatic exchanges between the two sides. South Korean Foreign Minister Yun Byung-se arrived in the Cuban capital a day earlier to attend a summit of the Association of Caribbean States. But the focus of his two-day stay was widely expected to be on relations between South Korea and Cuba, which have yet to establish formal diplomatic ties. Yun is the first South Korean
InternationalJune 6, 2016
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Dividends by KOSPI firms likely to exceed 21 tln won this year: report
Dividends payments by South Korean companies listed on the main stock market will exceed 21 trillion won (US$18 billion) this year as investors seek high-yielding assets away from low-yielding bank products, a brokerage report said Monday. Local companies traded on the benchmark KOSPI market are likely to pay 21.1 trillion won in cash dividends for the 2016 fiscal year, up from 20.4 trillion won paid in the previous business year, according to a report from Samsung Securities Co. The brokera
June 6, 2016
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Kerry: U.S., China stand firm against N. Korea's nuclear ambition
U.S. Secretary of State John Kerry said Monday that Washington and Beijing "stand firmly" on North Korea's defiant pursuit of nuclear weapons, calling for the North to stop all activities that escalate tensions on the Korean Peninsula. Kerry made the remarks at the opening of the two-day U.S.-China Strategic and Economic Dialogue (S&ED), which is the highest-level regular dialogue channel between the two countries. U.S. and China have been at odds over China's aggressive military behavior i
InternationalJune 6, 2016
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U.S., China open annual strategic talks amid tensions over S. China Sea
The United States and China on Monday opened annual high-level talks amid tensions over China's aggressive island-building activities in the South China Sea as well as trade disputes between the world's two largest economies. North Korea was also expected to be on the agenda for the two-day U.S.-China Strategic and Economic Dialogue (S&ED). The talks are the highest-level regular dialogue channel between the two countries. Representing the U.S. at the talks are Secretary of State John Kerry
InternationalJune 6, 2016
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Park urges Pyongyang to give up nukes in memorial speech
President Park Geun-hye said Monday that South Korea will join forces with the international community to induce North Korea to give up its nuclear weapons development program and return to the negotiation table during a Memorial Day speech. "North Korea must realize that the international community will roll out tougher sanctions as the regime clings to the development of nuke and missiles," Park said, adding the country will eventually fall into further isolation and self-destruction. The
Diplomatic CircuitJune 6, 2016
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Banks' exposure to 3 shipbuilders, 2 shippers jump 4.8 tln won
South Korean banks' loans to the country's three biggest shipbuilders and two major shipping lines jumped 4.8 trillion won (US$4 billion) in the past two and a half years as they borrowed more to continue operations, data by a private corporate firm showed Monday. Bank loans extended to Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. climbed 4.5 trillion won to 50.54 trillion won at the end of April from 46.06 trillion won as of end-
IndustryJune 6, 2016
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Former PM says diplomats not suitable for domestic politics
A former South Korean prime minister who served late President Roh Moo-hyun said Monday that diplomats are not usually suitable for domestic politics, targeting the possible presidential bid by the incumbent United Nations secretary-general. "The talents of diplomats are not suitable for local politics.Although diplomacy is also important, they don't fit to the politics where tensions are high," former South Korean Prime Minister Lee Hae-chan said. "I have seen many diplomats, but none of them
PoliticsJune 6, 2016