Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Man escapes DUI charges by downing bottle of soju while pulled over
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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35% of S. Koreans view unification 'unnecessary'
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Pianist Lim Yunchan double winner at Gramophone Awards
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Slew of top K-pop stars ready to return from military
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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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S. Korea's int'l air passenger traffic plunges in July amid MERS outbreak
South Korea's international air passenger traffic dropped significantly from a year earlier in July, apparently due to the outbreak of Middle East Respiratory Syndrome here, the government said Tuesday.The number of international air passengers to and from South Korea came to 4,355,615 last month, down 15.1 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.The drop was largely attributed to a cut in the number of foreign tourists and visitors
IndustryAug. 25, 2015
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Koreas halt hostilities at border to ease tensions
South Korea halted anti-North Korea propaganda broadcasts along the border Tuesday as North Korea lifted the semi state of war of its armed forces in accordance with a rare inter-Korean rapprochement deal."North Korea removed as of 12:00 p.m. its order to keep all troops in a semi-war state," a military official said on condition of anonymity. "Our military also stopped front-line anti-North loudspeaker broadcasts along the border altogether at the same time," the official noted. The Tuesday act
North KoreaAug. 25, 2015
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N. Korea's Choe Ryong-hae will visit China for Sept. 3 war events
A top North Korean official, Choe Ryong-hae, will visit China early next month to attend events marking the end of World War II, Chinese Vice Foreign Minister Zhang Ming said Tuesday. Choe is among the foreign guests to attend the Sept. 3 events, Zhang told reporters. It is unclear whether Choe, considered third-in-command behind North Korean leader Kim Jong-un, will attend a huge military parade on Sept. 3. The planned visit by Choe to China comes as political ties between Pyongyang and Beijing
North KoreaAug. 25, 2015
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S. Korea to send high-level military delegation to Sept. 3 military parade: China
South Korea will send a high-level military delegation to China's upcoming military parade marking the end of World War II, a Chinese organizer of the parade said Tuesday.Qu Rui, deputy director of the Office of the Parade Leading Team of the Chinese People's Liberation Army, said 11 countries, including Russia, Pakistan and Mexico, will send their troops to march together with Chinese troops during the parade. South Korea is among 31 nations that will send "high-level military delegations to Ch
Foreign AffairsAug. 25, 2015
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Significance of financial reform tasks aimed at daily transaction practices
This is the fifth in a monthly series contributed by executive members of the Financial Supervisory Service to address key ongoing financial issues. ― Ed. Kim Yong-wooJoseph Alois Schumpeter is an economist well known for his emphasis on creative destruction and entrepreneurship for innovation. He said that the biggest obstacle of all to innovation is resistance from old institutions and practices. Indeed, bringing changes to age-old, deeply entrenched practices could be a more difficult task th
Aug. 25, 2015
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Parliament approves health minister nominee
The National Assembly Tuesday approved President Park Geun-hye's new pick for health minister.Chung Chin-youb, a professor at Seoul National University hospital in Bundang, Gyeonggi Province, just south of Seoul, won the approval of the parliamentary health and welfare committee, one day after he underwent a confirmation hearing.Chung will replace Moon Hyung-pyo to lead the Ministry of Health and Welfare, which has come under fire for its poor response to the outbreak of the MERS virus. On July
PoliticsAug. 25, 2015
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Biz bodies hail inter-Korean deal, vow more economic cooperation
South Korea's business community welcomed a landmark deal Tuesday on defusing inter-Korean tensions, pledging to rev up efforts to expand economic ties with North Korea.After days of intensive high-level talks, the Koreas agreed to ease tensions sparked by Pyongyang's landmine attack that injured two South Korean soldiers early this month. Calling the agreement a great relief, the Federation of Korean Industries, the lobby for South Korea's family-run conglomerates, said it will push ahead with
Aug. 25, 2015
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S. Korea to hold 'hallyu' expo in China
South Korea will hold an exposition in China to further promote the popularity of its culture there, riding on the recent successes of Korean TV shows in the world's second-largest economy, the Ministry of Culture, Sports and Tourism said Tuesday.The Korea Brand & Entertainment Expo will run from Thursday to Saturday at Intex Shanghai, an exhibition center in China's eastern port city, the ministry said in a statement.The expo is significant because South Korea and China signed a free trade agre
CultureAug. 25, 2015
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SK hynix sets aside 46 tln won for new chip plants
South Korean chip giant SK hynix Inc. said Tuesday it will spend 46 trillion won ($38.2 billion) to build three new semiconductor production lines over the next 10 years in an effort to bolster its market position and join government efforts to revitalize the economy.SK Group Chairman Chey Tae-won unveiled the ambitious investment plan at a dedication ceremony for one of the new chip plants in Icheon, 80 kilometers southeast of Seoul, which was also attended by President Park Geun-hye and other
TechnologyAug. 25, 2015
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Stock funds inflows continue amid foreign sell-off
Funds that invest in local equities have drawn bargain hunters over the past week while foreigners exited the Korean market amid rising uncertainties in the world's two major economies, data showed Tuesday.Domestic stock funds took in 814.2 billion won ($677.4 million) from Aug. 17-24, far surpassing a 14.2 billion net inflow into foreign stock funds, data by market researcher FnGuide showed.On Friday, local stock funds had a net inflow of 262.6 billion won, the largest daily amount since March
Aug. 25, 2015
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Won rebounds from 5-year trough after inter-Korean breakthrough
The South Korean won rebounded Tuesday from its five-year low against the greenback on eased inter-Korean tensions and high expectations of a delay in a much-expected U.S. rate hike.The local currency was quoted at 1,194.55 to the greenback as of 1:50 p.m., up 4.45 won from the previous session's close."The two Koreas' breakthrough deal to ease tensions, coupled with concerns over the currency authorities' potential intervention, is helping the Korean won recoup some of its losses," said Jun Seu
Aug. 25, 2015
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Deployed N. Korean submarines returning to bases after deal
About 50 North Korean submarines that had been moved to the frontline amid heightened military tension are now returning to their home bases, a military source said after the two Koreas reached a deal.More than 50 out of North Korea's around 70 submarines had previously been detected away from their bases for operations after the country threatened an "all-out war" against South Korea and ratcheted up its combat readiness posture.(Yonhap)"The 50-something submarines that had been away from their
North KoreaAug. 25, 2015
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[Graphic News] rates acquire 98 firms through M&A in 5 years
The top 10 conglomerates in Korea acquired 98 companies through mergers and acquisitions over the past five years, data showed Monday.According to Chaebul.com, there were a total of 592 affiliate companies under the conglomerates as of July 2015.Of them, 98 were added through mergers and acquisitions since 2010, comprising 16.6 percent of all affiliates.Lotte Group acquired the most affiliates, having acquired 19 companies during the five years.GS Group acquired 15 companies in the same period w
IndustryAug. 25, 2015
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Financial regulator vows to cushion external impact
South Korea's top financial regulator pledged Tuesday to take pre-emptive measures to cushion the fallout from a global stock rout and ease investor jitters.Nagging concerns over China's economic slowdown have rattled the global financial market in recent days, sending local stocks and the South Korean won plunging as foreigners dumped share holdings.The benchmark KOSPI tumbled to a two-year low on a China stock rout on Monday, with the Chinese bourse nosediving more than 8 percent."Recent exter
Aug. 25, 2015
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S. Korea, Ecuador to declare launch of FTA talks
South Korea and Ecuador were set to declare the start of negotiations for a bilateral free trade agreement Tuesday, with the first round of talks expected before the end of the year.The declaration was to be made at a meeting between the countries' trade ministers in Seoul, according to the Ministry of Trade, Industry and Energy."Ecuador is expected to become a gateway for our companies to the large Central and South American markets as the country has an FTA with a regional economic bloc of Sou
Aug. 25, 2015
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U.S. welcomes breakthrough inter-Korean deal
The United States Monday welcomed a breakthrough deal that South and North Korea reached in high-level talks to defuse heightened military tensions, reiterating support for Seoul's efforts to improve ties with the communist North."The United State welcomes the agreement reached between the Republic of Korea and the DPRK earlier today. We support President Park's tireless efforts to improve inter-Korean relations, which support peace and stability on the Korean Peninsula," State Department spokes
North KoreaAug. 25, 2015
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Rival parties hail inter-Korean deal, urge implementation
Both ruling and opposition parties were united Tuesday in welcoming a landmark agreement between the two Koreas that ended the latest military stand-off and called for the reunion of families separated by the 1950-53 Korean War.They emphasized the importance of fully implementing the six-point deal, the fruition of days of high-level talks at the truce village of Panmunjom."It's fortunate (for the two sides) to produce the deal dramatically. It is a matter to welcome," Kim Young-woo, spokesman f
PoliticsAug. 25, 2015
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U.N. chief welcomes inter-Korean deal
U.N. Secretary-General Ban Ki-moon welcomed an agreement between South and North Korea to defuse heightened military tensions, saying he hopes it will lead to resumption of long-stalled negotiations on the North's nuclear program."I warmly welcome the news of an agreement reached between the Republic of Korea and the Democratic People's Republic of Korea today. In particular, I highly appreciate the agreement to hold regular inter-Korean dialogue, and hope that this will serve as a mechanism to
North KoreaAug. 25, 2015
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Full text of inter-Korean agreement
Following is the English-version full text of a deal between South and North Korea in high-level talks, released by the North's state news agency KCNA Tuesday.(Yonhap)1. The north and the south agreed to hold talks between their authorities in Pyongyang or Seoul at an early date to improve the north-south ties and have multi-faceted dialogue and negotiations in the future.2. The north side expressed regret over the recent mine explosion that occurred in the south side's area of the Demilitarized
North KoreaAug. 25, 2015
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Koreas reach deal on defusing tensions
South and North Korea produced an agreement on defusing heightened tensions, Seoul's top negotiator said Tuesday, in a dramatic breakthrough after days of intensive high-level talks.North Korea expressed regret over its landmine attack and promised to make efforts toward provocations not recurring, National Security Adviser Kim Kwan-jin told reporters after returning to Seoul from the border village of Panmunjom.Kim described the North's move as "very meaningful."President Park Geun-hye said Sou
North KoreaAug. 25, 2015