NK says inter-Korean contact difficult until Seoul gives 'plausible excuse' for military drill with US

North Korea said Sunday it won't even have contact with South Korea, let alone dialogue, unless Seoul gives a "plausible excuse" for its ongoing military exercise with the United States, calling it an "aggressive war exercise against" the North. Kwon Jong-gun, North Korean foreign ministry's director-general of the department of American affairs, made the remarks in a statement released by the Korean Central News Agency (KCNA), blasting South Korea over the allies' joint mili

North KoreaAug. 11, 2019

Seoul shares may face volatile sessions next week amid trade woes

Seoul stocks may face increased volatility next week, largely depending on the development of an ongoing US-China trade row, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 0.9 percent at 1,937.75 points on Friday helped by strong export data in China and expectations that the United States and China will resume their negotiations in September.This week, the main index shed 3 percent as investors remained jittery over the escalating trade feud between Was

MarketAug. 10, 2019

Trump says he received 'beautiful' letter from NK leader, may have another meeting

US President Donald Trump said Friday that he received a "beautiful" letter from North Korea's leader this week in which Kim Jong-un expressed his displeasure with military exercises between South Korea and the US.Speaking to reporters at the White House, Trump said he was never a fan of the exercises either but he let them happen this time because they allowed a "turnover of various areas" to South Korea, which he liked.The allied drills began Monday to test South Korea's ca

North KoreaAug. 10, 2019

Cheong Wa Dae calls NK missile firing 'show of force' against S. Korea-US military drill

Cheong Wa Dae said Saturday that North Korea's latest firing of unidentified projectiles into the East Sea is an apparent show of force against the joint military exercise between Seoul and Washington slated for next week.Two short-range projectiles were fired from near its eastern coastal city of Hamhung in South Hamgyong Province earlier in the day.The South Korean military said the projectiles are presumed to be short-range ballistic missiles, which flew 400 kilometers with a peak altitude of

North KoreaAug. 10, 2019

Allies to conduct summertime military exercise in earnest next week

South Korea and the United States are scheduled to kick off their combined military exercise in earnest next week, the Joint Chiefs of Staff (JCS) said Saturday, despite North Korea's strong complaints against it. The computer-based "Combined Command Post Training" will be conducted for 10 days starting Sunday, which aims to better prepare the allies for the transfer of the wartime operational control (OPCON) from Washington to Seoul and to enhance their strong military readiness, the

DefenseAug. 10, 2019

KOGAS Q2 net losses narrow on price hikes

The state-run Korea Gas Corp. said Friday its net losses narrowed sharply in the second quarter on gas price hikes. Net losses for the three months ending June 30 narrowed to 6.8 billion won ($5.6 million) from 129.6 billion won a year earlier, the company said in a statement.  "Gas prices rose 4.5 percent for the year. Some of the company's outstanding payments for gas supply to the markets were retrieved in the second quarter. These gave a big boost to the quarterly bottom line,"

IndustryAug. 9, 2019

Calls for new national anthem grow amid anti-Japanese sentiment

Debate has surfaced over whether the use of South Korea’s national anthem composed by Ahn Eak-tai, whose pro-Japanese activities during Japan’s colonial rule of the Korean Peninsula have come under scrutiny, should be discontinued amid the growing anti-Japanese sentiments here. On Thursday a public hearing was held at the National Assembly to initiate a public discourse on whether the national anthem, called “Aegukga,” should be replaced by a new one. The hearing was host

Social AffairsAug. 9, 2019

Former Seoul police chief convicted in death of activist farmer

An appellate court on Friday sentenced a former Seoul police chief to a fine of 10 million won ($8,260) in the 2015 death of an activist farmer who was hit by a police water cannon, reversing a lower court's judgment of acquittal.The Seoul High Court meted out the penalty to Goo Eun-soo, who served as commissioner of the Seoul Metropolitan Police Agency from 2014 to 2015, after convicting him of negligent homicide in the death of Beak Nam-ki, who fell unconscious after being shot directly by a p

Social AffairsAug. 9, 2019

S. Korean, US defense chiefs vow to support diplomacy for NK denuclearization

South Korean Defense Minister Jeong Kyeong-doo and US Defense Secretary Mark Esper agreed Friday to work together to support diplomatic efforts to denuclearize North Korea despite Pyongyang's saber-rattling amid stalled nuclear talks.During the defense talks held in Seoul, Esper also asked for South Korea to play a role in the US-led coalition to safeguard the Strait of Hormuz, according to officials. The two defense chiefs "reaffirmed their commitments to supporting their diplomatic effort

DefenseAug. 9, 2019

Moon, Pentagon chief discuss trilateral security cooperation with Japan: official

President Moon Jae-in and the visiting US defense secretary talked about the significance of trilateral security cooperation involving Japan during their meeting here Friday, Moon's office said. Mark Esper was on his maiden visit to Seoul as the Pentagon chief. It came at a very sensitive time for three-way security partnerships among the regional powers.Locked in a trade fight with Japan, South Korea is reviewing whether it's worthwhile to keep a bilateral accord on sharing some military inform

Foreign AffairsAug. 9, 2019

Samsung operates chip plants at full capacity despite Japan curbs

Samsung Electronics said Friday its plans to mass-produce high-end memory chips for global customers are on track so far, despite initial concerns of the possible disruption of production lines due to Japan’s trade restrictions on hi-tech materials. The company announced it has begun mass production of the world’s most capable solid-state drives for next-generation servers -- non-volatile memory express SSD PM1733 -- and DRAM modules with the largest storage capacity of up to 4 terab

TechnologyAug. 9, 2019

KIC invests $412m in Japanese firms linked to war criminals

State-run Korea Investment Corp. is found to have heavily invested in Japanese companies linked to forced wartime labor, according to sources, prompting concerns about the investment portfolio of domestic financial institutions. It is the latest revelation after the release of the National Pension Service’s investment history last month.According to Rep. Kim Kyung-hyub from the ruling Democratic Party on Friday, the KIC invested about $412 million -- as of last year -- in 46 Japanese compa

IndustryAug. 9, 2019

Betting on 5G, preorders for Galaxy Note 10 begin

Preorders for the latest Galaxy Note 10 smartphones are now available globally, raising expectations on the new race in the global mobile device market and expansion of the 5G network, according to industry sources on Friday. Samsung started taking preorders for the newest gadgets one day after its Unpacked event for electronics retailers and mobile carriers in the United States, South Korea and other countries across the world. In the US, the Galaxy Note 10 is available both on LTE and 5G netwo

TechnologyAug. 9, 2019

Antitrust regulator nominee says ‘fair economy is vital’

South Korea’s antitrust watchdog nominee Joh Sung-wook said she would keep “fair economic development” in mind, adding both conglomerate reforms and fair economy are vital. The professor at Seoul National University met with reporters on Friday afternoon shortly after President Moon Jae-in nominated her as the new chief of the Fair Trade Commission. “I feel a heavy responsibility to be nominated as the FTC head, who serves a critical role of pursuing a fair economy,

IndustryAug. 9, 2019

Bolton urges S. Korea to cough up $4.8b as cost-sharing for US troops: report

US National Security Advisor John Bolton urged South Korea to ramp up its share of costs for stationing American troops here during his visit to Seoul last month, revealing his country’s spending records, according to the Dong-a Ilbo on Friday.When Bolton met South Korean National Security Office Director Chung Eui-yong on July 28, he showed a statement with details of the US spending for stationing 28,500 soldiers here, including training fees and wages for overseas dispatch of military f

Foreign AffairsAug. 9, 2019

Kakao and Twice collaborate for new Kakao merchandise

Kakao IX, the Kakao company that oversees the characters of Kakao Friends, announced Friday the release of Kakao Friends Twice Edition, a new merchandise series in collaboration with girl group Twice. First to be released from the series are nine pin badges with pictures drawn by the members of Twice themselves.  “Twice members have been actively participating throughout the idea planning and designing processes,” Kakao IX said, with behind-the-scenes videos of the process to be

IndustryAug. 9, 2019

Royal palaces, other Joseon cultural sites to waive entry fees

Joseon era royal palaces and other cultural sites of the period will waive entry fees, timed with the 74th Independence Day and the 100th anniversary celebrating the March 1 Independence Movement this year, according to the Cultural Heritage Administration.In Seoul, four royal palaces, Gyeongbokgung, Deoksugung, Changdeokgung and Changgyeonggung, and Jongmyo Shrine will be free for public between Aug. 10-25. It is the first time in four years that the authorities are exempting admission fees for

TravelAug. 9, 2019

[Newsmaker] Police probe ex-YG chief on gambling charges

The police said Friday that they are probing allegations that Yang Hyun-suk, former CEO and chief producer of K-pop entertainment powerhouse YG Entertainment, gambled overseas.South Koreans are prohibited from gambling at home and abroad.Upon a tip-off, the police are looking through Yang’s financial reports to investigate whether he secured his gambling funds through illegal foreign exchange transactions.Yang, 49, is already under investigation on suspicions that he procured sexual servic

Social AffairsAug. 9, 2019

Chip expert Choi Ki-young nominated to lead ICT Ministry

President Moon Jae-in conducted a major Cabinet reshuffle on Friday, nominating Choi Ki-young to lead the Ministry of Science and ICT.Choi, currently a professor in the Department of Electrical and Computer Engineering at Seoul National University, is dubbed an expert in the fields of artificial intelligence and semiconductors. He has a bachelor’s degree in SNU, master’s from Korea Advanced Institute of Science and Technology, and a doctorate from Stanford University.Within the field

TechnologyAug. 9, 2019

Investors eye leveraged, inverse ETFs amid high market volatility

Investors are flocking to high-risk leveraged and inverse exchange-traded funds in South Korea, resulting in an increase in the daily average trading volume.According to the stock market operator Korea Exchange, the combined daily average trading volume of leveraged and inverse ETFs from July 26 to Thursday amounted to nearly 1.3 trillion won ($1.1 billion). It is 81.3 percent higher compared to the corresponding figure of 701.7 billion won in June.  A leveraged ETF uses financial derivativ

MarketAug. 9, 2019