NSC to discuss N. Korean missile launch: Cheong Wa Dae

South Korea's presidential National Security Council will soon discuss the issue of North Korea's latest missile firing, Cheong Wa Dae said Thursday.Immediately after the North launched two short-range missiles early in the morning, President Moon Jae-in received a briefing from the NSC, according to Han Jun-woo, Cheong Wa Dae's deputy spokesman.Cheong Wa Dae is thoroughly handling the situation through the "crisis management center" of the national security office, he said.  The

DefenseJuly 25, 2019

Samsung officially announces launch of Galaxy Fold in September

Samsung Electronics said Thursday it will release its first foldable smartphone Galaxy Fold in September, three months after postponing the launch due to display defects. To fix the problems, Samsung said the top protective layer of the foldable display has been extended beyond the bezel, making it apparent that it is an integral part of the display structure and not meant to be removed.  The Galaxy Fold also features additional reinforcements to better protect the device from external part

TechnologyJuly 25, 2019

US, N. Korea in continued contact over working-level talks: envoy

The United States and North Korea have been in continued contact to resume working-level talks on dismantling the regime's nuclear weapons program, with Washington still waiting for Pyongyang's response on the time and venue, South Korea's ambassador to the US said Wednesday.The US and North Korea had been expected to hold working-level negotiations by mid-July in line with an agreement between US President Donald Trump and North Korean leader Kim Jong-un during their impromptu meeting at the in

North KoreaJuly 25, 2019

North Korea fires 2 short-range missiles into East Sea: JCS

North Korea fired two short-range missiles into the East Sea from Hodo Peninsula, northeast of Wonsan, Seoul’s military said Thursday. According to the Joint Chiefs of Staff, North Korea launched two projectiles from the peninsula in South Hamgyong Province at 5:34 a.m. and 5:57 a.m.The first missile traveled about 430 kilometers, and the second flew about 690 kilometers, the JCS said, adding that both reached an altitude of between 50 to 60 kilometers. “The joint evaluation of South

DefenseJuly 25, 2019

S. Korea nationalizes 90 b won worth of colonial-era Japanese property

South Korea has completed the nationalization of land worth an estimated 90 billion won ($76.40 million) across the country that should have reverted to the state but was still registered under Japanese names following Japan's 1910-45 colonization of Korea, government data showed Thursday.The data, submitted to Kang Byung-won, a lawmaker of the ruling Democratic Party, by the Public Procurement Service, showed the service finished nationalizing 2.43 million square meters of property worth an est

PoliticsJuly 25, 2019

Naver's Q2 net dips 90% on increased spending

South Korea's top internet portal operator Naver Corp. said Thursday that its net profit dipped 90.1 percent in the second quarter from a year earlier largely due to increased spending on new businesses.Net profit reached 27.8 billion won ($23.6 million) in the April-June period, compared with a profit of 282 billion won a year earlier, the company said in a press release. Operating income reached 128.3 billion won during the cited period, also marking a decrease of 48.8 percent from the year be

IndustryJuly 25, 2019

At WTO, South Korea says Japan using trade as political tool

At the World Trade Organization General Council in Geneva, South Korea strongly urged Japan to retract export curbs, saying Tokyo is using trade as a political tool and disrupting trade for political purposes, officials said Thursday. At the general council, which is the WTO’s highest-level decision-making body, the trade dispute between the two nations was discussed from 12:40 p.m. to 15:30 p.m. (local time) Wednesday. Kim Seung-ho, deputy minister for multilateral and legal affairs, and

IndustryJuly 25, 2019

Pentagon chief says Russia crossed into S. Korean airspace

US Defense Secretary Mark Esper said Wednesday that a Russian warplane crossed into South Korean airspace this week, despite Japan's claims that the incursion violated its own airspace.On Tuesday, a Russian A-50 early warning and control aircraft trespassed twice into South Korean airspace near the East Sea islets of Dokdo, prompting warning shots from the South's Air Force. South Korea said it was the first such violation by a foreign military plane.Japan, which lays claim to the islets, also d

DefenseJuly 25, 2019

Auction to sell Asiana Airlines begins

Kumho Asiana Group, a South Korean airline-to-petrochemical conglomerate, on Thursday began the process of selling its airline unit with the aim to complete it this year. The group put its construction affiliate Kumho Industrial Co.'s entire 33.5 percent stake in Asiana Airlines up for sale to secure liquidity as the group faces a cash crunch. In a public bidding notice, Credit Suisse, the deal's adviser, said it will send a prospectus to potential investors who have disclosed their intention to

IndustryJuly 25, 2019

S. Korea, Russia to hold working-level talks over airspace intrusion

South Korea and Russia held a working-level meeting in Seoul on Thursday over a Russian warplane's recent violation of Korean airspace, the defense ministry here said, amid conflicting accounts of the incident from the two countries.On Tuesday, the Russian A-50 early-warning jet intruded into Korean airspace twice in the East Sea near its easternmost islets of Dokdo, prompting the South Korean Air Force to fire hundreds of warning shots, according to the Joint Chiefs of Staff. The intrusion came

DefenseJuly 25, 2019

Korean economy bounces back in Q2, but outlook still murky

The South Korean economy is estimated to have expanded 1.1 percent in the second quarter, a dramatic turnaround from an unexpected contraction the previous quarter, partly afforded by increased government spending that offset a skid in private spending, central bank data showed Thursday.The country's gross domestic product expanded an estimated 1.1 percent from three months earlier in the April-June period, after backtracking 0.4 percent in the previous quarter, according to advance data from th

EconomyJuly 25, 2019

S. Korean lawmakers arrive in US to help resolve Seoul-Tokyo row

A bipartisan group of South Korean lawmakers arrived in Washington on Wednesday on a visit expected to focus on efforts to resolve a growing trade dispute between Seoul and Tokyo.Five members of the delegation arrived first, with the other two scheduled to arrive Thursday. The group is led by Rep. Chung Sye-kyun of the ruling Democratic Party, a former parliamentary speaker.The main purpose of the visit is to attend a biannual meeting with US and Japanese lawmakers on Friday. But noting the timi

Foreign AffairsJuly 25, 2019

US asked partner nations to join military coalition for Strait of Hormuz: envoy

The United States asked its partner nations last week, including South Korea, to join a US-led military coalition to protect strategically vital waters off Iran, Seoul's top envoy to Washington said Wednesday.In a briefing with reporters, South Korean Ambassador to the US Cho Yoon-je said the request was made Friday during a State Department-hosted briefing with the Washington-based diplomatic corps."The US explained its plan for ensuring the safety of navigation in the Strait of Hormuz, an

Foreign AffairsJuly 25, 2019

US aware of reports of NK short-range projectile launch: senior official

The United States is aware of reports that North Korea has launched a short-range projectile, a senior US government official said Wednesday, declining to comment further.Earlier, South Korea's Joint Chiefs of Staff said the North had fired two projectiles from near its east coast city of Wonsan on Thursday (Seoul time). The projectiles flew about 430 kilometers and landed in the East Sea, it said."We are aware of reports of a short-range projectile launched from North Korea," the offi

North KoreaJuly 25, 2019

N. Korea fires 2 new short-range ballistic missiles: Seoul

North Korea on Thursday fired two new short-range ballistic missiles, Seoul officials said, in an apparent move to put pressure on the United States ahead of possible nuclear talks between the two sides.South Korea's Joint Chiefs of Staff said that Pyongyang fired one missile toward the East Sea at around 5:34 a.m. and the other at 5:57 a.m. from Hodo Peninsula near its eastern coastal town of Wonsan. They flew around 430 kilometers and 690 km, respectively, both at an altitude of around 50 km.&

North KoreaJuly 25, 2019

Naver to spin off mobile payment division

Naver Corp., the operator of South Korea's dominant internet portal, said Wednesday it has decided to spin off its mobile payment division, Naver Pay. The new company, tentatively named Naver Financial, will be launched in November with an aim of making inroads into the financial services sector, including loans, insurance and investment.  The decision came after the number of Naver Pay users recently exceeded 10 million. Mirae Asset Daewoo Co., South Korea's top brokerage, plans to invest

IndustryJuly 24, 2019

Ex-Hyundai, Kia executives indicted over delayed engine recall

The prosecution on Wednesday indicted former executives of Hyundai Motor and Kia Motors on charges of delaying recall processes in Korea for 18 months, though they were allegedly aware of engine defects.According to the Seoul Central District Prosecutors’ Office, three former executives who were responsible of product quality between 2015 and 2017 were indicted on charges of violating the Motor Vehicle Management Act.The companies were aware of problems such as engine stalls, connecting ro

MobilityJuly 24, 2019

S. Korea, Russia to hold working-level talks over mid-air confrontation

South Korea and Russia will hold working-level talks this week over a recent mid-air standoff over the East Sea after the sides offered conflicting accounts of the incident, an official at Seoul's defense ministry said Wednesday, "Director-level talks between South Korea and Russia over the airspace intrusion will be held Thursday in Seoul," a ministry official said on the condition of anonymity.  On Tuesday, South Korea said a Russian warplane intruded into its airspace above the

Foreign AffairsJuly 24, 2019

Suspected North Korean spy currently under probe: report

Security officials and police are currently detaining and questioning a North Korean spy, CBS Nocut News reported Wednesday.The National Intelligence Service and National Police Agency last month arrested a North Korean man in his 40s on alleged spying here, according to the local new outlet.This marked the first case in thirteen years that a spy directly dispatched from Pyongyang was apprehended in South Korea. The arrested man is suspected of taking direct orders from North Kore

North KoreaJuly 24, 2019

N. Korean airline to resume Pyongyang-Macau flights in August: report

North Korea's state-run airline, Air Koryo, will resume twice-weekly Pyongyang-Macau flights in August, a media report said Wednesday. Citing an official from Macau's Civil Aviation Authority, NK News, which tracks North Korean issues, reported that Macau approved the route between Pyongyang and Macau. Air Koryo operated a flight service between the two airports in the 1990s, according to the report. (Yonhap)

North KoreaJuly 24, 2019