South Korean stocks opened lower Friday, driven by losses in top market cap Samsung Electronics and other market heavyweights following an overnight interest rate decision by the U.S. Fed, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) dropped 6.97 points, or 0.35 percent, to 1,969.52 in the first 15 minutes of trading.   At the end of a two-day rate-setting meeting on Thursday (local time), the Federal Open Market Committee kept its interest rate unchanged. The Dow Jon

Sept. 18, 2015

A Seoul court on Friday issued an arrest warrant for a police officer accused of receiving some hundreds of millions of won in kickbacks from a helicopter maintenance company.   The police officer, identified only by his surname Kim, was taken into custody after the Seoul Central District Court issued the warrant, noting there were enough reasons and necessity for the arrest.   The 35-year-old is suspected of receiving bribes from the head of the company, identified only by his surname Bae, 37,

Social Affairs Sept. 18, 2015

South Korea's No. 3 handset maker Pantech Co., which has been struggling to normalize operations, said Friday it plans to cut nearly half of its employees.   Under the plan, around 400 staff will leave the company on Oct.23, the company said.   Pantech has been on the verge of bankruptcy after it sought to give up court protection from its creditors in May.   But a South Korean consortium led by optical manufacturer Optis and telecom device firm Solid won approval from a local court to acquire P

Industry Sept. 18, 2015

The South Korean financial market will continue to face lingering uncertainties in the short term despite a U.S. interest rate freeze, the central bank chief said Friday.  The U.S. Federal Reserve kept its key interest rate at a record low at its September meeting amid rising concerns over slumping global demand and unstable financial markets, stemming from China, the world's second-largest economy.  "Fed Chair Janet Yellen seemed to take a dovish stance, but short-term uncertainties will still

Sept. 18, 2015

The United States on Thursday vowed to do all it can to pressure North Korea to give up its nuclear program amid concern Pyongyang could conduct a nuclear or missile test   "We do continue to look at and will aim to use all the tools at our disposal to make clear ... that North Korea has a choice to make. The onus, as I've said before, the onus is on them," State Department spokesman John Kirby said at a daily briefing.   "They've got this choice to make to denuclearize and attain the peace and

North Korea Sept. 18, 2015

The U.S. Federal Reserve's decision to hold its key interest rate steady is expected to help alleviate continued uncertainty in the international financial market, a senior government official said Friday.   After a two-day policy meeting, the Federal Open Market Committee froze the interest rate on Thursday, citing a cooling global economy even as the U.S. economy grows steadily.   "The rate freeze is a factor that could ease market uncertainty to some degree, but financial volatility at home a

Sept. 18, 2015

Producer prices in South Korea shrank significantly from a year earlier in August, marking the 13th consecutive monthly drop largely caused by a cut in global oil prices, data showed Friday.   The producer price index, a barometer of future consumer inflation, reached 100.88 last month, down 4.4 percent from the same month last year, according to the preliminary data from the Bank of Korea (BOK).   The figure also marks a 0.5 percent drop from a month earlier.   The price of gasoline plunged 30.

Sept. 18, 2015

A U.S. congressman has issued a congressional statement welcoming South Korean President Park Geun-hye's planned visit to Washington and expressing support for her visions for peace on the Korean Peninsula and in Northeast Asia.   Rep. Tom Reed (R-NY), whose father fought in the 1950-53 Korean War, said South Korea is one of "America's greatest foreign policy success stories," as well as an "indispensable ally" and the "linchpin of regional peace and stability."   "Korean President Park Geun-hye

International Sept. 18, 2015