South Korean stocks closed 0.22 percent higher Monday amid signs of an economic recovery in advanced countries, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 4.12 points to finish at 1,884.83. Trading volume was light at 293.9 million shares worth 3.04 trillion won (US$2.73 billion) with losers outpacing gainers 466 to 313.Analysts said the local stock market gathered ground on rising hope for recovery in the global

Aug. 12, 2013

The English Premier League has long dominated the popularity of international football in Southeast Asia. It's newest rival for regional audiences comes not from the major leagues of Spain or Italy, but from Japan.The J-League, established in 1993 and generally regarded as Asia's best domestic competition, does not have the history or the prestige of the big European leagues. But while English clubs like Manchester United and Liverpool often play a friendly in Bangkok or Kuala Lumpur every coupl

Soccer Aug. 12, 2013

Seoul's defense ministry said Monday it will formally ask the U.S. government to change the naming of the body of water between Korea and Japan from the "Sea of Japan" to the "East Sea" in displays at the Pentagon's Korean War exhibit. The Pentagon exhibit opened in mid-June to commemorate the 60th anniversary of the signing of an armistice agreement and bilateral alliance forged between the U.S. and South Korea at the end of the three-year Korean War.Among materials related to the Korean War, 1

Foreign Affairs Aug. 12, 2013

A rare ABBA recording was sold Sunday for nearly 5,000 euros, in an online auction of a vast collection of the Swedish pop group's memorabilia.Thomas Nordin, a collector of all things related to the group famous for hits including "Dancing Queen", "Fernando" and "Mamma Mia", had put up some 25,000 items for sale. A limited edition maxi single produced in 1981 by the group for their manager Stig Anderson's 50th birthday was sold for 42,000 kronor (4,800 euros, $6,400), almost twice the list price

Performance Aug. 12, 2013

Overseas investors have scaled back their exposure to Samsung Electronics Co., the country's top market cap, this year as a series of patent rows cast clouds over the firm's earnings down the road, data showed Monday.Foreigners held a 47.34 percent stake in the world's top smartphone maker as of Friday, falling sharply from 50.45 percent tallied in the first trading session of 2013, the data from the bourse operator Korea Exchange (KRX) showed.It marked the first time in 44 months for the figure

Aug. 12, 2013

President Park Geun-hye ordered the government Monday to review its new tax code proposal, saying it should not cause additional burdens to the working and middle classes.Park's remarks follow recent criticism against the government for its plan to overhaul the tax code in a way that critics claim favors the rich and hurts the working and middle classes.Under the overhaul announced last Thursday, 4.34 million people, accounting for about 28 percent of workers, will see their tax burden increase

Aug. 12, 2013

The prosecution on Monday questioned former President Chun Doo-hwan’s brother-in-law in a widening probe into the former military strongman’s hidden assets. Investigators believe that Lee Chang-seok, brother of Chun’s wife Lee Soon-ja, played a crucial role in concealing massive slush funds of the former president’s family for nearly 30 years. Not only is he suspected of managing Chun’s slush funds, Lee also allegedly helped Chun’s children amass fortunes through illegal transfers of wealth.Lee

Social Affairs Aug. 12, 2013

An Israeli-born software engineer shot his 9-year-old son to death before taking his own life during supervised visitation at a YWCA office, officials said Sunday.An adult supervisor was present when Muni Savyon, 54, of Manchester, took out a handgun and shot 9-year-old Joshua Savyon of Amherst before shooting himself around 10 a.m., the attorney general's office said.The father sent an email to a friend suggesting he was suicidal before the shootings, said Rabbi Levi Krinsky of Chabad Lubavitch

World News Aug. 12, 2013

Japan's economy grew at a slower-than-expected rate of 2.6 percent last quarter, suggesting demand has been slow to pick up despite strong public spending and ultra-lax monetary policies.More than 3.0 percent growth in annual terms had been forecast for the April-June period, after the economy expanded at a 4.1 percent pace in January-March.The GDP figure reflects a 0.6 percent increase from the previous quarter, as the recovery was sustained, despite the weaker than anticipated growth.The data

World Business Aug. 12, 2013

South Korea's import prices declined for the 11th straight month in July as the local currency's gain helped offset higher oil costs, the central bank said Monday.In local currency terms, the country's import prices declined 4.3 percent in July from a year earlier after falling at the same pace of 4.3 percent in June, according to the Bank of Korea (BOK).The import prices have fallen every month since September last year when such prices dipped 2.2 percent on-year. In March, the import prices fe

Aug. 12, 2013

Jason Dufner finally cracked a smile, and gave a slight pump of the fist, saving all that emotion for a big occasion.He won the PGA Championship.Dufner played the kind of golf that wins majors Sunday with a steady diet of fairways and greens that made it too tough for Jim Furyk or anyone else to catch him. Making bogeys on the last two holes at Oak Hill, Dufner closed with a 2-under 68 to capture his first major and atone for a meltdown two years ago in Atlanta.“It's been a tough day. It was a l

Golf Aug. 12, 2013