South Korean stocks dropped 1.48 percent Wednesday, as investors again awoke to the fact that the U.S. central bank will soon start winding down its stimulus scheme, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 28.29 points to close at 1,878.33. Trading volume was moderate at 307.7 million shares worth 3.49 trillion won ($3.12 billion) with decliners far outstripping gainers 550 to 256. "Concern on reduction of the U

Aug. 7, 2013

The main opposition Democratic Party on Wednesday batted away President Park Geun-hye’s proposal on talks to resolve the standoff over the National Intelligence Service. The party turned down Cheong Wa Dae’s counteroffer for an expanded five-person meeting, reiterating its call for one-on-one talks between Park and DP leader Kim Han-gil. An immediate compromise appeared distant as the presidential office remained equally resolute that Park was only willing to discuss administration-related affai

Politics Aug. 7, 2013

The chief of Woongjin Group, a troubled mid-size conglomerate, has been charged with fraudulently issuing commercial paper worth around 119.8 billion won ($107 million) to avoid bankruptcy, prosecutors said Wednesday.Yoon Seok-keum, the group‘s founder and chairman, allegedly orchestrated the commercial paper issuance worth 100 billion won under the name of the group’s parent company from July to August of last year even with prior knowledge that the group had lost its ability to pay back its de

Social Affairs Aug. 7, 2013

A sentencing for the convicted chairman of one of the country's largest conglomerates, SK Group, in an appeals trial has been postponed to Sept. 13, court officials said Wednesday.Chey Tae-won, 53, is currently undergoing appeals after being sentenced to four years behind bars by a lower court in January for embezzling nearly 50 billion won (US$45 million) in company funds to make personal investments in stock futures and options.The Seoul High Court had originally planned to deliver the verdict

Social Affairs Aug. 7, 2013

South Korea routed Kazakhstan 71-47 to reach the quarterfinals at the Asian men's basketball championship on Tuesday.Guards Kim Min-goo and Kim Sun-hyung each scored a team-high 14 points, and forward Cho Sung-min chipped in 12 points in second-round action of the FIBA Asia Championships for Men at the Mall of Asia Arena in the Philippines.South Korea improved to 3-1 in the tournament and is ranked second among six nations in Group F, behind the 4-0 Iran. The top four teams from the group will r

More Sports Aug. 7, 2013

A group of Navy officers and families of fallen soldiers will seek a court injunction against a controversial documentary that casts doubts on a multinational team's conclusion that North Korea was responsible for the sinking of the Cheonan warship, a senior official said Wednesday."Project Cheonan Ship," which is directed by independent filmmaker Baek Seung-woo and produced by Chung Ji-young, challenges the South Korean government's claim that the North is responsible for torpedoing a navy vess

Social Affairs Aug. 7, 2013

Assets held by Samsung Electronics Co., South Korea's top conglomerate by market cap, topped 200 trillion won (US$180 billion) as of end-June this year mainly due to its stellar business performance, data showed on Wednesday.Samsung's assets reached 203.76 trillion won at the end of June, up 12.92 trillion won from three months earlier. The end-June figure is also up 37.46 trillion won from a year earlier, according to its financial statement.Samsung Electronics, the world's top maker of memory

Industry Aug. 7, 2013

South Korean stocks began lower Wednesday as investors were unnerved by the U.S. signaling another cut in economic stimulus, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 14.70 points, or 0.77 percent, to 1,891.92 in the first 15 minutes of trading. Most large caps lost ground, led by market bellwether Samsung Electronics falling 1.7 percent and leading automaker Hyundai Motor dipping 2.6 percent. Financial blue-chips also moved downward. Shinhan Financial shed

Aug. 7, 2013

South Korean filmmaker Bong Joon-ho's English language debut film, "Snowpiercer," has attracted more than 4 million viewers in seven days of opening, its local distributor said Wednesday.The film, starring top Korean actor Song Kang-ho alongside Hollywood thespians Chris Evans, Ed Harris and Tilda Swinton, attracted an accumulated total of just over 4 million viewers on Tuesday, according to CJ Entertainment.It took only seven days for the flick to surpass the milestone after opening, which if c

Film Aug. 7, 2013

The government has concluded a years-long controversy over the feasibility of setting up duty-free shops near airports’ arrival gates and terminals. In a meeting with other economic policymakers in Seoul on Wednesday, Deputy Prime Minister and Finance Minister Hyun Oh-seok said a policy revision for duty-free shops at arrival zones would only increase congestion and unfairness in taxation between the rich and poor. Simply put, the cost of disadvantages would outweigh the cost of benefits to the

Aug. 7, 2013

Amazon.com CEO Jeff Bezos is revered as one of the brightest minds in corporate America, but even he is still puzzling over how to reverse the financial slide threatening The Washington Post and other major U.S. newspapers.Nevertheless, Bezos is determined to face the challenge, raising hope that his $250 million purchase of The Washington Post announced Monday will provide the newspaper industry a template for making the leap from the printed page to digital devices.“The marriage between the ne

World News Aug. 7, 2013

Foreigners became net buyers of local stocks last month after their net selling hit a nearly two-year high in June, mainly due to the U.S. Fed chairman's hint at maintaining its monetary stimulus policy, the financial regulator said Wednesday. Overseas investors bought a net 1.34 trillion won ($1.16 billion) worth of local shares in July, a turnaround from the 5.14 trillion-won net purchase a month earlier, according to the Financial Supervisory Service (FSS). The value of foreign investors' sha

Aug. 7, 2013

Chinese scientists have found the strongest evidence yet that a new bird flu strain is sometimes able to spread from person to person, but they are emphasizing that the virus still does not transmit easily.The new bird flu strain, known as H7N9, was first reported by Chinese authorities in March. As of the end of May, there were 132 cases and 37 deaths in China and Taiwan linked to the virus. Health officials suspect patients were most likely infected by birds in live animal markets but acknowle

Technology Aug. 7, 2013