The number of Chinese gamblers visiting South Korean casinos surpassed that of Japanese high-rollers for the first time last year, the culture ministry said Monday, as fears of North Korea's provocations and the falling yen curtailed growth of Japanese customers.According to the Ministry of Culture, Sports and Tourism, more than 970,000 or 40.7 percent of foreigners visiting local casinos came from mainland China last year, compared with 33 percent from Japan.The number of Japanese gamblers plun

May 27, 2013

South Korean banks are further turning their focus to the Asian market as squeezed profit margins and the economic slowdown at home are prompting them to find new sources of income, market watchers said Monday.Local banks' move to tap the overseas market is not a new trend, but top lender Kookmin Bank and its three major rivals are ramping up efforts to make inroads into the Asian market where economic growth remains relatively solid, they added.Top lender Kookmin Bank is aiming to provide tailo

May 27, 2013

South Korean consumers' confidence rebounded in May from the previous month as the government's extra budget and the central bank's rate cut raised optimism about the economic recovery, the Bank of Korea (BOK) said Monday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 104 for May, up from 102 tallied for the previous month, according to a monthly survey by the BOK. The index stayed above the benchmark 100

May 27, 2013

Two rockets hit Hezbollah strongholds in Beirut on Sunday, tearing through an apartment and peppering cars with shrapnel, a day after the Lebanese group's leader pledged to lift President Bashar Assad to victory in Syria's civil war.The strikes illustrated the potential backlash against Hezbollah at home for linking its fate to the survival of the Assad regime. It's a gambit that also threatens to pull fragile Lebanon deeper into Syria's bloody conflict.Despite such risks, Hezbollah chief Hassan

World News May 27, 2013

Secretary of State John Kerry declared Sunday he believes a potential $4 billion plan is emerging that could expand the Palestinian economy by up to 50 percent in the next three years. It could also cut unemployment by almost two-thirds, and average wages could jump 40 percent, he said. But Kerry said it all depends on parallel progress on peace between Israel and the Palestinians.Kerry has been working with former British Prime Minister Tony Blair and global business leaders to devise economic

World News May 27, 2013

South Korean stocks opened slightly higher Monday, as a hike in Japanese government bond yields last week lifted lingering concerns over yen weakness, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.98 points, or 0.15 percent to 1,976.43 in the first 15 minutes of trading. Blue-chip exporters drove up the main index, with tech heavyweight Samsung Electronics gaining 0.61 percent and Kia Motors, smaller affiliate of No. 1 carmaker Hyundai Motor, rising more than 1 p

May 27, 2013

German Chancellor Angela Merkel said Sunday she would use her country's economic clout to prevent the European Union from imposing punitive tariffs on some Chinese products to avoid a trade war.Germany will push for “very intense talks” between the EU and China to seek a negotiated solution as swiftly as possible, the leader of Europe's biggest economy told visiting Chinese Premier Li Keqiang.The EU Commission, the 27-nation bloc's executive arm, accuses China of pricing its solar panels and som

World Business May 27, 2013

The Colombian government and the country's biggest rebel group announced an agreement Sunday on one of their main bones of contention, land reform, after more than a half year of slow-moving peace talks in Cuba's capital.Both said the agreement constituted a major breakthrough, although several key details still needed to be worked out in the coming weeks and months. They did not release the text of the accord, but said it dealt with issues like property rights, access to land and rural infrastr

World News May 27, 2013

South Korean stocks edged up 0.22 percent Friday as exporters gathered ground on eased concerns over the weak Japanese yen, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 4.26 points to finish at 1,973.45. Trading volume was low at 278.3 million shares worth 3.67 trillion won ($3.25 billion) with gainers outstripping losers 420 to 383.Market watchers said the overall gain came as blue chip exporters gathered ground

May 24, 2013

The government plans to launch a commission next month to look into a highly controversial public project to refurbish the country's four major rivers, officials said Friday.As a trademark of the previous Lee Myung-bak administration, the mega project costing 22 trillion won ($19.5 billion) is aimed at helping prevent floods and promote tourism along the country's four major rivers - the Han, Nakdong, Kum and Yeongsan. But it has long drawn criticism from civic activists and the opposition party

May 24, 2013

South Korean stocks traded 0.15 percent higher late Friday morning on gains in autos and constructions, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.05 points to 1,972.24 as of 11:20 a.m.Carmakers continued to trade higher on eased concerns over the weak yen, with Hyundai Motor rising 0.99 percent and Kia Motors adding 1.22 percent. Top auto parts maker Hyundai Mobis gained 1.61 percent.Builders also gathered ground, with Hyundai Engineering & Construction add

May 24, 2013

South Korea is not considering easing or lifting sanctions imposed on Pyongyang after the sinking of one of the South's warships in 2010 that effectively put the kibosh on most cross-border exchanges, official sources said Friday.Seoul announced the so-called May 24 measures after a two-month-long probe that accused Pyongyang of sinking the Cheonan in waters near the maritime border in the Yellow Sea on March 26, 2010. Pyongyang has denied the accusations. Government insiders said that since the

North Korea May 24, 2013