North Korean leader Kim Jong-un inspected a front-line garrison on an islet near the inter-Korean sea border, a media report said Wednesday.The report by the Korean Central News Agency said Kim checked barracks, living quarters, schools and clinics, and lauded soldiers guarding the Wolnae Islet for their dedication to duty. The islet lies just 11 kilometers from South Korea's northernmost island of Baengnyeong along the northern limit line (NLL).The report marks the second consecutive day that P

North Korea Sept. 4, 2013

South Korea's foreign-exchange reserves climbed to a fresh record high in August due to gains in investment profits, the central bank said Wednesday.The country's foreign reserves reached US$331.09 billion as of end-August, up $1.38 billion from the previous month, according to the Bank of Korea (BOK).The FX reserves rose for the second straight month in August after falling by the largest amount in 13 months in June.Foreign reserves consist of securities and deposits denominated in overseas cur

Sept. 4, 2013

As a U.S. strike on Syria looks imminent, officials here are increasingly talking about North Korea to help make the case for such military action.They emphasize the need for setting a precedent for possible similar problems caused by North Korea, Iran and terrorist groups.Secretary of State John Kerry and Secretary of Defense Chuck Hagel said the infamous groups are watching how the U.S. responds to the Syrian crisis."Our inaction would surely give them (Iran) a permission slip for them to at l

World News Sept. 4, 2013

South Korea's ranking in global competitiveness dropped by six notches this year, affected by the prolonged low economic growth trend and the heightened geopolitical risks surrounding the Korean Peninsula, a report showed Wednesday.According to the report compiled by the World Economic Forum (WEF), the competitiveness index for South Korea ranked 25th out of 148 countries surveyed this year, down from 19th a year earlier.This was the lowest since 2004 when the ranking slipped to 29th in the same

Sept. 4, 2013

South Korean stocks closed 0.46 percent higher Tuesday as investors' sentiment was boosted by improved economic data from the eurozone and China, analysts said.The local currency closed higher against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 8.93 points to finish at 1,933.74. Trading volume was low at 294.2 million shares worth 3.98 trillion won ($3.62 billion) with gainers outpacing losers 542 to 265.Analysts said the gain of Seoul shares came as the Purch

Sept. 3, 2013

A former top tax official accused of taking bribes from food and entertainment conglomerate CJ Group while in office in 2006 admitted to the charges at a court hearing Tuesday.Jeon Goon-pyo, 59, allegedly accepted US$300,000 in U.S. bills from CJ Group officials in exchange for favors during a tax audit into the conglomerate in July 2006, shortly after he was named the commissioner of the National Tax Service (NTS), prosecutors said.Jeon is further accused of taking a high-end watch worth 35 mil

Social Affairs Sept. 3, 2013

South Korean tech giant LG Electronics Inc. said Tuesday that it plans to release its latest flagship smartphone, the LG G2, in the U.S. and Germany this month, in a bid to further shore up its presence in the global high-end smartphone market.The 5.2-inch smartphone by the world's third-largest smartphone maker debuted in South Korea last month to take on rivals Samsung Electronics Co. and Apple Inc. in the domestic market. The LG G2, the first device rolled out by LG Electronics after it dropp

Technology Sept. 3, 2013

Former President Chun Doo-hwan's second son was called in for questioning by prosecutors Tuesday over suspicions that he evaded taxes in a land transaction to turn a profit. It marks the first time that a child of Chun faced questioning since the prosecution office launched a probe team tasked with reclaiming the fortune of the former military dictator who was convicted of taking bribes while in office in the 1980s.Chun was ordered by the nation's top court in 1997 to return to state coffers aro

Social Affairs Sept. 3, 2013

More than 1 in 5 Koreans in their early 20s may never get to meet their Mr. or Mrs. Right should the current trends continue, a study showed Tuesday.About 24 percent of men and 19 percent of women aged 20 in 2010 were expected to remain single until 45, according to the study released by the state-funded Korea Institute for Health and Social Affairs.People who remain single at the age of 45 and over are usually regarded as the non-married demographic.The chances are extremely low for people get

Social Affairs Sept. 3, 2013

South Korean stocks opened higher Tuesday as investor sentiment was boosted by improved economic data from China and the eurozone, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 5.93 points, or 0.31 percent, to 1,930.74 in the first 15 minutes of trading.Tech shares traded bullish, with market behemoth Samsung Electronics adding 0.52 percent and top chipmaker SK hynix rising 0.71 percent. Samsung SDI, a local plasma display panel maker, added 1.18 percent.Mobile c

Sept. 3, 2013

Foreign currency-denominated loans extended by South Korean banks to residents grew by US$1.28 billion in the first half from six months earlier on increased dollar demand to cover import bills, the financial watchdog said Tuesday.Outstanding foreign currency loans amounted to $31.21 billion as of the end of June, compared with $29.93 billion at the end of last year, according to the Financial Supervisory Service (FSS).In the second quarter, such lending grew by $950 million, faster than the $33

Sept. 3, 2013

A senior Chinese military official renewed his country's "clear-cut" goal of ending North Korea's nuclear program through dialogue during a meeting with South Korean defense officials last week, China's defense ministry said Tuesday. Sun Jianguo, deputy chief of general staff of the Chinese People's Liberation Army, made the remark on Friday when he met a delegation of the Korea Institute for Defense Analyses, which is affiliated with South Korea's defense ministry, in Beijing."China's stand on

North Korea Sept. 3, 2013