South Korea's short-term foreign debt declined to its lowest level in more than six years in the second quarter, the central bank said Wednesday, helping improve the country's capacity to service external debt.The country's short-term external debt totaled $119.6 billion as of the end of June, down $2.6 billion from three months earlier, according to the Bank of Korea (BOK).It marked the lowest level since the fourth quarter of 2006 when short-term foreign debts hit $113.7 billion.The second-qua

Aug. 21, 2013

A U.S. county has instructed teachers in local schools to explain why the body of water between Korea and Japan should be called both the "East Sea" and the "Sea of Japan." "The National Geographic Society and many other cartographic institutions, atlases and textbooks are now labeling maps of the region of East Sea with both names -- Sea of Japan and East Sea,"Andrea M. Kane, assistant superintendent for curriculum and instruction for Anne Arundel County, said in a recent letter to the principa

Social Affairs Aug. 21, 2013

Samsung Electronics Chairman Lee Kun-hee has been hospitalized for pneumonia, a group official said Wednesday. Lee, 71, was admitted to the Samsung Medical Center in Seoul a week ago, and is expected to be released from the hospital this weekend, the official said. The tycoon has a history of lung cancer, for which he underwent surgery in the United States about a decade ago.There have been rumors that Lee's health has been declining, although the business group has strongly denied the claim.Lee

People Aug. 21, 2013

Kodak doesn't look a whole lot like it did when it filed for bankruptcy protection last year, but its executives and investors are hoping for a picture-perfect future.Many of its products and services are gone, including the camera-making business that made it famous more than a century ago. Also gone are scores of workers, manufacturing facilities, supply contracts and millions of dollars in investments.On Tuesday, U.S. Bankruptcy Judge Allan Gropper approved the company's plan to emerge from c

World Business Aug. 21, 2013

The Obama administration, undertaking a major review of U.S. relations with Egypt, edged closer to a decision Tuesday about curtailing some of America's $1.5 billion in annual aid after the Egyptian military's crackdown on supporters of ousted President Mohammed Morsi.Top administration officials met at the White House to review the possibility of cutting military or economic aid to Egypt, a longtime U.S. ally and the most populous nation in the Arab world. Some cuts are forthcoming, according t

World News Aug. 21, 2013

South Korean stocks retreated 1.55 percent Tuesday on losses by blue-chip steelmakers and chemical companies amid jitters over the U.S. stimulus cut, analysts said.The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) closed down 29.79 points to 1,887.85. Trading volume was moderate at 345.5 million shares worth 4.19 trillion won ($3.73 billion) with decliners far outstripping gainers 707 to 123. "What investors across the globe fear the m

Aug. 20, 2013

A local court accepted a request Tuesday by the chairman of food and entertainment conglomerate CJ Group to temporarily release him from jail for hospital treatment.The Seoul Central District Court decided to suspend the execution of the confinement of Lee Jay-hyun for three months from Tuesday.Lee has been behind bars since early last month under a court-issued arrest warrant pending trial on charges of creating a massive slush fund.Lee's defense lawyers later requested for a temporary suspensi

Social Affairs Aug. 20, 2013

The number of foreign workers in South Korea's farming and fishing sector jumped 3.5-fold in 2012 from three years earlier, data showed Tuesday.According to the data compiled by the Ministry of Agriculture, Food and Rural Affairs, the number of immigrant workers in the country's farming and fishing sector came to 4,863 last year, compared to 1,390 tallied in 2009.Local households employing foreign workers also jumped more than four-fold to reach 2,677 units over the cited period, the data also s

Social Affairs Aug. 20, 2013

In a departure from its recent conciliatory stance toward South Korea, North Korea resumed its verbal threats on Tuesday by lambasting President Park Geun-hye for stressing the need to guard against the North during a security meeting. On Monday, President Park cautioned against complacency in defending against North Korean provocations during a National Security Council (NSC) meeting held at Cheong Wa Dae's crisis room, known as the "underground bunker," the first meeting of its kind since her

North Korea Aug. 20, 2013

Ryu Hyun-jin of the Los Angeles Dodgers suffered his first loss in Major League Baseball (MLB) in two months, as the Dodgers fell to the Miami Marlins 6-2 here on Monday.At Marlins Park, Ryu gave up three runs on six hits and two walks in 7 1/3 innings to drop to 12-4 in his first big league season. The Dodgers lost consecutive games for the first time since June 20-21.The South Korean left-hander struck out five, but his ERA rose from 2.91 to 2.95. His previous defeat had come against the New Y

Baseball Aug. 20, 2013

Unionized workers at South Korea's largest carmaker Hyundai Motor Co. were to stage a partial strike on Tuesday to demand higher wages, officials said, in the latest work stoppage that could cut vehicle output.Some workers plan to down tools between 1:30 p.m. and 3:30 p.m. while others plan to walk off the job between 5:30 p.m. and 7:30 p.m., according to company and union officials.Hyundai Motor's 46,000-strong labor union will also walk out for four hours on Wednesday, Kwon Oh-il, a spokesman

Industry Aug. 20, 2013

A court ruling Monday raised the possibility of jailed ex-president Hosni Mubarak walking free soon, a move that would fuel the unrest roiling the country after the autocratic leader's successor was removed in a military coup.Underscoring the growing anger over Mohammed Morsi's ouster, suspected Islamic militants ambushed two minibuses carrying off-duty policemen in Egypt's Sinai Peninsula, forcing the men to lie on the sand and shooting 25 of them dead. “They were marked in advance by the attac

World News Aug. 20, 2013