The former head of telecom giant KT Corp. will be summoned this week over alleged managerial wrongdoings and creating slush funds, prosecutors said Wednesday.Lee Suk-chae, who tendered his resignation last month, has been notified to show up for questioning at the Seoul Central District Prosecutors' Office in southern Seoul Thursday, they said.Prosecutors suspect Lee inflicted huge losses on KT, the country's top fixed-line operator and No. 2 mobile carrier, by intentionally making poor investme

Social Affairs Dec. 18, 2013

The Hanwha Eagles announced Wednesday the signing of new pitcher Caleb Clay to a one-year deal.The Korea Baseball Organization (KBO) team said Clay, a 24-year-old right-hander, signed for $250,000, along with $50,000 in a signing bonus.Clay was drafted by the Boston Red Sox in 2006 but has never played in Major League Baseball (MLB). In seven minor league seasons for affiliates of the Red Sox and later the Washington Nationals, Clay has gone 26-33 with a 4.19 ERA in 147 games, 77 of them being s

Baseball Dec. 18, 2013

The North Korean military's top political officer has become a confidant to leader Kim Jong-un with the blessing of Kim's late father and long-time leader Kim Jong-il, people familiar with the matter said Wednesday.Choe Ryong-hae, a former provincial chief of the ruling Workers' Party, appears to have secured a position deemed as the country's new No. 2 following the recent execution of the current leader's uncle, Jang Song-thaek.Choe was sitting next to the young leader Kim Jong-un at Tuesday's

North Korea Dec. 18, 2013

South Korean stocks traded 0.31 percent higher late Wednesday morning, driven by gains in financial firms and retailers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 6.11 points to 1,971.85 as of 11:20 a.m.Shinhan Financial Group, the biggest banking firm by market cap, soared nearly 3 percent, with leading supermarket chain E-mart hiking more than 3 percent. Shares of IT companies fell. NAVER, the top Internet portal provider, dipped 3 percent, and NC Soft, a m

Dec. 18, 2013

Unionized Seoul subway workers have called off plans to go on strike Wednesday after reaching a last-minute agreement with a Seoul subway operator on retirement age and severance pay, both sides said.Union members of Seoul Metro, a public corporation that runs Seoul subway lines No. 1 through 4, were scheduled to walk off the job from 9 a.m. Wednesday after repeatedly failing to find middle ground on various outstanding issues with the management.However, the two sides reached a final agreement

Social Affairs Dec. 18, 2013

A bill that would avert another government shutdown and ease many of the painful budget cuts passed a pivotal test in the Senate on Tuesday, a rare example of bipartisanship in a deeply divided Congress.The measure should stabilize a broken budget process after a partial government shutdown in October that inflicted political harm upon Republicans and Congress in general.“This bipartisan bill takes the first steps toward rebuilding our broken budget process. And hopefully, toward rebuilding our

World Business Dec. 18, 2013

Neymar scored his sixth goal in seven days to cap Barcelona's 3-0 win over Cartagena on Tuesday as it advanced in the Copa del Rey on a 7-1 aggregate score.With the round-of-32 matchup practically decided after Barcelona's 4-1 victory in the first leg, the match lacked pace at the start and Cartagena's Diego Segura almost snatched a goal for the third-division side when he curled a free kick off the upright in the 28th minute.But three minutes later Pedro Rodriguez scored his third goal of the s

Soccer Dec. 18, 2013

NASA has ordered up a series of urgent spacewalks to fix a broken cooling line at the International Space Station, a massive repair job that could stretch to Christmas Day.Station managers decided Tuesday to send two American astronauts out as soon as possible to replace a pump with a bad valve. The task will require two and possibly three spacewalks on Saturday, Monday and next Wednesday _ Christmas Day.“The next week will be busy with space walks so not much tweeting from here,” NASA astronaut

World News Dec. 18, 2013

South Korean stocks began higher Wednesday as eyes are set on what U.S. Federal Reserve will say about the stimulus cut after its policy meeting, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.10 points, or 0.36 percent to 1,972.84 in the first 15 minutes of trading. Tech and auto shares led the gain, with market bellwether Samsung Electronics advancing 0.6 percent and Hyundai Mobis, an auto parts-maker, climbing 1.2 percent. The two-day Federal Open Market Committ

Dec. 18, 2013

South Korea's top central banker on Wednesday downplayed concerns that the country may face deflation, given the underlying price pressure and inflation expectations.Some experts said South Korea's low consumer prices are raising concerns that Asia's fourth-largest economy may undergo deflation similar to that of Japan.Korea's inflationary pressure remains subdued as consumer prices ran below the 2.5-3.5 percent inflation target band of the Bank of Korea (BOK) for the 18th straight month in Nove

Dec. 18, 2013

In a new measure aimed at blocking illicit arms trade between North Korea and Myanmar, the Obama administration imposed sanctions Tuesday on a Myanmar military official and three Myanmar firms.The Treasury said its action does not "generally target" the Myanmar government as it targets those linked to the Southeast Asian nation's Directorate of Defense Industries (DDI), "which has been involved in purchasing military equipment and related material from North Korea."“The revenues from these conti

North Korea Dec. 18, 2013