South Korean stocks traded 0.63 percent higher late Thursday morning, due mainly to gains in technology firms and mobile carriers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 12.73 points to 2,041.54 as of 11:20 a.m.Tech shares continued to trade higher, with No. 1 Samsung Electronics rising 1.36 percent and flat panel maker LG Display climbing 2.73 percent. Leading chipmaker SK hynix moved up 1.59 percent.Mobile carriers also gathered ground, with SK Telecom addi

Nov. 28, 2013

The ruling Saenuri Party unilaterally adopted a report Thursday on the confirmation of the nominee for Board of Audit and Inspection (BAI) chief, defying strong objections from the main opposition party.The report was adopted in a vote by all seven ruling party members on the special parliamentary committee for handling nominee Hwang Chan-hyon's confirmation.The remaining six opposition party members boycotted the vote, but the report still passed with majority approval.The move is expected to d

Politics Nov. 28, 2013

The Doosan Bears abruptly fired Kim Jin-wook as their manager late Wednesday, weeks after finishing runner-up in the top domestic baseball league, citing his inability to take the team to the next level.The Seoul-based Korea Baseball Organization (KBO) club said they promoted Song Il-soo, formerly the manager of their minor league affiliate, to replace Kim. The Bears also said Song, 62, has signed for three years, with an annual salary of 250 million won ($235,500) and another 250 million won in

Baseball Nov. 28, 2013

China acknowledged Wednesday it let two American B-52 bombers fly unhindered through its newly declared air defense zone in the East China Sea despite its earlier threat to take defensive measures against unidentified foreign aircraft. The U.S. flights, which tested the Chinese zone for the first time since it was declared over the weekend, raised questions about Beijing's determination to enforce its requirement that foreign aircraft identify themselves and accept Chinese instructions. China's

World News Nov. 28, 2013

A presidential official on Thursday expressed displeasure after a Japanese magazine reportedly derided President Park Geun-hye as "imbecile of the week" for taking a tough stance on the former colonial ruler.The latest edition of the weekly Shukan Bunshun carried an article about Park's stance on Tokyo, accusing her of "creating disturbances" with regard to rows over the sovereignty of the South's easternmost islets of Dokdo and Japan's enslavement of Korean women as sex slaves during World War

Foreign Affairs Nov. 28, 2013

Three-time former Premier Silvio Berlusconi was ousted from Parliament on Wednesday after two decades as a lawmaker, defiantly calling it `'a day of mourning for democracy” and pledging to continue in politics. After weeks of maneuvering, appeals and even an attempt to bring down the government, Berlusconi's delay tactics ran their course when the Senate voted to kick him out of the chamber due to a tax fraud conviction. Ever a populist, the 77-year-old billionaire chose the piazza over the Sena

World News Nov. 28, 2013

South Korean institutions' investments in foreign securities rose to the highest level in five years in the third quarter as stock markets rose globally, the central bank said Thursday.The value of foreign securities held by institutional investors totaled US$70.47 billion as of end-September, up 5.3 percent from three months earlier, according to the Bank of Korea (BOK).It marked the largest tally since the third quarter of 2009 when such investments in overseas securities hit $72.1 billion, th

Nov. 28, 2013

South Korea's current account surplus hit a record high in October on the back of brisk exports of cars, chips and tech products, the central bank said Thursday.The current account surplus reached US$9.51 billion in October, up from a revised $6.54 billion in the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The October data marked the highest level since January 1980 when the BOK began to compile related data.Korea posted

Nov. 28, 2013

A local nuclear reactor was once again shut down for what appeared to be mechanical flaws, elevating concerns about the nation’s power supply situation this winter.Kori Reactor 1, located in Busan, halted operation at 1:18 a.m. on Thursday due to “problems in its turbine system,” according to the Korea Hydro & Nuclear Power Corp.The number of inactive nuclear reactors in Korea thus increased from five to six out of 23, including Shin-Kori Reactors 1 and 2, which were involved in a certificate fo

Social Affairs Nov. 28, 2013

South Korean stocks began higher Thursday on the back of optimistic economic data from the United States, analyst said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.19 points, or 0.45 percent, to 2,038.00 in the first 15 minutes of trading.Tech shares led the market gain, with Samsung Electronics adding 1.02 percent and its smaller local rival LG Electronics advancing 1.05 percent. Top chipmaker SK hynix climbed 0.87 percent.Builders also traded bullish, with Hyundai Engineeri

Nov. 28, 2013

Pakistan's prime minister chose the brother of a dead war hero to be the next army chief Wednesday, promoting an experienced general to arguably the most powerful position in the country. Prime Minister Nawaz Sharif's move to appoint Gen. Raheel Sharif was undoubtedly watched closely by the United States, which relies on support from the Pakistan army to battle Islamic militants and negotiate an end to the war in neighboring Afghanistan.It was a sensitive decision for the prime minister since he

World News Nov. 27, 2013

South Korea's antitrust watchdog said Wednesday that it has decided to launch a streamlined and less time-consuming process called "commitment decision" in probing two major Internet portal operators accused of hurting fair market competition by using their dominant position. This move would likely help NAVER Corp. and Daum Communications Corp. avoid a huge amount of penalties from the Fair Trade Commission's probe. The two have been under investigation for hurting fair market competition since

Industry Nov. 27, 2013

Defector-turned-lawmaker Cho Myung-chul on Wednesday sued for defamation a university professor who called for the execution of North Korean escapees.In a news briefing held at the National Assembly, Cho accused Yoon Jae-man, a Daegu University professor, of defamation and called his remarks in messenger app KakaoTalk "shocking." He said a complaint has been filed with the Seoul Central District Prosecutors' Office, calling for a probe into the matter.The progressive scholar allegedly characteri

Social Affairs Nov. 27, 2013