A four-day streak of record closes ended for the Standard & Poor's 500 index Wednesday after Caterpillar reported weak earnings and falling oil prices hurt energy stocks.Caterpillar, which makes mining and construction equipment, is considered an important barometer of the global economy. The plunge in Caterpillar's third-quarter profit discouraged investors and stalled a two-week surge in the stock market. Energy stocks dropped as the price of oil fell to its lowest in almost four months.The S&

World Business Oct. 24, 2013

South Korean stocks opened almost flat Thursday amid rising concerns over a possible economic slowdown in China, the top trading partner of Asia's fourth-largest economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 2.87 points, or 0.14 percent, to 2,038.62 in the first 15 minutes of trading.Logistics firms gathered ground, with Hyundai Glovis adding 3.77 percent and top air carrier Korean Air rising 1.76 percent. CJ Korea Express gained 0.33 percent.In contrast

Oct. 24, 2013

A Seoul court on Thursday acquitted a well-known reporter on charges of falsely claiming that the younger brother of President Park Geun-hye was behind a murder case.Joo Jin-woo, a reporter of the monthly news magazine Sisa IN, was cleared of charges that he spread false and defamatory information in his article that the president's younger brother, Park Ji-man, was involved in the killing of a relative.In the same ruling, the Seoul Central District Court also delivered a not-guilty verdict for

Social Affairs Oct. 24, 2013

South Korea's plastic card spending moved up 1 percent on-year in September, marking an all-time low growth due mainly to the lower number of business days amid the Chuseok holiday, a trade association said Thursday.South Korea's combined plastic card spending totaled 46.3 trillion won ($43.6 billion) last month, inching up from 45.8 trillion won tallied a year earlier, according to the data by the Credit Finance Association (CREFIA).It marked a sharp drop from a whopping 7.2 percent and a 7.6 p

Oct. 24, 2013

German Chancellor Angela Merkel complained to President Barack Obama on Wednesday after learning that U.S. intelligence may have targeted her mobile phone, saying that would be “a serious breach of trust” if confirmed.For its part, the White House denied that the U.S. is listening in on Merkel's phone calls now. “The president assured the chancellor that the United States is not monitoring and will not monitor the communications of the chancellor,” White House spokesman Jay Carney said. “The Uni

World News Oct. 24, 2013

The row over the alleged irregularities in the prosecution’s probe into the National Intelligence Service is threatening to escalate to another full blown war between the two main political parties over last year’s presidential election legitimacy.Following the testimony from Yoon Seok-yeol at the parliamentary audit on the prosecutors’ office, voices questioning the legitimacy of last year’s presidential election have risen from the main opposition Democratic Party. Yoon is the head of the pros

Politics Oct. 23, 2013

Korea's first astronaut Yi So-yeon refuted Wednesday a lawmaker's claims that taxpayers' money spent on her has been a waste since she is pursuing a seemingly unrelated degree in business, saying that still her ultimate goal is to help advance Korean space technology."It was a decision I made after realizing that I can't live the rest of my life talking about what I did in space for 11 days. I chose to pursue an MBA because I want to be someone who connects science with investors," Yi told Yonha

People Oct. 23, 2013

A South Korean affiliate of Australia's Macquarie Group has pulled its investment from a Seoul subway line after a controversial dispute over fares with the municipal government, city officials said Wednesday.Macquarie Korea Infrastructure Fund (MKIF), the second-largest shareholder of the Seoul Metro Line 9 Corp. with a 24.53 percent stake, sold its shares to three major local life insurance companies, they added. The three -- Kyobo Life, Hanwha Life and Shinhan bank -- bought the shares owned

Social Affairs Oct. 23, 2013

Top-ranked amateur Lydia Ko has announced her decision to turn professional at the age of 16 and after foregoing more than $1 million in potential prize money.Ko, ranked No. 5 in the world, tweeted her decision on Wednesday, saying she made up her mind after taking advice from All Blacks rugby player Israel Dagg.She posted on Twitter: “made a monumental decision today with a little help from my (at)AllBlacks friend (at)Izzy_Dagg (hash)LOVEGolf.”New Zealand Golf chief executive Dean Murphy confir

Golf Oct. 23, 2013

South Korean football veteran Lee Young-pyo announced his retirement through his Canadian club on Wednesday.Vancouver Whitecaps FC in the Major League Soccer (MLS) confirmed on its website that Lee, 36, will play his final football game on Sunday at its home against Colorado Rapids."I have been playing (football) for the last 28 years, so I think it's time to stop," Lee was quoted as saying on the website."It is an emotional time for me, but I'm so happy because when I came here two years ago, I

Soccer Oct. 23, 2013

South Korean stocks traded almost flat late Wednesday morning as investors were mixed on the lower-than-expected figures in the U.S. jobs data for September, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.15 points, or 0.01 percent, to 2,056.27 as of 11:20 a.m.Brokerages traded higher, with Samsung Securities rising 0.62 percent and KDB Daewoo Securities climbing 2.49 percent. Woori Investment & Securities added 1.72 percent.Carmakers traded mixed, with No. 1 Hy

Oct. 23, 2013

South Korean stocks opened higher Wednesday as the weaker-than-expected U.S. jobs data for September supported the outlook that its central bank may delay tapering of its economic stimulus, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 5.62 points, or 0.27 percent, to 2,061.74 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.41 percent and top steelmaker POSCO rising 0.94 percent. Leadin

Oct. 23, 2013

The Norwegian government said Tuesday it has frozen its donations to a South Korea-based environmental organization after reports emerged that its chairman spent huge sums on flights and food.The Global Green Growth Institute, which advises developing nations on low carbon growth policies, came under fire in Denmark last week after it was revealed its Danish chairman, Lars Lokke Rasmussen, spent more than $180,000 on first class flights and food during 15 trips. Lokke Rasmussen heads Denmark's l

Social Affairs Oct. 23, 2013

Mongolian President Tsakhiagiin Elbegdorj will visit Pyongyang next week for talks with his North Korean counterpart, Kim Jong-un, a news report said, as the two nations are endeavoring to deepen their strategic ties.Elbegdorj, who plans to arrive there on Monday, will become the first foreign head of state to meet the North's young leader since he formally took the helm of the reclusive communist nation last year, according to Japan's Kyodo News Service, which cited an unnamed Mongolian governm

North Korea Oct. 23, 2013

The 12-year-old student who opened fire on a Nevada middle school campus, wounding two classmates and killing a teacher before he turned the gun on himself, got the weapon from his home, authorities said Tuesday.School District police said they are still working to determine how the boy obtained the 9mm semi-automatic Ruger handgun used in the Monday morning spree at Sparks Middle School. The boy's parents are cooperating with authorities and could face charges in the case, police said.Authoriti

World News Oct. 23, 2013