Carmakers in South Korea saw their overseas production exceed domestic output in the first eight months of this year, industry data showed Tuesday, as local automakers have built more assembly lines in foreign countries in recent years.Seven carmakers, including top automaker Hyundai Motor Co. and its sister company Kia Motors Corp., produced 2,773,067 units in the January-August period, according to data compiled by the Korea Automobile Manufacturers Association.In comparison, Hyundai and Kia b

Mobility Sept. 27, 2016

An appeals court on Tuesday overturned a jail term handed down to former Prime Minister Lee Wan-koo and acquitted him of allegations he received bribes from a deceased businessman, citing a lack of evidence.The Seoul High Court acquitted Lee of allegations he received 30 million won ($27,000) from Sung Wan-jong, the late chairman of a local construction firm who was at the center of a lobbying scandal, in April 2013.The ruling came a few weeks after Hong Joon-pyo, governor of South Gyeongsang Pr

Politics Sept. 27, 2016

The third wife of the embattled Lotte Group's founder has been indicted on charges of tax evasion without being questioned as she failed to comply to prosecutors' summons, authorities said Tuesday.The Seoul Central District Prosecutors' Office looking into alleged corporate crimes of the country's fifth-largest conglomerate said Seo Mi-kyung, 57, is suspected of evading some hundreds of billions of won in gift taxes.The common-law wife of group founder Shin Kyuk-ho became the second member of th

Industry Sept. 27, 2016

The global recall of the Galaxy Note 7 smartphones may cut Samsung Electronics' projected third-quarter operating profit by over 5 percent, but the global giant's earnings are expected to rebound in the fourth quarter, industry analysts said on Tuesday.A survey by financial information provider FnGuide showed that Samsung is expected to post an operating profit of 7.67 trillion won ($6.89 billion) for the third-quarter of this year, a fall of 5.3 percent from a pre-recall forecast. Before Samsun

Technology Sept. 27, 2016

South Korean refiners may report stronger-than-expected earnings for the third quarter as their refining margins are forecast to have rebounded sharply in August, industry sources said Tuesday.The benchmark Singapore complex gross refining margin hovered above $7 per barrel this month, sharply up from $3.9 in August, according to the sources. Singapore is the regional trading hub of the benchmark Dubai crude.The margin is the difference between the total value of petroleum products from oil refi

Industry Sept. 27, 2016

Seventy three credit-specialized finance firms in South Korea, excluding credit card companies, saw their net profits jump more than 25 percent on-year in the first half of this year thanks to less loan loss costs and lower interest rates, official data showed Tuesday.Their aggregate net profits amounted to 959.7 billion won ($866 million) during the six months, up 25.8 percent from a year earlier, according to the Financial Supervisory Service.It's mainly attributable to a reduction in delinque

Sept. 27, 2016

North Korea threatened to use nukes to retaliate against the United States if Washington policymakers continue to blackmail Pyongyang with nuclear weapons, the North's state media said Tuesday.North Korea's Institute of International Studies on Monday unveiled a memorandum exposing what it called Washington's nuclear crimes, according to the Korean Central News Agency.It said the criminal nature of Washington's nuclear policy can be most evidently found in its stance toward North Korea."As long

North Korea Sept. 27, 2016

The number of South Koreans with sleeping disorders has been increasing over the past few years, data showed Tuesday, urging the government to come up with campaigns on the proper use of related treatment drugs.According to the data compiled by Rep. In Jae-keun of the main opposition Minjoo Party of Korea, the number of South Koreans diagnosed with insomnia came to 456,000 in 2015, up 40 percent from 325,000 tallied in 2011.The amount of related medical expenses also reached 50.2 billion won ($4

Technology Sept. 27, 2016