Controlling shareholders of all major South Korean financial firms will face tougher eligibility screening starting in August, the Financial Services Commission announced Tuesday.Currently, the owners of banks and mutual savings banks alone are subject to a periodic review by the state financial watchdog of whether they are qualified to run the entities with stability.Under the revision to the Corporate Governance Law of Financial Companies, controlling shareholders of non-banking financial inst

July 26, 2016

South Korean football chief Chung Mong-gyu has pulled out of the election for a seat on FIFA's main decision-making body, the sport's national federation said Tuesday.Korea Football Association President Chung has informed the international football governing body that he will no longer pursue a seat on the FIFA Council.Chung was recently elected for his second term at the KFA, and is serving as chef de mission for South Korea at next month's Rio de Janeiro Summer Olympics. The FIFA election is

Soccer July 26, 2016

The head of the Lotte Foundation and daughter of the Lotte Group's founder was indicted on a string of charges, including embezzlement and bribery, on Tuesday.The indictment marks the first time that a member of the family that runs South Korea's fifth-largest conglomerate will stand trial.The Seoul Central District Prosecutors' Office said Shin Young-ja, 73, is suspected of pocketing a total of some 3.53 billion won ($3.1 million) of kickbacks from various companies, including local cosmetics b

Industry July 26, 2016

A North Korean official said Tuesday that the North has no plans at the moment to hold an official press conference on the sidelines of the Asia-Pacific countries' meetings underway in Laos, but it could have a chance to let its position be known before the end of the gathering.Asked if there is a press conference, the official accompanying North Korean Foreign Minister Ri Yong-ho told a group of reporters, "We don't have enough time for it, but the decision is up to the minister.""I don't know

North Korea July 26, 2016

South Korea will again check the electromagnetic waves coming from the powerful radar used in the advanced U.S. anti-missile system to help allay fears about the health risks associated with the equipment, the defense ministry said Tuesday. The move comes after the Ministry of National Defense carried out a test on electromagnetic waves generated from the X-band radar system used on the Terminal High-Altitude Area Defense system stationed in Guam on July 18.In the test carried out at the U.S. mi

Defense July 26, 2016

South Korean shares closed at their highest level this year on Tuesday as investors snapped up major tech shares, helped by foreigners loading for a 14th consecutive session. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 15.02 points, or 0.75 percent, to close at 2,027.34. Trade volume was slim at 332.2 million shares worth 3.92 trillion won ($3.45 billion), with winners outnumbering losers 474 to 320.Market analysts say the KOSPI has hovered

July 26, 2016

South Korean startups will show off their new products at a trade fair in Los Angeles later this week, the Ministry of Science, ICT and Future Planning said Tuesday. The three-day fair, set to begin at the Los Angeles Convention Center on Friday, is aimed at helping the startups make inroads into the U.S. market and attract foreign investments, according to the ministry. During the fair, named the "Creative Economy Global Road Show," some companies will display beauty and fashion products for fa

Technology July 26, 2016

The number of marriages and childbirths in South Korea dropped to an all-time seasonal low in May, official data showed Tuesday.The number of newborns fell 5.8 percent on-year to 34,400 during the month, according to Statistics Korea.It is the lowest for May since the agency began compiling related data in 2000.The number of childbirths declined for the sixth consecutive month amid growing concerns over the nation's shrinking and aging population.Marriages also plunged 8.6 percent to 25,500 in M

Social Affairs July 26, 2016

South Korea's unification minister said Tuesday now is not the right time to hold talks with North Korea as Pyongyang continues to ramp up its saber-rattling over Seoul's decision to deploy an advanced U.S. anti-missile defense system in the country. On July 19, a week after it warned of "physical" counter-actions against the decision by Seoul and Washington to deploy the Terminal High-Altitude Area Defense system in South Korea by 2017, Pyongyang test-fired three ballistic missiles and made cle

North Korea July 26, 2016

South Korea's state auditor said Tuesday the government should roll out tighter plans to prevent gambling addiction, adding that a large number of addicts are being observed at Kangwon Land Casino, the nation's only casino open to locals, owned by High1 Resort.According to the study conducted by the Board of Audit and Inspection, 2,165 South Koreans visited the mountain resort in Jeongseon County, 214 kilometers east of Seoul, more than 100 days in a one-year period as of March. Another group of

Social Affairs July 26, 2016

The number of foreigners who visited South Korea via cruise ship more than doubled in the first half from a year ago, helped by a rising influx of travelers from China, the maritime ministry said Tuesday. A total of 899,539 passengers, including 246,783 crewmembers, arrived at four ports in the nation in the January-June period, up 122 percent from a year earlier, the Ministry of Oceans and Fisheries said.The number of arrivals of cruise ships also jumped from 195 to 306 over the period, the min

July 26, 2016

Dozens of Korean language teachers from around the world gathered in Seoul Tuesday to discuss ways to improve their teaching amid heightened interest in the Asian language.The 14th conference of overseas Korean language educators brought together more than 80 teachers and professors from 28 nations and some 30 South Korean education officials for a weeklong workshop consisting of seminars, group discussions and field trips.The education ministry and its affiliate, the National Institute for Inte

Social Affairs July 26, 2016

China and Russia submitted a joint statement to the United Nations on July 8 opposing the deployment of the Terminal High Altitude Area Defense battery in South Korea, the U.S.-based Voice of America reported Tuesday. According to the VOA report, the joint document was signed by Wu Haitao, China's deputy ambassador to the U.N., and Russian Ambassador to the U.N. Vitaly Churkin. The document was attached with a joint statement signed by Chinese President Xi Jinping and Russian President Vladimir

Defense July 26, 2016

The South Korean government submitted its extra budget plan aimed at revitalizing the national economy to the parliament on Tuesday, as the ruling and opposition parties remain divided over the details of the support measures.The bill, tentatively slated to pass on Aug. 12, focuses on allocating 11 trillion won ($9.6 billion) to add vitality to the weak economy and generate more jobs.The ruling and opposition parties, however, still remain divided on detailed related to the allocation of the sup

July 26, 2016