North Korea is in the process of developing a long-endurance aerial drone, the government said Sunday.The unmanned aerial vehicle (UAV) that is undergoing flight testing is larger than those currently in service in the North, an official source said. Last week the North's Chosun Central TV revealed that a new type of UAV is under development.The media outlet did not provide clear images of the drone but claimed it had real-time observation and tracking capabilities. It also said the machine can

North Korea Dec. 18, 2016

Daewoo Shipbuilding & Marine Engineering Co. said Sunday it has bagged a combined 700 billion won ($590 million) in potential orders from a Greek shipping company. Under the agreement with Maran Tankers Management -- a unit of Greece's largest shipper, Angelicoussis Shipping Group -- the troubled South Korean shipbuilder will provide a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship.Details of the deal were not revealed, but the LNG-FSRU is priced at the upper 200 billi

Industry Dec. 18, 2016

South Korea's major think thanks on Sunday predicted the country's economy may grow in the low 2 percent range next year, citing a global trade slowdown and faltering domestic consumption amid political uncertainties at home.For 2017, the growth outlook stood at an average 2.3 percent, according to a survey on major private and state-run think tanks and research centers conducted by Yonhap News Agency.The Korea Development Institute (KDI) forecast that Asia's fourth-largest economy will expand 2

Dec. 18, 2016

Acting President and Prime Minister Hwang Kyo-ahn is set to deliver next year's economy policy plan later this month, sources said Sunday, indicating he will continue to actively participate in state affairs despite opposition parties demanding him to remain low-key.It marks a rare occasion for a prime minister to deliver the announcement, which is usually delivered by financial ministers.The event is slated for Dec. 29. Hwang became the acting president after President Park Geun-hye was impeach

Dec. 18, 2016

Chinese-Koreans residing in South Korea think their living standards here are better than they were in China, a local poll showed Sunday.The findings by the IOM Migration Research and Training Center revealed that of the 2,017 people checked from July to October,52.9 percent said life in South Korea is better than in China. The people checked covers Chinese nationals who are ethnically Korean.The survey also showed that 27 percent of ethnic Koreans with ties to China said there was no particular

Social Affairs Dec. 18, 2016

South Korea's National Assembly is set to focus its efforts on the last session of questioning in regards to President Park Geun-hye's alleged corruption scandal slated for later this week, as key figures are expected to appear for the parliamentary probe, sources said Sunday.Former presidential secretary Woo Byung-woo, who had been dodging the summons request, is among the figures who will join the session.The probe slated for Thursday is especially crucial as the parliament's special committee

Politics Dec. 18, 2016

Acting President and Prime Minister Hwang Kyo-ahn on Wednesday pledged to ensure "sufficient communication" with parliament, in an apparent move to placate opposition parties wary of his growing assertiveness."(I) will solemnly uphold the will of citizens and reflect it well in the entirety of state affairs," he said during a meeting with National Assembly Speaker Chung Sye-kyun. "In the process, I will ensure sufficient communication with lawmakers led by the Assembly speaker."It marked Hwang's

Politics Dec. 14, 2016

South Korea's household loans extended by local banks rose 11.5 percent in November from a year earlier due to an increase in collective loans, central bank data showed Wednesday.Outstanding household loans from local lenders came to 704.6 trillion won ($601 billion) as of end-November, compared with 632.2 trillion won from a year earlier, according to the data from the Bank of Korea (BOK).Compared with October this year, the amount rose by 8.8 trillion won. "Mortgages increased 6.1 trillion won

Dec. 14, 2016