South Korean stocks closed almost unchanged Monday as investors took to the sidelines waiting for a slew of key data and economic events in the coming days. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 1.98 points, or 0.1 percent, to close at 2,012.32. Trade volume was slim at 346.73 million shares worth 4.14 trillion won ($3.64 billion), with losers outnumbering winners 436 to 374.Market analysts say the market is expected to remain in a tig

July 25, 2016

Foreign traders have favored South Korean tech shares recently, while turning their backs on the automobile sector, data showed Monday.Foreigners scooped up a net 2.96 trillion won ($2.6 billion) worth of local stocks in the first three weeks of July alone, buttressing the benchmark Korea Composite Stock Price Index, according to the Korea Exchange.Ditching the traditional pattern of a "balanced" portfolio, they focused buying on tech, steel and materials shares.They net-purchased 631.6 billion

July 25, 2016

South Korea's government held a hearing on German carmaker Volkswagen's emissions scandal Monday before finalizing a decision that can revoke the certifications of dozens of its vehicle models implicated in the scandal.The Ministry of Environment conducted the hearing at the National Institute of Environmental Research in Incheon, west of Seoul, which was attended by Johannes Thammer, the chief of the automaker's South Korean unit, and several other company officials. Earlier this month, the min

Mobility July 25, 2016

 The number of South Koreans aged 100 and older soared to top 3,000 last year as the country is rapidly heading to an aged society, government data showed Monday.A total of 3,159 centenarians were living in the country as of November 2015, up from 1,835 tallied five years earlier, according to the census data compiled by Statistics Korea.(Yonhap)It noted 2,731, or 86.5 percent of the total, are female, far outnumbering 428 men.They cited that their secret to living a long life is healthy eating

Social Affairs July 25, 2016

South Korea's terms of trade improved from a year earlier in June due to bigger declines in import prices compared to drops in export prices, central bank data showed Monday.The terms of trade index for products came to 100.86 last month, up 0.8 percent from a year earlier, according to preliminary data from the Bank of Korea.The index measures the amount of imports a country can purchase for each unit of its exports, showing how the country's exports are doing in comparison with those of others

July 25, 2016

South Korea and the United States will not share with Japan the information they obtain from the radar of an advanced anti-missile system that will be set up by late 2017, a government source said Monday.Their remarks come amid speculations that the Terminal High Altitude Area Defense system to be deployed in South Korea is part of a wider move to integrate the South into the broader missile defense system operated by the U.S. and Japan. "Under the trilateral information-sharing agreement with t

Defense July 25, 2016

South Korea will attend an international trade fair to be held in the capital city of Kazakhstan next year to promote Korean-made goods in the world market, the trade ministry here said Monday.The Astana Expo 2017 will kick off in Astana on June 10, 2017, under the theme of "Future Energy" and run through Sept. 10, with 100 countries and 15 international organizations participating.South Korea signed a deal with the event organizer to take part in the world trade fair recognized by the Bureau of

July 25, 2016

Construction permits issued for new residential buildings surged 9.3 percent from a year earlier in June as home construction permits in rural areas continued to rise, more than offsetting a sharp drop in the capital area, government data showed Monday.The number of new home permits issued came to 79,912 in June, compared with 73,102 in the same month last year, according to the data from the Ministry of Land, Infrastructure and Transport.The June tally marks a turnaround from a 7.3 percent decl

Industry July 25, 2016

Hyundai Heavy Industries Co., a major shipbuilder, said Monday that it has signed a deal to build a naval tanker for New Zealand.The new tanker will replace a 30-year-old ship tasked with providing fuel, fresh water, disaster relief and other things to the navy. The new 12,000-ton tanker will be delivered by the end of 2019, Hyundai Heavy said.The new tanker will also be ice-strengthened for Antarctic operations, according to the shipbuilder.Hyundai Heavy did not unveil the value of the deal, ho

Industry July 25, 2016

LG Chem Ltd., South Korea's top chemical maker, said Monday that it would spend some 400 billion won ($352 million) in expanding its output of elastic polymers in a bid to meet growing demand.The company said the new plant in Daesan, some 140 kilometers south of Seoul, will have a capacity to produce 200,000 tons of elastomer, which will raise its total output of the elastic polymer to 290,000 tons by 2018.Elastomers are elastic materials mostly used to make seals, high-quality adhesives, shock

Industry July 25, 2016

A Chinese buyer is expected to win the bid to acquire South Korea's fifth-largest life insurer by assets, industry sources said Monday.MBK Partners, a South Korean private equity fund, plans to begin the formal bidding process early next month to sell off ING Life Korea. A deal that could fetch around $3 billion."Preliminary due diligence that started in June has almost finished," a source said. "A preferred bidder is scheduled to be selected through the bidding to open in early August."It's sha

July 25, 2016

South Korea will establish a foundation in September to better study human rights situations in North Korea and develop related policies, the unification ministry said Monday.The government plans to inject about 25 billion won ($22 million) annually into the 50-member foundation under the North Korean Human Rights Act, which is set to take effect Sept. 4 and designed to improve human rights abuses in the reclusive country, according to the ministry in charge of Seoul's Pyongyang policy.A group o

North Korea July 25, 2016