South Korean shares extended a winning streak into a fourth day on Thursday, paring early losses, as foreigners stuck to a buying mode. The South Korean won rose sharply against the U.S. dollar after the nation's central bank froze the key interest rate at the record low of 1.25 percent.The benchmark Korea Composite Stock Price Index added 3.22 points, or 0.16 percent, to 2,008.77.Trade volume recorded 334.3 million shares worth 4.2 trillion won ($3.7 billion), with decliners outnumbering advanc

July 14, 2016

Hyundai Heavy Industries Co., a troubled shipyard, is seeking to sell its brokerage unit as part of its restructuring drive, but its bid may fall through due to lack of potential investors, industry sources said Thursday.According to the sources, Hyundai Heavy plans to sell an 85.3 percent stake in HI Investment & Securities Co. which is held by its affiliate, Hyundai Mipo Dockyard Co., a deal estimated at around 500 billion won ($439 million).Hyundai Heavy plans to complete the sale of the brok

July 14, 2016

South Korea's central bank on Thursday named low global oil prices as a main cause of the country's slow consumer price increase in the first half, insisting its local demands have remained strong and will continue to expand.In the first six months of the year, the country's consumer prices have gained only 0.9 percent from the same period last year, falling far short of the central bank's 2 percent target for the 2016-2018 period, the Bank of Korea noted."This was partly because an upward press

July 14, 2016

A woman who burned her unfaithful lover alive has been sentenced to 12 years in prison in an appeals trial, the Seoul High Court said Thursday. The woman, 57, surnamed Jang, poured kerosene on the victim, 52, and lit him on fire after finding out he had an affair with another woman. (Yonhap)Jang and the victim had been in a 15-year-long adulterous relationship. The incident took place at Jang’s bar in Dongdaemun, central Seoul, in August 2013.The victim was hospitalized for five days before dyin

Social Affairs July 14, 2016

Eating after 6 p.m. could lead to more belly fat, said a health and nutrition study published Thursday.According to the Hallym University Medical Center research team, people who consumed 57 percent of their daily diet after 6 p.m. had a 1.3 percent higher risk of growing fat around the waist compared to those who ate only 18 percent of their meals after 6 p.m.  (123RF)The research had divided some 15,000 participants into five groups according to how much of their daily diet was consumed betwee

Social Affairs July 14, 2016

The CEO of Google Korea who formerly headed the local unit of Oxy Reckitt Benckiser has been indicted over the British firm's toxic humidifier sterilizers which resulted in numerous deaths and illnesses here, prosecutors said Thursday.John Lee has been accused of playing a part in the deaths of 73 people and lung damage to another 108 victims, according to the Seoul Central District Prosecutors' Office. He headed the consumer goods company from 2005 to 2010 when sales of the problematic steriliz

Social Affairs July 14, 2016

President Park Geun-hye on Thursday called for an end to "needless" squabbling over the planned deployment of an advanced U.S. anti-missile battery here, reiterating that it is a self-defense measure to counter North Korea's nuclear and missile threats.Presiding over a session of the National Security Council, the commander-in-chief asked for public understanding, stressing that the government could not hold open discussions over the selection of the deployment site as it is a "grave" security i

Defense July 14, 2016

China's commerce ministry has slapped anti-dumping duties of 4.1 percent on acrylic fiber manufactured by a South Korean chemical company, the foreign ministry here said Thursday. Taekwang Industrial Co. along with other companies from Japan and Turkey were accused of selling their products at below market prices in China that distorted the market and hurt domestic producers. Beijing began its probe into the allegation in July 2015 and issued a tentative ruling in April this year in which the Ko

Industry July 14, 2016

South Korea's central bank on Thursday revised down its growth outlook for Asia's fourth-largest economy to 2.7 percent from 2.8 percent three months earlier, citing sluggish consumption at home and abroad.The quarterly revision by the Bank of Korea came shortly after the government slashed its outlook for 2016 to 2.8 percent from 3.1 percent."The local economy will maintain its modest growth trend on expansionary economic policies, but the bank believes local and external uncertainties surround

July 14, 2016

Prosecutors on Thursday summoned a senior prosecutor who has come under public scrutiny over suspicious stock transactions.Jin Kyung-joon appeared before the Seoul Central District Prosecutors' Office in southern Seoul to face questioning over the wealth he amassed through shares of Nexon Co., the country's leading online game maker."I admit to my wrongdoings and take it seriously," Jin told reporters before entering the prosecutors' office."I sincerely apologize for hiding the truth to cover my

July 14, 2016

President Park Geun-hye plans to renew her calls for the expansion of free trade to curb the rise of protectionism during this week's Asia-Europe Meeting summit in Mongolia, she said in an interview on Thursday.In her written interview with Mongolia's Montsame news agency, Park stressed that promoting free trade among nations across the world is a "shortcut" to achieving a global economic recovery.The interview was published a day before the two-day ASEM summit in the Mongolian capital of Ulaanb

July 14, 2016