Prosecutors on Friday questioned a former finance minister and head of the state-run Korea Development Bank (KDB) on charges of bribery, about two months after a court refused to issue a warrant to arrest him.Kang Man-soo, 71, appeared at the Seoul Central District Prosecutors' Office in the morning to undergo interrogation by the prosecution team looking into a massive corruption scheme surrounding Daewoo Shipbuilding & Marine Engineering Co., according to prosecutors.Kang was the country's fin

Social Affairs Nov. 25, 2016

The total number of department stores operating across the country came to 100 last year, industry watchers said Friday, as more leading players are aggressively expanding and diversifying their outlets.A total of 100 department stores were operating as of the end of 2015, with the number to increase to 103 by the end of this year, the watchers said. Shinsegae Department Store has opened or is opening new outlets in Hanam south of Seoul, Gimhae on the southeastern coast, and in the southeastern

Industry Nov. 25, 2016

President Park Geun-hye's approval rating fell further to a record-low 4 percent this week while 93 percent expressed discontent on her job performance amid an influence-peddling scandal, Gallup Korea said Friday.Park's approval rating, which remained at a 5-percent range for the past three weeks, began to fall again as new allegations of wrongdoing emerged and opposition parties set their push to impeach her in motion.The survey was conducted on 1,004 South Koreans from Tuesday to Thursday with

Politics Nov. 25, 2016

North Korea's state radio station on Friday broadcast a string of mysterious numbers, believed to be a coded message to its agents operating in South Korea. Radio Pyongyang started to read a series of book pages and numbers about an hour after midnight (Seoul time). The content was the exact same as that broadcast on Nov. 11.The latest broadcast, the fourth this month, came as Pyongyang is stepping up propaganda against Seoul over a corruption scandal involving President Park Geun-hye and her cl

North Korea Nov. 25, 2016

More than 1 out of 3 people suffering from depression last year were aged 65 or over, data showed Friday.According to the data by the Health Insurance Review and Assessment Service, 680,000 people received treatment for depression in 2015, and out of the number, 224,000, or 33 percent, were senior citizens.The number of the country's senior citizens receiving treatment for the disease increased by an average of 6.8 percent on-year in the past five years, the data showed.Noticeably, the number ju

Social Affairs Nov. 25, 2016

At least 40 lawmakers from South Korea's ruling Saenuri Party support the impeachment of President Park Geun-hye for her influence-peddling scandal, a group of party members opposing Park said Friday. Opposition parties currently plan to put the impeachment motion up for vote in early December. Given that all opposition and independent lawmakers back the motion, its passage needs support from at least 28 Saenuri lawmakers to meet the minimum requirement of 200 votes out of the 300-seat National

Politics Nov. 25, 2016

Corporate credit card spending declined at restaurants, bars and golf courses in South Korea in October, apparently affected by the introduction of a tough anti-corruption law.The legislation took effect in late September, covering millions of public servants, school teachers and journalists nationwide.Widely called the Kim Young-ran Act after the former supreme court judge who drafted it, the law prohibits them from accepting free meals valued 30,000 won ($25.40) or more and gifts worth 50,000

Nov. 25, 2016

South Korea's overall consumer sentiment fell to the lowest point in nearly eight years this month, central bank data showed Friday, reflecting a further economic slowdown.The composite consumer sentiment index for November came to 95.8, the lowest since April 2009 when it stood at 94.2, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists.A separate index gauging the people's sentiment toward the current economic condition came to 60 for N

Nov. 25, 2016

The amount of foreign securities held by major South Korean institutions grew in the third quarter from a year earlier due mainly to a surge in South Korean investment in foreign bonds, central bank data showed Friday.As of the end of September, the value of foreign securities held by South Korea's institutional investors came to $167.8 billion, up 51 percent from $111.2 billion a year earlier, according to data compiled by the Bank of Korea (BOK).Quarter-on-quarter, the value of foreign securit

Industry Nov. 25, 2016

BMW Korea, the local importer and distributor of BMW cars, will recall over 21,000 cars sold in South Korea for various problems related to engine timing belts and air bags, the transportation ministry said Friday.Some 11,600 cars of 19 vehicle models, including the 530d xDrive and the X6 M50d, will be recalled for defective engine timing belt tensioners that may cause the engine to turn off even when the ignition is on, possibly leading to accidents, according to the Ministry of Land, Infrastru

Mobility Nov. 25, 2016

The massive corruption scandal threatening to unseat South Korean President Park Geun-hye could paralyze her government for months to come and pose greater opposition to the planned deployment of the US THAAD missile defense system, a US expert said.Park has been under growing pressure to step down following revelations that a long-time confidante, Choi Soon-il, exercised enormous influence over her and her handling of state affairs, while amassing huge ill-gotten wealth."Regardless of whether P

Defense Nov. 25, 2016

Early records indicate that the recent outbreak of avian influenza has not affected poultry sales, unlike previously when consumption dropped by more than 80 percent during the animal disease scare, a leading retailer said Friday.Figures provided by E-Mart said chicken sales from Nov. 11, when the AI virus was first confirmed from migratory wild birds, to Nov. 23 increased by 23.1 percent compared to same period last year. The number of people buying chicken also increased by 30,000, the retaile

Industry Nov. 25, 2016