South Korea's defense ministry on Thursday remained cautious over North Korea's rare conciliatory gesture, warning of the possibility that Pyongyang may adopt a "two-track approach" of dialogue and provocations.In his New Year's message, North Korean leader Kim Jong-un called for improved ties with Seoul amid high concerns that the North may stage military provocations against the South as part of its strategy to forge internal unity following the execution of his once-powerful uncle, Jang Song-

North Korea Jan. 2, 2014

The trading volume of financial derivatives on the local bourse fell last year as demand for such tools declined amid a bearish run on the local stock market, data showed Thursday.The daily average trading volume of the derivatives, including futures and options, dropped 12.3 percent on-year in 2013 to 47.9 trillion won ($45.6 billion), compared with 54.6 trillion won tallied a year earlier, according to the data compiled by the Korea Exchange.The daily amount of contracts also sank to 3.32 mill

Jan. 2, 2014

South Korea's antitrust watchdog on Thursday fined 21 construction companies a combined 132.2 billion won ($125.9 million) for collusion in the bidding process for a large-scale subway construction project.Those subject to the fine include big name builders such as Hyundai E&C, Hyundai Development Company, POSCO E&C, GS E&C, SK E&C and Daewoo E&C, according to the Fair Trade Commission.The FTC said it will refer 15 of the companies to the prosecution for further investigation.The builders allege

Jan. 2, 2014

Online shopping volume in South Korea recorded 55 trillion won ($52.1 billion) last year, far surpassing the unprecedented 50 trillion won mark, thanks to the rising popularity of mobile shopping, industry data showed.According to the data, online shopping transactions reached 55 trillion won last year, up 14.6 percent from 48 trillion won the previous year. Such transactions had risen to 34 trillion won in 2010 from 27 trillion won in 2007.Industry watchers say online shopping may well reach 65

Industry Jan. 2, 2014

Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Thursday that its sales grew 20.7 percent on-year in 2013 on the strength of consumer demand for new vehicle models.The carmaker said domestic sales grew to 63,970 units with exports, including knockdown kits, reaching 81,679 vehicles for a combined figure of 145,649 cars sold throughout the year."The overall annual figure is the best achieved since 2002 and marks the fourth straight year of

Industry Jan. 2, 2014

Samsung Group chairman Lee Kun-hee on Thursday stressed the need for change, innovation and competitiveness that cannot be challenged by rivals, as the conglomerate prepares to tackle fresh challenges and exploit new opportunities in 2014.In a gathering of 1,800 senior executives to mark the start of the new year, the head of South Korea's largest family-owned conglomerate said that as the Samsung companies have successfully made the transition from volume production to quality in the past two d

Technology Jan. 2, 2014

The Kia Tigers in the top domestic baseball league announced Thursday they've signed former Japanese league ace D.J. Houlton.The Korea Baseball Organization club said the 34-year-old American right-hander signed a one-year deal worth $250,000, along with a signing bonus of $50,000.Houlton pitched sparingly for the Los Angeles Dodgers in Major League Baseball, but he's best known for his success in Nippon Professional Baseball, first with the SoftBank Hawks in the Pacific League and later with th

Baseball Jan. 2, 2014

South Korean exports of weapons reached an all-time high of $3.4 billion in 2013 on strong sales of home-grown aircraft and naval ships, the state-run arms procurement agency said Thursday.The amount is $1 billion more than that of 2012, and 14 times that in 2006, the Defense Acquisition Program Administration said.Most of their sales came from leading aircraft makers and shipbuilders, which tapped emerging countries in Latin America and the Middle East."Arms exports are meaningful as it boosts

Industry Jan. 2, 2014

Park Byung-ho, the two-time reigning most valuable player in South Korean baseball, still thinks he has room to improve in 2014.The slugging first baseman for the Nexen Heroes in the Korea Baseball Organization said on Thursday despite winning the past two MVP honors, he has long ways to go."I have to take the next step this year," Park told Yonhap News Agency in a phone interview. "I've come a long way to get to where I am, and I have to keep improving."The 27-year-old has indeed taken a long j

More Sports Jan. 2, 2014

A United Nations agency specializing in information and communication technologies will hold its top-level decision-making conference in South Korea in October, with ministerial-level representatives from 193 member states participating, organizers said Thursday.The 19th International Telecommunications Union plenipotentiary conference will be held in Busan, the country's largest port city 453 kilometers southwest of Seoul, from Oct. 20 through Nov. 7.The representatives will discuss and decide

Technology Jan. 2, 2014

Foreign stock funds that consist of stocks of companies outside South Korea basked in sunny gains last year that far surpassed returns by foreign bond funds and funds that invest in local equities, data showed on Thursday.Foreign stock funds yielded an average 3.41 percent last year, far higher than an average 0.76 percent return posted by funds that invest in local stocks, according to the data compiled by market researcher Zeroin. The comparable figures for foreign bond funds and domestic bond

Jan. 2, 2014

The South Korean stock market's volatility index dropped to an all-time low in 2013, data showed on Thursday, indicating that the local shares traded in a tight range last year amid protracted economic recovery.The so-called V-KOSPI 200 index came in at 15.29 last year, marking the lowest since 2003 when comparable figures were available, according to the data compiled by the Korea Exchange. The bourse operator started publishing the index in 2009.The index represents the volatility of the main

Jan. 2, 2014

South Korean football club FC Seoul has offered its defensive back Adilson dos Santos a coaching position starting next season, officials said Thursday, asking the Brazilian veteran to contribute to the team in another capacity.The K League Classic club said it recommended the player, affectionately called Adi, retire and begin a new chapter in his football life as coach. Adi turns 38 in May, and FC Seoul said it believes he may no longer be the same player because of his declining stamina.A tea

Soccer Jan. 2, 2014

Passengers on board a research ship that has been trapped in Antarctic ice for more than a week are expected to be rescued by helicopter on Thursday after three icebreakers failed to reach the paralyzed vessel, officials said.The Australian Maritime Safety Authority's Rescue Coordination Centre, which is handling the operation, said early Thursday that weather conditions had improved in the area since Wednesday and rescue flights were likely to commence shortly.“Wind in the area is now down to 1

World News Jan. 2, 2014

China's Vice Foreign Minister Liu Zhenmin said Beijing has been "closely watching" the situation on the Korean Peninsula, as North Korea's neighbors keep a wary eye on potential fallout from last month's execution of leader Kim Jong-un's uncle."China is closely watching the development of the situation on the Korean Peninsula," Liu said in a question-and-answer article posted on his ministry's website on late Tuesday.Without mentioning the execution of Kim's uncle, Jang Song-thaek, Liu emphasize

North Korea Jan. 1, 2014