Some 20 wealthy people, mostly conglomerate owners, have been under investigation by the country's financial watchdog for their suspected illegal foreign exchange transactions, industry sources said Monday.According to the sources, they had received a combined $50 million in their bank accounts between 2011 and 2014, which they claimed were investment returns, proceeds from asset sales made overseas, and wage income.But some of them had not reported such cases to the concerned authorities before

Sept. 22, 2014

South Korean golfer Hur Mi-jung picked up her first LPGA Tour win in five years on Sunday in Alabama, taking the Yokohama Tire LPGA Classic with a tournament record score.Hu shot a final round of 6-under 66 for a four-round total of 21-under 267 at the Robert Trent Jones Golf Trail in Prattville, Alabama. Stacy Lewis, the world No. 1, was a distant second at 17-under.Hur had last won on the tour in 2009. She took home $195,000 in the winner's check.Hur began the final round tied at the top with

Golf Sept. 22, 2014

An American man detained in North Korea for nearly five months has recently been terminated from his job with a city government in Ohio because of his prolonged absence, local media reported.The Moraine city government made the decision about Jeffrey Edward Fowle, saying in a letter to him and his family that it had to "act in the best interests of the city of Moraine and its residents," according to the Dayton Daily News.But the decision includes more than $70,000 in severance pay and the abili

North Korea Sept. 22, 2014

European stocks dropped for a fourth day, their longest streak of losses in five weeks, as the region’s governments weighed tougher sanctions on Russia and concern grew the U.K. may be heading for partition. U.S. index futures were little changed, while Asian shares fell.Sports Direct International Plc slid 3.3 percent after saying its performance in its first accounting quarter was hurt by England’s early exit from World Cup soccer tournament. Bilfinger SE lost 2.3 percent after announcing job

World Business Sept. 10, 2014

Samsung Electronics Co., South Korea's leading tech giant, saw its market capitalization fall below the 200 trillion won ($195.1 billion) mark for the first time in two years, data showed Wednesday, as its mainstay mobile unit continued to suffer amid the rise of Chinese rivals.Samsung's market cap came to 198.34 trillion won on Sept. 2, falling below the 200 trillion won mark for the first time since Sept. 7, 2012. While it managed to return to 200.5 trillion won on Thursday, it slipped back to

Technology Sept. 10, 2014

LG Uplus Corp., South Korea's No. 3 mobile carrier, will sell Apple Inc.'s latest iPhones in South Korea along with its bigger rivals SK Telecom Co. and KT Corp., industry sources said Wednesday, marking the first time for LG Uplus to distribute Apple products here.Apple on Wednesday released the 4.7-inch iPhone 6 and 5.5-inch iPhone 6 Plus, which are 6.9 mm and 7.1 mm thin, respectively.While the devices are set to be available starting Sept. 19, the launch schedule for the South Korean market

Technology Sept. 10, 2014

The president of Kookmin Bank stepped down on Thursday soon after the financial watchdog imposed heavier punishment against him and the chairman of the bank's parent, KB Financial Group, for management failures over an expensive computer system change."I've done what I have to do as a bank president. I believe that the watchdog has made the right decision on my conduct," said Lee Kun-ho, the bank's president.Just before his resignation, Financial Supervisory Service Gov. Choi Soo-hyun overturned

Sept. 4, 2014

President Park Geun-hye called Thursday for a drastic easing of regulations to ensure private companies can produce and sell energy as the country seeks to better cope with challenges posed by climate change.Currently, private companies are restricted from participating in the electricity market virtually monopolized by state-run power provider Korea Electric Power Corp. "There is a need to lift barriers to entry for private companies," Park said in a debate on the energy industry. "We should dr

Politics Sept. 4, 2014

South Korea and the United States have agreed to establish a combined division of their troops next year that will be tasked with carrying out wartime operations, Seoul's defense ministry said Thursday.The unit, slated to be organized in the first half of next year, will be comprised of the U.S. 2nd Infantry Division and a South Korean brigade-level unit, according to the ministry.The 2nd Division commander plans to head the newly-made joint staff of the combined unit, with South Korea's brigadi

Defense Sept. 4, 2014

The municipal government of Seoul said Thursday it plans to halve the number of traffic deaths over the next four years by taking more safety measures.Under the traffic accident prevention plan, the city will push to bring down the current traffic death rate of 4.2 per 100,000 people to 2.1 by 2018.To that end, the city plans to increase the number of special traffic zones to better protect children and elderly people.The plan was one of the 25 key policy goals the municipal government announced

Social Affairs Sept. 4, 2014

NATO leaders aim Thursday to show unity against Russia over the conflict in Ukraine after President Vladimir Putin unveiled a broad peace plan.The Russian president's surprise announcement could take the wind out of the sails of a high-stakes NATO summit in Wales, where Western leaders led by US President Barack Obama plan to step up their defence of eastern Europe in the face of Russian "aggression".Putin appealed for both sides to lay down their weapons after nearly five months of fighting tha

World News Sept. 4, 2014

An executive of LG Electronics Inc. was questioned by police in Germany for allegedly damaging products of rival Samsung Electronics Co. on purpose at a Berlin mall, corporate sources said Thursday.The executive, whose name was withheld, was reported to the local police by shop clerks at the SATURN Berlin Europa-Center after being spotted breaking the doors of four Samsung Crystal Blue washing machines.  The police questioned him and other LG staff members at their hotel but closed the case afte

Technology Sept. 4, 2014

A "small number" of North Koreans who had taken refuge in South Korea's Embassy in Beijing for months since fleeing their impoverished country were allowed fly to Seoul around the time of Chinese President Xi Jinping's state visit to South Korea in early July, Seoul officials said Thursday.The North Koreans, whose number is believed to be fewer than four, had been a thorn in Seoul-Beijing relations since they entered the South Korean Embassy in Beijing seeking political asylum.China, however, de

North Korea Sept. 4, 2014