South Korea's top mobile carrier SK Telecom Co. said Wednesday it has forged ties with Finland-based Nokia Corp. to exchange technologies and know-how to develop the fifth-generation (5G) network.Under a memorandum of understanding, the two firms will also make efforts to establish grounds for the standardization of 5G base stations, and test-run various solutions and applications that work under the latest network, SK Telecom said.  SK Telecom said the two parties will be able to take the lead

Technology June 25, 2014

North Korea is set to establish a diplomatic mission in Venezuela after recently winning approval from the Latin American country, a U.S. radio report said Wednesday. The Venezuela government has recently approved the North's embassy plan, the Washington-based Voice of America reported, citing the official publication of the Venezuela foreign ministry.If successfully established, it will be North Korea's first embassy in the South American country since the two forged bilateral diplomatic relati

North Korea June 25, 2014

POSCO, South Korea's largest steelmaker, has dropped its plan to acquire Dongbu Steel's Incheon plant and a power station in Dangjin under the wing of Dongbu Group, a cash-starved local conglomerate, due to associated financial burden, the company's chief executive said Tuesday.In a meeting with reporters, POSCO CEO Kwon Oh-joon said POSCO, which is trying to concentrate on core business areas and reduce unnecessary outlays, has decided not to pursue the "package deal" to buy the steel mill and

Industry June 24, 2014

One more body was recovered Tuesday from the sunken passenger ferry Sewol, after no progress was made over the past two weeks, officials said. The body, presumed to be a female high school student surnamed Yoon, was found on the fourth deck of the submerged ship, according to officials from the government's disaster response team.The finding raised the death toll to 293 and lowered the number of those missing to 11, the officials said.Yoon was one of 326 students from Danwon High School who were

Social Affairs June 24, 2014

An enlisted soldier who killed five comrades apologized to the families of the victims and his own family in a note written before a suicide attempt, the defense ministry said Tuesday. He was in stable condition after surgery.But the note did not contain any details indicating what prompted him to commit such an act that also wounded seven others at a border outpost, the ministry said.The 22-year-old sergeant assigned to an eastern unit near the inter-Korean border town of Goseong was captured o

Defense June 24, 2014

High school students rescued from the sunken ferry Sewol will testify at a district court near their residence instead of a court in this southern city where the captain and crew members of the ship are on trial, court officials said Tuesday.Accepting a request from families of the students, the Gwangju District Court allowed surviving students of Danwon High School in Ansan, just south of Seoul, to provide testimony at the Ansan branch of the Suwon District Court."The examination of witnesses w

Social Affairs June 24, 2014

South Korea retained its 13th spot in the world in terms of the size of funds under management in the fourth quarter of 2013 in the face of market volatility stemming in part from the U.S. Fed tapering, data showed Tuesday. The combined net asset value of stock and bond funds managed by South Korean asset managers reached $28.52 billion at the end of December, up $3.3 billion from three months earlier, according to the data by the Korea Financial Investment Association. The net asset value refer

June 24, 2014

A South Korean reconstruction team in Afghanistan has successfully completed its four-year-long mission, helping rebuild the war-torn nation, a pool report said Tuesday.South Korea's provincial reconstruction team, comprising some 150 civilian aid workers and police officers, has been stationed in the northern province of Parwan since mid-2010 to build and operate a hospital, a police training center and other aid facilities.At the U.S. military base at Bagram in Afghanistan, South Korea on Mond

Industry June 24, 2014

Chinese investors poured some 1.42 trillion won ($1.38 billion) into the South Korean stock market over the past six months, backed by ample liquidity and eased offshore investment regulations, to become the largest foreign net buyers of local shares, data showed Tuesday.According to Hana Daewoo Securities Co., net purchases by Chinese investors have steadily risen from 30 billion won in December to 36 billion won in January and 42 billion won in February. The amount soared to 339 billion won in

June 24, 2014

A recent inspection by the government has again found fake quality certificates for parts used in the country's nuclear power plants, the energy ministry said Tuesday.The inspection by its own auditor has found seven fabricated certificates for five different kinds of parts from four suppliers, according to the Ministry of Trade, Industry and Energy. It said that the parts are directly related to the safety of nuclear reactors."They were not key parts under the tech-specification of the Nuclear

Politics June 24, 2014

South Korea's third stock market for small companies has remained bearish since its launch nearly a year ago due in large part to thin trading and low investor confidence, said listed companies and market watchers on Tuesday, calling for eased entry rules to the market and greater incentive for trading to boost expansion. Korea New Exchange debuted on July 1 last year to provide a bourse where business start-ups and venture firms can raise funds easier via stock sales instead of having to borrow

June 24, 2014