The Korean Education Center, a Ministry of Education-affiliated agency in charge of teaching Korean to overseas Koreans and foreigners, will open its 42nd offshore branch in Atlanta in the US state of Georgia this week, the ministry said Wednesday.South Korea opened the first Korean Education Center in Japan in 1963, and there are currently 41 Korean Education Centers in operation in 18 countries worldwide.In the United States, the center opened in Washington, DC and Los Angeles, both in 1980, a

Social Affairs Aug. 9, 2017

South Korea's household loans extended by banks rose 9.4 percent in July from a year earlier due to increased mortgages, central bank data showed Wednesday.Outstanding household loans from lenders came to 737.7 trillion won ($650 billion) as of the end of last month, compared with 673.7 trillion won from a year earlier, according to the data from the Bank of Korea.Compared with June, the amount rose by 6.7 trillion won. Mortgages climbed 4.8 trillion won on-month to 554.6 trillion won in July du

Economy Aug. 9, 2017

South Korea's top financial regulator on Wednesday unveiled details of upcoming ordinances that will require insurers to gradually increase their capital reserves from December to help them better cope with changes in global accounting rules.The Financial Services Commission will also ease some requirements on risk-based capital ratios for insurers to help them comply with the rules under the new ordinances, which will take effect from Dec. 1.  South Korea is one of more than 100 nations th

Economy Aug. 9, 2017

Prosecutors said Wednesday they have indicted 10 construction firms and 20 officials for fixing a dozen biddings for mega public utility projects worth 3.5 trillion won ($2.83 billion). The Seoul Central District Prosecutors' Office announced the result of a probe into the allegations that some 11 local builders colluded with one another to win state-funded contracts to build 12 liquefied natural gas storage facilities in three provinces from 2005 to 2012. They face charges of violating the Fair

Industry Aug. 9, 2017

South Korea's tax office said Wednesday that it has launched a probe into 286 people suspected of evading taxes through illegal real estate transactions as part of the government's drive to curb property market speculation.Last week, the government announced stricter measures to stabilize the country's overheated housing market around the capital city of Seoul and its surrounding areas. It imposed an effective ban on bank loans given to multiple-home owners and forbid people from reselling an ap

Economy Aug. 9, 2017

South Korea's finance chief said Wednesday that the government is keeping close tabs on the local financial market following the latest North Korean provocations, but predicted only a limited impact."We are watching the market around-the-clock, but its impact seems to be limited," Finance Minister Kim Dong-yeon said in a meeting with economy-related ministers in central Seoul. "We are mapping out plans for various scenarios."Geopolitical risks over North Korea's missile and n

Economy Aug. 9, 2017

South Korean stocks extended losses late Wednesday morning as rising tensions over North Korea's nuclear and missile programs weighed on the main index.The benchmark Korea Composite Stock Price Index lost 21.27 points, or 0.89 percent, to 2,373.46 as of 11:25 a.m.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.15 percent, with the tech-heavy Nasdaq composite index declining 0.21 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said

Market Aug. 9, 2017

Opposition parties on Wednesday ratcheted up pressure on President Moon Jae-in to cancel his appointment of a senior science innovation official who was mired in a 2005 stem cell research fraud scandal.On Monday, Moon appointed Park Ky-young to lead the Science, Technology and Innovation Office at the Ministry of Science and ICT, triggering searing criticism from scientists, politicians and civic groups that called her unfit for the post billed as a science policy control tower.Park, a biology p

Technology Aug. 9, 2017

South Korean President Moon Jae-in called for a complete and thorough overhaul of the country's armed services Wednesday, highlighting an "urgent" need to enhance the country's defense capabilities against North Korea's evolving nuclear and missile technologies."I believe we might need a complete defense reform at the level of a rebirth instead of making some improvements or modifications," the president said while meeting with six new top commanders of the three armed services in a promotion ce

Defense Aug. 9, 2017

Japan's government was found to have put a poster laying claim to South Korea's easternmost islets of Dokdo inside passenger cabins of the Kyushu Shinkansen high-speed rail line, a South Korean activist said Wednesday.The office of the Chief Cabinet Secretary made the poster claiming that Dokdo is Japan's native territory illegally occupied by South Korea, according to Seo Kyoung-duk, a professor at Seoul's Sungshin Women's University. (Yonhap)The poster titled "Do you know?" also claimed Japan'

Foreign Affairs Aug. 9, 2017

The number of complaints filed by South Korean consumers who made purchases via foreign online shopping malls increased 46.4 percent in the first half of this year, as more people bought goods directly from overseas sellers attracted by cheaper prices and diversity, data showed Wednesday.The number of complaints filed with the Cross Border Transaction Consumer Portal in the January-June period stood at 5,721, up sharply from 3,909 tallied the same period last year, according to the data compiled

Industry Aug. 9, 2017

The US-proposed meeting of a joint committee on the South Korea-US free trade agreement to discuss possible changes to the trade pact will likely be delayed due to time needed for Seoul's new top FTA negotiator to prepare, a government official said Wednesday."No date or time has been set for the meeting," the official told Yonhap News Agency, speaking on condition of anonymity.In a letter, dated July 12, US Trade Representative Robert Lighthizer asked for the meeting to be held to con

Economy Aug. 9, 2017

Samsung Display Co. said Wednesday it plans to tap deeper into the premium liquid crystal display business through premium, ultra-slim curved TVs."Samsung Display will continue to roll out investment and develop technologies for the premium curved LCD," the company said during a forum it hosted in China. Major Chinese tech brands, including TCL, Hisense and Xiaomi, participated in the event. (Yonhap)The South Korean company showcased what it calls a "S-Curved" 65-inch LCD, which bends not only a

Technology Aug. 9, 2017

Genesis, an independent luxury brand spun off from Hyundai Motor Co., is taking root in the United States as a premium vehicle, having gained 13 percent of the market segment in one year, company officials said Wednesday.The new brand was formally launched in the US market in August 2016 with the G80, which has sold 17,206 units as of July this year. After sales of some 2,000 units in the first month of its launch, the model has maintained a monthly sales average of 1,000 so far.G90, made availa

Mobility Aug. 9, 2017

US-based Harman International Industries Inc., an audio and automotive company, recently joined forces with Google Inc. to enter the music-streaming business, the company said Wednesday.Under the agreement, the affiliate of Samsung Electronics Co. agreed to provide Google Play Music's services to its customers in 47 countries around the globe, including the United States, Russia, Germany and Brazil. The deal does not include South Korea. (Yonhap)Harman customers will be able to enjoy 40 million

Technology Aug. 9, 2017