South Korean stocks closed slightly higher Monday as foreign buyers sought bargain hunting on signs of recovery in the global economy, offsetting a massive selling spree by institutional investors. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index inched up 3.3 points, or 0.14 percent, to close at 2,398.75. Trade volume was low at 240 million shares worth 4.3 trillion won ($3.8 billion), with gainers outnumbering losers 458 to 338.Foreign investors reverse

Market Aug. 7, 2017

The US Trade Representative's office has asked a group of industry advisers to provide opinions on amending a bilateral trade pact with South Korea by Aug. 15, indicating that the two nations may not be able to hold a joint committee to revise the agreement this week, sources said Monday. According to the report by the Inside US Trade website, published last Saturday, the USTR "recently asked its industry trade advisory committees for ideas on the implementation of the agreement and issues

Economy Aug. 7, 2017

The leader of the minor opposition People's Party called Monday for closer policy coordination with the United States on how to deal with North Korea, claiming Washington is increasingly bypassing Seoul in its handling of Pyongyang.Rep. Park Joo-sun, the party's interim leader, made the appeal during a party meeting, noting that while South Korean President Moon Jae-in was on vacation, the US led the UN Security Council to approve a package of fresh sanctions on the North and that US National Se

Politics Aug. 7, 2017

Religious groups in South Korea are preparing for the imposition of taxes on clergy members starting next year, as the government's new tax code revision blueprint did make changes to the upcoming tax duty plan pertaining to clerical workers.Last week, the government announced a plan to amend the current tax code to raise the rate for the superrich and conglomerates, in what many see as a move to finance the Moon Jae-in government's pledges on job creation and social welfare expansion. Changes w

Social Affairs Aug. 7, 2017

A Japanese state textbook shows that the country hadn't laid a territorial claim to Dokdo, a group of small islets in the East Sea, at least until in the late 19th century, in the latest piece of evidence that gives an upper hand to Korea in the territorial dispute between the two neighbors.At the monthly seminar on Aug. 3, organized by the Seoul-based Northeast Asian History Foundation, Han Cheol-Ho, a history education professor at Dongguk University in Seoul, unveiled a new piece of informati

Foreign Affairs Aug. 7, 2017

South Korean Defense Minister Song Young-moo convened an emergency meeting Monday with top commanders to find ways to improve the service conditions of the nation's conscripts, mostly in their 20s.It came amid a public uproar about the allegations that Gen. Park Chan-ju, commanding general of the Army's 2nd Operational Command, and his wife have long violated the human rights of soldiers assigned to serve at his official residence."Unless the human rights of troops are protected, the people won'

Social Affairs Aug. 7, 2017

Police said Monday they raided a management office for central Seoul residences of Samsung Electronics Chairman Lee Kun-hee and his relatives over the suspected transfer of corporate money to their remodeling expenses.A special investigation team from the National Police Agency searched the management office located close to the residences of South Korea's biggest family-run conglomerate in Hannam-dong earlier in the day.Police investigators reportedly searched for documents relating to the alle

Social Affairs Aug. 7, 2017

Consumption of gasoline and diesel fuel in South Korea hit a quarterly record high in the second quarter on falling oil prices, government data showed Monday.During the April-June period, 19.95 million barrels of gasoline were consumed, up 3.6 percent from a year earlier, according to the data released by the Ministry of Trade, Industry and Energy.Sales of diesel also rose 3.8 percent on-year to 43.17 million barrels over the same period. The latest numbers for both fuels marked the highest quar

Economy Aug. 7, 2017

South Korean-made goods are losing their ground in the Chinese market, one of their largest overseas markets, amid a diplomatic row over the deployment of a US missile defense system here, industry data showed Monday.According to the data compiled by the Korea International Trade Association, South Korean products accounted for 9.4 percent of China's import market in the first half of the year, marking the lowest since 2014, when the comparable figure was 9.7 percent.South Korean goods' presence

Industry Aug. 7, 2017

South Korean Minister of Culture, Sports and Tourism Do Jong-whan vowed continuous efforts for North Korea's participation in next year's Winter Olympic Games, due south of the border, despite rising tensions over the North's repeated missile and nuclear provocations.In an interview with Yonhap News Agency on Friday, Do said the government will keep trying to have sports exchanges with North Korea, although the current situations are not rosy following Pyongyang's latest launch of an intercontin

Social Affairs Aug. 7, 2017

North Korea's foreign minister dismissed South Korea's recent offer for talks as "lacking sincerity" during his brief encounter with Seoul's top diplomat on the sidelines of an Asian security forum in Manila on Sunday, according to a Seoul government source.North Korea's Ri Yong-ho and South Korean Foreign Minister Kang Kyung-wha met for three minutes at an official dinner for top diplomats joining a series of meetings of the Association of Southeast Asian Nations.Ri was referring to South Korea

North Korea Aug. 7, 2017

Sales of picnic-related products surged during the peak summer vacation season last month, with more South Koreans opting for one-day trips instead of pitching tents for overnight camping, industry data showed Monday. According to the data compiled by the country's largest discount chain E-Mart, the sales of sun shelters rose 6.1 percent in July compared with the same period last year, with the combined sales of mats and blankets also jumping 15 percent on-year.  People rest along the Han River

Industry Aug. 7, 2017

MANILA -- Top diplomats from Asia-Pacific countries will meet in Manila on Monday to discuss regional security issues, including North Korea's growing military threats. The annual ASEAN Regional Forum hosted by the Association of Southeast Asian Nations will gather together 27 foreign ministers from nations across the region and the European Union. The ARF launched in 1994 is a rare international gathering attended by the North, along with all other countries involved in the now-suspended six-pa

North Korea Aug. 7, 2017

The South Korean government has allowed electronics companies to join a weapons procurement project with a foreign contractor for the first time, enabling them to sell products in return for a contract, an industry source said Monday. Under an "offset" procurement program, a foreign contractor is obliged to undertake local investment or buy local products when they sign a weapons deal with the South Korean government. So far, local defense-related firms have mainly benefited from such arrangemen

Technology Aug. 7, 2017

South Korean stocks opened higher Monday following gains late last week on Wall Street that were buoyed by sound employment data, analysts said.The benchmark Korea Composite Stock Price Index added 7.8 points, or 0.33 percent, to 2,403.25 in the first 15 minutes of trading.On Friday (local time), US stocks closed higher, with the Dow adding 0.30 percent and the S&P 500 gaining 0.19 percent after a strong US July payrolls report.Most large caps on the Seoul bourse were mixed, with tech and ch

Market Aug. 7, 2017