South Korean stocks traded lower late Monday morning, tracking losses on Wall Street losses, although tech blue chips continued to gain ground, analysts said. The benchmark Korea Composite Stock Price Index backtracked 5.37 points, or 0.22 percent, to hit 2,395.62 as of 11:20 a.m.Tech giant Samsung Electronics gained 0.9 percent, with chipmaker SK hynix adding 1.7 percent.Top automaker Hyundai Motor, meanwhile, shed 2.68 percent, and its affiliate Hyundai Mobis, an auto parts maker, dropped 3.52

Market July 31, 2017

The prosecution concluded Monday that the leadership of the minor opposition People’s Party was not involved in a fake tipoff about President Moon Jae-in’s son, which surfaced during the presidential campaign in May.　Announcing the results of the 35-day probe into the case, the Seoul Southern District Prosecutors’ Office indicted former lawmaker Kim Seong-ho and lawyer Kim In-won, who were on the campaign team for a “fair election” for the People’s Party’s presidential candidate Ahn Cheol-soo. (

Social Affairs July 31, 2017

South Korea's unification ministry on Monday urged North Korea to stop provocations and accept Seoul's sincere offer for inter-Korean dialogue following Pyongyang's latest missile launch.The call was made after North Korea fired another intercontinental ballistic missile late Friday, claiming that the whole US mainland is within its striking range."South Korea sternly responds to North Korea's provocations. There is no change in the government's stance that it will seek both sanctions and dialog

North Korea July 31, 2017

A next-generation landing ship capable of transporting more troops and military hardware than existing vessels will be delivered to the Navy this week, the state arms procurement agency said Monday.The Cheonjabong, which will be delivered Tuesday, is the Navy's second LST-II ship acquired under the next generation landing ship project that calls for building a total of four such ships by 2018. The first ship, the Cheonwangbong, was delivered to the Navy in November 2014.The 4,500-ton Cheonjabong

Defense July 31, 2017

South Korea's trade commission said Monday that it has decided to launch an official investigation into the alleged dumping of a steel product imported from China that has been cited for disrupting fair competition.The decision follows a formal complaint from four South Korean manufacturers, according to the Korea Trade Commission.  (Yonhap)"The petitioners claim there has been actual damage to the local industry, such as a drop in domestic sales of products made here, due to unfair undercutting

Industry July 31, 2017

GS Retail Co., a major convenience store chain operator, said Monday it has signed an agreement with a Vietnamese company to make inroads into the Southeast Asian market.The Korean firm said it signed a deal with SonKim Group in Ho Chi Minh City on Thursday to set up a joint venture with a plan to open the first GS25 store in the Vietnamese city within the year.The announcement came as the competition in South Korea's convenience store business, dominated by three chains -- CU, GS25 and 7-Eleven

Companies July 31, 2017

South Korea's exports to trade partners with which it has free trade agreements jumped nearly 18 percent in the first six months of the year on solid overseas demand, customs data showed Monday.Exports to 52 countries that have open trade pacts with South Korea reached $202.5 billion in the January-June period, up 17.9 percent from $171.6 billion tallied a year ago, according to the data released by the Korea Customs Service. Imports also rose 17.1 percent on-year to $147.9 billion over the cite

Economy July 31, 2017

President Moon Jae-in's approval rating rose from a week earlier last week, a survey showed Monday, apparently aided by his move to collect more tax from the most well-off businesses and individuals to help those less fortunate.In a survey conducted by Realmeter, 74 percent of all respondents said they approved of the president's management of state affairs, up 1.6 percentage points from a week earlier.The weekly poll was conducted between Monday through Friday on 2,548 voters throughout the cou

Social Affairs July 31, 2017

Nearly half of South Koreans believe North Korea's participation will have a positive impact on the 2018 PyeongChang Winter Olympics, a survey showed Monday.The sports ministry said it commissioned a local research firm Metrix to conduct a poll on next year's Winter Games. A thousand South Koreans aged 15 to 79 were polled from July 21 to 22.And 49.8 percent said North Korea's presence in PyeongChang will have a positive effect on the first Winter Olympics in South Korea. In comparison, only 19.

Social Affairs July 31, 2017

South Korea said Monday that the latest North Korean missile launch had little impact on its financial market, but it will take swift and firm action against any unexpected developments.Pyongyang fired the Hwasong-14 shortly before midnight last Friday, following its first successful intercontinental ballistic missile launch on July 4. Defense experts said the latest provocation that drew swift condemnation from the international community demonstrated some technical progress compared to previou

Economy July 31, 2017

The country's new ministry dedicated to small and medium-sized enterprises said Monday it will vitalize the local economy by expanding exports of products made by smaller companies.The Ministry of SMEs and Startups said it aims to expand the proportion of exports made by SMEs to over 40 percent of all outbound shipments by 2022. Small and medium-sized companies accounted for 37.6 percent of exports in 2016, up 5.5 percentage points from 32.1 percent in 2012, according to the ministry. The amount

Economy July 31, 2017

South Korean President Moon Jae-in and his US counterpart Donald Trump will hold telephone discussions over ways to deal with North Korea's provocations, an official from Seoul's presidential office Cheong Wa Dae said Monday."(President Moon) and President Trump are soon expected to hold telephone talks. The sides are now working to arrange the conversation," the official told reporters, while speaking on condition of anonymity.The official said the exact time of the conversation has not yet bee

North Korea July 31, 2017

T'way Air Co., one of South Korea's six budget carriers, has formed business ties with Sky Angkor Airlines in Cambodia to develop new routes and cooperate in flight operations, the company said Monday. On Friday in Phnom Penh, the two airlines signed a memorandum of understanding to jointly develop new routes and operate their existing routes, T'way Air said in a statement.  (Yonhap)Through the partnership, T'way Air expects to strengthen its services on routes to Vietnam and Cambodia, popular d

Companies July 31, 2017

Jakarta governor-elect Anies Baswedan will learn about the Seoul metropolitan city's policies at the invitation of Seoul Mayor Park Won-soon this week, a city official said Monday. "Park and Baswedan will discuss ways to bolster exchanges and cooperation between the cities in Seoul later in the day," the official said.  Jakarta Governor-elect Anies Baswedan. (Yonhap)The Jakarta governor-elect's visit was made about two months after Park invited him to visit Seoul during his visit to Indonesia as

Foreign Affairs July 31, 2017

TOKYO -- United States President Donald Trump and Japanese Prime Minister Shinzo Abe affirmed a tough response to North Korea's recent launch of an intercontinental ballistic missile during their phone conversation on Monday.Earlier in the morning, the two leaders reportedly shared their conclusion that the two countries should cooperate with South Korea and the international community for strengthened sanctions and pressure in order to prevent North Korea's further provocations.They also report

North Korea July 31, 2017