Unification Minister Cho Myoung-gyon paid a courtesy call on former United Nations Secretary-General Ban Ki-moon on Wednesday and discussed security issues.Cho visited Ban at Yonsei University in Seoul in the afternoon, where the former UN chief is currently serving in an honorary post.  Unification Minister Cho Myoung-gyon pays a courtesy call on former United Nations Secretary-General Ban Ki-moon at Yonsei University in Seoul on July 26, 2017. (photo courtesy of the Ministry of Unification)An

Foreign Affairs July 26, 2017

SK hyinx Inc. said Wednesday it plans to allocate some 9.6 trillion won ($8.5 billion) this year to expand its production facilities for dynamic random-access memory and NAND chips.Through a regulatory filing, the South Korean chipmaker said it expanded the amount of investment originally estimated at 7 trillion won this year. (Yonhap)SK hynix said the investment is aimed at actively coping with changing market conditions while laying a firm foundation for its future growth. The investment will

Technology July 26, 2017

The new ministry in charge of small and medium-sized businesses officially started work Wednesday amid expectations it will support smaller companies and create new jobs.Earlier this month, the parliament passed a bill to elevate the Small and Medium Business Administration to a ministry for SMEs, venture startups and micro-businesses, as pledged by President Moon Jae-in during the election campaign.The Ministry of SMEs and Startups is headquartered in Daejeon, central South Korea, with 431 empl

Economy July 26, 2017

Creditors of Kumho Tire Co. have tentatively agreed to accept original proposals by the tiremaker's parent group in a brand dispute with the Chinese buyer, the main creditor said Wednesday.The tentative agreement, which came after a meeting of the creditors earlier in the day, appears to pave the way for the creditors to complete the monthslong stalled sale of Kumho Tire to China's Qingdao Doublestar Co.Qingdao Doublestar signed a 955 billion won ($852 million) deal in March to acquire a 42 perc

Industry July 26, 2017

GS Engineering & Construction Co. said Wednesday its second-quarter net profit jumped 48 percent from a year earlier helped by increased orders in housing and plant projects. Net profit for the April-June quarter rose to 11.46 billion won ($10.2 million) from 7.74 billion won a year earlier, the company said in a regulatory filing. Operating profit rose 6.5 percent to 85.97 billion won in the second quarter from 22.66 billion won a year ago. Sales rose 11 percent to 2.99 trillion won from little

Industry July 26, 2017

The ruling Democratic Party is considering increasing the tax rate for more high-income earners, its chief said Wednesday, amid its rival's escalating offensive against the move.Choo Mi-ae told reporters that her party will explore the possibility of raising the income tax rate for individuals earning between 300 million won ($267,737) and 500 million annually to 40 percent from the current 38 percent."But what matters is social consensus and acceptance... We must not discuss any increase for ot

Politics July 26, 2017

AmorePacific Corp., the country's top cosmetics maker, said Wednesday its second-quarter net profit plunged 59.8 percent from a year earlier, due largely to a protracted slump in the domestic market amid a sharp decline in Chinese tourists.Its net income came to 77.4 billion won ($69.2 million) in the April-June period, compared with 193 billion won the previous year, the company said in a regulatory filing. The operating profit for the cited period also fell 57.8 percent on-year to 102 billion

Industry July 26, 2017

North Korea's foreign minister is expected to join a regional security meeting to be held in the Philippines early next month, a diplomatic source said Wednesday, raising the possibility for an encounter between top diplomats of North and South Korea on the sidelines.North Korea recently notified the Philippines of the participation of its delegation to be led by Foreign Minister Ri Yong-ho in the ASEAN Regional Forum and started the relevant registration process, according to the source. North

North Korea July 26, 2017

President Moon Jae-in on Wednesday named the new head of the Korea Coast Guard, only hours after the agency was reinstated as an independent organization following three years of control by the public safety ministry. Park Kyung-min, new head of the Korea Coast Guard (Photo courtesy of Cheong Wa Dae)Park Kyung-min, a ranking police official and former spokesman of the National Police Agency, was appointed the new head of the maritime police agency, the presidential office, Cheong Wa Dae, said in

Politics July 26, 2017

More than 1,000 activists, citizens and students gathered to pay respects to Kim Kun-ja, a former comfort woman who recently passed away, at a weekly rally against Japan's wartime sexual slavery in front of the Japanese Embassy here on Wednesday.Kim died Sunday at the age of 91 at the House of Sharing in Gwangju, east of Seoul, a shelter for former surviving comfort women, a euphemism for Korean women who were forcibly taken to front-line brothels to serve Japanese soldiers during World War II.

Social Affairs July 26, 2017

President Moon Jae-in plans to hold talks with all major economic players here, including laborers and small or medium-sized firms, an official from the presidential office Cheong Wa Dae said Wednesday.The president is set to meet with 15 business conglomerates on Thursday and Friday.Hong Jang-pyo, the chief presidential secretary for economic affairs, said the first day of the meeting will involve top executives from eight business groups -- Hyundai Motor, LG, POSCO, Hanwha, Shinsegae, Doosan,

Economy July 26, 2017

An incumbent lawmaker of the minor opposition People's Party appeared at the prosecution on Wednesday to face questioning over fabricated information about President Moon Jae-in's son that his party revealed during the May election. Rep. Lee Yong-joo showed up at the Seoul Southern District Prosecutors' Office around 3:50 p.m., after he was summoned by the prosecution on Tuesday. The prosecutors are expected to quiz him over his involvement in and knowledge of the creation and disclosure of the

Politics July 26, 2017

South Korean stocks closed lower Wednesday as foreign investors offloaded local stocks on profit-taking, analysts said. The local currency fell against the US dollar.The benchmark Korea Composite Stock Price Index slid 5.39 points, or 0.22 percent, to finish at 2,434.51. Trading volume was moderate at 332 million shares worth 6.4 trillion won ($5.7 billion) with losers outpacing gainers 419 to 385.The local stock market opened slightly higher, taking a cue from overnight Wall Street gains, but c

Market July 26, 2017

Online gaming firm Nexon Korea Co. said Wednesday that the third edition of its mega-hit series "Dark Avenger" will launch in South Korea later this week.The action role-playing game will be officially available on both Android and iOS on Thursday, the latest edition of the mobile game series which has racked up more than 35 million downloads worldwide."The Dark Avenger 3 is the game that offers the same dynamic action and graphic quality presented by console games," said No Jung-hwang, a Nexon

Technology July 26, 2017

Nearly seven out of 10 of South Korea's top 500 companies were found to have zero women at the executive level, according to the government Wednesday.Among the country's top 500 firms in terms sales as of last year, 336 firms, or 67.2 percent, were found to have male-only executives as of last year, according to the Ministry of Gender and Equality. The data was compiled from corporate filings from DART, an online repository of company filings operated by the Financial Supervisory Service. (Yonha

Social Affairs July 26, 2017