CJ Cheiljedang Corp., South Korea's leading processed foods maker, said Tuesday it will spend 70 billion won ($63 million) on building a new production complex in Vietnam to expand its presence in the Southeast Asian market.The Korean firm said it held a groundbreaking ceremony Monday for the 66,000 square meter base in Ho Chi Minh City.When the construction is complete by July next year, the new base is expected to produce up to 60,000 tons of foodstuffs, including both refrigerated and frozen

Companies July 25, 2017

The founder of a local pizza franchise will face trial on charges of embezzlement and breach of trust worth 15 billion won ($13.4 million), prosecutors said Tuesday. The Seoul Central District Prosecutors' Office has indicted Chung Woo-hyun, ex-head of MP Group, for misappropriating company funds, breach of duty and obstruction of business, it said. The indictment comes nearly three weeks after Chung was arrested early this month following the court approval on the writ.The prosecution also indi

Industry July 25, 2017

Fine dust levels have decreased some 15 percent in the central region of South Korea following the temporary shutdown of eight old coal-fired power plants last month as part of the government's efforts to reduce the country's air pollution levels, a study showed Tuesday.Starting June 1, the thermal power plants, including four in central Chungcheong Province, were closed for 30 days. The plants have a combined generation capacity of 2.8 gigawatts, or some 2.5 percent of the country's total.Durin

Industry July 25, 2017

The employment rate of senior citizens in South Korea gained ground in May from a year earlier as a growing amount remained in the job market or sought work amid the rapidly aging population, government data showed Tuesday.The employment rate of those aged between 55 and 79 reached 54.8 percent as of May, up 1.1 percentage points from a year ago, according to the data compiled by Statistics Korea.The number of the employed in the age group rose 424,000 to 7.08 million over the cited period, whil

Economy July 25, 2017

South Korea will cut credit card processing fees for small merchants starting later this month, in the latest move to push forward pro-consumer regulations against commission fees charged by financial service providers, the financial regulator said Tuesday. The move is in line with a campaign pledge by President Moon Jae-in that the new administration aims to ease financial burdens on consumers by assessing "propriety" of commission fees charged on banking and financial services. 

Economy July 25, 2017

South Korean professor known for his expertise on maritime affairs has been elected head of a UN body dealing with boundary issues for continental shelves, the foreign ministry said Tuesday. Park Yong-ahn, an oceanography professor at Seoul National University, was picked to be chairman of the Commission on the Limits of Continental Shelf during a meeting held in New York on Sunday (local time), according to the ministry.  Park Yong-ahn (Yonhap)The CLCS was launched in June 1997 under the UN Con

Foreign Affairs July 25, 2017

South Korean stocks traded lower late Tuesday morning, as investors opted to cash in recent gains after the market closed at a fresh-high level in the previous session.The benchmark Korea Composite Stock Price Index shed 3.83 points, or 0.16 percent, to 2,447.70 as of 11:15 a.m.Market kingpin Samsung Electronics fell 0.98 percent, while major chipmaker SK hynix declined 1.92 percent.LG Chem, the country's top chemical company, fell 1.19 percent, while AmorePacific, the No. 1 cosmetics maker, was

Market July 25, 2017

A US State Department spokeswoman has urged all countries to cooperate in protecting North Korean refugees and asylum seekers within their territories, a US broadcaster reported Tuesday. Katina Adams, a spokeswoman for the State Department's Bureau of East Asian and Pacific Affairs, made the remark over the phone, while commenting on China's latest refusal of the UN Human Rights Council's calls to stop its repatriation of North Korea defectors, Voice of America said. Kim Jeong-ah, leader of Tong

North Korea July 25, 2017

President Moon Jae-in on Tuesday urged swift execution of the extra budget recently approved by the parliament, also stressing the need to maximize the efficiency and effectiveness of the additional spending."Regarding the supplementary budget, the issue is now to execute it with speed. I want you to now show that the extra budget will in fact lead to new jobs, a reduction in the youth jobless rate and economic growth with actual proof," the president said at the start of a weekly Cabi

Economy July 25, 2017

The number of Chinese tourists in South Korea more than halved last month on-year, marking a decline for four straight months following China's ban on sales of Korea-bound trips amid a diplomatic row over a US anti-missile system here, government data showed Tuesday.The tally of Chinese visitors came to 254,930, down 66.4 percent from 758,534 recorded the previous year, according to the data by the Korea Tourism Organization. The combined number of Chinese visitors in the January-June period sto

Industry July 25, 2017

Kia Motors Corp., South Korea's No. 2 carmaker by sales, has received 2,500 orders for its new subcompact SUV since its launch two weeks ago, the company said Tuesday.Kia Motors came up with the Stonic subcompact SUV to absorb growing demand for recreational vehicles amid a global economic recovery and low oil prices.The B-segment SUV market has grown more than five times in the past five years since 2013 to 110,000 units in South Korea, the carmaker said. Kia Motors` Stonic subcompact SUV (Yonh

Mobility July 25, 2017

The state quarantine agency said Tuesday it will work with a number of different organizations that monitor migratory birds for systematic prevention of avian influenza.The Animal and Plant Quarantine Agency said it signed memorandums of understanding with the National Institute of Biological Resources, the National Science Museum and other related organizations to share their studies and research results. (Yonhap)Migratory birds are believed to bring in AI strains to South Korea, causing a majo

Technology July 25, 2017

A North Korean jet airliner for international flights has been grounded for eight months due apparently to the decline of passengers amid international sanctions on North Korea's continued nuclear and missile tests, a US broadcaster reported Tuesday.One of Air Koryo's An-148 airplanes, whose flight number is P-672, has had no flight data since November, Voice of America said, citing an e-mail from Flightradar24, a civic live flight tracker that shows air traffic in real time.At present, the Nort

North Korea July 25, 2017

Exports of oil and related goods by South Korean refiners reached an all-time high in the first half of the year on firm demand and higher oil prices, industry data showed Tuesday.According to the data compiled by the Korea Petroleum Association, oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 229 million barrels in the January-June period, rising 0.4 percent from a year earlier.In terms of volume, the tally marks the

Industry July 25, 2017

South Korean department stores saw Chinese customers drop in the first half of the year, industry data showed Tuesday, following a sharp decline in the number of Chinese visitors amid Seoul's diplomatic tension with Beijing over a missile deployment. Lotte Department Store, the country's leading retailer, said its revenue from Chinese customers at its main store in central Seoul plunged 49 percent on-year in the first half of 2017. Shoppers are seen at Lotte Department Store in central Seoul on

Industry July 25, 2017