Samsung Electronics Co. said Friday it will showcase the presumed Galaxy Note 8 in late August, around a year after the ill-fated predecessors' production was suspended over faulty batteries.The South Korean tech giant sent invitations for its "Unpacked" event scheduled to be held in New York on Aug. 23.The invitation shows the slogan "Do bigger things," along with a blue graphic that looks like the Galaxy Note series' exclusive S-Pen. The Galaxy Note models normally come with wider screens comp

Technology July 21, 2017

The White House on Thursday cited the Donald Trump administration's launch of a process to renegotiate the bilateral free trade agreement with South Korea as an accomplishment during the president's first six months in office.In a statement, the White House listed what it said the president has done in his "Six Months of America First" since coming into office Jan. 20."Last week, the President began the process of renegotiating the United States-Korea Free Trade Agreement," i

Economy July 21, 2017

WASHINGTON -- The United States on Thursday condemned again Japan's sexual enslavement of women during World War II, saying it was a "terrible, egregious" violation of human rights.The comment came a day after South Korea announced a plan to designate a national day to remember the hundreds of thousands of Korean women who were forced into sexual slavery for Japanese troops during the war."That is something that we by and large condemn ... we very clearly condemn," State Department spokeswoman H

Social Affairs July 21, 2017

Shinhan Financial Group Co., a major South Korean banking group, said Thursday that its net profit rose 30.5 percent in the second quarter from a year earlier on increased interest income.Net profit for the second quarter climbed to 892 billion won ($792 million) from 683.5 billion won a year earlier, the bank said in a regulatory filing.In the January-June period, the group's combined net shot up to 1.88 trillion won, the highest since the foundation of the financial group in 2001, it said. Shi

Market July 20, 2017

South Korea's economy is expected to grow 2.7 percent in 2017 from a year earlier, the Asian Development Bank said Thursday, revising up its previous outlook of 2.5 percent.The bank cited abated political uncertainties following the inauguration of the new president, along with the improving global economy and revitalization of exports.  "A sharp upswing in machinery and equipment outlays and persistently high construction growth helped boost gross domestic product growth overall, thou

Economy July 20, 2017

President Moon Jae-in on Thursday reiterated his call for an economic paradigm shift to address weak growth and polarization, stressing a more active government role in tackling the country's economic challenges. During a forum on financial strategy, Moon also underscored that the country's financial policies should be "people-oriented," inclusive, balanced and transparent, and involve citizens' participation."There has been a blind belief in a small government, but in order to ov

Economy July 20, 2017

Asiana Airlines was fined 900 million won ($802,282) for a runway accident two years ago and the pilot responsible stripped of his license, the transport ministry said Thursday while announcing a series of punitive actions against carriers.Korean Air Lines Co. was ordered to pay 600 million won in penalties, also for a runway incident in the same year.The Ministry of Land, Infrastructure and Transport convened a meeting of its administrative action review board earlier in the week to decide the

Industry July 20, 2017

Scientists are divided over the new government's energy policy that aims to increase electricity output with clean, renewable energy, a survey showed Thursday.The Moon Jae-in government earlier announced that it plans to generate 20 percent of its electricity with clean, renewable energy by 2030, while reducing its reliance on fossil fuel and nuclear power plants.According to the survey conducted by the Korean Federation of Science and Technology Societies on 2,029 scientists in different majors

Technology July 20, 2017

South Korea will set up a new ministry in charge of small and medium-sized businesses that will be dedicated to supporting smaller companies and creating more jobs, the government said Thursday.After long-drawn-out negotiations, the National Assembly passed the bill which included elevating the Small and Medium Business Administration to a Cabinet ministry supporting SMEs, venture startups and micro-businesses, as was pledged by President Moon Jae-in during the election campaign. The SMBA is cur

Economy July 20, 2017

South Korea on Thursday created the post of trade minister in a move to strengthen its negotiating capacity ahead of crucial talks with the United States on revising the bilateral free trade deal.The move is part of a bill endorsed by parliament on government reorganization on the same day, and came days after US Trade Representative Robert Lighthizer called for a special joint committee meeting to start the process of revising the free trade agreement. According to the trade pact, a special joi

Economy July 20, 2017

The presidential office Cheong Wa Dae has discovered additional documents from the preceding government that shed more light on the alleged misdeeds of the ousted former president and her aides, its spokesman said Thursday.More than 500 documents contained information about the former government's support for conservative polemic writers and civic groups, and the controversial plan to merge two Samsung affiliates, seen as part of the family-run conglomerate's power succession scheme. Presidentia

Politics July 20, 2017

South Korean stocks ended up at a fresh record high Thursday amid expectations of solid corporate earnings results. The won fell against the US dollar.  The benchmark Korea Composite Stock Price Index rose 11.90 points, or 0.49 percent, to close at 2,441.84. Trade volume was moderate at 246.84 million shares worth 5.27 trillion won ($4.5 billion), with gainers outnumbering decliners 431 to 354. Institutions and foreigners bought a combined 102.45 billion won worth of stocks amid expect

Market July 20, 2017

South Korea's potential unification with North Korea could slow the pace of population aging on the Korean Peninsula by up to five years, an economist said Thursday.Choi Ji-young, an economist at the Bank of Korea, said South Korea alone could enter into an aged society this year where people over 65 make up between 14 percent and 20 percent of the population. Bank of Korea (Yonhap)South Korea could cross the threshold into a super-aged society around 2026, when more than 20 percent of the peopl

Social Affairs July 20, 2017

Per-store operating profit at convenience stores in South Korea fell in 2015 as the market became more crowded, government data showed Thursday. An average per-store operating profit at franchised convenience stores stood at 18.6 million won ($16,523) in 2015, down 17 percent from a year ago, according to the data by the Statistics Korea.The number of convenience stores, however, rose 12.7 percent on year to 29,628 at the end of 2015, the data showed.  Convenience stores accounted for 16.4

Economy July 20, 2017

Rival parties decided Thursday to change the name of the Ministry of Science, ICT and Future Planning four years after the agency was created.According to the agreement made by the vice floor leaders of the ruling Democratic Party, the main opposition Liberty Korea Party, the People's Party and the Bareun Party, the ministry will be given the new name roughly translated as the Ministry of Science, Technology and ICT.  You Young-min (Yonhap)The ministry said the exact English name and the abbrevi

Technology July 20, 2017