No new trade restrictions against South Korean products were reported in July, but it is premature to say the global protectionist trend has weakened, a local trade body said Wednesday.According to the Korea International Trade Association, July was the second month this year that no new trade barriers were erected against South Korean goods by importing countries. The last time was in January.There was one new restriction in February, two in March, five in April and May, and eight in June. KITA

Economy Aug. 9, 2017

The South Korean government said Wednesday it will meet this week with the families of missing American soldiers from the 1950-53 Korean War.A total of 418 family members of 214 service members who remain missing or taken as prisoners of war will be invited to the dinner event in Washington, D.C. on Thursday (local time), according to the Ministry of Patriots and Veteran Affairs(Yonhap)It's to "console them for their pain and sorrow for the past 65 years and deliver the message of gratitude for

Politics Aug. 9, 2017

South Korean stocks opened lower Wednesday as rising tensions over North Korea's nuclear and missile programs weighed on the main index.The benchmark Korea Composite Stock Price Index lost 12.44 points, or 0.52 percent, to 2,382.29 in the first 15 minutes of trading.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.15 percent, with the tech-heavy Nasdaq composite index declining 0.21 percent. Kim Ye-eun, an analyst at Cape Investment & Securities,

Market Aug. 9, 2017

State-supported startups have posted far higher growth in hiring than other private firms over the past few years with their sales also gaining at a much faster clip, a government report said Wednesday.The annualized growth rate of state-backed startups averaged 19.3 percent between 2009 and 2015, 5.4 times higher than that for other private small and medium enterprises, according to the report by the Ministry of SMEs and Startups and the Korea Institute of Startups & Entrepreneurship Developmen

Industry Aug. 9, 2017

South Korea's gross domestic product ranked 11th worldwide in 2016, with its per capita income based on purchasing power remaining unchanged, data showed Wednesday.The country's GDP stood at $1.41 trillion last year, with its global standing remaining flat from the previous year, according to the data from the World Bank.GDP, the broadest measure of an economy's performance, refers to the total value of goods and services produced within the economy in a given period. South Korea's GDP placed 10

Economy Aug. 9, 2017

Two US B-1B strategic bombers, newly deployed to Guam, trained in the sky over Korea earlier this week in a show of force and the ironclad alliance against North Korea's threats, the Air Force announced Wednesday.The sortie, made public a day later, was followed by the North Korean military's threat of ballistic missile attacks aimed at blockading the Pacific island.The B-1B Lancers of the 37th Expeditionary Bomb Squadron first flew to Japan and then came to Korea in a 10-hour mission from the A

Defense Aug. 9, 2017

South Korea's jobless rate remained unchanged in July from a year earlier amid some signs of recovery in the manufacturing sector, government data showed Wednesday.The unemployment rate stood at 3.5 percent last month, staying flat from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it dropped 0.3 percentage point.The number of employed people reached 26.92 million in July, up 313,000 from a year earlier, compared with a five-month low of a

Economy Aug. 9, 2017

MANILA -- Top diplomats from Asia-Pacific countries expressed "grave concern" on Tuesday over North Korea's escalation of regional tensions and urged it to comply with UN Security Council resolutions.In the chairman's statement, the ASEAN Regional Forum also expressed support for the "complete, verifiable, and irreversible" denuclearization of the North in a peaceful manner.The statement was issued a day after the meeting of the 27 members of the major regional security forum in Manila."The mini

North Korea Aug. 9, 2017

WASHINGTON -- US President Donald Trump tweeted Tuesday that the international community must be "tough" and "decisive" on North Korea, apparently referring to recently adopted United Nations sanctions."After many years of failure, countries are coming together to finally address the dangers posed by North Korea. We must be tough and decisive!" he wrote.The UN Security Council unanimously adopted new sanctions against Pyongyang on Saturday, aiming to deprive the regime of hard currency that coul

North Korea Aug. 9, 2017

US fast-food chain McDonald's, embroiled in a controversy over alleged undercooked hamburger patties, has filed a court injunction seeking to ban the disclosure of the result of a consumer agency's probe, the agency said Tuesday.The Korea Consumer Agency originally planned to publish a press release the same day on the outcome of its investigation of the hygiene conditions of hamburgers circulated in the local market, but canceled the plan as McDonald's filed an injunction Monday.This file photo

Industry Aug. 9, 2017

A special envoy of Canadian Prime Minister Justin Trudeau arrived in North Korea on Tuesday, the North's state-run news agency said.Daniel Jean, national security advisor to the prime minister of Canada, and his party arrived in Pyongyang, the Korean Central News Agency said, without elaborating further. Canadian Prime Minister Justin Trudeau (Yonhap)The visit drew speculation that the envoy was to discuss the issue of Korean-Canadian pastor Lim Hyeon-soo detained in the reclusive regime.Lim has

Foreign Affairs Aug. 9, 2017

South Korea's Red Cross on Tuesday named Park Kyung-seo, an human rights expert, as its next chief, officials said.Park, 78, a chair-professor at Dongguk University, was tapped by the central committee to succeed Kim Sung-joo for a three-year term.His nomination is subject to approval by President Moon Jae-in, honorary head of the Red Cross. This file photo shows Park Kyung-seo, a chair-professor at Dongguk University, who was named to lead South Korea`s Red Cross on Aug. 8, 2017. (Yonhap)Park s

Politics Aug. 8, 2017

Prime Minister Lee Nak-yon ordered the government Tuesday to thoroughly examine whether senior officials mistreat staff at official residences, diplomatic missions and secretaries' offices as public anger runs high over such abuses of power.Lee ordered that all government ministries and agencies, including the Defense Ministry, the foreign ministry and police, look into whether there has been any unfair treatment of such staff, and report the results to the Prime Minister's Office by Aug. 16. (Y

Politics Aug. 8, 2017

President Moon Jae-in on Tuesday nominated a former public prosecutor as a new Constitutional Court justice.Lee You-jung, 49, has been tapped to become the latest member of the court's nine-member panel.If appointed, she will also become the youngest member of the top court. Constitutional Court Justice-nominee Lee You-jung (Photo courtesy of Cheong Wa Dae) (Yonhap)The appointment requires parliamentary approval following a confirmation hearing by a parliamentary committee.However, the oppositio

Politics Aug. 8, 2017

South Korean stocks fluctuated to close lower Tuesday as institutional buyers went on a heavy selling-spree to partially offset some foreign buying, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index surrendered 4.02 points, or 0.17 percent, to close at 2,394.73. Trade volume was low at 243 million shares worth 4.5 trillion won ($4 billion), with losers outnumbering gainers 447 to 345.Foreigners went on a two-day buying streak and purchased a

Market Aug. 8, 2017