South Korea's foreign ministry said Monday that it will launch an advisory group to assist in its self-reform drive this week.The 15-member group comprised of experts from civic groups, businesses and relevant government agencies will be launched on Wednesday, according to the ministry.The experts in diverse areas like organization, budget, personnel and administrative affairs will discuss and come up with solutions to challenges confronting the ministry. Kang Kyung-hwa (Yonhap)They will work wi

Foreign Affairs July 31, 2017

A not guilty verdict has been finalized for a South Korean drug importer who was caught attempting to bring in methamphetamine from Mexico by international parcel, as prosecutors seized the illegal import without obtaining a confiscation warrant from a judge, the Supreme Court said Monday.The top court said it has upheld a lower courts' decision to acquit the drug importer, identified only as 50-year-old Ma, of all criminal charges in the 2011 import of 99.2 kg of meth, noting prosecution invest

Social Affairs July 31, 2017

Kakao Bank, South Korea's second Internet-only bank, said Monday it has attracted more than 1 million accounts in five days since its launch, a potential game-changing development in the country's financial sector.The bank said the number of clients hit the milestone as of 1 p.m. on Monday, with deposits and loans being estimated at 344 billion won ($307 million) and 323 billion won, respectively.It means that the lender has attracted customers at the pace of 9,800 accounts an hour. (Yonhap)Kaka

Technology July 31, 2017

South Korean stocks finished slightly higher Monday with institutions going on a buying spree as foreign and individual investors dumped local shares to lock in recent gains, amid growing geopolitical tensions caused by North Korea's intercontinental ballistic missile launch, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index edged up 1.72 points, or 0.07 percent, to close at 2,402.71. Trade volume was modest at 273.94 million shares worth 5.

Market July 31, 2017

South Korea's financial regulator said Monday that the performance of two major policy lenders has improved as the restructuring of shipbuilders and two major shipping lines have been concluded.The Financial Services Commission said it has raised the rating of the Korea Development Bank and the Export-Import Bank of Korea by one notch from C to B in its annual assessment of five public financial organizations. The five public financial organizations are rated one of six categories, with S being

Economy July 31, 2017

The number of consumer complaints lodged against South Korea's budget carriers was nearly twice as high as complaints leveled on full-service airlines last year, a consumer rights agency said Monday. In 2016, low-cost carriers received a total of 417 consumer complaints, while Korean Air Lines Co. and Asiana Airlines Inc. received a combined 213, according to the Korea Consumer Agency. (Yonhap)By company, Jeju Air Co., the country's biggest budget carrier by sales, reported the highest number of

Industry July 31, 2017

The number of new corporations set up in the first half of this year reached nearly 50,000, setting a new record amid steady overseas demands for local products, the government said Monday.The number of new corporations set up came to 49,424 in the January-June period, up 2.4 percent from the same period last year, according to the Ministry of SMEs and Startups.Among the total, 10,107 companies were in the manufacturing industry, followed by 10,057 firms in the wholesale and retail sector, the m

Economy July 31, 2017

North Korea is likely to conduct an additional ballistic missile launch and its sixth nuclear test following its latest launch of an intercontinental ballistic missile, South Korea's defense ministry said Monday."There is a possibility that North Korea is likely to test its nuclear warhead and missile capabilities through a nuclear test with more explosive power," the Ministry of National Defense said in a report to the National Assembly.The ministry added that the North is ready to carry out an

North Korea July 31, 2017

South Korea's leading conglomerates had some 116 trillion won ($103.29 billion) in cash or cashable assets as of the end of March this year, an increase of 54 percent from five years ago, data showed Monday, a sign that the companies remain hesitant about investing.Seventy-two companies were analyzed by the Korea Exchange after 28 of the top 100 market cap firms were excluded because their assets could not be measured on an annual basis. The results showed that the firms held an aggregate 115.7

Industry July 31, 2017

South Korea officially launched a task force to review an agreement with Japan reached in 2015 to settle a long-standing bilateral feud over Japan's imperial-era mobilization of Korean women as sex workers, the foreign ministry said Monday. The TF is tasked with fact-finding and assessing the processes leading up to the signing of the so-called comfort women deal, as well as its terms, the Ministry of Foreign Affairs said.The launch of the special team marks the first step to fulfill President M

Foreign Affairs July 31, 2017

The government and ruling party agreed Monday to reassess costs of nuclear power to include some intangible expenses that have been overlooked in a move to again stress that a shift from nuclear energy is the right way for the country's future energy policy. Officials from the trade ministry and the Democratic Party held a meeting earlier in the day to discuss plans over the nuclear-free energy initiative, one of the key pledges by President Moon Jae-in. They exchanged ideas on the ongoing row o

Politics July 31, 2017

North Korea's nighttime lighting conditions have improved over the past decade based on satellite images, a report showed Monday, a sign that the reclusive country's economy is on the mend.According to the report published by the state-run Korea Development Institute, satellite images taken in 1992 showed that overall luminosity at night around the North Korean capital of Pyongyang was greater than that in pictures taken in 2002, when the country was still struggling with a deep economic slump o

North Korea July 31, 2017

South Korea has begun consultations with the United States for resuming the deployment of a Terminal High Altitude Area Defense system, the defense ministry said Monday. "As for the deployment of six THAAD launchers, South Korea and the US will make a decision after consultations," Moon Sang-gyun, spokesman at the Ministry of National Defense, said in a press briefing. "Such discussion is currently going on, but further consultations are needed for the specific issues of when and how," he said.

Defense July 31, 2017

Bank lending rates on new household loans inched down in June and interest rates paid by banks on new deposits slightly rose, central bank data showed Monday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in June, down 0.06 percentage point from the previous month, according to the Bank of Korea.The BOK data came amid South Korea's efforts to tackle rising household debt.  South Korea's household debt stood at 1,359.7 trillion won ($1.2 tril

Economy July 31, 2017

South Korea's central bank on Monday renewed its stance to maintain the current monetary easing policy to support growth for Asia's fourth-largest economy.The Bank of Korea said in a report submitted to the National Assembly that it will maintain its stance of monetary policy accommodation, noting the inflationary pressures on the demand side are not expected to be high, though the solid trend of domestic economic growth could affect prices.The latest assessment came more than two weeks after th

Economy July 31, 2017