An annual forum held by the country's leading business lobby group kicked off its four-day run on South Korea's resort island of Jeju on Wednesday. The 42nd Jeju Forum hosted by the Korea Chamber of Commerce and Industry opened at Hotel Shilla, bringing together some 600 businessmen and experts to discuss key issues faced by Asia's fourth largest economy. Marc Knapper, the acting U.S. ambassador to South Korea, and China's top envoy in Seoul Qiu Guohong are scheduled to give lectures on economic

Industry July 20, 2017

WASHINGTON -- The United States left North Korea off its latest list of state sponsors of terrorism Wednesday after saying earlier it could use a redesignation to bring pressure on the regime.The State Department's Country Reports on Terrorism 2016 said the US removed North Korea from the list in 2008 based on certification that the country had not supported international terrorism in the preceding six-month period and assurances it would not support terrorist acts in the future.The North had be

North Korea July 20, 2017

WASHINGTON -- North Korea appears to be preparing for another test launch of a ballistic missile of intercontinental or intermediate range in the next two weeks, CNN reported Wednesday.It quoted two US administration officials as saying that the indications appear in the latest intelligence. Satellite imagery also suggests that the communist nation could be testing components and missile control facilities in the run-up to a launch, officials said, according to CNN.North Korea's latest missile l

North Korea July 20, 2017

Justice Minister Park Sang-ki said Wednesday he will not give up until he fulfills the duty of revamping the prosecution which is long blamed for being swayed by politics. "No matter how deep you dig a well, it's nothing other than a failure unless you find water in the spring. I ask all of you to join and take the lead in completing the task toward reform to the end," he said in an inauguration speech.Park was officially appointed by President Moon Jae-in on Tuesday. The former university profe

Politics July 19, 2017

South Korea and the United States should not shy away from bilateral talks with North Korea to address its ever-growing nuclear and missile threats, a former senior US diplomat said Wednesday, adding that diplomacy will be the only way to find a solution to such a tricky problem."There will come a time when we are going to have to double down on diplomacy because it's probably through diplomacy that we have the only way to find a solution to this difficult problem," former Deputy Secretary of St

North Korea July 19, 2017

South Korea's Unification Ministry on Wednesday approved Hyundai Asan Corp.'s bid to contact North Korea as the company seeks to visit the North next month to mark the anniversary of the death of its former chairman.The operator of the now-suspended inter-Korean tour to Mount Kumgang on North Korea's east coast has held the memorial service for Chung Mong-hun at the mountain since his death in August 2003.But it did not seek approval for the visit last year due to tensions sparked by the North's

North Korea July 19, 2017

An association of local franchise companies offered an apology on Wednesday, vowing to reform themselves to end unfair business practices across the board. "Unfair business practices and inappropriate actions have caused social problems and hurt small business owners," said Park Ki-young, the chairman of the Korea Franchise Association. "I sincerely apologize as the head of the franchise industry."The apology made at a press conference comes a day after the country's antitrust regulator, the Fai

Industry July 19, 2017

South Korea's top financial regulator said Wednesday he will be more active in reining in household debt, calling it the biggest risk facing the nation's economy. Choi Jong-ku, the newly appointed chairman of the Financial Services Commission, made the remarks in his inauguration speech earlier in the day. The former deputy finance minister, who served at the finance ministry for about three decades, is tasked with slowing down the nation's growing mountain of household debt and restructuring so

Economy July 19, 2017

President Moon Jae-in has officially appointed his new justice minister and two Supreme Court justices, the presidential office Cheong Wa Dae said Wednesday.Moon electronically approved the appointment of Park Sang-ki as the new justice minister late Tuesday, hours after the parliamentary hearing committee issued a report on the outcome of his confirmation hearing.A new minister does not require consent from the parliament, but the hearing report is often considered the parliament's endorsement

Politics July 19, 2017

More than 200 million pieces of personal information in South Korea have been leaked either through hacking attacks or poor network management since 2011, a government report showed Thursday. According to the report by the Korea Communications Commission, more than 200 million cases of private information, such as resident registration numbers, phone numbers and addresses, have been leaked between 2011 and June of this year.The report released by Rep. Shin Yong-hyeon of the minor opposition Peop

Technology July 19, 2017

An internal investigation is underway into South Korea's ambassador in Ethiopia for sexual harassment allegations, a foreign ministry official said Wednesday.A team of investigators will be soon sent to the African country to carry out a probe into Amb. Kim Moon-hwan, according to the ministry official. "The ministry is currently conducting an internal probe into sexual harassment suspicions involving the incumbent ambassador to Ethiopia based on the intelligence that has been gathered," he said

Social Affairs July 19, 2017

South Korean stocks ended up at a fresh record high Wednesday backed by institutional buying amid hopes for sound corporate earnings. The won rose against the US dollar.  The benchmark Korea Composite Stock Price Index rose 3.90 points, or 0.16 percent, to close at a record high of 2,429.94. Trade volume was moderate at 266.82 million shares worth 5 trillion won ($4.5 billion), with gainers outnumbering decliners 521 to 289. Institutional investors bought a net 140 billion won worth of stoc

Market July 19, 2017

Top representatives of Hyundai Motor Group's overseas sales networks said Wednesday they will focus on Europe and Latin America in the second half of 2017 to boost sales and offset lower demand in China. In a meeting held at the automotive group's headquarters in southern Seoul, overseas sales managers discussed ways to cope with conditions in China that affected overall performance in the first half, the company said in a statement. Representatives, while vowing to revive sales in China, stress

Industry July 19, 2017

Major South Korean drugmaker Hanmi Pharmaceutical Co. said Thursday that its anti-ulcer drug Esomezol was listed with the United States Pharmacopeial Convention.It marks the first time for a local pharmaceutical company to gain international accreditation through the USP, a scientific nonprofit organization that sets global standards for medicine, food ingredients and dietary supplements around the world. (Yonhap)Esomezol was the first incrementally improved drug for the treatment of gastroesoph

Industry July 19, 2017

North Korea on Wednesday highlighted its friendly ties with Russia as the two countries marked the 17th anniversary of a joint announcement on cooperation and reconciliation.The move comes as relations between North Korea and China, its remaining ally and economic benefactor, have been strained over Pyongyang's persistent pursuit of its nuclear and missile programs.The Rodong Sinmun, North Korea's main newspaper, called the agreement between the North and Russia a "landmark" document that paved

North Korea July 19, 2017