South Korea's trade commission said Friday that it will close an anti-dumping probe into steel beam products made by seven Chinese companies as they have agreed to jack up their prices voluntarily.In late July 2014, the Korea Trade Commission (KTC) started an anti-dumping investigation into H-beam imports from China and slapped anti-dumping duties of 17.69 percent to 32.72 percent on Chinese products five months later.The commission said it has decided to end the investigation as the Chinese com

Industry May 15, 2015

Former Prime Minister Lee Wan-koo denied bribery charges Friday as he was sent back home after a lengthy interrogation by prosecutors.Lee denied the allegations that he took 30 million won ($27,000) from deceased businessman Sung Wan-jong as he was released from the Seoul High Prosecutors' Office in southern Seoul at 1 a.m.Emerging from the prosecution office after a 15-hour interrogation, a haggard-looking Lee denied the allegations, saying "What is true always wins ... I have never taken money

Social Affairs May 15, 2015

The former head of the country's largest power equipment maker was grilled by prosecutors Friday on suspicion of bribing a former presidential secretary in exchange for providing business favors to a local university he owns. Park Yong-sung, the former chairman of Doosan Heavy Industries & Construction Co., is suspected of providing kickbacks worth 100 million won ($92,000) to Park Beom-hun, who is accused of peddling influence for Chung-Ang University (CAU) in Seoul between 2011 and 2012.Prosec

Social Affairs May 15, 2015

South Korea is conducting a military drill to defend its easternmost islets of Dokdo amid Japan's renewed claims to the territory, military officers said Friday. The Navy, jointly with the Coast Guard, "are carrying out the two-day drill from yesterday on and around the rocky outcroppings in the East Sea," said a Navy officer, requesting anonymity. "It is designed to deter any trespassers on our territory via a sea or air route."The exercise has been carried out twice a year since 1986, with the

Defense May 15, 2015

China and Russia plan to hold joint naval drills in the East Sea, the water between the Korean Peninsula and Japan, in September, a media report said Friday.If confirmed, the drills would demonstrate deepening ties between Russia and China at a time when most of the world is against Moscow for its alleged support of separatist rebels in Ukraine.Citing Russian Deputy Defense Minister Anatoly Antonov, the website of Hong Kong-based Phoenix Television reported that Russia and China will begin the j

World News May 15, 2015

In a widely expected move, South Korea's central bank on Friday left its benchmark interest rate unchanged for a second straight month in May, citing expectations for an economic recovery and soaring household debt.   In the monthly rate-setting meeting, the Monetary Policy Committee of the Bank of Korea (BOK) decided to hold the base rate steady at a record low of 1.75 percent. One of the seven board members voted for a rate cut.   While sustaining its view that "the economy will show a modest

May 15, 2015

South Korean outfielder Choo Shin-soo of the Texas Rangers has now hit safely in 14 straight games, the longest such streak in the American League this year.Choo went 3-for-4 against the Kansas City Royals at home, Globe Life Park in Arlington, for his second three-hit game of the week.He has recorded at least two hits in each of his past five games.Choo currently leads all major leaguers with 12 extra-base hits -- eight doubles and four home runs -- in May. Despite Choo's hot bat, the Rangers l

Baseball May 15, 2015

FCA Korea, the local importer and distributor of U.S. automaker Chrysler Group LLC, is recalling more than 200 Jeep Grand Cherokee SUVs in South Korea due to air bag flaws, the transportation ministry said Friday. The recall affects 231 Jeep Grand Cherokees produced between March 27, 2013, and Jan. 13, 2014, according to the Ministry of Land, Infrastructure and Transport. A defect in software for the air bags could interfere with the safety device's ability to deploy during car crashes, it said.

Industry May 15, 2015

Samsung Electronics Co., South Korea's top smartphone maker, managed to stay on the top 10 list of global tech players this month in terms of market capitalization but suffered a one notch decline from end-2014 apparently due to a plunge in earnings.Samsung ranked No. 10 among other major tech firms with a market cap of $189.7 billion as of May 1, according to the figures compiled by the Institute for Information & Communications Technology Promotion, which cited S&P Capital IQ. It marked a step

Industry May 15, 2015

South Korea posted a trade surplus for the 39th month in a row in April as imports dropped at a faster pace than exports, customs data showed Friday.According to the data by the Korea Customs Service (KCS), the country's trade surplus reached $8.5 billion last month, up marginally from $8.4 billion in March and significantly higher than $4.4 billion a year earlier.Exports dropped 8 percent on-year to a little over $46.2 billion in April, while imports nosedived 17.8 percent to $37.7 billion, it

May 15, 2015

Lee Jay-yong, vice chairman of South Korea's top tech giant Samsung Electronics Co., was appointed Friday to head two of Samsung Group's foundations, the company said, taking the posts from his hospitalized father.Under the move, the younger Lee, the heir apparent of South Korea's top family-controlled conglomerate, will take the helm of the Samsung Life Public Welfare Foundation and the Samsung Foundation of Culture, the group's key foundations.He has been working as the de facto head of the to

Industry May 15, 2015

North Korean leader Kim Jong-un visited a fish farm under the military, the North's media said Friday, without the presence of the North's defense chief, who was allegedly purged late last month.North Korea executed Defense Minister Hyon Yong-chol in late April over his disloyalty and disrespect to Kim, South Korea's spy agency said Wednesday, in the latest sign of Kim's reign of terror.If confirmed, it would mark another high-profile public execution by the North. In late 2013 Kim ordered the e

North Korea May 15, 2015