The leader of the conservative Bareun Party became mired in allegations of illegal funding Thursday, following reports that cited an unnamed businessman. According to reports, Rep. Lee Hye-hoon received 60 million won ($53,000) and a number of designer brand items from the businessman in the run-up to last year’s general election. The businessman also claimed that Lee promised him favors once the elections were over.  Bareun Party chairwoman Rep. Lee Hye-hoon. YonhapLee, who is in her third parl

Politics Aug. 31, 2017

President Moon Jae-in on Monday called for sweeping military reforms, saying South Korea must become capable of matching the North’s asymmetric threats. Speaking in front of the Ministry of National Defense and Ministry of Veterans and Patriots Affairs, Moon said South Korea’s military capabilities do not match its economic scale and investment over the years. Pointing out that South Korea’s gross domestic product is 45 times larger than that of North Korea, Moon said the country’s defense capab

Defense Aug. 28, 2017

South Korea and China marked 25 years of diplomatic ties on Thursday with celebrations being toned down by strained relations. According to Seoul’s Ministry of Foreign Affairs, President Moon Jae-in and Chinese President Xi Jinping exchanged congratulatory remarks.“(Korea-China relations) have been developed into a more mature relationship from the foundation of trust and understanding built by the people and governments of the two countries through communication, exchange and cooperation,” Moon

Politics Aug. 24, 2017

South Korea has undergone dramatic development since the end of the Korean War in 1953. The country prides itself in its fast pace of life and change that took root as the country rose out of poverty.Looking ahead to 2030, the country is expected to continue to change rapidly, facing many difficult challenges -- some familiar but others unprecedented. The biggest of all will be those brought on by an aging population, something unimagined only a few decades ago.The process, observed in many indu

Social Affairs Aug. 14, 2017

Creditors of Kumho Tire Co. have decided to accept the offer by the tiremaker's parent group in a brand dispute with the Chinese buyer, clearing the final hurdle in the sale of South Korea's No. 2 tiremaker, an official the main creditor said Friday.In March, China's Qingdao Doublestar Co. signed a 955 billion won ($852 million) deal to acquire a 42 percent stake in Kumho Tire, but the process of acquisition hit a snag over how much Kumho Tire should pay for the use of the Kumho brand name.Kumho

Industry July 28, 2017

The previous administration appears to have looked closely into the Samsung Group’s succession, and may have taken steps to help Lee Jay-yong’s gain control of the group, documents revealed by Cheong Wa Dae showed Friday. According to Cheong Wa Dae, about 300 documents were found in an unused cabinet in the office used by President Moon Jae-in’s civil affairs aides, and that the documents contain potentially incriminating information about Park Geun-hye administration’s interest in Samsung Group

Politics July 14, 2017

Ahn Cheol-soo, former presidential candidate of the opposition People’s Party, on Wednesday apologized for the scandal revolving around fabricated smear campaign against President Moon Jae-in. “(Fabricating information) cannot be countenanced under any circumstance. I was shocked when I was first informed, and feel responsible as the presidential candidate of the People’s Party,” Ahn said.“I bow in apology to the people who supported me, and to the party members and fellow politicians. I also ap

Politics July 12, 2017

President Moon Jae-in returned home Monday after a five-day trip to Germany that largely sought to win international support for his efforts to bring North Korea back to the dialogue table and rid the communist state of its nuclear ambitions.The main purpose of his trip to the European nation was to take part in the Group of 20 summit held Friday and Saturday, but his main objective clearly was to rally international support for fresh sanctions against the North for its latest missile provocatio

Politics July 10, 2017

President Moon Jae-in on Monday urged lawmakers to approve supplementary budget plans, stressing the government’s role in job creation in his first parliamentary address. 　 “Today, I stand here to explain the reasons for drawing up the supplementary budget plans and its content, to ask for the understanding and cooperation of lawmakers,” Moon said at the National Assembly’s main chamber in Yeouido, Seoul. Cheong Wa Dae said he was the nation’s first president to address the legislature over an e

Politics June 12, 2017

Korean prosecutors on Sunday applied for an arrest warrant for former presidential aide Woo Byung-woo in connection with the scandal surrounding former President Park Geun-hye.Charges against Woo, a former public prosecutor who served Park as presidential secretary for civil affairs in 2015 and 2016, include abuse of authority leading to obstructing another of exercising lawful rights.(Yonhap)Woo has been accused of a host of wrongdoings ranging from abetting or condoning Choi Soon-sil’s alleged

Social Affairs April 9, 2017

[THE INVESTOR] The merger of POSCO and Hyundai Steel could be possible should the global steel industry continue its sluggish growth, a POSCO official said on Oct. 26.Speaking at the investor relations event, a POSCO official said that the trend in the global industry is to bulk up, and that Chinese and Japanese firms are already making moves. However, the official said that there has been no official discussions on the issue, and that whether a merger would improve the company’s competitiveness

Oct. 26, 2016