South Korea and Russia agreed Friday to strengthen meteorological cooperation for the upcoming Winter Olympics that the two countries will host separately in 2014 and 2018, South Korea's weather agency said.Under the agreement, the two sides will share technology related to making weather forecasts, exchange meteorological experts and jointly take part in international programs seeking to boost me

Foreign Affairs June 22, 2012

The U.S. Senate passed a bill Thursday (local time) that includes a ban on giving North Korea food assistance without a presidential waiver.The five-year farm bill cuts agriculture subsidies and includes wording that prohibits North Korea from receiving food aid unless the president issues a national interest waiver.Under the amendment, which needs final approval from the Republican-led House, Nor

North Korea June 22, 2012

South Korean stocks opened lower Friday on weak U.S. manufacturing and employment data that caused an overnight tumble on Wall Street, analysts said.The Korea Composite Stock Price Index (KOSPI) dropped 1.43 percent, or 26.93 points, to 1,862.22 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.28 percent, with top automaker Hyundai Motor also giving up 1.00 percent.T

June 22, 2012

South Korea and Chile agreed to expand mining and energy cooperation that can help ensure better use of important natural resources, the government said Friday.The Ministry of Knowledge Economy said that under the memorandum of understanding reached in Santiago, both sides concurred on the need for joint exploration of resources, sharing information on development projects and technological exchan

Foreign Affairs June 22, 2012

South Korean stocks opened lower Thursday after the U.S. Federal Reserve failed to unveil any new economic stimulus programs but instead predicted slower growth for the world's largest economy this year, analysts said.The Korea Composite Stock Price Index (KOSPI) fell 0.30 percent, or 5.68 points, to 1,898.44 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 1.20 percen

June 21, 2012

RIO DE JANEIRO, Brazil –- South Korean President Lee Myung-bak and Australian Prime Minister Julia Gillard agreed Wednesday to work closely together to further develop a Seoul-based think tank on green growth, the presidential office said.The two leaders met here on the sidelines of a U.N. sustainable development conference, known as the "Rio+20" summit, where Lee made a strong pitch for green gro

Foreign Affairs June 21, 2012

Samsung Electronics Chairman Lee Kun-hee, who doubles as a member of the International Olympic Committee (IOC), is regarded as the most influential figure in South Korean sports, a survey showed Wednesday.South Korean figure skater Kim Yu-na came second, followed by Rep. Chung Mong-joon, former vice president of football's international governing body FIFA, Manchester United midfielder Park Ji-sun

June 21, 2012

South Korea's small and medium enterprises (SMEs) pledged Wednesday to play an active role in cutting back on electricity use during the peak summer months.Members of the Korea Federation of Small and Medium Business, the Korea Federation of Retail Organizations and the Korean Women Entrepreneurs Association met in Seoul to give support to government-led efforts to cut back on electricity use.The

Social Affairs June 20, 2012

South Korean stocks opened higher Wednesday on expectations that the U.S. Federal Reserve and the European Central Bank will provide more stimulus to counter sluggish global economic growth, analysts said.The Korea Composite Stock Price Index (KOSPI) gained 0.64 percent, or 12.03 points, to 1,903.80 in the first 15 minutes of trading.Market bellwether Samsung Electronics rose 0.48 percent, with to

June 20, 2012

Earnings of asset management firms in South Korea fell 14 percent on-year in the 2011 fiscal year as weak stock prices and a drop in the net value of holdings cut into profits, the financial regulator said Wednesday.The combined net earnings of 82 asset managers came to 305.2 billion won (US$264.7 million) when fiscal 2011 ended in March, down 49.8 billion won from a year earlier, according to the

June 20, 2012

South Korean stocks closed effectively unchanged Tuesday as troubles in Spain's bonds market offset Greece's upbeat election results, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.06 points to close at 1,891.77. Trading volume was light at 362 million shares worth 3.44 trillion won (US$2.97 billion), with losers

June 19, 2012

A Korean-Chinese man convicted of killing and dismembering the body of a 28-year-old woman has appealed his death penalty sentence, court officials said Tuesday.Wu Yuanchun, 42, submitted a petition of appeal to the Suwon District Court in Suwon, south of Seoul, following the court's death sentence Friday, the officials said without elaborating.Prosecutors who demanded capital punishment, the maxi

Social Affairs June 19, 2012

The average age of South Korean workers is expected to be the oldest in the world in 2045 mainly due to the country's rapidly aging population, a report showed Tuesday.The report by the Korea Center for International Finance, based on findings by the Royal Bank of Scotland, showed the average age of workers in the country will hit 50 in the cited year.It said the average age of the country's labor

Social Affairs June 19, 2012

U.S. President Barack Obama on Monday extended economic sanctions against North Korea for another year amid lingering tension over the North's nuclear and missile programs.In a statement to Congress, Obama said the extension is aimed at dealing with North Korea's "unusual and extraordinary threat to the national security and foreign policy of the United States constituted by the existence and risk

North Korea June 19, 2012

South Korean stocks opened lower Tuesday as jitters over Spain's banking and bonds market raised fears that eurozone woes will continue to weigh down the global economy, analysts said.The Korea Composite Stock Price Index (KOSPI), which rallied Monday on Greece's election results, fell 0.27 percent, or 5.13 points, to 1,886.58 in the first 15 minutes of trading.Market bellwether Samsung Electronic

June 19, 2012