South Korean consumers think free trade pacts will help improve the country's overall economic health and competitiveness, a poll showed Tuesday.The nationwide survey by the Korea Chamber of Commerce and Industry (KCCI) showed 70.2 percent of all respondents saying open trading systems will improve economic health by fueling fair and constructive competition.Only 10.8 percent of those polled said

June 19, 2012

One of the new nuclear reactors under trial operation here has shut down due to a technical glitch, a week after resuming a test run following a stoppage due to flaws in coolant pumps in March, officials said Monday.The Shin (New) Wolsong 1 reactor went offline on Sunday morning after its turbine generator was automatically stopped, said officials at the Korea Hydro & Nuclear Power Co.It did not c

Social Affairs June 18, 2012

The bodies of eight South Koreans who were killed in a helicopter crash in southern Peru last week were to arrive at Incheon International Airport, west of Seoul, late Monday night, officials said.A chartered Korean Air plane carrying the bodies took off from an international airport in Lima, the capital of Peru, on Sunday (local time), said the officials.The accident, which caused the deaths of a

Social Affairs June 18, 2012

South Korean stocks opened higher Monday following the victory of pro-bailout parties in the Greek elections that could allow the country to stay within the eurozone, analysts said.The Korea Composite Stock Price Index (KOSPI), which fell Friday due to mounting concerns ahead of Greece's critical elections, moved up 1.97 percent, or 36.69 points, to 1,894.85 in the first 15 minutes of trading.Mark

June 18, 2012

LOS CABOS, Mexico -- South Korean President Lee Myung-bak arrived in Mexico on Sunday for a G20 summit with other global leaders expected to focus on the worsening eurozone debt crisis amid worries it could spread beyond the single-currency bloc.The summit, set for Monday and Tuesday, comes about a week after Spain announced plans to seek a bailout, the fourth nation in the 17-member zone to do so

Politics June 18, 2012

First she made a joke about buying a fake rolex. Now Thailand's culture ministry has filed a complaint to police against Lady Gaga for misuse of the Thai flag during her show last month.The ministry said the part of Lady Gaga's performance when she wore a traditional headdress and sat on a motorcycle in a skimpy outfit with a Thai flag trailing behind was "inappropriate and hurt Thai people's sent

Performance June 15, 2012

A power failure at a Samsung plant in the western city of Asan briefly halted production of liquid crystal display (LCD) panels, the company said Friday, leading to concerns about its economic impact.The power cut occurred at around 9:05 p.m. Thursday and lasted about 11 minutes before electricity was restored to the production line in Asan, about 95 kilometers south of Seoul, according to an offi

Social Affairs June 15, 2012

The ruling Saenuri Party kicked off negotiations Friday to defuse an escalating row over how to pick its presidential candidate after underdogs in the race threatened to bow out en masse unless primary rules are changed first.At issue is a demand from three minor contenders – Gyeonggi Province Gov. Kim Moon-soo and Reps. Chung Mong-joon and Lee Jae-oh -- that the party fully open the primary votin

Politics June 15, 2012

U.S. Secretary of Defense Leon Panetta expressed optimism Thursday over talks with South Korea on its push to develop greater ballistic missile capability."I think we are making good progress," he said during a joint press conference with South Korean Defense Minister Kim Kwan-jin.Secretary of State Hillary Clinton and South Korean Foreign Minister Kim Sung-hwan also joined in, describing the outc

Defense June 15, 2012

South Korean stocks opened lower Friday in the face of mounting eurozone uncertainties and a weaker-than-expected U.S. job report, analysts said.The Korea Composite Stock Price Index (KOSPI) fell 0.57 percent, or 10.69 points, to 1,860.79 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.14 percent, with top automaker Hyundai Motor also giving up 0.21 percent.The loca

June 15, 2012

South Korea's import prices rose at a faster pace in May than a month earlier mainly due to increased costs of raw minerals and capital goods, the central bank said Friday.In local currency terms, import prices climbed 2.1 percent on-year in May, up from a gain of 1.7 percent in April, according to the Bank of Korea (BOK).Last month's increase comes after price gains fell to their lowest figure in

June 15, 2012

President Lee Myung-bak said Thursday he is confident South Korea can cope well with a looming global economic crisis stemming from the eurozone financial turmoil, as the country has made enough preparations to ward off such a situation."The government won't let its guard down even a bit while closely monitoring developments in the world economic situation," Lee said in a speech during a ceremony

June 14, 2012

A former opposition leader announced Thursday he will run for president, saying he would be a dependable leader who cares deeply about the working class and could hold an increasingly divided society close together.Sohn Hak-kyu, a special advisor for the main opposition Democratic United Party, is one of the leading opposition hopefuls for the December election, along with Rep. Moon Jae-in, South

Politics June 14, 2012

South Korea's household debt compared to its gross domestic product (GDP) stood much higher than the average for other developed market economies with high income, a local report showed Thursday.The report by the Korea Chamber of Commerce and Industry (KCCI) showed the household debt-to-GDP ratio for the country hitting 81 percent in 2010, which is higher than 73 percent for the whole of the Organ

June 14, 2012

South Korean stocks opened lower Thursday on persistent eurozone woes and overnight losses on Wall Street, analysts said.The Korea Composite Stock Price Index (KOSPI) dipped 0.10 percent, or 1.78 points, to 1,857.54 in the first 15 minutes of trading.Market bellwether Samsung Electronics was down 0.39 percent, with top automaker Hyundai Motor also losing 0.84 percent.The local currency was trading

June 14, 2012