South Korea's government debt neared 470 trillion won (US$437.2 billion) in 2011 under new accounting rules adopted to reflect international norms, government data showed Monday.According to the data offered by the finance ministry, South Korea's ordinary government debt came to 468.6 trillion won last year. The ratio of the debt to the country's gross domestic product stood at 37.9 percent.The figures were calculated on an accrual basis, different from the existing cash basis accounting rules u

Dec. 24, 2012

The South Korean Navy has retrieved three more pieces of debris from North Korea's long-range rocket on the west coast, Seoul's defense ministry said Sunday, hoping they would provide more knowledge about the communist nation's missile technology.Pyongyang fired off a three-stage "Unha 3" rocket on Dec. 12, claiming that it has succeeded in putting a satellite into orbit.The first stage of the rocket fell into the Yellow Sea off South Korea's west coast and the second stage in waters near the Ph

North Korea Dec. 23, 2012

Huge crowds turned out Wednesday to vote in a tight presidential race pitting the son of North Korean refugees against the conservative daughter of a late dictator who both favor greater engagement with rival North Korea.Despite bitter cold, turnout was higher than past elections, which political analysts said might provide a slight boost to liberal Moon Jae-in over conservative Park Geun-hye in their contest to lead Asia's fourth-largest economy at a time of high tension with rival North Korea.

Politics Dec. 19, 2012

South Koreans voted Wednesday to elect a new president, with the two contenders running a tight race to succeed outgoing conservative President Lee Myung-bak.The election will decide whether the nation, with more than 40 million eligible voters, will see the return of liberals after five years of Lee's conservative government or hand power to a woman president for the first time.The two candidates are the ruling Saenuri Party's Park Geun-hye, 60, daughter of former President Gen. Park Chung-nee,

Politics Dec. 19, 2012

A brief look at South Korea's presidential election:   ___WHAT'S AT STAKE: A single five-year presidential term starting Feb. 25 to replace conservative incumbent President Lee Myung-bak and lead Asia's fourth-largest economy.   ___WHO'S RUNNING: Park Geun-hye, the daughter of late dictator Park Chung-hee and a five-term lawmaker of the ruling conservative party, is running against Moon Jae-in, a former human rights lawyer who served as a close aide to former liberal President Roh Moo-hyun. Ahn

Politics Dec. 19, 2012

South Koreans wrapped in mufflers and parkas braved frigid weather Wednesday to vote in a presidential election heading for a close finish between the two top candidates _ the liberal son of North Korean refugees and the conservative daughter of a late dictator.For all their differences, the candidates hold similar views on the need to engage with Pyongyang and other issues.One big reason: Many voters are dissatisfied with current President Lee Myung-bak, including with his hard-line stance on t

Politics Dec. 19, 2012

South Koreans cast their votes Wednesday in a tight and potentially historic presidential election that could result in Asia's fourth-largest economy selecting its first female leader.The ballot is a straight fight between Park Geun-Hye, the conservative daughter of assassinated dictator Park Chung-Hee, and her liberal rival Moon Jae-In, the son of North Korean refugees.Opinion polls indicate the result could go either way.The eventual occupant of the presidential Blue House will have to deal wi

Politics Dec. 19, 2012

A U.S. court dismissed Apple Inc.'s request to permanently ban sales of some Samsung Electronics Co. devices in the country, granting an upper hand to the South Korean handset maker in the patent war between the two tech giants, a local court filing showed Tuesday.Following a pro-Apple jury verdict in late August, the iPhone maker had filed for an injunction to permanently ban sales of 26 Samsung products in the U.S.Samsung refuted that 23 of those models were already off the market, and others

Technology Dec. 18, 2012

Marking the first anniversary of the death of late North Korean leader Kim Jong-il, the North unveiled on Monday a renovated mausoleum for the ruling Kim family.The reopening ceremony for Kumsusan Palace of the Sun, held from 9:00 a.m., was broadcast live by key television stations including (North) Korean Central Broadcasting Station, monitored in Seoul.The North's state news wire service Korean Central News Agency said in an English dispatch that "an inaugural ceremony of the renovated Kumsusa

North Korea Dec. 17, 2012

A mass blind date which was scheduled to be held in a public park in Seoul on Christmas Eve may be called off, after the park administrator decided not to allow the event. “The organizers said at first that the event would draw just a small number of people, but it is now expected to draw too many,” said an official at Yeouido Park, central Seoul. “The park is place for citizens, not for the promotion of private firms.” First suggested by an SNS user, the event has attracted around 40,000 single

Latest News Dec. 14, 2012

South Korea's ruling party presidential candidate Park Geun-hye blasted the opposition camp Friday for accusing her of cheating and meddling in the race, saying the claims amounted to nothing but false propaganda."From this moment, I am declaring an all-out war on false propaganda," the 60-year-old contender of the Saenuri Party told a news conference at party headquarters. "I will firmly crush the political maneuvering, false accusations and slander that have taken over this land so that they m

Politics Dec. 14, 2012