Sales of imported luxury cars continued to grow despite a sharp drop in overall sales of imports last year, industry data showed Thursday, reflecting an apparent economic polarization among local consumers.In 2016, the number of newly registered foreign-made vehicles each priced over 100 million won ($87,600) came to 20,384, accounting for over 9 percent of the total 225,279 imported cars sold here, according to the data from the Korea Automobile Importers and Distributors Association. Dimitris

Mobility Feb. 16, 2017

The South Korean government has sent a letter of protest to international daily newspaper Financial Times over its recent news report that Seoul has intentionally devalued its currency, a government official said Thursday.In the article titled "Donald Trump's anger at Asian currency manipulators missed target" moved on Monday, the FT said that South Korea and Taiwan are the "obvious culprits" of currency manipulation. (Yonhap)"Neither Seoul nor Taipei clearly declares their currency intervention

Feb. 16, 2017

South Koreans spent an average $429 per person in 2015 to purchase medicines and medical supplies, slightly down from the previous year's $446, data showed on Thursday.According to the data compiled by the Ministry of Health and Welfare, South Koreans' average spending on medicine in 2015 was the 15th highest among the 29 member nations of the Organization for Economic Cooperation and Development. (Yonhap)The health ministry compiles the data in dollar conversion for comparison with other OECD m

Feb. 16, 2017

South Korean startup Pharos Vaccine Inc. said Thursday it may supply a homegrown vaccine against food and mouth disease next year as the country is grappling with the worst outbreak of the animal disease in seven years.South Korea is suffering from a serious undersupply of FMD vaccines as the country is hit by the simultaneous outbreak of type A and type O viruses. Since the first outbreak on Feb. 5, nearly 800 cows have been culled so far, raising concerns that the animal disease is spreading n

Technology Feb. 16, 2017

South Chungcheong Gov. An Hee-jung of the opposition Democratic Party narrowed his gap with front-runner Moon Jae-in, former head of the party, in terms of approval rating among presidential hopefuls this week, a poll showed Thursday.An garnered an approval rating of 19.3 percent, up 2.6 percentage points on-week, narrowing the gap with Moon who posted 32.7 percent, down 0.2 point, the poll conducted by Realmeter showed. South Chungcheong Gov. An Hee-jung (Yonhap)Acting President and Prime Minis

Politics Feb. 16, 2017

After five years of implementation, it is a good time for the United States and South Korea to review their bilateral free trade agreement and improve it through renegotiation, a top adviser to US President Donald Trump said.Heritage Foundation founder Edwin Feulner, who served as a senior adviser to Trump's transition team, made the remark in an exclusive interview with Yonhap News Agency and Yonhap News Television, corroborating concern that renegotiation of the trade deal is inevitable. Edwin

Feb. 16, 2017

US Defense Secretary Jim Mattis on Wednesday called emphatically for NATO members to meet their defense spending obligations, warning that the US could "moderate its commitment to this alliance" unless they do so."No longer can the American taxpayer carry a disproportionate share of the defense of western values. Americans cannot care more for your children's future security than you do," Mattis said in a speech to NATO defense ministers at the NATO headquarters in Brussels, according to text of

International Feb. 16, 2017

The assassination of North Korean leader Kim Jong-un's half brother thrust national security to the forefront of the agenda of South Korea's unfolding presidential competition on Wednesday.Presidential hopefuls from ruling and opposition camps united in condemning North Korea but stuck different tones on how to deal with the unpredictable regime.   (Yonhap)Conservative contenders from the ruling Liberty Korea Party and the splinter Bareun Party said the killing of Kim Jong-nam in Malaysia on Mon

North Korea Feb. 15, 2017

KB Financial Group said Wednesday it has opened a third bank branch in Cambodia in the latest move to strengthen its business in the Southeast Asian country.The opening of the KB Kookmin Bank branch earlier in the day drew some 100 local and South Koreans, including KB Financial Chairman Yoon Jong-kyoo, according to KB Financial. KB Financial Chairman Yoon Jong-kyoo (2nd from left) attends a ribbon-cutting ceremony at the opening of the third branch of KB Kookmin Bank in Toul Tom Poung in southw

Feb. 15, 2017

The Hyundai Ioniq electric vehicle has been named the greenest car in the United States, beating its global rivals the BMW i3 and the Toyota Prius Eco, the South Korean manufacturer of the car, Hyundai Motor Co., said Wednesday.The Ioniq Electric topped a list of environmentally friendly vehicles sold in the United States that was put together by a non-profit organization, the American Council for an Energy-Efficient Economy. The Hyundai Ioniq Electric Vehicle (Hyundai Motor)The list, posted on

Mobility Feb. 15, 2017

An appeals court on Wednesday upheld a lower court's decision to fine a ruling party lawmaker for providing false information to voters ahead of the parliamentary elections last year.The Seoul High Court dismissed the appeal by Rep. Ham Jin-gyu of the Liberty Korea Party and ordered him to pay a 900,000 won($787) fine -- 100,000 won shy of the amount that may cause him to lose his parliamentary seat under the Public Official Election Act. This photo, taken on Jan. 26, 2017, shows Rep. Ham Jin-gy

Social Affairs Feb. 15, 2017

South Korea's finance minister promised Wednesday to bolster efforts to help local companies obtain more overseas deals in a bid to prop up their growth."The ministry will make utmost efforts for a turnaround in local firms' overseas contracts over the next three years as a way of bringing new momentum to our economy," Finance Minister Yoo Il-ho said during a visit to a Hyundai Elevator plant in Icheon, south of Seoul.  Finance Minister Yoo Il-ho talks with an official while paying a visit to Hy

Industry Feb. 15, 2017

Doosan Bobcat Inc., a construction equipment unit of Doosan Group, said Wednesday that its earnings spiked 22 percent last year from a year earlier, largely due to an increase in sales of high-priced products.Net profit reached 180 billion won ($158 million) last year, up 21.7 percent from a profit of 148 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income surged 7.4 percent on-year to 414 billion won last year, while sales fell 2.2 percent to reach 3.95

Industry Feb. 15, 2017

A virtual reality cafe opened Wednesday in western Seoul in partnership between a PC manufacturer and VR content provider who are collaborating on a joint project for business expansion.The cafe, named VRIZ, opened near Hongik University campus that has one of the highest foot traffic in the capital. It will be operated by PC maker Jooyon Tech Co. with YJM Games supplying VR games and other related contents. (Yonhap)While there are other VR-focused businesses in major cities that set up shop fro

Technology Feb. 15, 2017

A state-funded research institute said Wednesday that it has developed new anti-counterfeit technology to create unforgeable laser-induced patterns that can be applied to various products such as watches and checks.The Korea Institute of Machinery and Materials said it has successfully engraved the micro-sized patterns with a hole that is smaller than 10 micrometers by using two laser beams. (Ministry of Science, ICT and Future Planning)So far, it was virtually impossible to create such micro-si

Technology Feb. 15, 2017