South Korea's presidential hopefuls on Wednesday welcomed Acting President and Prime Minister Hwang Kyo-ahn's decision not to run for president. They urged him to instead focus on a fair management of the upcoming election."We urge Hwang to concentrate on fairly administering the presidential election and attend to the livelihood of the people," said Rep. Kim Kyung-soo, a spokesman for Moon Jae-in, a frontrunner candidate from the liberal bloc.Acting President and Prime Minister Hwang Kyo-ahn (Y

Politics March 15, 2017

Prosecutors questioned two employees of the Korea Customs Service last week, a prosecution official said Wednesday, as they began looking into allegations that local conglomerates gave kickbacks to former President Park Geun-hye and her friend in return for business favors.A prosecution team looking into an influence-peddling scandal that led to Park's ouster grilled the employees in charge of duty-free shops on Monday, according to the official, who asked not to be named.There have been allegat

Social Affairs March 15, 2017

The ongoing deployment of a US missile defense system in South Korea is a self-defense measure aimed solely at North Korea's nuclear and missile threats, a senior foreign ministry official here said Wednesday.South Korea and the US recently started the process of installing a Terminal High Altitude Area Defense system.They said that it is aimed at better coping with the North's missile threats, but China has voiced strong objection claiming that the shield equipped with a strong radar could be u

Defense March 15, 2017

South Korean travelers are increasingly wary of China as their destination, with anti-Korean sentiment rising among the Chinese over the planned deployment of a US missile defense battery in South Korea, industry and public officials said Wednesday.Lately, a growing number of Korean middle and high schools have canceled plans to send their students to China on field trips due to an outburst of anti-Korean sentiment there, said the officials. Chinese police stand guard in front of a Lotte Departm

Social Affairs March 15, 2017

South Korean stocks closed slightly lower on Wednesday, slipping from their almost two-year highs the previous session, as investors opted to lock in part of recent gains ahead of the outcome of the Federal Reserve's rate policy meeting. The Korean won rose to the US dollar.The benchmark Korea Composite Stock Price Index shed 0.78 point, or 0.04 percent, to close at 2,133.00. Trade volume was moderate at 370 million shares worth 4.81 trillion won ($4.21 billion), with losers outnumbering gainers

March 15, 2017

Host South Korea has been drawn into a tough group for the upcoming FIFA U-20 World Cup.South Korea on Wednesday was paired with six-time tournament champions Argentina, European powerhouse England and African side Guinea in Group A at the draw ceremony for the FIFA U-20 World Cup in Suwon, some 30 kilometers south of Seoul. As the host, South Korea had already been seeded at the top of Group A.  South Korea will stage the FIFA U-20 World Cup from May 20 to June 11 in six cities: Cheonan, Daejeo

Soccer March 15, 2017

South Korea's automobile production surged in February amid strong demand for eco-friendly and luxury vehicles both at home and abroad, government data showed Wednesday.Automobile output rose 9.8 percent to 336,032 units last month from a year earlier, according to statistics released by the Ministry of Trade, Industry and Energy.Exports jumped 5.3 percent to 201,757 units in February from the same period last year.The value of automobiles shipped abroad also climbed 9.6 percent to $3.28 billion

Mobility March 15, 2017

Marine Corps officials from South Korea and the United States on Wednesday called on troops to stay vigilant against  threats of North Korea's weapons of mass destruction.South Korean Marine Corps Commander Lt. Gen. Lee Sang-hoon and Lt. Gen. Lawrence D. Nicholson, commanding general of the III Marine Expeditionary Force, visited the 6th brigade on Baengnyeong Island near the western maritime border with North Korea, to check military readiness against the North and discuss countermeasures, the

Defense March 15, 2017

With Acting President and Prime Minister Hwang Kyo-ahn withdrawing from the presidential race, the Liberty Korea Party said Wednesday it has decided to revise the controversial primary rules criticized for giving favor to popular figures like Hwang.Under the revision, the party will trim the number of applicants for the primary to four through two rounds of opinion polls on March 17 and 19. Leaders of the Liberty Korea Party hold a meeting in Seoul on March 15, 2017. (Yonhap)The former ruling pa

Politics March 15, 2017

South Korea's stock market operator made a pitch Wednesday for the country's equity market in Singapore as part of efforts to attract more global investors and firms seeking IPOs.The annual Korea Capital Market Conference is designed to promote the main KOSPI board and the tech-heavy KOSDAQ, according to the Korea Exchange. The Korea Exchange holds an IR even in Singapore on March 15, 2017 in this photo provided by the KRX. (Yonhap)In this year's session, Kim Jae-joon, chief executive officer of

March 15, 2017

A South Korean space institute said Wednesday that one of its astrophysicists has suggested a way to protect a nano-sized spacecraft during an interstellar voyage project that was unveiled last year.In April 2016, tech investor Yuri Milner announced the so-called "Breakthrough Starshot" initiative to send nanocrafts to a small rocky "Earth-like" planet that might exist in the nearest star system to the sun, Alpha Centauri. The billionaire said he will inject $100 million to fund scientists and e

Technology March 15, 2017

South Korea's central bank chief left for Germany on Wednesday to discuss pending economic issues with his counterparts from the world's major economies, the Bank of Korea said. BOK Governor Lee Ju-yeol is scheduled to attend the G20 Finance Ministers and Central Bank Governors meetings in Baden-Baden, a town in southwestern Germany, on Friday and Saturday, according to the central bank.Bank of Korea Governor Lee Ju-yeol (Yonhap)The trip comes amid a possible rate hike in the US Federal Reserve

March 15, 2017

Chief executives of South Korea's three major shipbuilders will join the world's biggest gas and liquefied natural gas conference in Japan next month, industry sources said Wednesday, amid the growing demand for LNG carriers to meet rising natural gas consumption in emerging economies.South Korea has emerged as a major player in the production of LNG carriers and floating storage and regasification units in recent years with three South Korean shipbuilders clinching a large portion of these orde

Industry March 15, 2017

South Korea should seek summit talks with the North under the next government in order to keep the North's nuclear threats in check through negotiations and dialogue, a North Korea expert here said Wednesday.South Korea will hold an election to choose its new president on May 9 following the country's top court ruling last week to unseat Park Geun-hye from office over a massive corruption scandal."In order to keep the North's nuclear and missile threats in check through negotiations and dialogue

Foreign Affairs March 15, 2017

Foreign currency deposits held by banks operating in South Korea rose 5 percent in February from a month earlier as exporters deposited their dollar-denominated earnings, central bank data showed Wednesday.Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $67.94 billion in February, up from $64.65 billion a month earlier, the Bank of Korea said in a statement.(Yonhap)Broken down, foreign currency deposits held by domestic lenders rose 5.7 percent to $56.45

March 15, 2017