Most of South Korea's major firms may be held hostage by China in the latter's attempt to express its anger over Seoul's planned deployment of a US missile defense system, due largely to their growing sales in China, a report suggested Wednesday.According to the report by CEO Score, a market research firm here, some South Korean conglomerates had more than half of their annual sales come from China over the past few years, meaning a sudden drop in their sales in China could be detrimental to the

Industry March 15, 2017

South Korean tech behemoth Samsung Electronics Co.'s display and semiconductor division will sharply increase its employment of new employees in the first half to meet growing demand for its products, officials said Wednesday.Samsung's DS division, which is in charge of producing displays, memory chips and system large-scale integration products, plans to hire nearly 2,700 employees in the first half, up 50 percent from a year earlier.The world's largest maker of smartphones and memory chips unv

Industry March 15, 2017

South Korea's best Olympic medal hopeful in skeleton will battle his idol for the world No. 1 ranking at an Olympic rehearsal at home this week.Yun Sung-bin, currently No. 2 in men's skeleton, will be the home-crowd favorite at the International Bobsleigh and Skeleton Federation World Cup starting Friday at Alpensia Sliding Center in PyeongChang, host of the 2018 Winter Olympics located some 180 kilometers east of Seoul. It will be the eighth and final World Cup race of the season, and also the

Olympic Games March 15, 2017

Early spring is usually high season for tourism at Seongsan Sunrise Peak on the southern resort island of Jeju.But it was hard to spot foreigners visiting the site on Monday afternoon as the spat between South Korea and China over the deployment of a US missile defense system known as the Terminal High Altitude Area Defense dealt a harsh blow to the tourism industry nationwide. In the UNESCO-listed world heritage site, only a small number of locals were hiking on the mountain or taking pictures

Industry March 15, 2017

South Korea's jobless rate rose to an over seven-year high in February amid increased youth unemployment, government data showed Wednesday.The unemployment rate in Asia's fourth-largest economy stood at 5 percent last month, edging up 0.1 percentage point from the same month last year, according to the report compiled by Statistics Korea.From a month earlier, the rate also jumped 1.2 percentage points from 3.8 percent.The figure marked the highest since January 2010 when it hit 5 percent, while

Industry March 15, 2017

South Korean airlines said Tuesday they will reduce China-bound flights temporarily to cope with falling tourist demand after Beijing ordered its travel agencies to stop selling group tours in protest of Seoul's installation of a US anti-missile system. Local air carriers, including budget carriers, are facing difficulties after Beijing has taken a hardline stance on the Terminal High Altitude Area Defense issue. China has accused Seoul of undermining regional security by agreeing to station the

Industry March 14, 2017

The government unveiled its research and development plan for next year on Tuesday to secure a new growth strategy to cope with the fast-paced industrial transformation going forward.Under the road map crafted by the Ministry of Science, ICT and Future Planning, the government will increase R&D productivity by securing critical intelligence information technologies that characterize the so-called fourth industrial revolution.The plan was finalized after getting input from relevant government age

Technology March 14, 2017

South Korea's science ministry said Tuesday that it will spend 514.1 billion won ($447.8 million) this year on developing core nanotechnology know-how to improve the competitiveness of the country's industrial sector.The 2017 spending plan is roughly on par with the 518.1 billion won earmarked in 2016 and aims to develop key technologies that can be applied in various industrial areas, the Ministry of Science, ICT and Future Planning said.Scientists experiment with nanotechnology in a lab in Nor

Technology March 14, 2017

South Korea has reorganized the public security ministry to beef up its emergency response capability, officials said Tuesday, in the wake of North Korea's recent missile provocations and its apparent use of a lethal chemical agent to kill its leader's half brother.The Ministry of Public Safety and Security has elevated the status of its emergency civil defense policy division by putting it under the vice minister's office and created a crisis management support team tasked with preparing agains

Defense March 14, 2017

Prosecutors have launched an investigation into allegations that the presidential office Cheong Wa Dae ordered local conglomerates to financially support pro-government civic groups, an official said Tuesday. Members of a pro-government civic group suspected of having held demonstrations following the presidential office Cheong Wa Dae's order hold pickets during a protest against impeachment of President Park Geun-hye near the Constitutional Court. The court ruled to permanently remove Park from

Politics March 14, 2017

Veteran South Korean speed skater Lee Seung-hoon said Tuesday he's wary of emerging European rivals in his main event ahead of the Winter Olympics on home ice.Lee returned home after winning the men's mass start gold at the International Skating Union World Cup Speed Skating Final in Stavanger, Norway, on Sunday. South Korean speed skater Lee Seung-hoon speaks to reporters at Incheon International Airport on March 14, 2017. (Yonhap)He beat Jorrit Bergsma of the Netherlands by 0.09 second for his

More Sports March 14, 2017

A high-profile North Korean defector here said Tuesday that an upcoming massive nuclear test by the North could bring about environmental catastrophe and the subsequent collapse of its regime if it fails. "A nuclear test which the North is trying to conduct at the Punggye-ri test site will break the country into two pieces," Thae Yong-ho, former minister at the North Korean Embassy in London, said in an interview with Voice of America.  Thae Yong-ho speaking about his defection during a meeting

North Korea March 14, 2017

South Korea's major business groups face another round of investigations for their alleged involvement in the bribery scandal that led to the impeachment of President Park Geun-hye, industry and legal sources said Tuesday.Prosecutors at the Seoul Central District Prosecutors' Office took over the bribery case late last month when a special counsel concluded its probe.The Seoul Central District Court began its trial on Lee Jae-yong, vice chairman of Samsung Electronics Co., who was indicted with

Industry March 14, 2017

KUALA LUMPUR, Malaysia -- Malaysia's Deputy Prime Minister Ahmad Zahid Hamidi said Tuesday that the body of Kim Jong-nam, who was killed last month, has been embalmed to better preserve it, and that about 50 North Koreans whose work permits have expired will be deported.News of the deportations was a surprise as the countries have barred each other’s citizen from leaving amid a diplomatic standoff over Kim's death. Malaysia's Deputy Prime Minister Ahmad Zahid Hamidi said Tuesday that the body of

International March 14, 2017

South Korean stocks reached almost two-year highs on Tuesday as foreign investors continued to scoop up local stocks, extending their buying binge to a seventh consecutive day following eased political chaos in Asia's fourth-largest economy and sound economic data. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index advanced 16.19 points, or 0.76 percent, to close at 2,133.79. Trade volume was moderate at 362 million shares worth 5.22 trillion won ($4.54 bil

March 14, 2017