With South Korea reeling from the ouster of the president, the Winter Games to be held in the country next year will help unite the people here, the global Olympic chief said Tuesday.Thomas Bach, president of the International Olympic Committee, said the Olympic Games have the power to bring people together, and the 2018 Winter Olympics in PyeongChang, some 180 kilometers east of Seoul, will come at "an important moment" for South Korea. Thomas Bach (right), president of the International Olympi

Olympic Games March 14, 2017

South Korea's financial market has maintained its stability despite the recent political turmoil, but authorities can't afford to be complacent, given a slew of remaining challenges, a top regulator said Tuesday.Last week's court ruling that unseated Park Geun-hye from her presidential post cleared some political uncertainties here, largely drawing a positive response from local and foreign investors.Jeong Eun-bo, vice chairman of the Financial Services Commission (FSC), speaks at a meeting on t

March 14, 2017

The top US diplomat's visit to South Korea later this week is "important" and "timely" in that it will help the two allies draw up their detailed joint approach to North Korea and its growing nuclear and missile threats, Seoul's foreign ministry said Tuesday.US Secretary of State Rex Tillerson will come to South Korea on Friday as part of his first Asia tour since inauguration that will also take him to Japan and China. He is to have meetings with senior government officials, including talks wit

Foreign Affairs March 14, 2017

South Korea's under-20 national football team head coach Shin Tae-yong said Tuesday he believes that Argentine football legend Diego Maradona provided "positive energy" to his team ahead of the group draw for the FIFA U-20 World Cup. Shin joined Maradona and Argentine football star Pablo Aimar to play a special 5-on-5 mini football match at Hwaseong Haenggung Palace in Suwon, some 30 kilometers south of Seoul, to promote the U-20 World Cup. South Korea is the host of the U-20 World Cup that will

Soccer March 14, 2017

South Korea's defense minister on Tuesday stressed the importance of joint military exercises between Seoul and Washington, saying that they will help bolster the South's defensive power, ministry officials said.Defense Minister Han Min-koo made the remark during his visit to the command post of South Korea-US Combined Forces Command as the allies kicked off their military drills on March 1.Defense Minister Han Min-koo visits the Marine Corps Command in Hwaseong, south of Seoul, on Feb. 20, 2017

Defense March 14, 2017

More than seven in 10 North Korean defectors stayed in Thailand en route to South Korea, a poll released by Seoul's unification ministry showed Tuesday, with over half of the defectors citing economic hardships as the top reason to flee the North.In the survey of graduates of a resettlement education center for defectors, Hanawon, in 2016, 72 percent said they came to South Korea via Thailand, the ministry said.The ministry said Laos was the No. 2 place for stopovers, followed by China, but it d

North Korea March 14, 2017

International Olympic Committee President Thomas Bach on Tuesday received an honorary doctorate from South Korea's only national sports university.Korea National Sport University conferred the doctoral degree in physical education on Bach in a ceremony at its Seoul campus, recognizing the German's role in the development of sports and his contribution to global peace through the Olympic Games. IOC President Thomas Bach (Yonhap)Bach, 63, has been leading the Olympic body since 2013.Bach, a fencin

Olympic Games March 14, 2017

AmorePacific Corp., South Korea's top cosmetics maker, unveiled a plan Tuesday to spend more than 160 billion won ($139.6 million) on expanding its research and development and production complex, as part of its efforts to bolster competitiveness through more investment. The company signed a memorandum of understanding with the Gyeonggi provincial government earlier in the day for a project to expand its R&D and production facilities in Yongin, 49 kilometers south of Seoul, it said in a statemen

Industry March 14, 2017

A SM Group-led consortium was picked as the preferred bidder for STX Corp., the company said Tuesday.SM Group and three others made offers earlier last week to buy the cash-strapped STX, an affiliate of the now-defunct shipping conglomerate STX.Since mid-February, trading of STX, a trading firm, has been suspended on the Seoul bourse due to the erosion of its capital base. The company faces the risk of being delisted if it fails to come up with measures to bolster its capital base.SM Group, a mi

Industry March 14, 2017

South Korea's football governing body said Tuesday it has officially asked the Asian Football Confederation and its Chinese counterpart to prepare safety measures for Korean players and fans in the upcoming World Cup qualifying match in China. The Korea Football Association said the AFC and the Chinese Football Association will be asked to provide protections for Korean players and fans in the 2018 FIFA World Cup qualifier slated for March 23 in Changsha, China.The match between South Korea and

Soccer March 14, 2017

Samsung Electronics Co. has been considering whether to transition into a holding company structure, regardless of the leadership vacuum caused by the detention of its de facto chief, Lee Jae-yong, a senior company executive said Tuesday. Samsung announced last November that it will review a possible switch to a holding company structure, but some analysts said the move may be delayed as Lee, vice chairman of Samsung Electronics Co., was arrested on Feb. 17 over his alleged role in a corruption

Industry March 14, 2017

South Korea's Acting President and Prime Minister Hwang Kyo-ahn on Tuesday reiterated his vow to ensure the successful hosting of the 2018 PyeongChang Winter Olympics despite political turmoil sparked by the ouster of former President Park Geun-hye.During his talks with Thomas Bach, president of the International Olympic Committee, Hwang underscored the government and citizens striving hard to overcome the current national crisis and thoroughly prepare for the quadrennial games. South Korea's Ac

Social Affairs March 14, 2017

North Korea on Tuesday called for the reform of the United Nations as its earlier attempt to make the ongoing South Korea-US joint military drills an agenda item at the UN Security Council has failed. "The Security Council has degenerated into a puppet of (the United States) and a maid of hegemonism," the Rodong Sinmun, a daily of the North's ruling Workers' Party, said in a commentary titled, "The UN Should Be Reformed As Befitted Its Mission."  South Korea's Chairman of the Joint Chiefs of Sta

North Korea March 14, 2017

Bruce Cumings, a renowned US expert on the Korean Peninsula, has been chosen as the second winner of the Jeju April 3 Peace Prize, its selection committee said Tuesday.The 74-year-old Cumings, a chair professor of the University of Chicago, has produced a number of research papers on Korea's modern history and authored "The Origins of the Korean War," which helped expand the global understanding of the causes of the 1950-53 war.Bruce Cumings (R) visits Jeju Island to attend a peace forum. (Yonha

Social Affairs March 14, 2017

South Korea's presidential national security adviser will visit the United States this week for talks with his counterpart on North Korea, the presidential office here said Tuesday.During his two-day visit to Washington, Kim Kwan-jin, chief of the National Security Office, will meet with H.R. McMaster, the US national security adviser, to discuss joint efforts to counter Pyongyang's growing missile and nuclear threats, the office said.National Security Office chief Kim Kwan-jin attends a securit

Foreign Affairs March 14, 2017