South Korea, Japan and the United States began a missile warning drill meant to enhance trilateral cooperation in detecting and tracing North Korean missiles, the South Korean Navy said Tuesday.During the simulation exercise in the sea between South Korea and Japan, three Aegis-equipped destroyers -- Sejongdaewang from South Korea, Curtis Wilbur from the US and Kirishima from Japan -- will detect and trace a mock hostile target fired as if by the North, according to the Navy.The three countries

Defense March 14, 2017

South Korea will take market-stabilizing actions if the expected US rate hike stirs up volatility in the local market, the finance ministry here said Tuesday.The US Federal Reserve will have its two-day monetary meeting that starts later in the day, with many expecting the central bank to raise interest rates.The rate increase will likely impact the South Korean economy, which has been suffering from mounting household debt worth more than 1,300 trillion won ($1.13 trillion)."If the Fed raises r

March 14, 2017

South Korea's logistics giant Kumho Asiana Group said Tuesday it will take legal action against creditors of Kumho Tire Co. for denying its right to buy back the former affiliate."Kumho Asiana Group has consistently asked the creditors to allow it to form a consortium when exercising its priority buy-back option. However, Korea Development Bank continues to say it will not allow such a move without even discussing the issue at a shareholders' meeting," the group said in a released statement. It

Industry March 14, 2017

KT&G Corp., South Korea's largest tobacco product manufacturer, said Tuesday it posted solid profitability last year due to growing demand abroad despite falling domestic consumption.The company said its sales rose to 2.96 trillion won ($2.57 billion) in 2016, up from 2.82 trillion won in the previous year.The tobacco monopoly's operating profit was 1.3 trillion last year compared to 1.23 trillion won in 2015.The operating profit ratio rose to 44 percent last year, from 43.8 percent a year earli

Industry March 14, 2017

South Korean stocks traded sharply higher late Tuesday morning as political chaos in the country eased after the Constitutional Court ruled to oust President Park Geun-hye and investors increased risky bets.The benchmark Korea Composite Stock Price Index rose 9.37 points, or 0.44 percent, to 2,126.96 as of 11:20 a.m., an almost 2-year high.Top market cap Samsung Electronics advanced 0.54 percent to a record high, while SK hynix, a major chipmaker, shed 0.98 percent.AmorePacific, the country's to

March 14, 2017

Many US exporters and importers believe the free trade agreement between South Korea and the United States not only helped keep their business growing but also improved their products and services, a report showed Tuesday.In recent interviews with the US office of the Korea Trade-Investment Promotion Agency, most of the 28 American importers and exporters interviewed said the Korea-US FTA helped their businesses in more than one way.For 18 importers interviewed, the bilateral free trade pact hel

March 14, 2017

South Korea's trade with the United States has grown an average of 1.7 percent per year for the past five years on the back of the bilateral free trade pact despite a downturn in world trade, government data showed Tuesday.Korea-US trade reached $109.7 billion last year, up from $100.8 billion in 2011, one year before the Seoul-Washington free trade agreement took effect, according to the data by the Ministry of Trade, Industry and Energy.Over the same period, world trade retreated an annual 3.5

March 14, 2017

The UN special rapporteur for North Korea's human rights situation has called for all parties concerned to cooperate in the ongoing probe into the murder of Kim Jong-nam, North Korean leader Kim Jong-un's half brother, a US broadcaster reported Tuesday.Tomas Ojea Quintana made the call at the 34th session of the UN Human Rights Council in Geneva on Monday, Voice of America said.Tomas Ojea Quintana, the UN special rapporteur on North Korea's human rights, speaks during a press conference at a Seo

International March 14, 2017

The South Korean government has begun work to transfer official presidential records to state archives after ex-leader Park Geun-hye was ousted for corruption last week, officials said Tuesday.The transfer could delay the ongoing corruption investigation into Park. Investigators failed to search the presidential office for evidence after her aides denied them entry for security reasons.Once moved to the Presidential Archives, the records will be sealed for between 15 and 30 years and can be view

Politics March 14, 2017

North Korea's deputy ambassador to the United Nations said that his country is not interested in dialogue with the United States if it's aimed at denuclearizing North Korea, but South Korea vowed Monday it will work closely with the US and Japan toward the North's complete nuclear dismantlement."If the purpose is making us give up our nuclear program, (North Korea) is not interested in any kinds of dialogue," Ambassador Kim In-ryong, North Korea's deputy permanent representative to the UN, said

North Korea March 14, 2017

South Gyeongsang Gov. Hong Joon-pyo of the Liberty Korea Party is set to announce his presidential ambitions this weekend, his aides said Tuesday.Hong is expected to make the declaration Saturday in Daegu, the traditional conservative stronghold. According to the poll conducted on Saturday and Sunday by Korea Research Center, commissioned by Yonhap News Agency and KBS, Hong posted an approval rating of 1.9 percent. South Gyeongsang Gov. Hong Joon-pyo (Yonhap)The governor, however, was the second

Politics March 14, 2017

South Korea saw the number of participants in a state-funded anti-smoking program spike in 2016 from a year ago, but it failed to use the program's budget fully, data showed Tuesday.Slightly over 358,700 people signed up for the quit smoking program in 2016, up a whopping 57 percent from the previous year, according to the data by the National Health Insurance Service.The 12-week program, aimed at helping current smokers kick the habit, provides the cost for counseling and anti-smoking pills for

Social Affairs March 14, 2017

South Korea has again topped a ranking of countries in terms of Internet connection speed, according to a quarterly survey released Tuesday. South Korea's average Internet connection speed stood at 26.1 Mbps during the fourth quarter of last year, marking the only country with a speed of over 25 Mbps, according to the survey by online content delivery network firm Akamai Korea. (Akamai Korea)South Korea topped Akamai Korea's ranking for the 12th consecutive quarter. Norway came in second with an

Social Affairs March 14, 2017

Sales of sports utility vehicles that rose sharply in South Korea over the past few years are showing signs of market saturation, industry data showed Tuesday.SUV sales surged to 454,669 units last year, up from 452,200 the previous year, according to figures from the Korea Automobile Manufacturers Association.The 2016 figure represents a pronounced increase from 243,906 in 2010.The number of vehicles sold last year accounts for 33.8 percent of total passenger cars sold that reached 1,343,379 un

Mobility March 14, 2017

Parliamentary and local by-elections will be held in 30 constituencies across the country on April 12, South Korea's state election committee said Tuesday.The elections will pick one National Assembly member, three heads of lower-level local administrative bodies, seven metropolitan and provincial councilors, and 19 lower-level local councilors to fill vacancies that have occurred since March 15, 2016, due to invalidation, resignation and death, according to the National Election Commission. Aft

Politics March 14, 2017