South Korea's finance minister held a meeting with the representative of US businesses on Wednesday to discuss ways to expand understanding on economy and trade between the two countries.At the meeting with James Kim, the president of the American Chamber of Commerce in Korea, Yoo Il-ho said it is necessary to establish a favorable economic and trade partnership under the new Donald Trump administration, according to the Ministry of Strategy and Finance.South Korea's Finance Minister Yoo Il-ho (

March 8, 2017

South Korea's economically active population is set to decline in the coming years, a local think tank said Wednesday, a chronic trend that could undermine the growth potential of Asia's fourth-biggest economy. The number of the country's economically active population aged between 15 and 64 is expected to reach 37.62 million in 2017, down from 37.63 million a year earlier, according to government data.The number of the country's economically active population is showing a decreasing trend. (Yon

March 8, 2017

South Korea will increase funding for the local tourism industry which could be hurt by China's decision to ban sales of tour packages in retaliation for the deployment of an advanced US missile defense system, the government said Wednesday. The Ministry of Culture, Sports and Tourism said it has decided to add another 50 billion won ($43.5 million) to the annual budget worth 550 billion won to help the tourism sector in case of financial difficulties.The Korean cosmetics industry may be struck

Industry March 8, 2017

South Korean stocks closed almost unchanged Wednesday as investors took to the sidelines ahead of a much-anticipated rate hike in the United States and on a growing spat between South Korea and China over the deployment of a US missile defense system here. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index  moved up 1.36 points, or 0.06 percent, to close at 2,095.41. Trade volume was moderate at 375 million shares worth 4.38 trillion won ($3.82 billion), wi

March 8, 2017

Mirae Asset Daewoo Co., a leading brokerage firm in South Korea, was fined 2 billion won ($1.7 million) on Wednesday for skipping the reporting of its securities sale based on the Landmark 72 tower in Hanoi, Vietnam's tallest building.The Financial Services Commission made the final decision to punish Mirae, saying it failed to submit a report on the sale of asset-backed securities worth 300 billion won last year.The headqarters of Mirae Asset Daewoo in Seoul in a file photo. (Yonhap)There were

March 8, 2017

President Park Geun-hye's supporters rallied again outside the Constitutional Court on Wednesday, the last day the court is expected to announce the date of its ruling on the president's impeachment.Park was impeached by parliament in December for allegedly letting her close friend Choi Soon-sil meddle in state affairs and colluding with her to extort millions of dollars from local conglomerates, including Samsung Group. Activists urging the reinstatement of President Park Geun-hye rally behind

Politics March 8, 2017

Vice foreign ministers of South Korea and Mexico have agreed to continue their countries' collaboration to denuclearize North Korea and improve its human rights situation, Seoul officials said Wednesday.During their talks in Mexico on Tuesday, South Korean Vice Foreign Minister Ahn Chong-ghee and his counterpart Carlos Alberto de Icaza also discussed North Korea's recent assassination of its leader Kim Jong-un's half brother Kim Jong-nam in Malaysia, the Ministry of Foreign Affairs said. South K

Foreign Affairs March 8, 2017

South Korea's government offices will now be asked to ensure their employees get at least nine hours of rest after work under the government's new initiative to help improve the health of civil servants, officials said Wednesday.Social media and phone communications with government employees during off-duty hours will also be discouraged under the so-called "2017 Guideline on Government Office Revamp" unveiled by the Ministry of Personnel Management.A cafeteria at the Sejong Government Complex i

Social Affairs March 8, 2017

South Korea's Acting President and Prime Minister Hwang Kyo-ahn on Wednesday reiterated Seoul's determination to press ahead with the installation of a US missile defense system to the peninsula despite strong objections from China and liberal opposition parties.During a joint commissioning ceremony of major military academies, Hwang underscored the need to install a Terminal High Altitude Area Defense battery in the South to cope with North Korea's possible nuclear provocations.Acting President

Defense March 8, 2017

The rate of South Korean adults who access news on mobile devices has risen about 3.5 times in five years to about 71 percent, a survey showed.In the annual survey released by the Korea Press Foundation Tuesday, 70.9 percent of respondents said they read news on Internet-connected mobile devices at least once a week in 2016, up from 19.5 percent in 2011. The comparable figure for 2015 was 65.4 percent.The respondents were asked which media they used at least once in the past week to get news. Th

Social Affairs March 8, 2017

Iris Ohyama Inc., the largest household product manufacturer in Japan, is pushing for the setup of manufacturing and research facilities in the Songdo special economic zone in Incheon, west of Seoul, the city government said Wednesday.The Songdo Free Economic zone in Incheon, west of Seoul. (Yonhap)"Iris Ohyama has signed a letter of intent for investment while visiting Incheon Mayor Yoo Jeong-bok," a city official said.Iris Ohyama, which develops, manufacturs and sells household products and LE

Industry March 8, 2017

Chinese products have yet to suffer from a setback in sales in South Korea despite Beijing's retaliation against South Korean products over Seoul's deployment of an advanced US missile defense system, industry sources said Wednesday.Beijing insists the installation of the Terminal Altitude Area Defense will undermine China's security interests, although Seoul says it is to defend against North Korean provocations, not against China.Chinese beer Tsingtao (Yonhap)The Chinese government has shut do

Industry March 8, 2017

The powerful "X-band" radar, a core part of the advanced US missile defense system being deployed in South Korea, will be delivered within this month, a military official said Wednesday.On Monday night, two missile launchers and other equipment of the Terminal High Altitude Area Defense system arrived at Osan Air Base in Pyeongtaek, 70 kilometers south of Seoul."X-band" radar (Yonhap)"The radar system for THAAD will be delivered within this month to undergo an operational test," the official tol

Defense March 8, 2017

China's top diplomat on Wednesday voiced his strong objection to the deployment of an advanced US missile defense system in South Korea, calling it a mistake that threatens Seoul's security going forward. Chinese Foreign Minister Wang Yi made the renewed opposition as Seoul and Washington recently started the process of deploying the Terminal High Altitude Area Defense system in South Korea.During his meeting with press on the sidelines of the annual session of China's parliament, Wang said that

Foreign Affairs March 8, 2017

Police pulled down a banner mocking Rep. Pyo Chang-won of the Democratic Party and his wife through sexually explicit images on Wednesday.  The banner was posted in protest of the opposition lawmaker after he organized an exhibition that displayed a satirical painting of a nude President Park Geun-hye earlier this year.The police removed the sexually explicit banner two days after an activist group posted it publicly along with the phrase "Pyo Chang-won's idea of freedom of expression is great."

Social Affairs March 8, 2017