Sales of major South Korean retailers soared in January from a year earlier on strong sales by convenience stores and big chain supermarkets, government data showed Monday.The combined sales of department stores, large outlets and online malls gained 8.3 percent last month, snapping a three straight monthly drop since October last year, according to the data by the Ministry of Trade, Industry and Energy.  (Yonhap)The ministry said the growth in sales was driven by brisk sales of convenience stor

Feb. 27, 2017

South Korea's imports of crude oil climbed 5.1 percent last year from a year earlier driven by a surge in inbound shipments of Iranian oil following the removal of international trade sanctions on the Middle Eastern country, government data showed Monday. The combined inbound purchase of crude oil reached 1.78 billion barrels at the end of December, compared with 1.26 billion barrels the previous year, according to the Ministry of Trade, Industry and Energy.  (Yonhap)The import of petroleum prod

Feb. 27, 2017

Lee Kun-hee, the ailing chief of South Korea's top conglomerate Samsung Group, again topped the ranking of dividend income earners, data showed Monday. Dividend payouts to Lee, chairman of the group's flagship Samsung Electronics Co., stood at 189.9 billion won ($167.6 million) so far this year, according to the data compiled by market tracker FnGuide. (Yonhap)Lee, who owns a 3.5 percent stake in Samsung Electronics, is set to earn 137.1 billion won in dividends from the electronics giant.Hyunda

Industry Feb. 27, 2017

The military reiterated Monday that the advanced US missile defense system will be deployed in South Korea as planned to counter missile threats from North Korea. South Korea's Defense Ministry spokesman Moon Sang-gyun (Yonhap)"We don't expect any changes to the planned deployment of the Terminal High Altitude Area Defense system in South Korea within this year," Defense Ministry spokesman Moon Sang-gyun said in a briefing. Lotte Group plans to hold a board of directors' meeting to approve the l

Defense Feb. 27, 2017

North Korea has been forcing its residents to share a bill for completing a new town construction project ahead of the birthday of the country's late founder, Kim Il-sung, to make up fund shortages caused by international sanctions over its nuclear and missile programs, a North Korean defectors group claimed Monday.Citing a source in the North, Kim Heung-kwang, a North Korean defector and executive director of the Seoul-based dissidents' group North Korea Intellectuals Solidarity, said, "A setba

North Korea Feb. 27, 2017

Malaysia has requested the North Korean Embassy in Kuala Lumpur allow a diplomat and an airline employee to submit to a probe into the death of Kim Jong-nam, the half brother the North's incumbent leader, a source said Monday.Malaysian police said last week that Hyon Kwang-song, the second secretary at the embassy, and Kim Uk-il, an employee at Air Koryo, the country's flag carrier, are suspected of being involved in the killing of Kim on Feb. 13.Kim was killed at an airport in Malaysia after tw

International Feb. 27, 2017

South Korea's liberal opposition parties said Monday they will push for the impeachment of the acting president after he refused to extend an independent probe into a corruption scandal involving President Park Geun-hye. The main opposition Democratic Party, as well as the People's Party and the Justice Party, said they will cooperate and seek to oust Acting President and Prime Minister Hwang Kyo-ahn. The conservative Bareun Party, on the other hand, said it needs to examine the matter with its

Politics Feb. 27, 2017

South Korea's ruling Liberty Korea Party said Monday it respects the acting president's decision not to extend the special probe into a corruption scandal involving President Park Geun-hye.Earlier in the day, Acting President and Prime Minister Hwang Kyo-ahn rejected the independent counsel's request to extend the term of the independent counsel, which ends Tuesday. Rep. Chung Woo-taik, the floor leader of the Liberty Korea Party, speaks to reporters at the National Assembly in Seoul on Feb. 27,

Politics Feb. 27, 2017

Korea Aerospace Industries Ltd. said Monday it has agreed with Airbus of the United Kingdom to extend a contract to supply wing parts for five more years until the end of 2030. South Korea's sole airplane manufacturer had contracted to provide wing panels for the A320 passenger carrier until the end of 2025. (Yonhap)The company said in a statement the two sides signed a revised deal for a five-year extension, estimated to be worth 381.15 billion won ($336 million).KAI won the $600 million deal i

Industry Feb. 27, 2017

A concert by South Korean boy band 2PM was abruptly halted over the weekend after member Jun. K was injured while performing, the group's agency said Monday. (Yonhap)The concert held at Seoul Olympic Park on Sunday was canceled after Jun. K fell off a moving vehicle while singing, JYP Entertainment said.Jun. K was immediately hospitalized and was later found out to have fractured his right elbow and right ring finger. Concert attendees will receive refunds for the canceled show, according to JYP

Performance Feb. 27, 2017

A lawmaker from the main opposition Democratic Party said Monday part of the fund provided by the Japanese government to the victims of sexual enslavement during the colonial period (1910-45) was used to run the foundation created to support the victims."The government has been claiming that fund will be used for the victims only. It is inappropriate to allocate the fund for the operational costs of the foundation," Rep. Park Ju-min of the Democratic Party claimed. A statue of a girl symbolizing

Politics Feb. 27, 2017

US psychological thriller "Split" packed moviegoers in at the local box office last weekend, opening in first place with a robust 698,900 in attendance, data showed Monday. (Universal Pictures International Korea)Helmed by director M. Night Shyamalan, the film follows a man with 23 different personalities who kidnaps three girls.It was followed by three homegrown films on the chart.The courtroom drama "New Trial," which topped the box office the previous weekend, is the runner-up with 439,586 in

Film Feb. 27, 2017

Young owner members of major South Korean pharmaceutical manufacturers, such as sons and grandsons of company founders, are on the fast track to management positions, industry sources said Monday. Lim Jong-hoon, third son of Hanmi Pharmaceutical Chairman Lim Sung-ki, is set to be registered as a member of the board of directors during the shareholder meeting scheduled for March 10, the sources said.(Yonhap)Lim Jong-hoon, 40, who has so far served as the company's director, will join the manageme

Industry Feb. 27, 2017

Despite South Korea's high youth unemployment, local smaller firms are struggling to hire new workers as young job seekers prefer higher-paying jobs at big businesses, financial firms and state-run companies, data showed Monday.According to a survey conducted by the Korea Small Business Institute in 2015, more than 80 percent of local small and medium enterprises replied they were facing troubles in recruiting workers.This photo, taken on Nov. 28, 2016, shows job seekers pack the site of a job f

Industry Feb. 27, 2017

South Korea's stock market capitalization was ranked 15th in the world last year, down one notch from a year ago, according to the nation's stock market operator on Monday.The nation's market cap rose 4.1 percent on year to $1.28 trillion at the end of 2016, data by Korea Exchange showed.(Yonhap)Last year, global stock market capitalization gained 4.5 percent on year to $70.1 trillion at the end of last year, according to the data. Buoyed by solid economic growth and expectations about US Presid

Feb. 27, 2017