Presidential front-runner Moon Jae-in on Tuesday pledged to scrap plans to build additional nuclear power reactors at least in the densely populated southeastern part of South Korea, and instead build a new airport there to help boost the local economy.The presidential candidate of the liberal Democratic Party said he will halt the construction of two new nuclear reactors at Kori Nuclear Power Plant, located just outside of Busan.Moon was referring to the New Kori Reactors 5 and 6, which were gi

Politics April 11, 2017

Security is emerging as a key issue for South Korea's upcoming presidential election as two liberal front-runners are vying to woo swing voters jittery over Pyongyang's escalating military threats, observers said Tuesday.With the election race seen shaping up to be a duel between Moon Jae-in of the liberal Democratic Party and Ahn Cheol-soo of the center-left People's Party, their differences on how to rein in the provocative state have gained renewed voter attention.Moon has been inclined more

Politics April 11, 2017

In the mid-1980s, then South Korean President Chun Doo-hwan said that owning only a few nuclear weapons could be enough to induce North Korea to talks aimed at easing growing tensions on the Korean Peninsula, declassified diplomatic documents showed Tuesday.Chun made the remarks in his meeting with Edward Rowny who came to Seoul on Oct. 15, 1986, as a USenvoy. Rowny made a visit to brief the Seoul government on Washington's arms reduction negotiations with Moscow, according to the documents.Form

Foreign Affairs April 11, 2017

WASHINGTON -- The United States should be prepared to shoot down a North Korean intercontinental ballistic missile in the event the communist regime test-fires one as threatened, a US congressman said Monday.Rep. Will Hurd (R-TX) made the remark in an interview with CNN as tensions on the Korean Peninsula are running high with the US sending an aircraft carrier strike group to the waters off the divided peninsula to guard against North Korean provocations."That battle carrier group has been in t

Foreign Affairs April 11, 2017

A declassified diplomatic dossier from 1986 indicated Tuesday that then President Chun Doo-hwan regretted his previous pledge to uphold the constitutional limit of presidential terms, which deprived him of key leverage in a bitter political standoff with opposition parties. At that time, the former Army general, who seized power through a coup in 1979, faced opposition demand to revise the Constitution to shift from an indirect presidential election to a direct vote. Former President Chun Doo-hw

Politics April 11, 2017

South Korean oil refiners, led by top player SK Innovation Co., are forecast to have logged decent earnings in the first quarter of the year on the back of higher oil prices and improved cracking margins, industry sources said Tuesday.According to the sources, SK Innovation is predicted to have posted an operating income of 864 billion won ($756 million) on sales of 11.3 trillion won in the January-March period.(Yonhap)In the first quarter of last year, the refiner reported an operating income o

Industry April 11, 2017

WASHINGTON -- The United States should work with South Korea, Japan and China to come up with a plan for what would happen in North Korea after the fall of Korean leader Kim Jong-un, a US senator said Monday."There is a question of who would follow him (Kim Jong-un), and in the conversations I've had with experts on North Korea I don't think anybody has that answer," Sen. Cory Gardner (R-CO), chairman of the Senate Foreign Relations Subcommittee on East Asia, said on MSNBC's "Morning Joe."(Yonha

Foreign Affairs April 11, 2017

South Korean automakers are taking extra steps for Auto Shanghai opening later this month, choosing to debut their China-exclusive models to woo back consumers in the giant market affected by an ongoing diplomatic row, industry officials said Tuesday.The motor show, held every other year, begins with a press day on April 19 and runs till April 28. Three South Korean car manufacturers -- Hyundai Motor, its sister firm Kia Motors and Ssangyong Motor -- are participating.This file photo shows a con

Mobility April 11, 2017

Japan's Ricoh topped the global market for 360-degree cameras last year, industry data showed Tuesday, followed by South Korean tech giants in the second and third spots.According to the data compiled by industry tracker Strategy Analytics, Ricoh sold 160,000 units of its Theta camera in 2016.The market researcher said the company is expected to retain its top player status this year as well by selling 260,000 units.Samsung Electronics Co., which has been making efforts to expand its presence in

Technology April 11, 2017

South Korea's multi-billion-dollar project to build a new airport in the country's southeast got a boost as it passed a crucial preliminary feasibility test, the transport ministry said Monday. The Korea Development Institute, a state-run think tank, approved the feasibility study for the 5.97 trillion won ($5.2 billion) project to build an airport after conducting a detailed study of the plan over the past nine months, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)The

Social Affairs April 10, 2017

A state-run main creditor of ailing Daewoo Shipbuilding & Marine Engineering Co. said Monday that it will not accept demands by the state pension fund on debt rescheduling measures that aim to keep the shipyard afloat.Joung Young-suk, head of corporate restructuring at Korea Development Bank (KDB), also repeated warnings that Daewoo Shipbuilding will be placed under a form of court receivership unless bondholders of the shipbuilder agree on a debt-for-equity swap plan.  (Yonhap)The National Pens

Industry April 10, 2017

South Korea's tax agency has imposed more than 300 billion won ($262 million) in corporate taxes on the local unit of US tech giant Oracle Corp. for alleged tax evasion, sources familiar with the issue said Monday.The National Tax Service (NTS) took the action against Oracle Korea as it suspected that the local unit did not pay corporate taxes by taking advantage of Oracle's unit in Ireland, a known tax haven, a corporate insider who declined to be identified claimed. The tax office believes tha

Industry April 10, 2017

South Korea's presidential front-runner Moon Jae-in on Monday expressed concerns over a possible US strike against North Korea, saying there should not be any military action on the Korean Peninsula without Seoul's consent.The presidential candidate of the liberal Democratic Party also vowed to stop any armed conflict from breaking out on the peninsula."The recent conditions surrounding the peninsula are unstable. North Korea's provocation continues while surrounding countries are showing signs

Politics April 10, 2017

South Korea men's under-20 football coach Shin Tae-yong on Monday said the primary goal of his side at the upcoming FIFA competition at home is to reach the quarterfinals.South Korea will host the FIFA U-20 World Cup from May 20 to June 11 in six cities. Shin's side will face Argentina, England and Guinea in Group A at the 24-team tournament. The top two teams from six groups will advance to the round of 16, along with four third-place teams. Shin Tae-yong, head coach of the South Korean men's u

Soccer April 10, 2017

South Korean stocks closed lower Monday as investors were concerned over the geopolitical tensions surrounding the Korean Peninsula coupled with overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index fell 18.41 points, or 0.86 percent, to close at 2,133.32. Trade volume was high at 498.2 million shares worth 3.9 trillion won ($3.41 billion), with losers far outnumbering gainers at 727 to 101.(Yonhap)Analysts said Monday's decline was in part attributable t

Politics April 10, 2017