Seongnam Mayor Lee Jae-myung, who is cited as a potential presidential candidate, said Sunday South Korea needs a new head who can squarely face U.S. President Donald Trump as well as other major leaders around the globe with confidence. "A leader should be determined and have willingness to lead a balanced diplomatic relationship with neighboring countries in an independent manner, while making the country's interests the top priority," Lee of the Democratic Party said. Seongnam Mayor Lee Jae-m

Politics March 12, 2017

South Korea's financial authorities reaffirmed on Sunday that they will remain vigilant to ensure market stability and stave off any fallout from the ouster of President Park Geun-hye.The Constitutional Court delivered a verdict on Friday to dismiss Park over a high-profile corruption scandal involving her friend, after months-long political chaos. But the ruling is also the start of another turbulent period for Asia's fourth-largest economy as the country is still deeply divided over the ouster

March 12, 2017

A gilt-bronze Buddhist statue believed to date back to the mid-6th century has been discovered in the ancient tourist city of Buyeo, a local cultural foundation said Sunday.Buyeo was the capital of the Baekje Kingdom (18 B.C.-660 A.D.), which governed the southwestern part of the Korean Peninsula for centuries until it was conquered by the neighboring Silla in 660.The Bodhisttva statue was found in the northern section of the remains of the Baekje-era fortress wall designed as the country's nati

Social Affairs March 12, 2017

Acting Chief Justice Lee Jung-mi, who oversaw President Park Geun-hye's impeachment trial, will retire from office early this week, ending her six-year tenure. The only female among the eight constitutional judges, who led the court in its unanimous decision to uphold Park's impeachment Friday, the first time a democratically elected president has been removed from office in Korean history, will leave office Monday.The 55-year-old is also the youngest among the judges.  Acting Chief Justice Lee

Politics March 12, 2017

South Korea and the United States will begin the Key Resolve joint military exercise Monday amid heightening tensions following the North's recent missile test and the killing of its leader's half brother, the defense ministry said.The computer-simulated command post exercise will be held until March 24.During the period the ministry plans to heighten the level of alertness against the North's possible provocations. The allies are also conducting Foal Eagle, a field training exercise involving g

Defense March 12, 2017

South Korea's stock market advanced by less than 4 percent under former President Park Geun-hye's truncated administration period, far lagging behind other foreign rivals' performances, hit by a slump in economic growth and weak corporate earnings, data showed Sunday.According to the data compiled by the country's bourse operator, the Korea Exchange, the country's broader stock market index, the KOSPI, closed at 2,097.35 points Friday when the Constitutional Court delivered a verdict to oust the

March 12, 2017

Acting President and Prime Minister Hwang Kyo-ahn on Friday called on the nation to accept the Constitutional Court's ruling to dismiss President Park Geun-hye and work together to heal worsening divisions.During his address to the nation, Hwang also made an emphatic appeal for political circles to join the efforts to restore national unity and move the country beyond the highly charged scandal that has gripped the country since late October.Acting President and Prime Minister Hwang Kyo-ahn spea

Politics March 12, 2017

Acting President and Prime Minister Hwang Kyo-ahn will announce the date of the presidential election this week as the country is preparing for an early vote after the ouster of President Park Geun-hye, an official said Sunday. The election must be held within 60 days after Friday's Constitutional Court ruling to uphold the impeachment of Park.Acting President and Prime Minister Hwang Kyo-ahn (Yonhap)Officials say the most likely date is May 9, which follows back-to-back holidays."The election d

Politics March 12, 2017

Leading automaker Hyundai Motor Co., top cosmetics maker AmorePacific Corp. and other major companies will hold their respective shareholder meetings this week, industry sources said Sunday.Hyundai Motor will hold a shareholder gathering Friday, where a proposal to pick Chung Mong-koo, chairman of Hyundai Motor Group, as a board member will be put to a vote.One of the key issues at the meeting is whether the National Pension Service, the country's largest institutional investor, will vote for th

Companies March 12, 2017

Presidential front-runner Moon Jae-in called on the nation to set aside divisions and forge unity based on democratic principles Sunday in his first response to the Constitutional Court's dismissal of President Park Geun-hye. In a news conference, he also called on Park to accept the court's decision to uphold her impeachment, saying the investigation into the ex-leader should proceed promptly. Moon Jae-in, former leader of the Democratic Party, speaks during a news conference at the party headq

Politics March 12, 2017

Korean Air Lines Co., South Korea's top flag carrier, said Sunday that its new Boeing 787-9 passenger jet has started service on a domestic route.Late last month, the airline introduced the Boeing 787-9 Dreamliner, the latest of its series, with 50 percent of its body made of reinforced carbon fiber that makes it lighter and thus more efficient than most conventional aircraft. The new Boeing 787-9 Dreamliner (Korean Air)The new passenger jet is 20 percent more efficient, while it produces 20 per

Companies March 12, 2017

A majority of businesses in the content, tourism and retail sectors said they are suffering from the ongoing spat between South Korea and China over the deployment of a US missile defense system, a survey showed Sunday.According to the survey conducted on 597 firms in those sectors by the Korea International Trade Association, 56.2 percent of the respondents said that China's apparent economic retaliation has already "negatively affected" their businesses, with 32.9 percent responding that they

March 12, 2017

South Korean political parties will begin negotiations for a constitutional amendment in earnest this week, seeking to narrow their differences on the procedure and timing, and possibly the draft revision outline, party officials said Sunday.The parliamentary committee for constitutional reform will begin a three-day session Monday, according to the panel's coordinator, Rep. Lee Cheol-woo of the Liberty Korea Party. Rep. Lee Cheol-woo of the Liberty Korea Party (Yonhap)"The aim is to propose the

Politics March 12, 2017

South Korea will expand participation in overseas infrastructure projects co-financed by international development banks to help its businesses tap more deeply into developing countries, the finance ministry said Sunday.The Ministry of Strategy and Finance said the state-run Economic Development Cooperation Fund will extend its reach further through cooperative agreements with five major international banks. (Yonhap)The EDCF was launched in 1987 aimed at helping developing and less-developed cou

March 12, 2017

South Korea and five Central American countries have initialed their free trade agreement, which is expected to pave wider ways for Asia's fourth-largest economy to tap deeply into the continent, the trade ministry here said Sunday.In November of last year, South Korea and six Central American nations -- Nicaragua, El Salvador, Honduras, Costa Rica, Panama and Guatemala -- struck the FTA deal, 1 1/2 years after the two parties launched official negotiations in June 2015.Officials from South Kore

March 12, 2017