South Korea's current account surplus widened in December from the previous month on robust exports, with the country posting its fourth-largest ever surplus last year, the central bank said Thursday.   The current account surplus reached $2.11 billion in December, up from $1.93 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cros

Jan. 27, 2011

   SAN FRANCISCO -- U.S. officials were surprised at the high level of sophistication in North Korea's uranium enrichment facility, an American nuclear scientist said, when he gave them the first-hand account of what he saw in the communist nation.   Siegfried Hecker, a Stanford University professor, visited North Korea's main nuclear complex in Yongbyon during a trip to the isolated nation in Nov

North Korea Jan. 24, 2011

President Lee Myung-bak awarded a posthumous medal Monday to Park Wan-suh, a famous South Korean novelist, in recognition of her contribution to the country's literature, Lee's office Cheong Wa Dae said.   Park died of gallbladder cancer Saturday at the age of 80. She is known for a number of novels and essays featuring post-Korean War realities, life of women here and the dark side behind the rap

Books Jan. 24, 2011

Foreigners wanting to participate in Seoul's cultural experience programs will face more competition this year after the city's council slashed the programs' budget, officials said Monday.   The programs will be available for 1,740 foreigners through 30 events this year, down from a total of 2,591 slots for 37 events last year, according to the officials at the Seoul Metropolitan Government. This

Expat Living Jan. 24, 2011

 South Korea's central bank said Monday that the local economy is likely to surpass its long-term growth trend this year, raising speculation that the bank may upgrade its growth outlook.   The Bank of Korea (BOK) earlier forecast Asia's fourth-largest economy to grow 4.5 percent this year while the government is seeking to target a 5 percent expansion.   "The economic expansion will likely hover

Jan. 24, 2011

 South Korea's anti-trust watchdog is investigating dozens of local companies for their possible involvement in business malpractice that could result in unusual price hikes in the market, government officials said Monday.   The investigation comes on the heels of a separate probe launched by the Fair Trade Commission (FTC) on Jan. 10 into price rigging and other inflation-causing activities in th

Jan. 24, 2011

North Korean leader Kim Jong-il met with the head of an Egyptian company that provides mobile phone service in the isolated communist nation, state media reported Monday.   Naguib Sawiris, chairman and CEO of Orascom Telecom Holding, has been in North Korea for a visit since Friday. The Cairo-based firm has been providing mobile phone service in the North jointly with a local company since late 20

North Korea Jan. 24, 2011

South Korean banks saw their loan default rates fall to the lowest level in 12 months in December following their enhanced efforts to clear soured loans ahead of year-end book closings, the financial regulator said Monday.   Loans overdue by one day or more reached 0.91 percent, or 9 trillion won ($8 billion), of the total lending held by 18 local banks as of the end of December, sharply down from

Jan. 24, 2011

South Korea is expected to become the world's seventh-largest economy in 2032 if it continues to propel its growth engines, the country's top financial regulator has said.   "In 2020, South Korea is likely to become the world's 10th-largest economy. In 2032, it is projected to surpass Germany to join the ranks of the world's seven largest economies," Kim Seok-dong, the head of the Financial Servic

Jan. 23, 2011