The US Defense Department said Tuesday it has been "very transparent" in its deployment of the THAAD missile defense system to South Korea, after President Moon Jae-in expressed frustration and ordered an investigation into how additional launchers were brought in without his knowledge."We continue to work very closely with the Republic of Korea government and we have been very transparent in all of our actions throughout this process," Pentagon spokesman Navy Capt. Jeff Davis told reporters.(Yo

Defense May 31, 2017

The country's top court on Tuesday remanded the case of a former head of telecom giant KT Corp., who was convicted of running a slush fund and embezzlement.The Supreme Court sent the case of Lee Suk-chae back to the Seoul High Court, saying there is a lack of evidence that he created a slush fund of some 1.1 billion won ($978,000) and personally used the money.Lee Suk-chae, former chief of telecom giant KT Corp., arrives at the Seoul High Court in the capital on April 27, 2016, to stand trial on

Industry May 30, 2017

Veteran South Korean forward Lee Keun-ho said Tuesday he is not too hyped about his national team return, emphasizing that South Korea's victory in the upcoming FIFA World Cup qualifier is the most important thing.Lee returned to the national team for the first time since January 2015 after he was included in the 24-man squad for South Korea's FIFA World Cup qualifying match against Qatar in Doha next month. South Korean national football team forward Lee Keun-ho controls the ball during team pr

Soccer May 30, 2017

South Korean stocks ended slightly lower Tuesday as foreign investors and institutions offloaded large-cap stocks in an apparent move to lock in profits. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 9.29 points, or 0.39 percent, to 2,343.68.Bae Sung-young, a market analyst at KB Securities Co., said institutions and foreign investors sold Samsung Electronics and other major technology stocks in an apparent profit-taking move.This, he said caused

Market May 30, 2017

South Korean midfielder Lee Chung-yong said Tuesday he is determined to prove that he is still a player worthy of a place on the national team.Lee is one of 24 members selected by head coach Uli Stielike for South Korea's FIFA World Cup qualifier against Qatar next month. With three matches remaining in Group A, South Korea are currently in second place, the last automatic qualification spot, with 13 points from four wins, one draw and two losses, four behind leaders Iran.  In this file photo ta

Soccer May 30, 2017

Hyundai Motor Co. said Tuesday it will unveil its brand new subcompact sport utility vehicle locally on June 13 as it released a teaser image highlighting the car's low silhouette and wide stance.South Korea's largest carmaker by sales is set to make its foray into North American and European markets this summer with the Kona SUV. Hyundai said the B-segment SUV market, which its new vehicle falls into, has been attracting growing number of customers globally. Teaser image of Hyundai Motor Co.'s

Mobility May 30, 2017

The financial regulator said Tuesday it will apply tighter rules for mortgage loans to all mutual savings institutions starting next month, in the latest step to control fast-growing household debt. The tighter rules, which already have been applied to retail banks and other depository institutions, require borrowers to repay both interest and a part of principal until maturity. A total of 1,925 mutual savings institutions and credit units with assets below 100 billion won ($89 million) each wil

Market May 30, 2017

Choo Shin-soo of the Texas Rangers has gone deep for the sixth time this season, while also extending his on-base streak to a dozen games.Batting leadoff and playing right field, Choo went 2-for-4 with a home run and three RBIs against the Tampa Bay Rays at Globe Life Park in Arlington, Texas, on Monday (local time). Despite Choo's heroics at the plate, the Rangers lost 10-8. Choo is batting .255 for the season. Choo Shin-soo of the Texas Rangers (Yonhap)Choo's sixth home run of 2017 was a solo

Baseball May 30, 2017

Combined sales of South Korean companies rose 1.1 percent in 2016 from a year earlier due to a slowdown in the decline in oil prices and a brisk housing market, central bank data showed Tuesday.The annual figure marked a turnaround from 2015 when the annual sales growth rate for domestic companies contracted 2.4 percent. In 2014, sales of South Korean companies backtracked 0.3 percent. (Yonhap)The Bank of Korea said oil prices and housing bolstered combined sales of South Korean companies in 201

Industry May 30, 2017

South Korea's financial regulator said Tuesday it will relax some capital rules and other technical standards for insurance firms to help them better cope with changes in global accounting rules. South Korea is one of more than 100 nations that will adopt the new global bookkeeping standard or the International Financial Reporting Standards 17, starting in January 2021.  When adopted, some insurers in South Korea will face capitalization pressure, analysts said. To help insurers alleviate p

Economy May 30, 2017

Bank lending rates on new household loans inched down in April and interest rates paid by banks on new deposits also fell, central bank data showed Tuesday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in April, down 0.02 percentage point from the previous month, according to the Bank of Korea. The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt reached a record high of 1,359.7 trillion won

Market May 30, 2017

South Korean stocks traded lower late Tuesday morning as foreign investors and institutions offloaded large-cap stocks in apparent move to lock in profits.The benchmark Korea Composite Stock Price Index lost 16.85 points, or 0.72 percent, to 2,336.12  as of 11:15 a.m.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign investors and institutions sold large-cap stocks in apparent profit-taking, which are to blame for losses on the main bourse.    Bae Sung-y

Market May 30, 2017

South Korean outfit Jeju United are on the verge of reaching the  quarterfinals at the top continental club football competition.Jeju will take on Urawa Red Diamonds on Wednesday in the second leg of their round of 16 series at the Asian Football Confederation Champions League. The match will kick off at 7:30 p.m. at Saitama Stadium 2002 in Saitama, Japan.Jeju United's Hwang Il-su (left) dribbles past Yuki Abe of Urawa Red Diamonds in the opening leg of the round of 16 series at the Asian Footba

Soccer May 30, 2017

Sales of key retailers in South Korea grew 7.2 percent last month from a year earlier, led by the strong performance of online channels, government data showed Tuesday. The combined revenue of 26 online and offline retailers reached 9.81 trillion won ($8.73 billion) in April, compared with 9.15 trillion won the previous year, according to the Ministry of Trade, Industry and Energy.  (Yonhap)Of the amount, 13 offline-based retailers, including department stores, discount chains and convenience st

Industry May 30, 2017

Samsung Electronics Co. on Tuesday showcased the high-end refrigerator made with porcelain materials, which comes with a price tag of 14.9 million won ($13,270).The South Korean tech giant said the latest refrigerator of its premium kitchen appliances lineup, the Chef Collection, comes with a unique interior design by utilizing porcelain.  The Chef Collection Porcelain (Yonhap)Samsung said its development and design team visited seven countries and conducted numerous tests to find optimistic mat

Technology May 30, 2017