The Stinger sports car, set to be launched by Kia Motors Corp. Tuesday, is competitive in prices and fuel efficiency compared to German vehicles, industrial data showed Sunday.Kia's first sports sedan, which will carry an independent Stinger badge without the KIA logo, is similar in performance and fuel efficiency to its German rivals, showed data collected by Yonhap News Agency.The Stinger will be available with three engine options -- a 2.0 turbo, a 3.3 twin-turbo, and a 2.2 diesel engine -- a

Mobility May 21, 2017

A new budget carrier based in Pohang will complete its business registration this week so it can prepare to start flight operations in late 2017, the government said Sunday.Air Pohang had requested permission to commercially operate small airliners with the Ministry of Land, Infrastructure and Transport on April 4, outlining plans to employ planes with a passenger capacity of under 50 people. Air Pohang's Canadian Bombardier CRJ-200 twin-engined jet. (Air Pohang)The ministry said that it has bee

Industry May 21, 2017

The military will increase monthly wages for soldiers in steps from next year onwards to fulfill a campaign pledge by newly elected President Moon Jae-in, sources well informed on the matter said Sunday. "We have set up a plan to raise soldiers' monthly pay and are currently discussing the matter with the Ministry of Strategy and Finance and other relevant offices," one of the sources said. (Yonhap)Currently, the monthly salary for soldiers is 216,000 won ($192) for a sergeant, 195,000 won for a

Defense May 21, 2017

Former President Park Geun-hye will attend the opening hearing of her corruption trial along with her accomplice and long-time friend Choi Soon-sil this week, court sources said Sunday.The Seoul Central District Court scheduled the hearing for Tuesday. Park was accused of receiving or demanding 59.2 billion won ($52.7 million) in bribes from conglomerates, including Samsung Group. (Yonhap)The court earlier had two preparatory hearings for the trial but Park did not have to attend. But Park will

Social Affairs May 21, 2017

German carmakers BMW and Mercedes-Benz sold more vehicles in South Korea in the January-April period compared to Japan, an industry association said Sunday.Vehicle sales by BMW and Mercedes-Benz jumped 48 percent and 32 percent year-on-year, respectively, to 18,115 and 24,877 units in the Korean market during the first four months, showed data from the Korea Automobile Importers and Distributors Association. In Japan, BMW's sales rose 2.2 percent to 15,818 units and Mercedes-Benz's increased 0.7

Mobility May 21, 2017

South Korea's FC Barcelona prospect Lee Seung-woo proved his caliber as he led his team to a 3-0 victory over Guinea in the opening match of the FIFA U-20 World Cup here on Saturday.Lee, who is with FC Barcelona Juvenil A, showed why he is the most popular player on the South Korean team -- not because of his affiliation with the Catalan club or his provocative hair style, but his football skills. South Korea's Lee Seung-woo celebrates his goal against Guinea during the teams' FIFA U-20 World Cu

Soccer May 21, 2017

South Korea's central bank is expected to hold its key rates steady this month due to weak domestic spending, a report by Moody's Analytics said Sunday.The Bank of Korea kept its policy rate at an all-time low of 1.25 percent for the 10th consecutive month in April to bolster Asia's fourth-biggest economy. The leading provider of economic analysis, said the BOK will "likely stand pat" on rates at the monetary policy meeting set for Thursday, noting further easing is off the cards as it

Economy May 21, 2017

Asset size of South Korea's top four business conglomerates grew by more than 30 percent over the past five years, a corporate information provider said Sunday.Data provided by Chaebul.com showed combined assets of Samsung, Hyundai Motor, SK and LG stood at 864.9 trillion won as of end 2016, up 33.5 percent compared to 647.6 trillion won in late 2011.In the same period, assets of the country's 30 largest conglomerates backtracked from 1,642.5 trillion won to 1,317.8 trillion won, a 24.6 percent

Industry May 21, 2017

South Korean small and medium enterprises used the 2017 KCON Japan event to promote their products and hold export talks with prospective clients, the Small and Medium Business Corporation said Sunday.The global Korean pop music and culture convention arranged by CJ E&M kicked off on Friday for a three-day run in Chiba, east of Tokyo, attracted 83 local companies, SBC said. A South Korean girl group performs at the 2016 KCON event in Los Angeles. (Yonhap file photo)This year's event showcased fa

Industry May 21, 2017

The navies of South Korea and the US have been running a combined maritime operations center since early this year to better counter North Korea's missile threats, officials said Sunday.In January, South Korea's Navy and US Naval Forces Korea launched the operations center in the South Korean Navy's operational base in the country's largest port city of Busan, the South's navy officials said. This photo carried by North Korea's state news agency on Aug. 25, 2016, shows a submarine-launched balli

Defense May 21, 2017

South Korea's financial regulator on Wednesday eased penalties against the nation's top three life insurers over unpaid suicide insurance benefits. Kyobo Life Insurance was ordered to halt operations for one month, while Samsung Life Insurance and Hanwha Life Insurance received a warning and were both banned from making inroads into new businesses for one year, the Financial Services Commission said.Financial authorities had originally planned to order all three insurers to halt operations for u

Economy May 18, 2017

Middle-aged South Koreans who live with or support their parents financially feel the heaviest burden when bearing their medical bills, but some saw it as a duty that has to be fulfilled even if means getting loans or giving up on their own savings, a survey said Wednesday.In the poll of 1,000 people in their 40s and 50s who have experience supporting their parents, 48.1 percent answered doing so was a weight on their shoulders, according to the Life Insurance Social Contribution Committee who c

Economy May 17, 2017

South Korea's state-run cybersecurity agency said Wednesday that 14 companies have been struck by the crippling ransomware "WannaCry" so far, which has been emerging as one of the biggest threats to global cybersecurity.Ransomware refers to malware that locks up files on a computer with encryption until the victims pay a certain amount of money to hackers. The latest instance of ransomware, called "WannaCry," first surfaced last week, damaging some 200,000 computers in 150 countries around the g

Industry May 17, 2017

South Korean stocks inched down Wednesday as there was no fresh lead to drive the market following a recent rally, analysts said. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 2.25 points, or 0.1 percent, to close at 2,293.08. Trading volume was moderate at 390.4 million shares worth 5.62 trillion won ($5.02 billion), with decliners outstripping gainers 416 to 372. "The recent rally was largely driven by domestic-focused issues, whi

Market May 17, 2017

Tottenham Hotspur's South Korean star Son Heung-min will return home with his teammates next week for promotional events, the club's main sponsor said Wednesday.AIA, the pan-Asian insurance group that sponsors the English Premier League club, said Son and his clubmates Kyle Walker, Kevin Wimmer and Ben Davies will make a three-day visit to South Korea starting next Tuesday. AIA said Tottenham players will attend various fan events during their stay and meet with its South Korean branch employees

Soccer May 17, 2017