South Korea's export prices hit a record eight year high in April due to strong demand for electric and electronic products as well as petrochemicals, central bank data showed Wednesday.In local currency terms, export prices rose 8.7 percent on year last month, according to preliminary data provided by the Bank of Korea. The dollar came to an average of 1,132.73 won in April, down 0.2 percent from a month earlier the latest findings showed.For exporters, the won's gain means decreased income as

Economy May 17, 2017

Foreign investors remained net buyers of South Korean stocks for the fifth consecutive month in April, government data showed Wednesday. Offshore investors bought a net 1.26 trillion won ($1.12 billion) worth of South Korean stocks last month, according to the data by the Financial Supervisory Service.   Boosted by foreign buying and healthier corporate earnings, South Korea's main stock index has rallied in recent sessions. In comparison, foreign investors bought a net 3.29 trillion w

Market May 17, 2017

South Korean stocks opened lower Wednesday, driven by a fall in major steelmakers and insurance companies, analysts said. The benchmark Korea Composite Stock Price Index was down 6.01 points, or 0.26 percent, to trade at 2,289.32 in the first 15 minutes of trading. Top steelmaker Posco slipped 1.3 percent and No. 1 insurer Samsung Life Insurance lost 1.7 percent. But shares of tech blue-chips moved upward. Market bellwether Samsung Electronics added 0.17 percent, with smaller rival LG Elect

Market May 17, 2017

Attendees at this week's ceremony to mark a pro-democracy uprising in 1980 will be allowed to sing a controversial protest song in unison for the first time in nine years, the war veterans' ministry said Wednesday.President Moon Jae-in last week ordered the song "March for the Beloved" to be officially sung by all participants at an annual ceremony to mark the May 18 pro-democracy movement.(Yonhap)In 1997, the government designated the day as a national memorial day to mark the pro-democracy upr

Social Affairs May 17, 2017

The FIFA U-20 World Cup will kick off on Saturday, with South Korea eyeing to deliver their best performance to date at home.Under the slogan "Trigger the Fever," the U-20 World Cup will be played until June 11 in six local cities -- Cheonan, Daejeon, Incheon, Jeonju, Suwon and Jeju. South Korea was named the host of the 2017 U-20 World Cup in 2013 after edging out Azerbaijan in a vote during a FIFA Executive Committee meeting.Members of South Korea's squad for the FIFA U-20 World Cup pose for a

Soccer May 17, 2017

North Korea has "ample technical reason" to carry out yet another nuclear test as the regime seeks to develop a reliable intercontinental ballistic missile that can deliver nuclear weapons, a US nuclear scientist said.Siegfried Hecker, a Stanford University professor known for having a first-hand look at North Korea's uranium-enrichment facility during his 2010 visit, also said in an interview with the Bulletin of the Atomic Scientists that it's imperative for President Donald Trump and South Ko

North Korea May 17, 2017

Former US National Security Advisor San Rice said Tuesday the US should foc on increasing pressure on North Korea, accing President Donald Trump of "vacillating" between threatening to e military force against the North and praising its leader."We can't allow Twitter wars to become shooting wars," Rice said during a speech at the Center for American Progress's "Ideas Conference." "So, instead of vacillating between reckless saber-rattling and dubbing Kim Jong-Un a 'smart cookie,' we should stead

North Korea May 17, 2017

INCHEON -- Former Dutch Olympic speed skating champion Bob de Jong arrived in South Korea on Tuesday to begin his tenure as an assistant coach of the national team here.The 40-year-old was appointed to the post by the Korea Skating Union on April 26. He will be tasked with working with the skaters for the 2018 PyeongChang Winter Olympics, the first Winter Games to be held in South Korea.In this EPA file photo taken on Nov. 22, 2014, Bob de Jong of the Netherlands reacts after winning the men's 1

More Sports May 16, 2017

Hyundai Merchant Marine Co., a major shipping firm here, will be able to achieve a turnaround during the second half of next year given its improving financial status and business conditions, its chief said Tuesday."Our business is quickly getting back on track helped by improving business and financial conditions," Hyundai Merchant chief executive Yoo Chang-keun said in a meeting with junior-level employees. (Yonhap)On Monday, Hyundai Merchant reported that its operating loss narrowed to 131 bi

Industry May 16, 2017

India has slapped anti-dumping duties on South Korean steel products for five years to better protect its homegrown industry, the country's trade promotion agency said Tuesday. "India has aggressively expanded its steel plants to meet growing local demand and increase exports. Steel imports from countries like South Korea, China and Japan have also jumped in recent years due to global oversupply," said a spokesman at the Korea Trade-Investment Promotion Agency. "The Indian government began to ta

Industry May 16, 2017

The largest food exhibition in the country organized by South Korea's trade promotion body kicked off in Ilsan, northwest of Seoul, for a four-day run, the agency said Tuesday.(KINTEX)The 35th session of the International Food Industry Exhibition, or Seoul Food, will offer a variety of promotion events and consultations for industry officials from here and abroad, seeking to boost trade in the local cuisine and food manufacturing sectors, the Korea Trade-Investment Promotion Agency said in a sta

Industry May 16, 2017

LG Chem Ltd., South Korea's top chemicals firm, said Monday that it plans to sell 800 billion won ($712 million) worth of debt to fund the expansion of its facility and refinance short-term maturing debt.In a regulatory filing, LG Chem said it has originally planned to sell 500 billion won worth of debt, but jacked up the amount given strong demand for the debt issue. (Yonhap)The bond issue is the largest for the company since 2012.In a book building process for institutional investors, orders f

Industry May 15, 2017

At first, it all seemed harmless enough: professional hockey players doing their 20-meter shuttle runs, seemingly at a leisurely pace on Monday.A few minutes passed, and as their pace picked up, more and more players started to bend over with their hands on their knees during breaks, trying to catch their breath. One after another fell by the wayside, some going down to the floor, a picture of complete exhaustion. South Korean men's hockey players take part in drills at the Jincheon National Tra

More Sports May 15, 2017

Kumho Tire Co., South Korea's second-biggest tiremaker by sales, said Monday that its first-quarter losses widened from a year earlier on lower demand from major markets. Kumho Tire's net losses reached 60.6 billion won ($54 million) for the three months ended March 31, compared with a loss of 15.4 billion won a year earlier, the company said in a statement. "Lower demand from the United States and Europe hit a blow to our overall sales. Moreover, sharp declines in tire sales in China amid a row

Industry May 15, 2017

Chinese President Xi Jinping stressed the importance of improving South Korea-China relations during his meeting with a South Korean delegation visiting the country, the South Korean chief of the delegation said Monday.On the sidelines of the Belt and Road Forum for International Cooperation, the delegation led by Rep. Park Byeong-seug, a veteran politician with close ties to President Moon Jae-in, held a meeting with Xi on Sunday evening, Park told reporters. Moon dispatched the delegation on S

Economy May 15, 2017