South Korean stocks opened lower Monday as foreign investors continued to dump market heavyweights, such as Samsung Electronics amid lingering geopolitical uncertainties.The benchmark Korea Composite Stock Price Index lost 4.7 points, or 0.21 percent, to 2,281.32 in the first 15 minutes of trading.Earlier in the day, North Korea said that it has successfully tested-fired a new surface-to-surface intermediate-range ballistic missile, claiming that the US mainland is within its reach.Market bellwe

Market May 15, 2017

The Moon Jae-in administration is expected to set up a new control tower for industrial restructuring as soon as its new Cabinet takes shape, inside sources said Monday.President Moon's official campaign pledges do not specify actions or directions for restructuring. For the shipbuilding and shipping industries that are in the middle of major overhauls, the pledge has been that the two industries cannot be abandoned, and that they will be rebuilt through co-existence. Hong Jong-haak, a former le

Economy May 15, 2017

The notorious WannaCry ransomware, which has recently haunted computers around the globe, struck a local movie chain, industry watchers said Monday, causing alarm among South Korean companies.Ransomware refers to malware that infects files in a computer until victims pay a certain amount of money to hackers. The latest ransomware, called WannaCry, first surfaced last week, damaging some 200,000 computers in 150 countries around the globe.This is a CJ CGV screen in Seoul that has been crippled by

Industry May 15, 2017

President Moon Jae-in's chief secretary for political affairs visited the National Assembly on Monday to meet parliamentary leaders in his first step to forge cooperative ties with the opposition-led legislature.During his first visit to the Assembly since his appointment on Sunday, Jun Byung-hun reiterated that he would play a central role in strengthening communication between the legislature and the presidential office Cheong Wa Dae.National Assembly Speaker Chung Sye-kyun (R) shakes hands wi

Politics May 15, 2017

One in five South Korean employees work 54 hours or longer a week with the downtrend in weekly work hours losing steam in the 2010s, government data showed Monday.According to the data by Statistics Korea, some 5.33 million employees had a workweek of 54 hours or more in April, up 507,000 from a year earlier and accounting for 20.1 percent of the country's total workforce of 26.58 million. That translates into about 11 hours per day should they take Saturdays and Sundays off. South Korea started

Economy May 15, 2017

South Korean Kim Si-woo has rallied to capture The Players Championship, one of the biggest tournaments on the PGA Tour.Kim fired a bogey-free final round of three-under 69 to snatch the title at 10-under 278 at TPC at Sawgrass in Ponte Vedra Beach, Florida, on Sunday (local time).At 21, Kim is the youngest player to win The Players Championship in its 44-year history. He was the only player who didn't commit a bogey in the final round.This was Kim's second career PGA Tour win after the Wyndham

Golf May 15, 2017

Korea Investment Corp., South Korea's sovereign wealth fund, said Friday it posted $4 billion in investment gains last year. The sovereign fund -- which handles $110.8 billion in assets under management -- reported a return ratio of 4.35 percent from its investments in overseas stocks and bonds for the whole of 2016, the KIC said in a statement.  The fund's accumulated investment gains reached $15.8 billion last year.Last year, equities accounted for 41.2 percent of the KIC's overseas inves

Economy May 12, 2017

Samsung Electronics Co. on Friday opened a new department under its chip division focusing on the foundry business, in line with the company's efforts to expand its market presence in the area.The foundry business refers to making chip designs for other companies that do not have a semiconductor fabrication plant.Under the restructuring, Samsung now holds three major pillars in its semiconductor business, namely memory, system LSI and foundry.  (Yonhap)The latest announcement is seen as a follow

Industry May 12, 2017

A Seoul court said Friday it has ordered former President Park Geun-hye to appear as a witness at a trial of her aide in connection with a corruption scandal that removed her from office.The Seoul Central District Court said she will be questioned at the trial of Lee Young-seon on May 19 at the request of special prosecutors.  (Yonhap)It is yet unclear whether Park will appear at the hearing. She could submit a statement of non-attendance or ask the court to delay the hearing, citing the need to

Politics May 12, 2017

North Korean prosecutors on Friday unveiled a list of people who it claimed were involved in a plot by US and South Korean spy agencies to attack its leader Kim Jong-un, calling for their extradition, the North's media reported.North Korea claimed last week that a terrorist group supported by the CIA and South Korea's intelligence agency infiltrated North Korea to stage a terrorist attack against Kim by using a bio-chemical substance.  This image captured from footage by North Korea's state TV b

North Korea May 12, 2017

Hong Joon-pyo, a former conservative presidential candidate, vowed Friday to "thoroughly" keep the newly minted liberal government in check, raising the prospect of a rocky relationship between the ruling and opposition blocs.Hong of the main opposition Liberty Korea Party made the remarks before departing for the United States to rest after President Moon Jae-in bested him in Tuesday's election by a wide margin. Hong Joo-pyo, a former presidential candidate of the main opposition Liberty Korea

Politics May 12, 2017

South Korean stocks ended slightly lower Friday on increased selling by foreigners and institutions.The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 10.35 points, or 0.45 percent, to 2,286.02.Bae Sung-young, a market analyst at KB Securities Co., said foreigners and institutions offloaded stocks in apparent profit-taking, which are to blame for losses on the main bourse.Kim Ye-eun, an analyst at Cape Investment & Securities, also said foreign sel

Market May 12, 2017

President Moon Jae-in called for the early establishment of a new advisory group Friday, to work as his de facto power transition team, a Cheong Wa Dae official said.The group, tentatively named the "state affairs planning advisory committee," will also have a subcommittee called the "people's transition committee," which will gather and reflect public views on future policies of the new government, according to Yoon Young-chan. Yoon Young-chan, the chief presidential secretary for public relati

Politics May 12, 2017

Two South Korean mixed martial arts fighters said Friday they are confident that they will leave the Octagon with victories at an upcoming Ultimate Fighting Championship event because it's going to be staged in Asia. Kim Dong-hyun and Kwak Kwan-ho will compete at the UFC Fight Night 111 in Singapore on June 17. Kim, nicknamed Stun Gun, will take on Colby Covington in a welterweight bout, while Kwak will face Russell Doane in a bantamweight match.  South Korea mixed martial arts fighters Kim Dong

More Sports May 12, 2017

US President Donald Trump has called the free trade agreement with South Korea a "horrible deal" in a recent interview, saying that Washington has already informed the Seoul government of its intention to renegotiate it.In the interview with the British weekly Economist published on Thursday (local time), he added that the FTA with South Korea is "up for renegotiation" and the United States wants a "fair" deal with its ally. (Yonhap)"Everything in NAFTA is bad. That's bad. Everything's bad. But

Foreign Affairs May 12, 2017