South Korean companies' combined sales jumped 7.9 percent in the first quarter from a year earlier helped by recovering oil prices and improved exports, central bank data showed Thursday.The on-year sales growth rate for domestic companies -- an indicator of a company's growth -- turned around from a 2 percent contraction in the first quarter of last year, the Bank of Korea said in a statement. The quarterly growth rate marked the highest since the first quarter of 2012, when it stood at 10.4 pe

Industry June 15, 2017

The national football chief Chung Mong-gyu said Thursday host South Korea sold more tickets than expected at the FIFA U-20 World Cup, adding that the recently concluded event was successful.South Korea staged the 21st edition of the U-20 World Cup from May 20 to June 11 in six cities. England won the 24-team tournament last Sunday by beating Venezuela 1-0 in the final. Hosts South Korea were eliminated in the round of 16. England's under-20 national football team players celebrate at Suwon World

Soccer June 15, 2017

Samsung Electronics Co. is set to face hurdles in drawing up business strategies as its top executive Vice Chairman Lee Jae-yong has remained behind bars for nearly four months, industry watchers said Thursday.Lee has been imprisoned since February amid his alleged connection to a political scandal which led to the ouster of former President Park Geun-hye.  (Yonhap)The heir to South Korea's largest family-run conglomerate Samsung Group, which encompasses the world's largest smartphone manufactur

Industry June 15, 2017

South Korea's trade surplus extended its winning streak for the 64th month in a row in May as the country has been basking in brisk outbound shipments on an upturn in global demand, customs data showed Thursday.The country's trade surplus came to $5.68 billion last month, down sharply from a surplus of $12.9 billion tallied a month earlier, according to the data from the Korea Customs Service.  Asia's fourth-largest economy has posted the consecutive monthly trade surplus since February 201

Economy June 15, 2017

Foreign investors have taken up more than half of the combined market capitalization of tech shares listed on the main bourse, data showed Thursday, apparently as local companies are expanding their presence on the global arena.According to the data compiled by the bourse operator Korea Exchange, foreigners took up 228 trillion won ($202 billion), or 52.01 percent of the combined market capitalization of 439 trillion won posted by tech firms as of Wednesday. It marked the highest figure since 52

Technology June 15, 2017

Six out of South Korea's 10 largest-cap companies have seen their rankings change this year in step with fluctuating business conditions, data showed Thursday.According to the data from the bourse operator Korea Exchange, Naver Corp., the operator of the country's top Internet portal, rose to fourth in terms of market value as of Wednesday from sixth at the end of last year.Naver's ranking got a boost from solid growth in the Internet ad market, the main source of revenue for the company.(Yonhap

Industry June 15, 2017

South Korean stocks opened mildly higher Thursday, largely helped by bullish tech large caps, analysts said.The benchmark Korea Composite Stock Price Index inched up 1.05 points, or 0.04 percent, to reach 2,373.69 in the first 15 minutes of trading. Large-cap stocks on the bourse were mixed across the board, with tech shares pushing up the market.Market behemoth Samsung Electronics gained 1.6 percent, and global chipmaker SK hynix advanced 1.35 percent.The local currency was trading at 1,11

Market June 15, 2017

South Korea said Thursday that it will tighten monitoring of the local financial market and take immediate measures to stave off any fallout from the latest US rate increase."We will get fully prepared to minimize the adverse impact of the US rate hike," Vice Finance Minister Ko Hyoung-kwon said at a financial policy meeting in Seoul. "The government will keep close tabs on the market and take stabilizing measures in a timely manner." The US Federal Reserve raised key interes

Economy June 15, 2017

South Korea's Navy said Thursday that it has kicked off an exercise on defending the country's easternmost islets of Dokdo, rebutting Japan's routine protest.The two-day training is part of efforts to defend Dokdo from the possible aggression of "outside forces," the Navy announced.It was apparently referring to Japan, which claims sovereignty over the Seoul-controlled islets in the East Sea.(Yonhap)This week's drill involves the 3,200-ton Gwanggaeto the Great-class destroyer and six other ships

Defense June 15, 2017

The US Federal Reserve raised key interest rates by 0.25 percentage point Wednesday, and said it plans to reduce its securities holdings, a move that could spur rates to rise further.The Fed raised the target range for the federal funds rate from 1 to 1.25 percent, a level that's on par with South Korea's. It was the second time the Fed has raised rates this year after the first hike in March."The labor market has continued to strengthen and that economic activity has been rising moderately

Economy June 15, 2017

The presidential office Cheong Wa Dae was set to ask the National Assembly to once again try and approve the president's pick for new foreign minister, officials said Thursday, in what will likely be the last step before appointing the nominee.The move comes as the opposition-led parliament failed to issue a report on the outcome of a confirmation hearing for Foreign Minister-nominee Kang Kyung-wha, held last Wednesday. (Yonhap)The parliamentary hearing committee had until this Wednesday to issu

Politics June 15, 2017

South Korea's pilot project for a coinless society has gained momentum as it enhances convenience for ordinary people, the central bank said Thursday.Under the project that began in mid-April, consumers can deposit small change left from purchases of goods into their prepaid or mobile cards at convenience stores, discount stores and department stores, according to the Bank of Korea. It means that consumers won't have to carry coins in their pockets after making cash payments.The number of deposi

Economy June 15, 2017

WASHINGTON -- The rare secret meetings the United States and North Korea held about a long-detained American student are unlikely to lead to resumption of broader nuclear talks as long as three other US citizens are held in the communist nation, experts said Wednesday.Amb. Joseph Yun, US special representative for North Korea policy, held a meeting in Oslo with senior North Korean diplomats last month and another in New York over the detained American citizens in what is believed to be the first

North Korea June 15, 2017

South Korea hopes to use the upcoming summit between President Moon Jae-in and US President Donald Trump to win US backing for Seoul playing a leading role in efforts to bring permanent peace on the Korean Peninsula, a special presidential adviser said Wednesday.Moon Chung-in, an honorary Yonsei University professor who serves as special presidential adviser for unification, foreign and security affairs, made the remark upon arrival in Washington on a mission to improve understanding among Ameri

Foreign Affairs June 15, 2017

WASHINGTON -- The comatose American college student released from North Korea must have gone through "horrendous mistreatment" in the communist nation, the Washington Post said Wednesday, calling for stronger sanctions on Pyongyang.University of Virginia student Otto Warmbier, 22, returned to his Ohio home in a coma after spending 17 months in the North on charges of stealing a political propaganda poster from a hotel.(Yonhap)North Korean officials claimed Warmbier fell into a coma in March last

North Korea June 15, 2017