The average investment return on government-operated public funds dropped sharply from a year earlier in 2016 due largely to a fall in bond yields, the finance ministry said Tuesday.The average yields of 38 government funds came to 1.79 percent last year, compared with 2.36 percent the previous year, according to the Ministry of Strategy and Finance. The ministry said the on-year drop was mostly attributed to low bond yields in the second half of last year.As of end-2016, the National Pension Se

Economy May 23, 2017

South Korean stocks traded higher on late Tuesday morning led by gains in top market cap Samsung Electronics and other market heavyweights.The benchmark Korea Composite Stock Price Index  climbed 16.20 points, or 0.70 percent, to 2,319.48 as of 11:20 a.m.The index remained in positive terrain after opening on an upbeat note, apparently tracking overnight gains on Wall Street. In New York on Monday (local time), the Dow Jones Industrial Average closed up 0.43 percent at 20,894.32 points

Market May 23, 2017

Global credit appraiser Standard & Poor's will have its annual meeting with South Korean policymakers this week to assess the nation's overall economic situation and credit status, the finance ministry said Tuesday.A delegation led by Kim Eng Tan, a senior director for Asia Pacific, will be in the country for the four-day meeting that will start on Tuesday, according to the Ministry of Strategy and Finance. During the stay, the team will meet with policymakers from government agencies, inclu

Market May 23, 2017

LG Electronics Inc. said Tuesday it will start global sales of the LG X Venture, a smartphone specialized for outdoor activities, in the North American market.Armed with the IP68 water- and dust-resistant feature, LG X Venture is capable of operating 1.5 meters under water for 30 minutes. The device also met the standards of the US Department of Defense, indicating the smartphone can withstand most outdoor conditions. An image of the LG X Venture smartphone, released by LG Electronics Inc. on Ma

Technology May 23, 2017

Naver Corp. was picked as the top firm for its business performance among the country's major 500 companies, data showed Tuesday, beating Samsung Electronics Co.According to the data compiled by industry tracker CEO Score, South Korea's No. 1 Internet portal operator received top remarks in a business evaluation that centered on eight areas, including earnings, investment, job creation and transparency. (Yonhap)While Naver stood as the No. 1 company in terms of social contributions, it also rece

Industry May 23, 2017

Samsung SDS Co., an IT arm of Samsung Group, said Tuesday it has joined a global alliance for blockchain technology, reflecting its devotion to tap deeper into the industry.Blockchain is a key technology for digital currency, enabling data sharing across a network of individual computers. As a kind of distributed ledger, it records and tracks financial transactions. (Yonhap)Samsung SDS said it became a member of the Enterprise Ethereum Alliance that focuses on the development of blockchain solut

Industry May 23, 2017

A local trade organization recommended Tuesday that South Korea should pursue free trade agreements  with South African countries, Uzbekistan and Cote d'Ivoire, citing their market scale and trade conditions.The Korea International Trade Association said it assessed the market size, growth potential, level of trade barriers, access to resources, exports competitiveness and state risks in determining future partners for the free trade deals. Countries with which negotiations or feasibility s

Economy May 23, 2017

Container cargo handled at South Korea's biggest port of Busan has edged up over the past eight months despite the demise of Hanjin Shipping Co., once the country's No. 1 shipping firm, data showed Tuesday.Container cargo processed at the southeastern port came to 13.05 million twenty-foot-equivalent units between September 2016 and April this year, up 1.6 percent from the same period from 2014-2015, according to the data by the municipal government. (Yonhap)Hanjin Shipping, once the world's sev

Industry May 23, 2017

South Korean stocks opened higher on Tuesday, largely helped by bullish tech large caps, analysts said.The benchmark Korea Composite Stock Price Index added 3.18 points, or 0.14 percent, to reach 2,307.21 in the first 15 minutes of trading. Big tech shares pushed up the market.Market behemoth Samsung Electronics gained 0.49 percent, with its smaller rival LG Electronics adding 0.61 percent to hit a record high. Top steelmaker Posco increased 0.53 percent.The local currency was trading at 1,

Market May 23, 2017

(YTN)Ousted President Park arrives at court for her trial over corruption (Yonhap)

Social Affairs May 23, 2017

South Korea's presidential office Cheong Wa Dae on Tuesday dismissed reports that President Moon Jae-in has asked Pope Francis to help arrange a summit with North Korea's reclusive leader, also noting it was not the time for such a meeting.A local newspaper reported that the South Korean president sought to ask for the pope's help in arranging an inter-Korean summit in his letter to the head of the Vatican. This file photo, taken on March 11, 2017, shows then presidential hopeful of the liberal

North Korea May 23, 2017

The UN Security Council condemned North Korea's latest missile test on Monday, warning that it will seek additional sanctions against its regime.On Sunday afternoon, the North test-fired a ballistic missile, which flew more than 500 kilometers. The North later claimed that the test was a success and that its leader Kim Jong-un approved the deployment of the new missile for combat use.(Yonhap)The UN's 15-member council approved a statement on Monday in which they strongly condemned the North's mi

North Korea May 23, 2017

Ousted President Park Geun-hye is set to stand trial Tuesday on charges of bribery, abuse of power, coercion and leaking government secrets in a total of 18 cases, mostly involving her longtime friend Choi Soon-sil and former aides.One of the gravest allegations is that she took or solicited bribes worth 59.2 billion won ($52 million) from three conglomerates -- Samsung, Lotte and SK -- for herself or her friend Choi. If convicted, she could face a prison term ranging from 10 years to life.In th

Social Affairs May 23, 2017

The combined net profit of insurance firms in South Korea for the first quarter of this year jumped 24.4 percent on-year, thanks to a hefty gain in their dividend income, government data showed Tuesday. Insurance firms saw their combined net profit rise by 544.2 billion won ($487 million) to 2.7 trillion won for the January-March period, according to the data by the Financial Supervisory Service.  The combined net income of life insurers gained 18.6 percent on-year to 1.57 trillion won, whi

Economy May 23, 2017

South Korea has recouped 67.9 percent of the public funds it sunk into ailing financial firms since the 1997-1998 Asian financial crisis, the financial regulator said Tuesday.The quarterly retrieval rate rose 0.1 percentage point at the end of March, the Financial Services Commission said in a statement. During the January-March period, the government recouped 165.3 billion won, including 133.8 billion won from the sale of the government's stake in Woori Bank, according to the statement.South Ko

Economy May 23, 2017