South Korea's economy is still facing uncertainties, although it has shown signs of recovery, the nation's financial regulator said Friday. The South Korean economy expanded 0.9 percent in the first-quarter of this year, growing at the fastest pace since the second-quarter of last year, the Bank of Korea said this week.  "There are estimates that show signs of recovery in exports and facility investment," Zhin Woong-seob, governor of the Financial Supervisory Service, said at a me

Economy April 28, 2017

Hankook Tire Manufacturing Co., the world's seventh-biggest tiremaker by sales, on Friday posted a 13-percent on-year drop in its first-quarter net profit due to high manufacturing costs. Net profit for the three months that ended on March 31 fell to 171.15 billion won ($151 million) from 196.66 billion won a year earlier, the company said in a statement.  (Yonhap)"A rise in the cost of raw materials used to make tires in the first quarter affected earnings," a company spokesman said.The company

Industry April 28, 2017

The conservative Liberty Korea Party on Friday denounced presidential front-runner Moon Jae-in's pledge to raise the corporate tax rate, stressing it "goes against global trends" and would undermine local businesses' competitiveness.Choung Tae-ok, the spokesman of the party's election campaign, demanded the candidate of the liberal Democratic Party retract the pledge to raise the top tax rate for businesses -- earning yearly taxable incomes worth 50 billion won ($44.1 million) or more -- to 25 p

Politics April 28, 2017

Despite a crushing 5-0 loss at the hands of Austria at the men's hockey world championship on Thursday, South Korea still controls its own destiny.And the formula is simple: Just win, baby. (Yonhap)After four games, South Korea, coached by former National Hockey League defenseman Jim Paek, is in second place at the International Ice Hockey Federation (IIHF) World Championship Division I Group A. Both South Korea and Austria have nine points on three wins and a loss apiece, but Austria holds the

More Sports April 28, 2017

The South Korean government is trying to figure out the exact meaning of US President Donald Trump's statement that he will fix or scrap a bilateral free trade deal between the two countries, officials here said Friday.In an interview with Reuters, Trump called the South Korea-US free trade agreement "horrible," saying, "We are going to renegotiate that deal or terminate it." His comments came days after Vice President Mike Pence said earlier that Washington will review and r

Economy April 28, 2017

South Korean businesses on Friday expressed serious concerns that US President Donald Trump's remarks on the bilateral free trade deal could trigger protectionism worldwide. In an interview with Reuters, Trump said he will either renegotiate or terminate the five-year-old trade agreement with South Korea, calling it "horrible" and "unacceptable."  He said his administration aims to renegotiate the trade pact with South Korea after it completes a revamp of the North Ameri

Economy April 28, 2017

WASHINGTON (AP) -- The senior US Navy officer overseeing military operations in the Pacific said Thursday that the crisis with North Korea is at the worst point he's ever seen, but he declined to compare the situation to the Cuban missile crisis decades ago."It's real,'" Adm. Harry Harris Jr., commander of US Pacific Command, said during testimony before the Senate Armed Services Committee.Harris said he has no doubt that North Korean leader Kim Jong Un intends to fulfill his pursuit of a nuclea

North Korea April 28, 2017

Three national team lugers have been selected to run the torch relay for next year's Winter Olympics at home, officials said Friday.KT, a presenting partner for the 2018 PyeongChang Winter Games torch relay, said Aileen Frisch, Sung Eun-ryung and Cho Jung-myung will carry the Olympic torch during the relay. In this photo provided by KT on April 28, 2017, South Korean luger Aileen Frisch poses with the torch for the 2018 PyeongChang Winter Olympics at Alpensia Sliding Centre in PyeongChang, Gangw

Olympic Games April 28, 2017

LG Household & Health Care Co., South Korea's No. 2 cosmetics maker, on Friday reported firm growth in its first-quarter earnings, shrugging off concerns over a setback from China's boycott on Korean-made goods amid a diplomatic standoff. The company chalked up 180.6 billion won ($159 million) in net income in the January-March period, up 12.5 percent from 160.6 billion won the previous year, it said in a regulatory filing.  The figure beats the market consensus of 175.3 billion won estimated by

Industry April 28, 2017

South Korea's Acting President and Prime Minister Hwang Kyo-ahn on Friday paid homage to soldiers killed in North Korea's past attacks in the West Sea, vowing to ensure their ultimate sacrifices for national defense will never be forgotten.Hwang invited their families and former comrades to his official residence in Seoul for a luncheon during which he stressed the nation will keep a robust readiness posture so as to honor their dedications to safeguard the country against a provocative Pyongyan

Social Affairs April 28, 2017

South Korea has risen one spot in women's world hockey rankings following a recent world title.The International Ice Hockey Federation (IIHF) announced its 2017 world women's rankings on Friday, and South Korea moved up from No. 23 to No. 22. (Yonhap)Coached by former Canadian star Sarah Murray, South Korea won the IIHF Women's World Championship Division II Group A on home ice earlier this month. By winning all five games, South Korea earned a promotion to Division I Group B, the third-highest

More Sports April 28, 2017

Hyundai Motor Co., South Korea's biggest carmaker by sales, on Friday unveiled more details of its all-new Kona crossover set to be launched in the domestic market this summer.In its second teaser image, the carmaker has given customers a peep into the exterior designs of the new sport utility vehicle.  The second teaser image of Hyundai's Kona SUV (Hyundai Motor)The front part of the Kona SUV features an evolved family look with a wider front hexagonal grille (also known as a cascading grille)

Mobility April 28, 2017

South Korea's defense ministry made it clear Friday that the US should pay the cost of the operation of its advanced missile defense system recently deployed here. (Yonhap)In a statement, the Ministry of National Defense said there is no change in the "basic position" that the South Korean government provides the site for the THAAD system and related facilities under the Status of Forces Agreement and the US shoulders the burden for installing and operating it.It was in response to reported comm

Diplomatic Circuit April 28, 2017

South Korea's central bank pledged Friday to keep the current monetary easing policy to support growth in Asia's fourth-largest economy. For this month, the Bank of Korea kept its key rate at an all-time low of 1.25 percent for the 10th consecutive month after dropping the rate to its lowest level to bolster the lackluster South Korean economy.The BOK will "maintain its stance of monetary policy accommodation as the inflationary pressures on the demand side are not expected to be high given

Economy April 28, 2017

An agricultural exhibition designed to promote the modern rural living and farming business kicked off in southern Seoul on Friday, drawing a large number of visitors from around the country seeking a new life away from big cities.The 2017 Y-Farm Expo, co-hosted by Yonhap News Agency, South Korea's key news wire service, and the Ministry of Agriculture, Food and Rural Affairs opened earlier in the day for a three-day run through Sunday. The event, which reflects new living trends in the country,

Industry April 28, 2017