South Korea’s domestic car market is expected to shrink for the first time in four years in 2012 mainly due to the economic slowdown and rise in household debt, an automotive think tank said Tuesday.The Korea Automotive Research Institute said sales may contract 1.1 percent to 1.58 million vehicles next year from this year’s estimate of 1.60 million units.The dip will the first time since 2008 that the domestic market fell from the previous year, the institute said.“Weak economic growth, rise in

The fifth World Ocean Forum kicks off in Busan on Wednesday.The three-day forum will focus on the spread of “smart” technologies and the changes these developments have had on marine industries. The event, organized by the Ministry of Land, Transport and Maritime Affairs, Busan city government and the Korea Association of Marine Industry, will bring together 3,000 academics, business people and marine industry experts from across the world. The forum will be divided into five sessions ― smart sh

Lenders respond to public criticism over high commission feesCommercial banks bowed to pressure from the public and financial authorities, and disclosed their plan to lower or scrap over 100 services charges they impose on trivial electronic services.A joint letter from 18 local banks was sent to the Financial Supervisory Service where they agreed to cut major service charges, including discounts of up to 50 percent for using cash machines. The banks agreed to decrease the number of service fees

South Korean stocks closed 0.51 percent lower on Tuesday as institutions and retail investors opted to lock in profits from the recent rallies as the main stock index neared the 1,900 mark for the first time in nearly two months, analysts said. The local currency climbed against the U.S. dollar.After surpassing the 1,900-level at one point, the benchmark Korea Composite Stock Price Index slipped 9.67 points to 1,888.65. Trading volume was moderate at 348.6 million shares worth 5.97 trillion ($5.

The Asian Development Bank said Tuesday that Koreans will enjoy a higher standard of living than the Japanese by 2030, projecting the country’s gross domestic product per capita and purchasing power to exceed that of Japan.In a Seoul seminar co-hosted by the Finance Ministry, the regional lender said the GDP per capita of Korea will stand at $56,000 by 2030, above Japan’s $53,000. It said Korea’s GDP per capita will be similar to that of the U.S. by 2050, at around $98,000.In its “Asia 2050” pub

An online global network of activists called on the international community Tuesday to stage simultaneous protests and hunger strikes against North Korea’s human rights abuses to mark the anniversary of a United Nations genocide convention in December.In an e-mail to journalists and other North Korea watchers, the N.K. Liberation Prayer Network urged readers to take part in its Worldwide Demonstration for North Korean Liberation and Human Rights on Dec. 9. The date marks the 63rd anniversary sin

The top U.S. envoy on North Korea has reported some progress after the first day of talks over Pyongyang’s nuclear program, the second direct encounter between both sides in less than three months.Speaking to reporters and TV cameras Monday night as he re-entered his lakeside hotel after their first meeting at the United States’ U.N. mission in Geneva, Stephen Bosworth called himself “neither optimistic nor pessimistic.’’“We have had a good day of talks. I think we’re moving in a positive direct

Rival parties are pushing to abolish the statute of limitations for those charged with sexual assault against disabled people or children under 13.The bill review subcommittee of the National Assembly’s Legislation and Judiciary Committee examined and passed the so-called “Dogani” bill regarding sexual assault on children and the disabled. The bill is now awaiting approval by the National Assembly. Dogani is the title of a film based on the true story of teachers who committed sex crimes against

The economic slowdown, if it extends well into next year, may hold sway over the results of the parliamentary and presidential elections, observers say.The ruling Grand National Party and its presidential frontrunner Rep. Park Geun-hye are positioned to feel the chill from a cooling economy more than the opposition bloc.Aides to Park have recently expressed concerns over the impact of the prolonged economic slump on her prospects for succeeding in her second presidential challenge. They fear det

North Korea invited representatives of an association of South Korean charity groups to Pyongyang, an association official said Tuesday, the first such invitation since the two Koreas exchanged fire near their tense sea border last year. North Korea sent the invitation to the Korea NGO Council for Cooperation, a collaboration of some 50 non-governmental aid groups, suggesting a meeting in its capital city to discuss aid from Wednesday through Saturday, Park Hyun-seok, secretary general of the as

The National Human Rights Commission on Tuesday advised the administration to abolish police conscription and hire professional police officers to replace draftees. It also advised the Ministry of National Defense to cooperate with the National Police Agency in replacing personnel. The panel recommended the Ministry of Public Administration and Security increase recruitment of police officers and that the Ministry of Strategy and Finance allocate sufficient funds for it.According to the independ

The World Health Organization has asked its officials not to use North Korean airliners in the latest such move by an international organization prompted by safety concerns, a U.S.-funded radio station reported Tuesday. The WHO Southeast Asia office recently gave Pyongyang’s Air Koryo a “C” rating for safety in May, which means officials are banned from using the airliners unless special approval is given by the body’s travel officer, according to Voice of America. Air Koryo was rated the lowest