President Lee Myung-bak on Monday rehearsed his presentation for PyeongChang’s 2018 Olympic bid to win over International Olympic Committee members in Durban, South Africa.Along with his aides and officials of the PyeongChang committee, Lee reviewed his presentation to be made on Wednesday, South Africa time, during the IOC session. It is the mountain resort town’s third bid for the Winter Olympic

Safety concerns are rising as the Ministry of National Defense seeks to allow citizens including high-school students to experience live-fire drills at a training facility for reserve forces in Seoul in October.The ministry plans to commission a private organization to run the shooting facility in Seocho-gu, and allow all citizens aged 16 or older to use it to enhance security awareness, officials

Korea’s full-size car sales surged in the first half of this year thanks to the popularity of the fifth-generation Grandeur sedan made by top automaker Hyundai Motor Co., industry data showed Monday.Domestic sales of full or large luxury sedans jumped 39.6 percent on-year to 112,927 units in the January-June period. The increase far outstrips overall car sales in the country that grew 4.1 percent

Korea aims to increase its market share in the European Union to 3 percent within three years by taking advantage of a bilateral free trade pact that took effect last week, Korea’s trade minister said Monday.In a radio interview, Trade Minister Kim Jong-hoon said increasing market share from 2.6 percent at present is possible since the free trade agreement gives local businesses an edge over rival

Output of makgeolli is picking up in Korea as more people are opting to drink the traditional rice wine following a report that it contains anti-cancer compounds, government data showed Monday. Production of makgeolli rose 12.8 percent on-year to 35,114 kiloliters in April, with the number jumping 16.8 percent to 39,543 kiloliters in May, according to the data by Statistics Korea. Domestic shipmen

More than 60 percent of Korean retailers plan to lower prices of imports from the European Union following the implementation of a bilateral free trade deal, a poll showed Monday.According to the survey of 619 retailers, wholesalers and manufacturers by the Korea Chamber of Commerce and Industry, 61.3 percent of the retailers said that they will reduce prices of EU imports to reflect the decrease

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for Korea’s No. 5 lender, market watchers said.KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion won.Lone Star h

Korea’s trade volume with free trade pact signatories almost doubled last year but the trade balance showed mixed reactions by regions, a report showed Monday. According to the Korea Customs Service, the nation achieved $136.8 billion last year in the total trade volume with Chile, ASEAN, Singapore and the European Free Trade Association ― a 1.73-fold increase from $79 billion from the year before

Ministry: 166 firms reduced 56,000 tons of greenhouse gas emissions during last 2 yearsKorea’s efforts to shrink its carbon footprint are progressing through partnerships between big and smaller companies.The Ministry of Knowledge Economy said Monday that 166 local businesses have reduced more than 56,000 tons of greenhouse gas emissions over the last two years in a green collaboration program, a

Korean stocks ended 0.92 percent higher on Monday as investor sentiment was underpinned by eased woes over Greece’s debt crisis and better-than-expected U.S. data, analysts said. The local currency hit a near three-year high against the U.S. dollar.The benchmark KOSPI advanced 19.56 points to 2,145.30. Trading volume was moderate at 288.5 million shares worth 6.68 trillion won ($6.3 billion) with