Financial authorities foresee limited impact on stocks and foreign exchangesThe worst earthquake in Japanese history has increased fears of a dip in the South Korean market, which is already fragile because of Middle Eastern unrest and price volatility.A 9.0-magnitude quake slammed the country’s northeast coast on Friday, killing more than 10,000 people, sending tsunami fears across the Pacific, a

A government investigation team arrived in Shanghai, China, Sunday, to investigate the sex-for-favors scandal involving several South Korean diplomats and a Chinese woman, officials said.The high-profile probe into the scandal involving at least four of South Korea’s elite officials is to continue through Saturday. The case has seriously eroded public trust in diplomats’ ethical standards.The dipl

In February last year, the ruling Grand National Party and the main opposition Democratic Party agreed to resume efforts to reform the judiciary and the prosecution, a project that was promoted by lawmakers of the 17th National Assembly but has since been left on the back burner. The main impetus behind the latest legislative campaign was the two parties’ desire to correct what they saw as the pol

A Herculean rescue and recovery operation is under way in Japan following Friday’s devastating earthquake and tsunami. The quake, which hit Japan’s northeastern coast, measured 9.0 in magnitude, the strongest ever recorded in that country. It triggered a ferocious, 10-meter tsunami that swept away everything in its path. To make matters worse, radiation leaked from a quake-damaged nuclear reactor

   ABU DHABI -- South Korean President Lee Myung-bak on an official visit to the United Arab Emirates (UAE) announced Sunday that his country has signed its largest-ever oil field development deal, potentially valued at 110 trillion won ($98 billion), with the oil-rich Middle East country.   The deal, signed after Lee's summit with his UAE counterpart, Sheikh Khalifa bin Zayed Al Nahyan, here and

PARIS (AFP) ― International rescue teams were rushing to Japan on Sunday after a 8.8-magnitude earthquake and tsunami left more than 2,000 feared dead, at least 10,000 missing and seriously damaged a nuclear power plant.The world has rallied behind Japan, where tsunami waves up to 10 meters high rolled across the low-lying northeast on Friday, washing away everything in their path.U.S. aircraft ca

The nation’s financial authority has been under mounting pressure to reject the takeover deal between Hana Financial Group and U.S. Lone Star Funds on the latter’s planned sale of Korea Exchange Bank.Amid several unfavorable factors for Lone Star, including the Supreme Court’s recent ruling, the possibility that the Financial Services Commission will scrap its alleged decision to endorse the deal

South Korea is on the lookout for a possible impact from a radiation leak at a Japanese nuclear power plant, holding an inter-agency meeting Sunday to assess the possibility of radiation reaching the country and discuss countermeasures.   Radiation has leaked from the damaged plant in Fukushima, 240 kilometers north of Tokyo, after Friday's massive earthquake and tsunami devastated northeastern Ja

   South Korea will provide liquefied natural gas (LNG) to Japanese power companies that have been forced to turn off nuclear power plants due to last week's massive earthquake, the government said Sunday.    The Ministry of Knowledge Economy said the state-run Korea Gas Corp. (KOGAS) has decided to divert some LNG shipments that it planned to receive from abroad so they can go to Japan.   The shi

In light of the strongest earthquake ever to hit Japan, Korea is reviewing its tsunami warning and seismic response systems.According to the Korea Meteorological Administration and other seismologists, Korea would have at most 100 crucial minutes to evacuate citizens on the eastern coast before a tsunami hits land here, should an at least magnitude-7 quake strike western Japan.Officials, however,