President Park Geun-hye has aptly compared regulatory and business hurdles plaguing smaller firms to a “thorn under the nail.” It turns out that she has her own obstacles right under her nose. On Monday, Park’s nominee to head the Small and Medium Business Administration, Hwang Chul-joo, withdrew, citing a rule that compels high-level officials to dispose of any personal assets related to their duties.Hwang, who is the CEO of a venture company called Jusung Engineering, was considered one of Par

Consumers will likely be entitled to call for the Financial Supervisory Service to conduct probes into financial firms such as commercial banks and insurance firms.Choi Soo-hyun, who took office as governor of the FSS on Monday, pledged to introduce consumer-initiated investigations in the financial market.The new chief regulator’s policy reflects his strong commitment to bolstering the protection of consumers, as the number of irregular business practices has continued to grow in the financial

Reigning figure skating champion Kim Yu-na of South Korea stepped closer to her Olympic goal in Sochi next year with a magical comeback victory at the world championships in Canada.The 23-year-old dominated the competition in London, Ontario, on Sunday to take the crown with a combined overall score of 218.31 points. She won the women’s short program with 69.97 points Friday, and the free skate with 148.34 points Sunday. Her championship title is also a boon to Korea, as it qualifies the country

President Park Geun-hye chose a top communications technology expert as the new science minister nominee to fill the seat left by a controversial self-claimed patriot.Professor Choi Mun-kee of top science university KAIST was named on Thursday to head the ministry of Future Planning and Science, which will be newly established under Park’s government reorganization plan.By naming Choi, Park completed the nomination of 17 ministers. Presidential spokesman Yoon Chang-jung said Choi’s expertise was

The ambitious plan to redevelop Seoul’s Yongsan into a landmark international business district is heading toward collapse with its developer on the verge of bankruptcy, having defaulted on its business loan interest.In the worst-case scenario, the project failure may result in capital impairment of the state-run rail operator KORAIL and an unprecedented class action suits involving dozens of investor companies and thousands of victimized residents.Dream Hub announced its default status Wednesda

March 14 will be a big day for both Samsung and fans of the Galaxy lineup, as the Galaxy S4 is set for its first public appearance in New York City.The latest model will be unveiled less than a year after the previous S3 was launched. But the hype has built up so much since it was first rumored that Samsung would be releasing another model ― almost immediately after the S3 came out ― that, for some, the S4 may already seem old. Nevertheless, for those of us still scratching our heads about the s

The scene is a memory that will be etched into the minds of people worldwide for a generation. But for those who were there, it will take a generation more to recover.The world watched the catastrophe unfold as a 9.0-magnitude earthquake sent tsunamis up to 45 meters high toward Japan on March 11, 2011, drowning coastal towns and crippling the Fukushima Dai-ichi nuclear power plant in the worst nuclear disaster since Chernobyl. The natural disaster left some 16,000 dead, 2,700 missing and 315,00

Generally popular but politically ambiguous, Ahn Cheol-soo was to return to South Korea on Monday after months of self-imposed exile from politics in the United States.If the circumstances were bad for the former professor when he left the country on Dec. 19, the day of the presidential election won by his former conservative rival Park Geun-hye, they are hardly more favorable now for the novice politician.Ahn will be running in the April 24 by-election in the constituency of Nowon-C of Seoul, a

A mom-and-pop store is hardly a place where people would expect to see a person who once served in the highest court and headed the national election watchdog. Especially in a nation where high-ranking officials usually chase career paths promising prominent status, influence and hefty financial rewards.Kim Neung-hwan, a former Supreme Court justice and former chairman of the National Election Commission of Korea, who works at a convenience store owned by his wife, has come under the spotlight f

He may have been a divisive figure, but late Venezuelan President Hugo Chavez has always been clear about how he wants to be remembered: a revolutionary standing up to the cruel and imperial United States and its cronies.As if to confirm this self-styled image, he told the Associated Press in 2007 that he admired the movie “Gladiator,” in which a lone fighter confronts an empire.Charismatic and populist, he took on Venezuela’s elite while retaining the propensity for impromptu marathon speeches

Former professor and presidential candidate Ahn Cheol-soo is once again creating a stir in the political arena with plans to run in the April 24 by-election and create a new party. Unlike Ahn’s presidential bid last year that dealt a heavy blow to President Park Geun-hye’s campaign, the former venture entrepreneur’s latest political ambition will likely spell trouble for the opposition. On Sunday, Ahn’s former campaign aid Rep. Song Ho-chang announced that Ahn would be returning to Korea on Marc

The obstacles were too many and the pressure was building up, fast. In the end, Kim Jeong-hoon admitted his defeat.Kim, yet another embattled nominee for the Park Geun-hye Cabinet, stepped down on Monday after being pummeled over his dual citizenship status.As head of Alcatel-Lucent’s Bell Labs and Corporate Strategy, Kim excelled in his field and touted extensive global ― if somewhat U.S.-oriented ― expertise. He certainly seemed to fit the bill for the new ministry created under Park to spearh

President Park Geun-hye on Saturday added Nam Jae-joon, another retired general, to her national security and foreign policy staff, in an apparent show of her resolve to effectively deal with escalating North Korean threats.Nam, the former Army chief of staff, will be the first graduate of the Korea Military Academy in 12 years to lead the National Intelligence Service after the confirmation hearing process is completed at the National Assembly. Park’s picks for the top security and diplomacy po

Acknowledging the “rough seas” the Catholic Church has navigated in recent years, Pope Benedict XVI on Wednesday appeared in front of a crowd of more than 150,000 people at Vatican City to give the last public address of his papacy.“…There were moments, as there were throughout the history of the church, when the seas were rough and the wind blew against us and it seemed that the Lord was sleeping,” he told the crowd at St. Peter’s Square in Rome. As of Thursday evening, Joseph Ratzinger ceased

North Korea has recently reinstated hawkish military spy chief Kim Yong-chol to a four-star general, raising concerns that it will increase saber rattling following its third nuclear test last month.The Rodong Shinmun, the official newspaper of the North’s ruling party, ran a photo on Tuesday showing the head of the Reconnaissance General Bureau wearing a four-star insignia as he clapped behind leader Kim Jong-un during a recent national choir performance.The organization has masterminded a seri