[THE INVESTOR] The fallout of Hanjin Shipping, the world’s 7th largest shipping line, is dealing a severe blow to the economy of Korea’s southern coast area where regional sustainability depends mostly on maritime transportation.With more than 60 Hanjin cargos denied or blocked at 44 ports in 23 countries and the government belatedly drawing up contingency plans, industry observers say this latest fiasco following the shipper’s court protection filing would undermine the overall confidence in th

President Park Geun-hye on Sunday called for greater business cooperation with Egypt, particularly in the Middle East nation's infrastructure development field, her office Cheong Wa Dae said.During her summit with Egyptian President Abdel Fattah al-Sisi, Park also expressed hope that the two nations can keep up the momentum to realize the full potential for the development of their "mutually complementary" partnership. Their meeting was held on the sidelines of the summit of the Group of 20 adva

The South Korean government said Monday it has decided to maintain the existing price ceiling for the controversial anti-graft law that will go into effect in late September, despite rising concerns that the new policy will weigh down spending in certain industries.The remark came as the anti-graft law aims to limit the price of gifts exchanged among public officials, journalists and private school faculty at 50,000 won ($44.50). This will effectively ban them from receiving pricey agricultural

Two American figure skaters have applied for South Korean citizenship with an eye on competing at the 2018 Winter Olympics here, officials said Monday.The Korea Skating Union said Alexander Gamelin, an ice dance partner for South Korean Min Yu-ra, and Themistocles Lefttheris, a pairs partner for South Korea's Ji Min-ji, have submitted their applications for fast-track naturalization to the Korean Olympic Committee.The two teams have been skating together at the International Skating Union events

A recent United Nations Security Council statement condemning North Korea's provocations is balanced and comprehensive, the Chinese foreign ministry's spokesperson said Monday, urging against any tension-escalating actions."Signals the UNSC has sent out are comprehensive and balanced," Chinese foreign ministry spokeswoman Hua Chunying said in a regular briefing, referring to the U.N. council's recent press statement. The Chinese reaction followed the UNSC's statement unanimously approved by its

South Korea's ruling party on Saturday lambasted its rival party lawmakers' plan to visit China next week to discuss the country's plan to deploy a U.S. missile defense system, saying that it is a "shame to our politics" and urging them to call off the trip right away.  Political circles here have been divided over the government's decision unveiled in July to place a Terminal High Altitude Area Defense battery on Korean soil by end-2017 to counter North Korea's evolving nuclear and missile thre

Angola has submitted its action plan on how to implement sanctions imposed on North Korea in line with the United Nations Security Council's push to punish Pyongyang for its nuclear and missile development, U.S.-based media outlets said Saturday.Angola, known to have maintained friendly ties with the North for over 40 years, recently submitted the 4-page-long implementation report, according to the Voice of America and Radio Free Asia.In the report, the African country cited bans on exports of a

BANGKOK (AP) -- Thailand's stagnating economy is unlikely to get much of a boost from a referendum Sunday on a new constitution proposed by the military government, which took power in a 2014 coup. A ``yes'' vote could, however, tamp down some of the uncertainty that has plagued the country over the past half-decade of instability. An update on how Thailand's economy is faring under military rule:THE OUTLOOK: Government spending and tourism are keeping growth afloat despite weak exports and plun

TOKYO (AP) -- Japan has protested to China after six Chinese coast guard vessels approached disputed East China Sea islands accompanying a fleet of hundreds of Chinese fishing boats. Japan's Foreign Ministry said in a statement it summoned Chinese Embassy officials after Japan's coast guard spotted the vessels Saturday along with a fleet of 230 Chinese fishing boats swarming around the Japanese-controlled Senkaku Islands. China also claims the islands.Japan is demanding the ships leave the area.

North Korea has summoned its consuls stationed in Shenyang in order to investigate recent mass defections of restaurant workers at the North's state-run restaurants in China, a U.S.-based media report showed Saturday.In April, a group of 13 North Korean employees at a Pyongyang-run restaurant in the Chinese eastern port city of Ningbo defected to South Korea en masse. In June, three more North Korean restaurant employees working in China escaped to Seoul.The diplomats called in to Pyongyang in e

The South Korean delegation to the Rio de Janeiro Olympics was greeted by U.N. Secretary-General Ban Ki-moon at the opening ceremony Friday. South Korea was the 52nd country to appear in "Parade of Nations" in accordance with the Portuguese alphabet. With the sabre fencer Gu Bon-gil, the 2012 Olympic champion in the men's team event, carrying the national flag, Ban, a South Korean native, gave the delegation a standing ovation from the stands.South Korea, with Korea Football Association Presiden