South Korea's unification ministry on Tuesday said it plans to set up an archives to compile North Korea's human rights abuses and a bureau to handle the implementation of a new law aimed at improving Pyongyang's rights record.It said that the Cabinet approved an enforcement ordinance over the ministry's overhaul as North Korea's human rights law went into effect on Sept. 4.In accordance with the law, South Korea plans to establish an archives aimed at collecting cases on the North's abuses and

The financial regulator on Tuesday issued an alert to consumers against loan sharks who threaten family members of borrowers, telling them such acts are against the law.The Financial Supervisory Service said it has received 483 complaints this year as of July about abuse and threats from unregistered lenders over returning money borrowed by a family member. The annual interest rate on loans from such lenders is3,476 percent. Reported cases include a father who was threatened to pay back his son'

South Korea extended its trade surplus streak to 55 months in August on the back of a turnaround in exports for the first time in 20 months, customs data showed Tuesday.The country's trade surplus came to $5.1 billion last month, down from a record $7.6 billion in the previous month, according to the data from the Korea Customs Service.The figure also marked a 17.8 percent on-year rise from $4.3 billion tallied in the same month a year earlier, continuing its bullish run for 55 months in a row s

South Korea's import prices fell for a second straight month in August due to a stronger local currency, central bank data showed Tuesday.The nation's import price index dropped 1.9 percent on-month to 74.44, according to the Bank of Korea. It marks an 8.5 percent decline from the same period last year.The BOK said the won's strength against the US dollar is to blame for the decline in import prices, despite a hike in global oil prices.The won gained 0.48 percent against the dollar at the end of

More than 150 local retailers, fashion companies and cosmetics firms will participate in South Korea's biggest shopping festival, "Korea Sale Festa," slated for later this month, the trade ministry here said Tuesday.During the Sept. 29-Oct. 9 event, 153 companies will offer big discounts to shoppers and foreign visitors at their 45,000 shops across the nation, according to the Ministry of Trade, Industry and Energy.Among the firms on the list are big retailers including Lotte Department Stores a

South Korea's jobless rate increased slightly in August from a year earlier, with the unemployment rate for young adults still remaining high amid a prolonged economic slump, a government report showed Tuesday.The unemployment rate in Asia's fourth-largest economy stood at 3.6 percent last month, compared with 3.5 percent tallied in July, according to the report compiled by Statistics Korea.The number of employed people stood at 26.5 million in August, up 387,000 from a year earlier, with the mo

South Korean shares sank 2.28 percent Monday to hit an almost three-month low, as investors were spooked by continued setbacks in the global market and growing geopolitical tensions following North Korea's nuclear test, as well as a sharp drop in top market cap Samsung Electronics, analysts said. The local currency fell sharply against the US dollar.The benchmark Korea Composite Stock Price Index dropped 46.39 points to 1,991.48. Trading volume was moderate at 41.87 million shares, worth 4.75 tr

South Korea has asked its people to take extra caution in traveling to the region near the China-North Korea border, citing possible terror and abduction attempts by the North amid heightened tension after its latest nuclear test. "It cannot be ruled out that the North could seek additional provocations such as terror attacks, luring and abduction of people," the embassy said in a notice posted on its website last Friday.The embassy, in particular, warned against its people getting in touch with