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Bottled water, milk in short supply amid summer heat

IndustryAug 25, 2016

Some South Korean producers of bottled water and milk are struggling to meet the rising consumer demand as an unprecedented heat wave has affected the supply chain, industry officials said Thursday.Sales of bottled water have sharply surged this summer as more people drank water to fight the scorching heat that has settled in South Korea since July.E-Mart, the nation's largest discount store chain, said sales of bottled water jumped 14.2 percent on-year between June 1 to Aug 23. GS25, a major co
PM pledges constant efforts to tackle low birthrate, promote work-family balance

Social affairsAug 25, 2016

Prime Minister Hwang Kyo-ahn on Thursday pledged "constant efforts" to tackle the low birthrate and promote a work-family balance, outlining the government's comprehensive package of programs to back the efforts.During the government's policy coordination meeting, Hwang stressed that the government would strive harder to resolve "structural problems" that have caused the nation's birthrate to fall, such as unemployment, high education costs and housing-related issues.The country's fertility rate
North Korea airs SLBM footage via state TV

North KoreaAug 25, 2016

North Korea's central television broadcasting station on Thursday aired the footage of the latest launch of a submarine-launched ballistic missile.In the footage running for one minute and 47 seconds, the broadcaster showed the launch of the missile from various angles.Pyongyang's state-run media, including the Rodong Sinmun, the country's main paper and organ of the ruling Workers' Party of Korea, also has been promoting the launch as a huge success.North Korea on Wednesday test-fired a SLBM in
Household debt jumps 11% in Q2

Aug 25, 2016

South Korea's household debt jumped 11 percent from a year earlier in the second quarter despite stricter lending rules, its central bank said Thursday.The country's overall household debt climbed to 1,257.3 trillion won ($1.122 billion) in the April-June period from 1,131.5 trillion won from the same period last year, according to preliminary data from the Bank of Korea.Quarter-on-quarter, household debt, which includes credit-card spending, rose 2.7 percent, it said.Lower rates have pushed up
Korea's childbirths slide to 6-month low in June

Social affairsAug 25, 2016

The number of childbirths in South Korea dropped to a six-month low in June on a low birthrate and late marriage trend, government data showed Thursday.About 32,900 babies were born in June, down 7.3 percent, or 2,600, from 35,500 a year earlier, marking the lowest monthly tally since December last year, when it hit 31,900, according to the data from Statistics Korea.The June figure also recorded the steepest on-year drop since January 2014, when the number of new babies declined 3,000 on-year.T
Korea expresses deep condolences to quake-stricken Italy

InternationalAug 25, 2016

South Korea on Thursday expressed "deep condolences" for the victims and their families affected by a deadly quake that recently hit central Italy.In a spokesman's statement, the country's foreign ministry also hoped that they can move past the sorrow and shock of the natural disaster as soon as possible through a swift recovery of their lives. A 6.2-magnitude earthquake rattled the central region of Italy on Wednesday (local time). Foreign media reports showed that the death toll has risen to 1
UNSC seeking to adopt statement to condemn N. Korea's SLBM launch

North KoreaAug 25, 2016

The United Nations Security Council is seeking to adopt a press statement to condemn North Korea's latest launch of a submarine-launched ballistic missile, officials said Wednesday following an emergency meeting on the issue.Member countries of the UNSC agreed to push for the press statement after the council held an emergency meeting to discuss North Korea's latest SLBM launch at the request of South Korea, the US and Japan, the officials who attended the close-door meeting said."There was a ge
Prosecution to question former Saenuri publicity official over free campaign videos

PoliticsAug 25, 2016

State prosecutors will question a former publicity official of the ruling Saenuri Party on Thursday over his alleged breach of the Political Fund Act, investigators said.Cho Dong-won, who was in charge of the party's publicity headquarters ahead of the April 13 parliamentary elections, is alleged to have demanded an advertisement firm produce election campaign videos, worth 80 million won ($71,498), for free, which is in violation of the funding act.The prosecutorial probe opened after the Natio
US civic group to provide medical assistance to N. Korea

North KoreaAug 25, 2016

A US private humanitarian group will send medical aid to North Korea next month as part of its efforts to help the impoverished nation, a Washington-based radio station said Thursday.AmeriCares, a nonprofit organization based in Connecticut, will ship medicine and sanitary goods to seven hospitals and health clinics in Pyongyang, Nampo, North Hwanghae Province and South Pyongan Province, the Radio Free Asia reported.According to RFA, the medical goods include antibiotics, medicines for allergy,
Seoul court orders Japanese firm to compensate forced labor victims

Social affairsAug 25, 2016

A Seoul district court on Thursday ordered a Japanese firm to compensate 14 South Koreans subjected to forced labor during Japan's 1910-45 colonial rule.The Central District Court ruled in favor of the South Korean victims who filed a suit in 2013 based on their claim that they were forced by Mitsubishi Heavy Industries to work at a Hiroshima-based weapons factory for about a year from September 1944. The court ordered the Japanese firm to pay 90 million won ($80,292) each to the victims.Mitsubi
Korean stocks remain flat in late morning trade

Aug 25, 2016

South Korean shares remained nearly flat on late Thursday morning as investors took to the sidelines amid an apparent lack of leads.The benchmark Korea Composite Stock Price Index stood at 2,043.98 as of 11:20 a.m., inching up 0.22 point or 0.01 percent from the previous session's close.The index opened slightly lower following overnight losses on Wall Street.The Dow Jones industrial average slipped 0.35 percent to close at 18,481.48, with the tech-heavy Nasdaq plunging 0.81 percent to 5,217.69.
N. Korea developing larger-class submarine for missile launch: expert

North KoreaAug 25, 2016

North Korea is developing a larger-class submarine as the country moves to further develop submarine-launched ballistic missile capability by 2020, a US military expert said Wednesday.North Korea is building a new bigger class of submarine than the existing Sinpo-class, and the new project seems to have been kicked off several years ago, Joseph Bermudez, co-founder and chief analytic officer of AllSource Analysis, said at a briefing organized by 38 North.His assessment is in line with outlooks f
Currency swap not on agenda for finance ministers of Korea, Japan

Aug 25, 2016

South Korea and Japan will hold a finance ministers' meeting this weekend to discuss various economic and financial topics, the finance ministry here said Thursday.South Korea's Finance Minister Yoo Il-ho and his Japanese counterpart Taro Aso will meet in Seoul on Saturday, with 70 officials, including vice ministers, from the two countries having working-level sessions before and after the meeting, according to the Ministry of Strategy and Finance.The upcoming bilateral meeting will be the seve
Equity crowdfunding market gains ground in Korea

Aug 25, 2016

The South Korean market for so-called equity crowdfunding has been gaining momentum recently on growing investor interest amid ultra-low interest rates, industry sources said Thursday.Also referred to as crowdinvesting, equity crowdfunding is the online offer of unlisted shares and corporate bonds to a group of investors. In January, South Korea adopted the new model of raising money from the public through the Internet and social media.According to the sources, IBK Investment & Securities Co. r
Korea confirms 2nd cholera infection

Social affairsAug 25, 2016

South Korea has confirmed an additional case of cholera, raising the number of people infected with the water-born disease here to two, local health authorities said Thursday.A 73-year-old woman residing in the southern coast of the country is presumed to have contracted the disease from eating seafood, the South Gyeongsang Provincial Government said, adding that she had already been cured. The provincial government said she had no contact with the patient of the first infection case.Earlier thi