The South Korean economy will unlikely gain recovery momentum in the short-term as faltering exports and flaccid production offset a modest rise in domestic consumption, a state-run think tank said Thursday."Despite continued favorable growth in domestic demand, including retail sales and construction investment, the economy is showing little signs of an overall recovery," the Korea Development Institute said in its monthly evaluation of the country's economic conditions."Moreover, a rapid impro

Police on Thursday said Maestro Chung Myung-whun, embroiled in a rumor scandal over the Seoul Philharmonic Orchestra, has been cleared of suspicions he embezzled orchestra's assets for personal expenses.Last year, two civic groups filed a petition with the Jongno Police Station after local broadcaster MBC reported allegations of the conductor siphoning off some tens of millions of won by exaggerating the cost of plane tickets he purchased. After analyzing the 63-year-old's travel records and rec

North Korean leader Kim Jong-un has stressed the need to strengthen the military's morale and boost combat readiness at a military gathering for exemplary servicemen, the North's media said Thursday.The leader made a speech at the meeting for commanding officers and soldiers from military units, which won the title of the O Jung-hup-led 7th Regiment, held on Tuesday and Wednesday, according to the Korean Central News Agency.The O Jung-hup-led 7th Regiment served as the military unit that defende

Prosecutors on Thursday summoned a ruling party lawmaker for questioning over charges of using illegal political funds by siphoning from wages meant to be given to his aides.Rep. Lee Koon-hyon of the ruling Saenuri Party appeared before the Seoul Southern District Prosecutors' Office over allegations that he spent some 244 million won ($218,000) of illegal political funds between July 2011 and December 2015 while he was a member of the previous National Assembly. The money, which was originally

Despite an unusual heat wave, sales of South Korean ice cream makers fell in July from a year earlier due to a growing market for alternative products, an excessive price war and other factors, industry sources said Thursday.Lotte Confectionery Co., a key food unit of South Korean retail giant Lotte Group, saw its sales of ice cream products slump 7 percent from a year ago to 60 billion won ($54 million) last month.Sales of Binggrae Co. declined 6 percent on-year to 37 billion won in July, with

The Galaxy Note 7, Samsung Electronics Co.'s latest high-end smartphone, is likely to sell better than its predecessors, which may help the world's largest maker of smartphones log decent earnings in the current quarter, industry sources said Thursday.Samsung unveiled the phablet, the successor to the Note 5, in New York on Tuesday in a bid to keep up the momentum of its smartphone sales. The launch of the Galaxy Note 7 came ahead of the latest iPhone launch, expected in the autumn, and days aft

A science festival showcasing the latest technology and the leading edge in science kicked off in Seoul on Thursday.Hosted by the Ministry of Science, ICT and Future Planning, the annual Korea Science Festival 2016, the 20th of its kind, commenced its four-day run in southern Seoul.Visitors will be able to experience the development of science technology over the past 50 years, the organizer said.State-of-the-art technology will also allow visitors to see what it could be like in next 100 years,

South Korea's environment ministry and the Seoul city government signed an agreement Thursday to implement restrictions on old diesel cars that have often been cited for generating fine dust.Under the new regulations, cars that were registered before 2005 and do not have fine dust reduction devices attached will be prohibited from operating in Seoul starting next year if they do not go through a general inspection or have failed to obtain approval.Vehicles that are ordered to take measures to lo

Sales of imported vehicles in South Korea dropped sharply from a year earlier in July due partly to a large cut in sales of Volkswagen and Audi cars mired in the fake emissions scandal, industry data showed Thursday.According to the data compiled by the Korea Automobile Importers and Distributors Association, 15,730 imported cars were sold here last month, down 24 percent from the same month last year.From a month earlier, the July tally also marked a 32.9 percent plunge.Such a sharp decline was

SK Group, South Korea's third-largest conglomerate, saw its overseas sales exceed domestic sales in the first half on the back of the brisk performance of its semiconductor and chemical businesses, company officials said Thursday.  Companies affiliated with SK Group booked combined sales of 54.73 trillion won ($49.09 billion) in the first six months of the year, with overseas sales accounting for 51.8 percent, its regulatory filings showed. Its exports have beaten domestic sales since 2013, acco

South Korea's investment environment is mostly favorable to foreign companies with its speedy administrative process and low corporate tax rates especially appealing to investors, a report showed Thursday.However, sluggish population growth and the relatively low level of policy transparency serve as hurdles to foreign investment in Asia's fourth-largest economy, according to the report by the state-run Korea Trade-Investment Promotion Agency.The report compares the market environments, manageri

The United States will work closely with China and Russia to put additional pressure on North Korea, the White House said Wednesday, after Pyongyang defiantly fired two ballistic missiles and one of them landed in waters off Japan."Our response to North Korea's destabilizing activities is stronger when the international community remains united. So that's why the United States continues to work so closely with our partners at the U.N.,  with our allies like Japan and South Korea, and with countr