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U.S. says South China Sea ruling 'final, legally binding'

InternationalJul 13, 2016

The United States said Tuesday that an international tribunal's ruling on the territorial disputes in the South China Sea is "final and legally binding on both China and the Philippines," as tensions between the two superpowers rose higher.The Permanent Court of Arbitration in The Hague delivered the verdict rejecting China's claims to most of the South China Sea.The verdict was a victory for the Philippines and other Southeast Asian nations locked in maritime disputes with China.Beijing immedia
Korea's export prices continue to drop in June

Jul 13, 2016

South Korea's export prices continued to fall from a year earlier in June due to a large drop in global oil prices that affected overall prices of South Korean petroleum products, central bank data showed Wednesday.Export prices, in terms of local currency, slipped 4.9 percent on-year last month, quickening from a 4 percent drop in the previous month, according to preliminary data from the Bank of Korea.From a month earlier, export prices inched up 0.2 percent, slowing from a 2.4 percent on-mont
Distribution industry becoming more dependent on Chinese customers

IndustryJul 13, 2016

South Korea's distribution industry has become heavily dependent on China for its profits, statistics indicated Wednesday, making them vulnerable to even political and social issues that can turn away consumers from the Asian neighbor. For Lotte Duty Free stores in Seoul, Chinese tourists accounted for 78 percent of its total sales for the January-June period this year, setting a new record. For all stores, 70 percent of the sales during the period were owed to Chinese shoppers, up from 59 perce
Seoul stocks open higher on risk-taking sentiment

Jul 13, 2016

South Korean shares were off to a strong start Wednesday, as traders were increasingly in favor of risky assets.The benchmark Korea Composite Stock Price Index jumped 15.35 points, or 0.77 percent, to 2,006.58 in the first 15 minutes of trading.The global market has virtually dispelled Brexit fears, and the U.S. economy is gaining renewed momentum. Japan is preparing for another round of stimulus measures, further whetting investors' appetite.In New York, the Dow Jones industrial average rose 12
Korea's jobless rate drops to 3.6% in June

Jul 13, 2016

South Korea's jobless rate dropped slightly in June from a year earlier, but the unemployment rate for young adults remained high amid a protracted economic slowdown, a government report showed Wednesday.The unemployment rate in Asia's fourth-largest economy stood at 3.6 percent last month, compared with 3.7 percent tallied in May, according to the report compiled by Statistics Korea.Job creation edged up from the previous month. The number of employed people stood at 26.55 million in June, up 3
N. Korea feared to undertake aggressive provocations during Korea-U.S. exercises: U.S. expert

North KoreaJul 13, 2016

North Korea could undertake provocations, including not only weapons tests, such as missile launches, but also covert attacks on South Korea, next month when the South and the U.S. conduct joint military exercises, a U.S. expert said Tuesday.The communist nation is upset by the U.S. imposition of sanctions on leader Kim Jong-un last week for his role in the country's human rights violations, as well as by a decision by Seoul and Washington to deploy a THAAD missile defense battery in the South.P
Hague tribunal rejects China's expansive South China Sea claims

InternationalJul 13, 2016

An international tribunal rejected China's extensive claims in the South China Sea in a landmark ruling Tuesday that also found the country had aggravated the seething regional dispute and violated the Philippines' maritime rights by building up artificial islands that destroyed coral reefs and by disrupting fishing and oil exploration.While the decision is seen as a major legal declaration regarding one of the world's most contested regions, China immediately rejected it as a “farce” and the tr
Bullied teenager survives attempted suicide

Social affairsJul 12, 2016

A 16-year-old jumped from her fifth-floor apartment in Incheon, Gyeonggi Province on Saturday, in a suicide attempt after facing bullying in school. She survived the fall as she got caught in a plastic fence installed on the ground floor of the apartment. (123RF)Incheon Bupyeong Police said the teenager had left suicidal text messages to her mother and teacher before committing the act. The student’s message to her mother read, “I’m suffering too much to keep on living. I’m sorry, mom. I love y
7-year-old abuse victim's food bowl, living quarters revealed

Social affairsJul 12, 2016

Prosecutors on Tuesday revealed photos of the food bowl used by fatally abused 7-year-old, Shin Won-young, and the bathroom where he stayed up until his death.The Pyeongtaek Branch of Suwon Prosecutors’ Office on Monday are seeking imprisonment of lifetime and 30 years in prison, respectively, for Shin’s stepmother, surnamed Kim, and father, whose 2-year-long abuse of the child eventually led to the his death in February. Where the victim lived until his death. (Yonhap)Their trial is ongoing.Bef
Kakao releases hair salon-booking app

TechnologyJul 12, 2016

KaKao Corp., the operator of South Korea's top mobile messenger, rolled out a salon-booking application on Tuesday as part of its expansion into various online and offline services.Kakao Hairshop currently partners with 1,500 hair salons across the country and plans to add 2,500 more shops by the end of the year, Kakao said. Users are required to preregister their credit and debit cards and make reservations and payments simply by typing in their passwords, the company said. "Kakao Hairshop wil
Korean shares edge up on continued foreign buying

Jul 12, 2016

South Korean shares finished marginally higher on Tuesday, as foreigners continued to scoop up stocks amid an eased risk-off mood. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 2.69 points, or 0.14 percent, to 1,991.23.Trading volume came to 427.4 million shares worth 4.4 trillion won ($3.8 billion), with gainers outnumbering losers 413 to 368.Foreigners net-purchased 192 billion won worth of shares, while individuals and institutional i
Korea to expand participation in EBRD projects

Jul 12, 2016

South Korea and the European Bank for Reconstruction and Development agreed on Tuesday to help the country's companies participate in more infrastructure construction projects in eastern Europe, the finance ministry here said.Finance Minister Yoo Il-ho had a meeting with EBRD President Suma Chakrabarti in Seoul to discuss ways to bolster economic cooperation between South Korea and the EBRD, according to the Ministry of Strategy and Finance.Yoo asked Chakrabarti to give South Korean companies mo
Songdo bridges set to be renamed in October

Social affairsJul 12, 2016

The names of all bridges linked to South Korea's Songdo international town in Incheon, west of Seoul, will be renamed around October to improve user accessibility to the business town, the authority overseeing the town said Tuesday. The State Toponym Committee under the Korea Hydrographic and Oceanographic Administration will make a final decision on the new names of the five bridges during its meeting in October, the Incheon Free Economic Zone Authority said. The new names have been drawn up v
THAAD's components to be operated in package: Seoul

DefenseJul 12, 2016

South Korea's defense ministry said Tuesday that main components of an advanced U.S. missile defense system will be operated in a package at a U.S. military base when deployed in South Korea.Seoul and Washington agreed last week to set up a Terminal High Altitude Area Defense system on South Korean soil where about 28,500 American soldiers are stationed. The system consists of five components: mobile launchers, interceptor missiles, radar, a fire control unit and a battery support center.The Min
PM says THAAD deployment does not require parliamentary approval

DefenseJul 12, 2016

Prime Minister Hwang Kyo-ahn on Tuesday reiterated the government's position that the recent decision by Seoul and Washington to deploy an advanced antimissile system here does not require parliamentary approval.Some opposition lawmakers have argued that the allies' decision to station a Terminal High-Altitude Area Defense battery in South Korea requires ratification by the National Assembly, while others have called for a referendum on the issue.Prime Minister Hwang Kyo-ahn attends a parliament