A Chinese portal website has opened an online platform that publishes South Korean news to help expand exchange between the two countries, its local affiliate said Thursday.Renghuangwang (http://www.ifeng.com) has opened the news site (http://kr.ifeng.com), becoming the first Chinese portal to do so with the purpose of boosting exchange, Renghwangwang Korea Media said, adding the service is also available as a smartphone app. Screenshot of http://kr.ifeng.comThe portal owned by Phoenix New Media

In a surprise move, South Korea's central bank slashed its policy rate by 25 basis points Thursday, apparently anticipating a further delay in what many believe an imminent U.S. rate hike.The Bank of Korea slashed the key rate to a new record low of 1.25 percent for June, marking the first rate cut in 12 months.The BOK had stood pat on the key rate after sending it to the previous record low in four rate cuts between August 2014 and June 2015.The decision came as a surprise to many as the South

South Korea's No. 1 tech firm Samsung Electronics Co. is forecast to see the combined sales of the Galaxy S7 and the Galaxy S7 Edge reach 15 million in the second quarter of this year, industry sources said Thursday.The sources estimate that Samsung's combined shipments of the Galaxy S7 and S7 Edge will hover at 15 million units in the April-June period. The two models went on sales on March 11. Samsung Galaxy S7 (Yonhap)Noticeably, the sales of the Galaxy S7 Edge, which is more expensive, will

The South Korean economy faces headwinds both at home and abroad due mainly to rapid aging and faltering exports, with its growth potential slowing down at the same time, the International Monetary Fund said Wednesday."With income levels still short of the OECD frontier, (South Korea's) potential growth has slowed," the IMF mission, which had an annual consultation with the South Korean government, said a press release."At the same time, Korea is facing major structural headwinds including: rapi

South Korean shares closed at their highest level of this year on Wednesday on the back of foreign buying, helped by market kingpin Samsung Electronics' rally on its robust outlook. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 15.45 points, or 0.77 percent, to 2,027.08, the highest closing level this year. Trade volume was moderate at 490 million shares worth 5.7 trillion won ($4.92 billion), with gainers outnumbering losers 411 to 395.Fo

South Korea's major shipbuilders are expected to tread water over the next three years as orders are drying up amid the prolonged industry slump stemming from the oil price plunge, company and government officials said Wednesday. The nation's big three players -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering -- have come under growing pressure to overhaul its money-losing businesses as the slump in oil prices has led to delays or cancella

Shares of Samsung Electronics Co. rose for the sixth consecutive session Wednesday as local analysts unleashed optimism on the top-cap company's earnings for the second quarter.Samsung closed up 0.57 percent at 1,406,000 won ($1,216.40) on South Korea's main bourse on the back of strong foreign buying, ending above the 1,400,000 won level for the first time in 13 months. At one point in morning trade, Samsung's stock price hit a fresh 52-week high of 1,419,000 won.The company's market value came

Despite tougher mortgage loans, lending by South Korean banks to households in May rose at the fastest clip this year on increased collective loans, central bank data showed Wednesday.Outstanding household loans extended by local lenders came to 660.9 trillion won ($573 billion) as of end-May, up 6.7 trillion won from a month earlier, according to the data from the Bank of Korea.It marked the sharpest on-month increase this year as well as an acceleration from the 5.3-trillion-won gain in the pr

A woman in her 30s was arrested for punching a senior citizen in his 70s, police in Suwon, Gyeonggi Province said Wednesday.Police said the woman, surnamed Kim, hit and kicked the man for “staring at her in a way that made her feel uncomfortable.” (YTN capture)She is also accused of assaulting four other citizens who attempted to pull them apart. The police investigation revealed that Kim had been booked a month earlier for similar allegations of hitting a woman on the streets for “scowling.” Ki