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Kenya's president condemns N. Korea’s provocations

North KoreaJun 1, 2016

Kenyan President Uhuru Kenyatta has condemned North Korea’s provocative acts and vowed to faithfully enforce the U.N. sanctions on North Korea as he met with South Korea's President Park Geun-hye.North Korea is under the toughest U.N. sanctions ever over its fourth nuclear test and its long-range rocket launch earlier this year. Kenyatta condemned North Korea’s provocative acts that could heighten tensions in the region and urged North Korea to halt provocations. He also said Kenya will take nec
U.S. STRATCOM confirms failure of N. Korea's IRBM test

North KoreaJun 1, 2016

The U.S. Strategic Command confirmed Tuesday that North Korea's latest test of an intermediate-range ballistic missile failed, saying the attempted launch did not pose a threat to North America.It was the North's fourth test of the Musudan intermediate-range ballistic missile believed to be capable of reaching the U.S. territory of Guam. Officials in South Korea said the missile is believed to have exploded on a mobile launcher as soon as the fire button was pressed."U.S. Strategic Command syste
Anti-LGBT pastor booked for violating election law

Social affairsMay 31, 2016

A 63-year-old female pastor was booked without detention on Tuesday for violation of an election law. Surnamed Choi, the pastor had spread fliers during the election period in April against candidates who had called for equal rights for homosexuals.(Yonhap)Those targeted by Choi for “defending and promoting” homosexuality include candidates who called for including homosexuals in an antidiscrimination law, and those who called for a revision of the military criminal act that would allow homosexu
Attempted rapist gets 3 1/2 years in prison

Social affairsMay 31, 2016

Ulsan District court on Thursday sentenced a man who attempted to rape a woman to 3 1/2 years in prison, along with 80 hours in a rehabilitation program. The woman had been in the same class as the man in university and according to the court, the two had had a fairly close relationship until she began to draw the line. (123RF)The man had asked the woman out and drugged her coffee while the two of them were in his car, said the court. He then drove her to his house and attempted to rape her, ho
POSCO retakes 4th place in global steel production

IndustryMay 31, 2016

POSCO, South Korea's biggest steelmaker, has regained its status as the world's fourth-largest steel-producing firm, data from the World Steel Association showed Tuesday.The Pohang-based company produced 41.9 million tons of crude steel in 2015, ranking as the world's fourth largest steel producer, up one notch in the ranking.It ranked fourth by output in 2011, but it remained fifth for three years till last year.POSCO's production was little changed from the 41.5 million tons recorded in 2014.T
Doosan completes asset sales to raise 3.3 tln won

May 31, 2016

Power and construction equipment conglomerate Doosan Group raised a total of 3.3 trillion won by selling affiliates, business units and assets over the past two years to shore up its shaky balance sheet, industry sources said Tuesday.Earlier in the day, Doosan sold off its defense unit, Doosan DST, to Hanwha Techwin Corp., a defense unit of major South Korean business group Hanwha, for 354 billion won, according to the sources.In March, Hanwha Techwin was picked as the preferred bidder for Doosa
N. Korea to hold congress of youth in Aug.

North KoreaMay 31, 2016

North Korea will hold a youth congress in August, its official news agency said Tuesday, as the country continues to rally support behind leader Kim Jong-un following a recent ruling party gathering that further solidified his one-man rule of the country. A meeting of the central committee of the Kim Il-sung Socialist Youth League held on Monday "decided to convene the 9th Congress of the youth league in Pyongyang in the latter half of August," the North's Korean Central News Agency said.It wil
Park calls for fostering maritime industry into future growth dynamo

IndustryMay 31, 2016

President Park Geun-hye on Tuesday called for fostering a new maritime industry and developing it into a future growth dynamo, underscoring that the maritime sector will present new economic opportunities for Asia's fourth-largest economy.In a video message at a ceremony marking Marine Day, Park also said that the nation, surrounded by the sea on three sides, should capitalize on its geographical features to fuel its growth momentum."(The country) should find a new maritime industry that is link
Korea increases contribution to IDB trust funds for past 10 yrs

May 31, 2016

South Korea has contributed more than $100 million to trust funds operated by the Inter-America Development Bank for the past 10 years to help the region develop further, the finance minister said Tuesday.Asia's fourth-largest economy joined the IDB in 2005 and has made contributions to three trust funds -- the Knowledge Partnership Fund for Technology and Innovation, the Korea Poverty Reduction Fund and the Public Capacity Building Korea Fund for Economic Development. Finance Minister Yoo Il-ho
Pastor gets 3 years for raping churchgoer

Social affairsMay 31, 2016

A pastor was handed down three years in prison by the Incheon District Court on Tuesday for raping a female member of his congregation.He was identified only by his last name, Sim, in the sentencing. 　According to the Incheon District Court, 35-year-old Sim claimed innocence as he and the 23-year-old churchgoer had supposedly had an existing romantic extramarital affair which involved mutually agreed sex. (123RF)On Jan. 4, Sim invited the victim to his house while his wife was away and raped the
Salary gap may remain burden for SK Telecom in M&As

IndustryMay 31, 2016

A steep salary gap may impede South Korea's top mobile carrier SK Telecom Co.'s post-merger integration efforts even if it obtains government approval for its proposed acquisition of CJ Hellovision, industry people said Tuesday.In the January-March quarter, SK Telecom's 4,184 employees received an average of 51 million won ($43,000) per person, almost four times higher than the average salary of 14 million won for CJ Hellovision's 1,109 workers, according to data from the Financial Supervisory S
Biz lobby group urges growth-friendly legislation

May 31, 2016

South Korea's business community appealed to the country's new parliament Tuesday to focus on easing regulations and facilitating a shift in the industrial structure."The term of the 20th National Assembly is when the formula of South Korea's economic growth is changing," Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said as the business lobby group issued a list of suggestions for lawmakers. National Assembly (Yonhap)The new National Assembly began its four-year term
Korean firms at joint industrial park boycott gov't support measures

IndustryMay 31, 2016

South Korean firms suffering months-long financial damage from the shutdown of a joint industrial complex in North Korea expressed discontent with the latest government support measures on Tuesday, saying the partial aid is not enough to compensate for their losses. Seoul shut down the Gaeseong Industrial Complex in the North's border city of the same name on Feb. 10 in response to Pyongyang's January nuclear test and long-range rocket launch in February. Gaeseong Industrial Complex (Yonhap)In
Banks' loan delinquency rate edges up in April

May 31, 2016

The delinquency rate for loans extended by South Korean banks edged up in April from a month earlier as some loans extended to households and businesses turned sour, government data showed Tuesday. The average delinquency rate for bank loans stood at 0.64 percent at the end of April, up 0.01 percentage point from a month earlier, the Financial Supervisory Service said in a statement. Financial Supervisory Service (Yonhap)Year-on-year, the figure fell 0.12 percentage points from 0.76 percent, it
Performance-linked pay system gains fame, along with opposition

IndustryMay 31, 2016

The number of public firms introducing the government-proposed wage system based on workers' performance is growing at a faster rate than hoped for, despite growing labor opposition that might lead to legal battles.As of Tuesday, about 70 state-run firms and public organizations out of the total 120 that are required to introduce the new wage system have done so, well ahead of the June 30 deadline for state-run companies and the Dec. 31 deadline for public organizations set by the government, ac