South Korea will have to embrace an increase in its share of the cost of American troops stationed in the country if the incoming US administration makes such a demand, Seoul's arms procurement chief said Monday.Chang Myoung-jin, head of the Defense Acquisition Program Administration, made the remark during a discussion at the Center for Strategic and International Studies in Washington amid keen attention as to whether President-elect Donald Trump would put into action his campaign pledge to ha

A former vice culture and sports minister was formally arrested by prosecutors on Monday for allegedly coercing South Korea's largest conglomerate Samsung to donate over a billion won to a corporation controlled by a niece of President Park Geun-hye's close friend. The Seoul Central District Court issued a warrant to arrest Kim Chong, 55, on charges of abuse of authority and leaking official secrets, acknowledging the reason and necessity for the detention.According to prosecutors, Kim is suspec

South Korea and Japan plan to sign a military intelligence-sharing pact this week to better counter mounting threats from North Korea, the defense ministry said Monday.  The two countries signed a provisional General Security of Military Information Agreement (GSOMIA) last week, less than a month after they resumed discussions on Oct. 27.  "We are planning to formally sign the GSOMIA on Wednesday upon approval by President Park Geun-hye after it is passed by the Cabinet on Tuesday," a ministry o

A project to surround the Songdo International City in Incheon, west of Seoul, with artificial canals and a lake is expected to kick off in the latter half of next year, a ruling party lawmaker said Monday. "The Incheon city government and Incheon Free Economic Zone Authority have agreed to start the 'Songdo Waterfront Project' in October next year," Rep. Min Kyung-wook of the Saenuri Party said at a news conference held after a meeting between the Incheon mayor, and ruling and opposition party

Companies listed on South Korea's main KOSPI market have seen their financial soundness improve on decreased debts, data showed Monday.Their average debt ratio stood at 111.12 percent at the end of September, down 6.05 percentage points from late last year, according to the Korea Exchange and the Korea Listed Companies Association.They compiled data from 622 listed firms, with those of 104 others unavailable yet.The debt ratio is a key measure of a company's financial health, meaning the proport

China's share of the world's television market rose to a record high in the third quarter of this year, narrowing its market share gap over South Korea, according to industry data on Monday. Chinese brands took a combined 31.9 percent of the global TV market for the quarter, up from 28.9 percent a quarter earlier, the data by industry tracker IHS Technology showed. In comparison, South Korean firms took a combined 32.2 percent of the global market for the quarter, down from 35.4 percent a quarte

An ambitious culture project by CJ Group has been shaken from its roots from the unfolding political scandal, investment negotiations and decisions being suspended despite the conglomerate's hard push, company officials and sources said Monday.The entertainment business giant is building K-Culture Valley in Goyang, just north of Seoul, that would host shopping malls, hotels, theme parks and concert halls at a space of 300,000 square meters. The project costs 1.4 trillion won ($1.19 billion) and

Some 12,000 families have moved into newly built houses in North Korea's flood-damaged North Hamgyong Province, a state-run North Korean news outlet reported Monday, while touting its leader Kim Jong-un's "warm care for the people.""Dwelling houses of at least 11,900 families in the northern part of Korea which suffered a severe disaster have been rebuilt in a matter of two months," the (North) Korean Central New Agency said.Typhoon Lionrock smashed the province in early September, which North K

President Park Geun-hye will not attend a Cabinet meeting this week, a source at the presidential office Cheong Wa Dae said Monday, indicating she opted to stay low-key after prosecutors listed her as a suspect in a high-profile corruption case involving her confidante.Since last week, Park had been considering presiding over the weekly meeting of Cabinet ministers. But she decided not to, as the prosecution on Sunday booked her as an "accomplice" in the criminal case surrounding her friend Choi

South Korean swimming icon Park Tae-hwan said Monday that he only thought about competing at the Rio de Janeiro Summer Games when a high-ranking government official approached and allegedly tried to blackmail him to give up on the Olympics. Park's camp recently claimed that Kim Chong, former vice sports minister, tried to force him into not participating in the Rio Games following his doping suspension."Back then, I was scared because he (Kim Chong) was in a high-ranking position," Park told rep

South Korea and the United States plan to share information on their defense industry companies in a move to facilitate the trade of weapons, the state defense procurement agency said Monday. Chang Myoung-jin, head of the Defense Acquisition Program Administration, and Deputy Secretary of Commerce Bruce H.Andrews will sign a memorandum of cooperation for information sharing on each other's weapons manufacturers in Washington, an official statement said. The bilateral pact will be reached Monday