ATHENS (AFP) - Prime Minister Alexis Tsipras had warned foreign officials that Athens would not be able to pay the 750 million euros ($845 million) due this month to the International Monetary Fund, Greek newspapers said Sunday.The reports came less than a week after Athens admitted that it tapped into an emergency account to pay back the loan, in order to avoid crashing out of the eurozone.On May 8, Tsipras wrote to European Commission, IMF and European Central Bank officials to warn them that

U.S. Secretary of State John Kerry is in South Korea where he will be discussing security issues amid fresh fears of North Korean belligerence.Kerry arrived in Seoul on Sunday from Beijing and will see top South Korean officials on Monday, less than a week after South Korea's spy agency said North Korean leader Kim Jong-un ordered his defense chief executed with an anti-aircraft gun for complaining about the young ruler. The allegation, if true, adds to concerns about the erratic nature of Kim's

Big brewers’ brands such as Miller, Michelob, Bud Ice and Corona gained great popularity among South Korean “X-generation” twenty-somethings in the early and mid-1990s.The import beers in a 330 (or 355)-milliliter bottle -- served at bars and Korea’s typical, alcohol sales-permitted cafes -- even attracted a large portion of female college students. The products were actively penetrating a niche in the domestic brewery-dominated market through cafes or convenience stores.But the import beer boom

The International Monetary Fund and several foreign investment banks including Citigroup have expressed skepticism over South Korea’s economic outlook, citing growing uncertainties that might pull down the nation’s growth in the coming months.In contrast, data from the Organization for Economic Cooperation and Development was more positive.The split projections from the two major global organizations ― the IMF and OECD ― are drawing closer attention to local policymakers’ decisions in the coming

South Korean policymakers have painted a rosy picture on the economy for the fifth consecutive month, but a number of think tanks have raised concerns about weakness in core growth engines.In its latest monthly report published on Tuesday, the Finance Ministry said the positive signals for an economic recovery are expanding despite external uncertainties, such as the Korean won’s record strength against the Japanese yen and the protracted slowdown in the global economy.It also stressed that “the

Major economies in the Asia-Pacific region are engaging in close competition to lower their currency values, which could aggravate the slowdown of Korea’s exports and put more pressure on local policymakers to consider an additional rate cut, according to analysts.Many investment banks at home and abroad predict Korea will keep its rate untouched at the current level of 1.75 percent per annum during the Bank of Korea’s Monetary Policy Committee meeting, slated for Friday.Analysts say could be ri

A chief regulatory official on Friday hinted at a drastic easing of regulations on financial firms’ advancements overseas in an effort to help businesses overcome low profitability in the saturated domestic market.During his meeting with executives from major financial firms in Seoul, Financial Services Commission chairman Yim Jong-yong said that the authority “would review all regulations (on their overseas business) from square one to help them tap into foreign countries.”Yim said it was diffi