The chairman of the National Assembly’s committee on foreign affairs stepped down Thursday, two days after the Grand National Party railroaded through the Korea-U.S. Free Trade Agreement.Rep. Nam Kyung-pil had come under attack as the vote ended in chaos, despite his efforts to achieve a bipartisan compromise.“Now that the long-pending FTA has been ratified, I shall step down from the committee chairmanship and focus on my post as the party’s Supreme Council member,” Nam said.“I dreamt of turnin

Members of the police force have taken to the Internet to protest the modification of the presidential decree regarding criminal investigation procedures.With the modified version effectively making internal investigations by police subject to review by the prosecutor’s office, officers across the country have bombarded the homepages of politicians with posts opposing it.On Wednesday, the Prime Minister’s Office announced a modified version of the decree regarding the enforcement of the revised

President does not plan press conference or national address on FTA ratificationPresident Lee Myung-bak is pondering when and how to conduct another personnel and organizational reshuffle at Cheong Wa Dae, seeking to shore up public support and make the last year of his five-year term fruitful.Speculation had abounded that he would carry out the reshuffle early next month in a display of his resolve for reforms after his Grand National Party’s defeat in last month’s Seoul mayoral by-election. Le

Samsung Seoul Hospital developed a smartphone application that “monitors” the blood sugar levels of the user and provides an appropriate diet regime, the hospital said Tuesday. The application has a database of nutrition information about 800 foods favored by many people. With the input of the blood sugar level checked daily, the application will let its users know about the nutritional balance between foods and calories, and recommends appropriate eating to control diabetes. An estimated 4 mill

Increase in trade volume to boost air cargo revenue; removal of high tariffs on textiles to help raise market shareThe airline and shipping industries are among those expected to benefit the most from the free trade agreement between Korea and the United States due to an increase in two-way cargo shipments.The FTA will also be a boon to the Korean textile industry, mostly made up of small and medium-sized businesses, as the U.S. tariff on textiles, which goes up to 32 percent, will be removed. A

South Korea’s central bank said Thursday that its policymakers have approved measures to help boost its capacity to supply liquidity into the country’s financial system and promote financial stability.After holding a policy meeting, the monetary policy committee of the Bank of Korea has decided to supply intra-day funds to brokerage houses and to expand the scope of its open market operations, according to the central bank.The BOK said it will be able to provide temporary funds to securities fir

Limited impact expected on telecom sector, while protection for intellectual property strengthenedThe free trade agreement between Korea and the United States is expected to hit the nation’s small broadcasting and production companies particularly hard.Under the pact, direct investment by foreign nationals into local program providers will be limited to the current level of 49 percent of shares.But if they set up a local branch and invest indirectly, 100 percent ownership will be allowed at netw

Pork imports have more than doubled this year to almost one-third of the market, the largest-ever portion, a government report said Thursday. The nation imported 151.89 million metric tons of pork this year, up 117 percent from the amount imported until last November, the Ministry of Food, Agriculture, Forestry and Fisheries said. Competition in the pork market is set to become fiercer as more pork imports are set to enjoy tax and tariff exemptions with the Korea-U.S. Free Trade Agreement ratifi

Smaller-than-expected fee cuts will affect less than 50 percent ofvendors: FTCThe nation’s major home-shopping channels and supermarket chains have agreed to reduce commission fees for small- and medium-sized vendors by three to seven percent, antitrust authorities said Thursday. The Fair Trade Commission, however, pointed out that the smaller-than-expected fee cuts would affect fewer than half the vendors, denouncing companies for their lack of willingness to share growth with smaller firms.Acc