South Korea's tax agency said Tuesday it has launched probes into suspected tax evasion by 30 people who pocketed corporate profits for personal gains or handed down wealth to their children by illegal means. The National Tax Service (NTS) said it has cracked down on corporate chiefs and their family members who allegedly misused corporate profits or made illegal off-shore tax evasions and capital transactions. Of them, nine people made illegal property-related transactions or traded intangibl

A total of 14 African nationals have been apprehended for allegedly defrauding more than a million dollars from South Koreans after building relationships with them online while posing as diplomats, doctors and soldiers, police said Tuesday. The suspects, most of them from Liberia and other African countries, allegedly used such fake identities to befriend 24 victims and swindled a total of 1.67 billion won ($1.4 million) from them in what is known as a "romance scam," according to th

South Korean manufacturers' domestic supply rose at a slower pace in the third quarter from three months earlier mainly because a shortage of auto chips dented vehicle production, data showed Tuesday. The manufacturing domestic supply index stood at 105.3 in the July-September period, up 2 percent from a year earlier, according to the data from Statistics Korea. The reading slowed from the second quarter when it grew at the fastest-ever on-year pace of 9.1 percent. The index, which measures b

KT Corp., a South Korean telecom giant, said Tuesday its third-quarter net income rose 46.9 percent from a year earlier on the back of robust growth of 5G network subscribers as well as its media content businesses. Net income for the July-September period stood at 337.7 billion won ($286.7 million) on a consolidated basis, compared with a net profit of 229.9 billion won the previous year, according to a company statement. Operating income reached 382.4 billion won, up 30 percent over the cite

South Korean shipbuilders regained the No. 1 ranking from their Chinese rivals in global new orders in October, bagging more than half of the global orders, industry data showed Tuesday. Local shipbuilders led by Hyundai Heavy Industries Co. won a combined 1.12 million compensated gross tons (CGTs) in new orders last month, taking up 52 percent of 2.13 million CGT global orders, according to data provided by global market researcher Clarkson Research Service. Chinese shipbuilders, which ranked

Hyundai Heavy Industries Co. said Tuesday that it has signed a 636.3 billion won ($ 539.7 million) deal to build an Aegis destroyer of the South Korean Navy. Under the deal with the Defense Acquisition Program Administration, Hyundai Heavy Industries will deliver the warship, which is the second of three upgraded Aegis destroyers named Gwanggaeto-III Batch II, to the Navy by 2026. Hyundai Heavy Industries is set to deliver the first of the three upgraded destroyers to the Navy by 2024. The fi

Local governments across South Korea recorded steep budget deficits last year due to increased spending to cope with COVID-19, the interior ministry said Tuesday. According to an analysis by the ministry, the consolidated fiscal balance of 243 local governments for the fiscal year of 2020 recorded a deficit of 8.7 trillion won ($7.4 billion). Last year's deficit tally marked a sharp contrast with a budget surplus of 6 trillion won recorded in 2019. The ministry cited the local government's ex

South Korea was set Tuesday to hold a ceremony launching a new frigate named after a warship torpedoed by North Korea in 2010, the Navy and state arms procurement agency said. The ceremony for the 2,800-ton frigate, Cheonan, was scheduled to take place at the shipyard of Hyundai Heavy Industries Co. in Ulsan, some 410 kilometers southeast of Seoul, as the Navy still has potent memories of the North's deadly attack. The 1,200-ton corvette Cheonan sank near the Northern Limit Line, a de facto we

South Korea's top steelmaker Posco said Tuesday it was named the world's most competitive steelmaker in a global industry report for the 12th consecutive year. In an annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics (WSD) gave Posco the top mark of 8.54 points out of 10, according to the South Korean company. The WSD report, which ranks the steelmakers based on 23 categories, gave top scores for Posco in eight segments, including tech

South Korea and Mexico have "closely discussed" the possible resumption of negotiations for a bilateral free trade agreement, an official of Seoul's trade ministry said Tuesday. The two nations began talks on a strategic economic complementary agreement in 2006, but the negotiations have been stalled since 2008 amid opposition from businesses in the Latin American country. "The two sides have been in close consultation on whether to resume talks for the bilateral FTA," Chun

North Korea on Tuesday slammed the European Union (EU) for leading a UN resolution condemning its human rights situation, calling the move an act of hostility based on "false and fabricated" documents. The resolution, drafted by the European countries, was submitted to the United Nations' Third Committee for approval late last month. If passed, it will be put to a vote at the UN General Assembly in mid-December. "We have long rejected this slanderous 'resolution' full of false a

With half year in office remaining, President Moon Jae-in said Tuesday his administration will do everything possible for a complete return to normal life from the COVID-19 pandemic and an economic recovery. South Korea began easing virus curbs this month in its first step of its "living with COVID-19" policy after more than 70 percent of its population were fully vaccinated. Still, health authorities remain on high alert as virus cases could trend back upward again. Moon's single, f

WASHINGTON -- A group of US lawmakers sent a letter to President Joe Biden last week, urging his administration to quickly engage with North Korea and discuss declaring a formal end to the Korean War, an activist group said Monday. The letter was also sent to Secretary of State Antony Blinken, according to the Korean American Public Action Committee (KAPAC). "We wish to highlight the importance of the United States continuing its efforts to facilitate peace between South Korea and North K

Lee Jae-myung, the presidential candidate of the ruling Democratic Party (DP), has canceled his campaign activities set for Tuesday after his wife was admitted to a hospital for injuries sustained in a fall, his party said. The former Gyeonggi governor had been scheduled to hold meetings with firefighters and young people on virtual assets and attend a convention for women, but all those events were called off after his wife, Kim Hye-kyung, was admitted to a hospital in Gyeonggi Province aroun

South Korea's military reported seven additional COVID-19 cases Tuesday, bringing the total caseload among its personnel to 2,088, the defense ministry said. Among the new cases were five Army conscripts, including two stationed in Yeoncheon, 62 kilometers north of Seoul. An Army officer based in Jangseong, 308 kilometers south of Seoul, tested positive before returning to the base from a vacation. A civilian employee of the Army based in Goyang, north of Seoul, also contracted the virus afte