Government

S. Korea, US, Japan defense officials discuss response to NK missile threat

Senior defense officials from South Korea, the United States and Japan on Wednesday condemned North Korea’s recent ballistic missile launches and agreed to coordinate on how to deal with its provocations, the defense ministry said. Wee Seung-ho, deputy minister for policy, held a video conference with David F. Helvey, US assistant secretary of defense for Asian and Pacific security affairs, and Satoshi Maeda, director general for defense policy. They strongly condemned the North’s ballistic missile test on Monday as a violation [...]

US, China, Korea should work together against NK threat

With North Korea scaling up its nuclear and missile capabilities, the United States should consider taking higher policy risks to break the security deadlock and tamp down the communist regime’s proliferating threat, according to a former director at the White House’s National Security Council. Victor Cha, speaking at a forum in Seoul on Feb. 17, said the new policy toward North Korea “should entail a higher level of risk acceptance,” as minimizing risk had restricted policy options and allowed Pyongyang [...]

Seoul shares end lower after BOJ's disappointing decision

South Korean shares closed lower Friday as investors remained cautious following the disappointing stimulus measures made by the Bank of Japan. The Korean won rose against the U.S. dollar. After choppy trading, the benchmark Korea Composite Stock Price Index lost 4.91 points, or 0.24 percent, to 2,016.19. Trade volume recorded 361.38 million shares worth 4.96 trillion won ($4.42 billion), with decliners outnumbering advancers 457 to 350 Local shares started higher after the U.S. Federal Reserve on Thursday stood pat on its [...]

Ssangyong Motor returns to profit on Tivoli sales

[THE INVESTOR] Ssangyong Motor , owned by India’s auto giant Mahindra & Mahindra, bounced back into profit in the first half of the year for the first time in nine years, thanks to the popularity of its Tivoli sport utility vehicle. The automaker posted operating profit of 27.4 billion won (US$24.40 million) in the first half of the year, reversing a nine consecutive loss-making years since 2007, the company said in a regulatory filing on July 29. Sales stood at 1.77 [...]

Thales to sell stake in Hanwha joint venture

[THE INVESTOR] Thales, the French defense giant, has decided to sell its 50 percent stake in Hanwha Thales, a defense electronics joint venture that Hanwha Group acquired from Samsung Group as part of a 1.9 trillion won (US$1.7 billion) deal in 2014. Thales had long considered selling off the stake since the Samsung-Hanwha deal was announced. According to industry sources, the company saw little benefits from working with the new partner as it had already enjoyed hefty dividends from the [...]

KPG members work to enhance EMS service

The Kahala Posts Group, an alliance of 10 postal services, kicked off its 14th annual meeting in Seoul on Wednesday. At the meeting, chief executives from Korea, the United States, China, Japan and six other countries discussed ways to improve the quality of EMS, or express mail service, and exchanged ideas to further develop delivery service for electronic commerce, according to the Korea Post. At the gathering, talks on topping KPG’s 96 percent on-time delivery goal, along with expanding the number [...]

Korea initiates Mongolia into forestry

The Korea Forest Service signed a memorandum of understanding last week with Mongolia’s ministry of environment, green development and tourism to jointly combat desertification, according to KFS officials. The agreement, which was made during Asia-Europe Meeting in Ulaanbaatar, reads that both countries will be in cooperation to contribute to afforesting Mongolian regions where the locals suffer from air pollution caused by its rapid urbanization. “We are pleased to promote amity with Mongolia through afforesting the deserts from which sandy dusts to [...]

Extra budget vital for job creation: Park

President Park Geun-hye said Wednesday that the extra budget submitted to parliament will play a crucial role in bolstering job creation, calling on lawmakers to lend their support by promptly approving the stimulus plan. “The government will allocate the extra budget with haste as soon as the plan is passed,” Park said in a statement delivered by Prime Minister Hwang Kyo-ahn at the National Assembly, adding the budget will play a key part in improving the national economy and creating [...]

Korea to carry out feasibility study on port project in Egypt

South Korea will conduct a feasibility study on redeveloping the historic port city of Alexandria in Egypt, the maritime affairs ministry here said Wednesday. The research will be into the technical feasibility of the development of the Egyptian seaport, along with detailed plans to raise funds, according to the Ministry of Oceans and Fisheries. Alexandria, on the Nile Delta, is one of the oldest seaports in world history, linking trade between the Mediterranean Sea and the Red Sea. Currently, the port handles [...]

S. Korean stocks Asia’s 2nd top for foreign investors in H1

[THE INVESTOR] South Korean stocks were the second top pick for foreign investors in Asia, after Taiwanese shares, in the first half of this year, according to the Korea Exchange on July 4. In the January-June period, foreigners bought a net US$6.25 billion worth of Taiwanese stocks, followed by the purchases of Korean stocks and Indian shares worth $3.42 billion and $2.74 billion, respectively. In 2015, foreign investors broke their net buying streak in Asia for the first time in three [...]