Over 100 lawmakers, and diplomatic and academic dignitaries from Korea and the European Union gathered to discuss how best to raise the effectiveness of their free trade agreement, in Seoul on Thursday. At the first ROK-EU Leaders Forum, topics centered on the FTA were discussed to fully utilize the deal, which has already been in effect for four months. Representing the two sides were Democrat...

The National Tax Service said Thursday that it has collected an additional 278.3 billion won ($246.3 million) from 11 entrepreneurs who have transferred property to their children via overseas tax evasion. It is the first time for the taxation agency to find such illegal cases of property succession using overseas tax havens. Found were cases in which people were engaged in international busine...

Rep. Sohn Hak-kyu, chairman of the main opposition Democratic Party, invited liberal opposition parties and groups on Thursday to form a united party by the end of this year. “Integration is no longer an option but a mission for all those in the liberal camp,” said Sohn in a press conference. “On Oct. 26, we won in the Seoul mayoral by-election but faced defeat in most other constituencies wher...

President Lee Myung-bak and Russian President Dmitry Medvedev reaffirmed their commitment to cooperate on a project to pipe Siberian natural gas to South Korea via North Korea during their summit Wednesday in St. Petersburg. “The two leaders agreed that if carried out successfully, the project to import Russian natural gas will bring economic benefits to all three countries,” Lee’s office said i...

Bill tabled to Assembly panel, but opposition blocks vote The ruling Grand National Party moved to ratify a free trade agreement with the U.S. on its own Wednesday, submitting the bill for a committee-level vote, despite strong resistance from opposition lawmakers. Rep. Nam Kyung-pil, chair of the parliament’s foreign affairs and trade committee and GNP lawmaker, used his authority to put the b...

North Korea has opened a bureau tasked with running a free trade zone near its border with China, a source familiar with the country said Wednesday, indicating the North’s continued efforts to revive its forlorn economy. The move came shortly after North Korea and China agreed to create joint economic complexes on the border islands of Hwanggeumpyeong and Wihwa following a summit between their l...

Seoul Giving Club put grins on the faces of unsuspecting passers-by with a handout of ghoulish Halloween gifts this Saturday. The selfless group dressed in costumes to give away festive gifts and candy to people walking near Seoul’s Cheongyecheon from 4 p.m. The group of hind-hearted friends donated a small amount of cash before buying gifts and handing them out to strangers. They have held si...

An International Youth Football Championship has helped bring European children and Korean orphans closer together through soccer. The tournament organized by the Europe-Korea Foundation was held at Suwon World Cup Stadium in Gyeonggi-do. The tournament was started in 2005 and has seen European, Japanese, Chinese and American kids living in Korea take part in its five editions so far. This yea...