South Korea is unlikely to achieve economic growth of 3 percent this year, according to analysts and foreign brokerages on Monday, as mounting household debt crimps private consumption. The Bank of Korea has predicted that the economy would grow 2.6 percent this year, compared to a 2.8-percent expansion last year.Japanese investment bank Nomura Securities, in a research note released last Tuesday, raised its forecast for South Korea's economic growth this year to 2.7 percent, from a previous for

Economy June 12, 2017

South Korea's 10 most valuable companies account for nearly 37 percent of the country's stock market capitalization, but the portion has inched down this year, data showed Monday.The combined market value of Samsung Electronics Co. and the nine other largest-cap firms came to 569 trillion won ($506 billion) as of last Monday, up 14.7 percent from the end of last year, according to the data by the Korea Exchange. Over the cited period, the total market capitalization jumped 17.2 percent to 1,534

Market June 12, 2017

Government ministries and other public entities are hoping to boost their annual spending by 6 percent next year to better meet social welfare, education, and research and development outlays, the finance ministry said Monday.According to the Ministry of Strategy and Finance, government offices have submitted preliminary requests for their 2018 budget that totaled 424.5 trillion won ($377.1 billion), compared with 400.5 trillion won earmarked for this year. The request, if finalized, will mark t

Economy June 12, 2017

South Korean stocks opened lower Monday as investors continued to take a breather amid the recent rally on the main bourse.The benchmark Korea Composite Stock Price Index dipped 10.66 points, or 0.45 percent, to 2,371.03 in the first 15 minutes of trading.Large cap stocks were mixed across the board.Market kingpin Samsung Electronics was down 1.48 percent, and SK hynix, a major chipmaker, lost 1.54 percent. Top IT service firm Naver dipped 4.17 percent.Medical and financial shares, however, star

Market June 12, 2017

Princess Astrid of Belgium has been granted honorary citizenship by the city of Seoul, the city government said Monday. Princess Astrid arrived in Seoul on Saturday for a weeklong visit as a special envoy of the current monarch and her brother, King Philippe, with a group of 258 delegates to foster economic ties with South Korea. This file photo shows Princess Astrid of Belgium at Ewha Womans University on June 9, 2017. (Yonhap)She was presented with the certificate of honorary citizenship from

Foreign Affairs June 12, 2017

Hurt by long balls yet again, Ryu Hyun-jin of the Los Angeles Dodgers has barely avoided a loss in a shaky start.Ryu gave up three home runs against the Cincinnati Reds at Dodger Stadium in Los Angeles on Sunday (local time). Ryu was lifted for pinch hitter Franklin Gutierrez in the bottom fourth with the Dodgers trailing 4-2.The Dodgers' offense came alive after Ryu left the game and rallied for a 9-7 victory thanks to a six-run eighth.(Yonhap)The four innings matched Ryu's shortest start of th

Baseball June 12, 2017

WASHINGTON -- North Korea could carry out a missile test every 2.1 weeks if the communist regime continues with such banned launches at the same pace it has done so far this year, a US expert said.Troy Stangarone, senior director for congressional affairs at the Korea Economic Institute of America, came up with the statistical estimate after analyzing the number of North Korean missile launches since 2012 following North Korean leader Kim Jong-un's rise to power.(Yonhap)"Since assuming leadershi

North Korea June 12, 2017

South Korean Chun In-gee has posted her fourth runner-up finish of the 2017 LPGA season, as her search for her first win of the year continues.Chun lost in the first playoff hole to Ariya Jutanugarn at the Manulife LPGA Classic in Cambridge, Ontario, Canada, on Sunday (local time). Lexi Thompson was another player involved in the sudden-death affair, and Jutanugarn beat both with a long birdie putt.(Yonhap)The three players finished the regulation tied at 17-under 271 at the par-72 Whistle Bear

Golf June 12, 2017

South Korean Kim Meen-whee has set a new career high on the PGA Tour with a runner-up finish.Kim tied for second with Charl Schwartzel at the FedEx St. Jude Classic at the par-70 TPC Southwind in Memphis, Tennessee, on Sunday (local time). At nine-under 271, the two finished one stroke back of the champion, Daniel Berger.(Yonhap)Kim, who has been playing on the tour since 2015, previously had a pair of third-place finishes that year. For 2017, he had just one top-10 finish -- a tie for fifth at

Golf June 12, 2017

Building a nuclear warhead and a re-entry vehicle durable enough to withstand the extreme heat during a missile's re-entry into the atmosphere is the last-remaining major question North Korea faces in developing a nuclear-tipped intercontinental ballistic missile, a US expert said.Jeffrey Lewis, a top expert on North Korean missiles, also said in an article in the Foreign Affairs magazine that the North's Hwasong-12 missile, test-fired last month, showed that its warhead experienced heat loads s

North Korea June 12, 2017

President Moon Jae-in is expected to plead for bipartisan support in his first-ever state of the nation address Monday, asking the opposition-led parliament to lend its assistance to his new government and its reform policies, official sources said.The president is set to deliver his address at the National Assembly at 2 p.m., according to officials at the presidential office Cheong Wa Dae.President Moon Jae-in (Yonhap)It will mark the president's first trip to parliament since his inauguration

Politics June 12, 2017

President Moon Jae-in appointed his new finance minister Kim Dong-yeon Friday, now filling two Cabinet seats with his own picks and leaving 17 more to go.Kim's appointment came only hours after a parliamentary committee issued a report on the outcome of its confirmation hearing for Kim.The new finance minister will be double-hatted as a deputy prime minister for economy. New finance minister Kim Dong-yeon (Yonhap)Kim, a former vice finance minister, is only the second new Cabinet member to be ap

Politics June 9, 2017

A North Korean taekwondo demonstration team visiting South Korea for an international competition will have a separate performance in Seoul during its stay, officials said Friday.The North Korea-led International Taekwondo Federation will bring a demonstration team to South Korea for the World Taekwondo Federation World Taekwondo Championships in Muju, some 240 kilometers south of Seoul. The ITF's team is scheduled to perform during the event's opening and closing ceremonies on June 24 and 30 wi

More Sports June 9, 2017

French carmaker Renault S.A. is aiming to sell up to 5,000 units of its small Clio hatchback in South Korea this year after its launch in September, the local head of Renault Samsung Motors Corp. said Friday. Renault Samsung, an 80-percent-owned unit of Renault, originally planned to place the small hatchback in the domestic market in August but the launch date was delayed by a month due to difficulties in securing the vehicles. "The Clio is among the best-selling cars in Europe. At stake is to

Mobility June 9, 2017

President Moon Jae-in on Friday named three new vice ministers, including a former government official sacked by his ousted predecessor Park Geun-hye for his unwillingness to cooperate with Park's longtime friend who is now facing criminal charges for meddling in state affairs.Roh Tae-kang, a former official from the Ministry of Culture, Sports and Tourism, has not only been reinstated but appointed to serve as the second vice minister of the ministry, according to the presidential office Cheong

Politics June 9, 2017