WASHINGTON -- The United States should seek a two-stage solution to the North Korean nuclear issue beginning with a freeze on Pyongyang's nuclear and missile programs before seeking their complete dismantlement, a top US foreign policy expert said.Richard Haass, president of the Council on Foreign Relations, also said in a wide-ranging policy suggestion piece in the Foreign Affairs that the primary goal of the US relations with China should be to win cooperation over the North.Richard Haass (AP-

North Korea June 13, 2017

A move to tighten South Korea's lending rules to curb household debt could adversely affect the overall economy, a local think tank said Monday. In a report on the impact of lending rules and household debt, the Korea Economic Research Institute  warned against stricter regulations involving the debt-to-income ratio as changes will force borrowers spend less and further drag down the already fragile economy."In South Korea, home prices are higher than the norm for an economy of this si

Economy June 12, 2017

South Korean companies are increasingly facing protectionist measures in major export markets such as the United States and China, the state trade promotion agency said Monday.A total of 30 countries have taken import restrictive measures against South Korean-made products, largely steel and metal goods, or have engaged in anti-dumping and safeguard investigations against local companies, the Korea International Trade Association said in a statement. (KITA)The number of trade actions rose to 193

Industry June 12, 2017

South Korean stocks ended lower Monday as foreign investors and institutions cashed in recent gains following overnight Wall Street losses, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index  declined 23.82 points, or 1 percent, to close at 2,357.87. Trade volume was moderate at 324 million shares worth 5.7 trillion won ($5.3 billion), with losers far outnumbering gainers 560 to 243.Institutional investors and foreigners offloaded a net

Market June 12, 2017

South Korean firms that operated factories at the now-shuttered joint industrial park in the North on Monday demanded the government compensate the unretrieved tens of billions of won in financial losses stemming from the shutdown.During a debate session held at the National Assembly, Shin Han-yong, chief of the companies' association, said the Seoul government should provide 225 billion won ($199 million) in assistance to cover losses it failed to make up.  This photo, taken on May 15, 2017, fr

Industry June 12, 2017

FIFA President Gianni Infantino said Monday South Korea hosted a successful Under-20 World Cup, congratulating local organizers and thanking people for their support for the men's youth football tournament.South Korea staged the U-20 World Cup from May 20 to last Sunday in six cities and welcomed 24 teams. Infantino landed in South Korea on Saturday to watch the final between England and Venezuela, and to meet with football officials here."It was fantastic," Infantino said of South Korea's first

Soccer June 12, 2017

Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Monday that it has delivered a fixed offshore platform worth $2.7 billion to a multinational oil firm.In December 2012, Daewoo Shipbuilding won a $1.8 billion deal to build the offshore facility from Norwegian Statoil ASA, but the project's value has swollen due to changes in its design and options, according to the company. (Yonhap)The offshore platform is capable of producing 2.5 million barrels of oil per month, which i

Industry June 12, 2017

Top economic policymakers of South Korea and India will hold talks later this week to discuss ways to enhance bilateral economic cooperation, the finance ministry here said Monday.In the fifth Seoul-New Delhi finance ministers' meeting to be held on Wednesday in Seoul, South Korea's Kim Dong-yeon and his Indian counterpart Arun Jaitley will share views on current macroeconomic situations facing both countries and economic policies being pursued to fuel growth. They will also talk about issues li

Economy June 12, 2017

South Korea has acceded to a single privacy framework for the corporate transfer of data across Pacific Rim border nations, known as the Cross-Border Privacy Rules system, government officials said Monday.The CBPR system, endorsed by the Asia-Pacific Economic Cooperation in 2011, is aimed at facilitating e-commerce among the APEC countries and making the safe transfer of privacy data involving e-commerce and free movement of data. Under the system, participating businesses are required to implem

Economy June 12, 2017

North Korea has yet to ask South Korea to approve a plan by a North Korean taekwondo demonstration team to visit the South for an international competition, Seoul's unification ministry said Monday.The North Korea-led International Taekwondo Federation will bring its demonstration team to South Korea for the World Taekwondo Federation World Taekwondo Championships in Muju, some 240 kilometers south of Seoul, to be held from June 24-30.This photo carried by North Korea's state news agency on June

More Sports June 12, 2017

GM Korea Co. on Monday added upgraded versions of the compact Trax sport-utility vehicle to its lineup to boost lackluster sales here.The South Korean unit of General Motors Co. has begun to take preorders of the 1.4-liter gasoline turbo-engine Trax SUV with a six-speed manual gearbox and the 1.6-liter diesel-powered model, GM Korea said in a statement.  (GM Korea)The manual-based model has been added to offer the "fun of driving" to its customers who prefer recreational vehicles, the company sa

Mobility June 12, 2017

South Korean shares retreated late Monday morning from the previous session, tracking an overnight decline on Wall Street. The benchmark Korea Composite Stock Price Index shed 19.98 points, or 0.84 percent, to 2,361.71 as of 11:20 a.m.Most large caps traded lower, with market kingpin Samsung Electronics falling 1.61 percent and global chipmaker SK hynix losing 1.03 percent. Naver, the operator of the country's top Internet portal, slipped 5.31 percent.Financial and steel shares, however, were in

Market June 12, 2017

South Korea will extend a soft loan of $1 billion to a massive infrastructure development plan in the Philippines over the coming six years, industry sources said Monday.The Export-Import Bank of Korea (Korea Eximbank) will provide lower-interest, long-term loans under the state-run economic development cooperation fund  President Rodrigo Duterte is planning to spend $168 billion on big-ticket items such as railways and ports over the next six years as part of his ambitious socioeconomic ag

Economy June 12, 2017

Air Busan, a South Korea budget carrier, said Monday the number of passengers it served has exceeded the 30 million mark nearly nine years after it started operations. Air Busan, launched in October 2008, became the third low-cost carrier to reach the milestone after Jeju Air Co. and Jin Air Co., which reported the achievement in January 2016 and May 2017, respectively.  Air Busan A321 passenger jet approaching an airport. (Yonhap)The number shows that the airline has served an increasing number

Industry June 12, 2017

South Korea's top 30 business groups saw their cash reserves hit an all-time high in March as they remained reluctant to invest or hire amid the country's sluggish economy, data showed Monday.The combined retained earnings of 178 listed companies affiliated with the leading family-controlled conglomerates reached 691.5 trillion won ($615 billion) as of end-March, up nearly 10 trillion won from three months earlier, according to the data from conglomerate tracker Chaebul.com.Over the past five ye

Market June 12, 2017