The prosecution plans to summon for questioning a former chief of the nation’s financial watchdog in a widening investigation into corruption at Busan Mutual Savings Bank. Kim Jong-chang, who was until March this year governor of the Financial Supervisory Service, is suspected of exerting his influence to help the lender survive regulatory inspections.  Kim Jong-changThe FSS is the nation’s top fi

Rival parties agree to launch parliamentary investigationProsecutors are widening their probe into irregularities by Busan Mutual Savings Bank after picking up clues that the financially troubled bank had attempted to lobby many politicians and senior officials of the government, possibly including Cheong Wa Dae, to block financial regulators from ordering its closure.The prosecution said that it

A Somali pirate who hijacked a South Korean freighter and shot its captain early this year was sentenced to serve the rest of his life in a Korean prison. The Busan District Court on Friday handed down life imprisonment to Mahomed Arai, 21, the leader of five pirates captured on the hijacked ship, Samho Jewelry, for attempted murder, maritime robbery and six other offenses. Three others -- Abdikha

Critics say revised college exam will worsen education crazeThe government’s plan to include English speaking and writing ability tests in the national college entrance exam has stoked worries that it will add fuel to the nation’s already red-hot craze for English education. The Education Ministry on Thursday unveiled a draft plan to introduce a new English aptitude test that will replace the Engl

President accepted BAI commissioner's resignationA confidant of President Lee Myung-bak is suspected of taking bribes from Busan Mutual Savings Bank in return for influence peddling over the financial regulators’ inspection of the lender, reports said Thursday.The prosecutors, who have been probing irregularities at the bank, have sent a subpoena against Eun Jin-su, a commissioner for the Board of

Floor leader meets education minister; reformist calls for easing Pyongyang stanceConflict among ruling Grand National Party legislators over policy directions intensified Wednesday, as the party’s new leaders pushed forward a plan to reduce college tuition fees despite resistance from the old guard. Rep. Hwang Woo-yea, floor leader and acting chairman of the conservative ruling bloc, met Wednesda

Conflicts over free school meals, college tuition fee cut escalateAn identity crisis is deepening at the Grand National Party, after reformists who emphasize greater welfare for the working class took control of the ruling conservative bloc. On one side, the party’s two new chiefs ― floor leader Rep. Hwang Woo-yea and top policymaker Rep. Lee Ju-young ― are championing a plan to slash college tuit

President lauds World Friends Korea, stresses aid to developing countriesKorean volunteers celebrated the accomplishments they have made abroad in the brand of World Friends Korea on Monday.In a ceremony at Cheong Wa Dae, they also vowed to widen their assistance and aid to developing countries. “Already nearly 4,500 Koreans are volunteering in lots of countries, wearing the logos of World Friends