North Korea has been unable to import luxury watches from Switzerland as the European country enforced tough sanctions on the reclusive country for its nuclear and long-range missile program, a U.S.-based media report said Wednesday.According to Radio Free Asia, North Korea's Swiss watch imports fell to zero in May, in sharp contrast to the monthly average of 20 watches from January through April this year. It said such a development will seriously affect leader Kim Jong-un's so-called "gift pol

A North Korean nuclear envoy was tight-lipped on Wednesday when asked about the North's test launch of two intermediate-range ballistic missiles earlier in the day. South Korean defense officials said North Korea test-fired two mid-range ballistic missiles into the East Sea in the North's latest violation of U.N. Security Council resolutions that ban Pyongyang from using ballistic missile technology. The Wednesday tests come as North Korea sent its nuclear envoy, Choe Son-hui, deputy director fo

Ahn Cheol-soo, the co-chairman of South Korea's minor opposition People's Party, said Wednesday the National Assembly should establish a special committee on creating jobs to meet the changing industrial scope and deal with the soaring unemployment among youths."The fourth-industrial revolution is a huge challenge and opportunity for us," Ahn, an entrepreneur-turned-politician, said during his speech at the National Assembly. "The National Assembly should take the lead in kicking off the special

Many South Korean companies lag behind their Chinese rivals in the speed of innovation, a survey by the business community here showed Wednesday.The Korea Chamber of Commerce and Industry conducted the poll of 300 manufacturing firms based in South Korea from May 12-18.Among them, 84.7 percent said the innovation pace of South Korean firms is slower than that of Chinese ones, according to the KCCI.In a hypothetical question, the KCCI put the innovation speed of Chinese companies at 100 kph and a

A total of 700 foreign students from 142 countries will be given opportunities to study in local universities via this year's government-sponsored scholarship program, a state-run organ on international education said Wednesday.The National Institute for International Education, affiliated with the Education Ministry, unveiled the list of students receiving scholarships under the Global Korea Scholarship program aimed at securing an outstanding potential workforce and expanding a global human ne

South Koreans donated less money in 2014 as more people felt the pinch of the prolonged economic slump, while companies donated more to charities, data showed Wednesday. Total donations were tallied at 12 trillion won ($10.3 billion) in 2014, retreating from 12.47 trillion in 2013, the National Tax Service said. It was the first time that the amount has contracted since tax authorities compiled the data in 2006.The amount of donations has steadily increased from 8.14 trillion won in 2006 to 9.61

South Korean business groups saw their overseas sales drop last year as low oil prices and a prolonged economic slowdown have shrunk demands in major markets, industry data showed Wednesday. The combined sales of 1,022 firms under the top 30 business groups generated at home and abroad came at 1,231 trillion won ($1.06 trillion) in 2015, down 6.3 percent from a year ago, according to data compiled by corporate tracker CEO Score. Sales in foreign markets decreased at a faster pace than those in t

Prime Minister Hwang Kyo-ahn said Wednesday the provincial governments in the southeastern part of the country should accept the outcome of the latest feasibility test on building a new airport, adding it is now time for all sides to join forces for the greater good."Although residents of related provinces may have some lingering sense of loss, I would like to ask them to accept the outcome for the greater good of the country as the result was based on a thorough and expert investigation," Hwang

North Korea launched what appeared to be two Musudan intermediate-range ballistic missiles (IRBMs) from its east coast early Wednesday morning, but the first test-firing is assumed to have been unsuccessful, the Joint Chiefs of Staff said.At around 5:58 a.m., North Korea fired off what is presumed to be a Musudan missile from near Wonsan along the east coast, but the launch seems to have ended in failure, the JCS said, providing no further details.  (Yonhap)About two hours later at 8:05 a.m., th

South Korea's presidential office on Wednesday said the decision to scrap plans to build a new airport in the southeastern part of the country does not constitute a break from President Park Geun-hye's campaign pledge, adding greatly expanding existing facilities should be viewed as a fulfillment of the promise.On Tuesday, South Korea said it would not pursue a plan to build a new gateway airport in the southeastern region, choosing instead to push for the expansion of Busan's existing Gimhae In

South Koreans' meat consumption has been rising over the past decade, while their intake of rice has been on the wane, a report showed Wednesday.According to the report by the National Agricultural Cooperative Federation, meat accounted for an average of 15 percent of household spending on food between 2013 and 2015. The figure was up from 12.9 percent recorded over the same three-year period a decade earlier.The monthly average per-capita meat consumption also rose to 4 kilograms in 2014 from 2

South Korean shares opened higher Wednesday on eased worries over Britain's possible withdrawal from the European Union in Thursday's vote. New polls showed the referendum remains too close to call early this week but the sentiment is now swinging toward 'remain' and the expectation is getting support, analysts said.The benchmark Korea Composite Stock Price Index rose 5.93 points, or 0.30 percent, to 1,988.37 in the first 15 minutes of trading.Supporting the broader index, top automaker Hyundai

South Korean households saw their insurance and pension assets reach a new high in 2015, data showed Wednesday, as they increased such assets to better prepare for old age amid low interest rates.According to the data by the Bank of Korea and the Hana Institute of Finance, local households' insurance and pension assets came to 989 trillion won ($857 billion) as of the end of last year, accounting for 31.1 percent of their total financial assets.The percentage was a fresh all-time high. The ratio

The head of South Korea's central bank on Wednesday noted that financial and economic uncertainties remain high at home and abroad, and will likely rise for some time, demanding what he called cautious monetary and financial policies.Citing a recent newspaper report, the Bank of Korea governor said the only thing central banks are certain of are high uncertainties."Uncertainties at home and abroad are continuing to increase, and they may further expand following the outcome of the upcoming vote

North Korea launched what appeared to be a Musudan intermediate-range ballistic missile from its east coast early Wednesday morning, but the launch again ended in failure, the Joint Chiefs of Staff said."The North launched one missile presumed to be Musudan from areas near Wonsan at around 5:58 a.m., but it is assumed to be unsuccessful," the JCS said in a brief release. (Yonhap)The latest launch failure marks the fifth in the North's back-to-back test launches of the mid-range Musudan. On April

U.S. President Barack Obama on Tuesday extended executive orders imposing sanctions on North Korea, saying the communist nation poses an "unusual and extraordinary threat" to the U.S.Obama notified Congress of the continuation of North Korea's designation as a "national emergency," which serves as the basis for a series of executive orders calling for sanctions on Pyongyang for provocations, such as its fourth nuclear test in January.By law, such national emergencies should be extended every yea

The United States urged North Korea on Tuesday to refrain from another missile test after South Korea warned that the communist nation appears to be preparing to test its Musudan intermediate-range ballistic missile after four successive failures."We, of course, would have concerns if the North Koreans were to conduct another missile test. It would be another violation of U.N. resolutions. It would be another provocative action," Pentagon press secretary Peter Cook said at a regular press briefi

Japan is capable of going nuclear "virtually overnight," U.S. Vice President Joe Biden said, as he spoke about a conversation he had with Chinese President Xi Jinping in which he urged Beijing to do more to rein in North Korea.In an interview with PBS aired Monday night, Biden said that China has "the single greatest ability to influence North Korea by cutting off A, B, C, D, a whole range of things, but it also could cause the implosion of North Korea.""When I tell President Xi, you have to und

A prosecutor's house and office were raided Tuesday over allegations he received bribes from the former chief of a local cosmetics brand as part of a snowballing corruption scandal that is rocking the country's legal sector.The Seoul Central District Prosecutors' Office sent officials to the house and office of the prosecutor, identified only by his surname Park, and confiscated computer hard drives and other related documents.Park is suspected of receiving 100 million won ($86,400) from the for

The average ages of both South Korean men and women at the time of their first marriages have reached record highs, a market report said Tuesday, suggesting economic issues as a possible reason.According to the report from local matchmaking firm Duo, the average age of men who met their wives through matchmaking companies and tied the knot for the first time came to 35.8 years between June 2014 and May 2016. (123RF)The two-year average marked an increase of 33.4 years tallied 10 years earlier, a