The South Korean government said Tuesday that it will downsize state-run energy and resource development companies and open the power supply market to the private sector as part of its industry-wide corporate restructuring efforts to increase adaptability to a global low oil price trend.The Ministry of Strategy and Finance and the Ministry of Trade, Industry and Energy unveiled a set of restructuring plans for public firms at a workshop presided over by Deputy Prime Minister Yoo Il-ho in Seoul.

South Korea's total assets continued to grow from a year earlier in 2015 on a large increase in nonfinancial assets, central bank data showed Tuesday.As of the end of 2015, the country's national assets came to 12,359.5 trillion won ($10.54 trillion), up 6.7 percent from a year earlier, according to preliminary data from the Bank of Korea.The 2015 tally is 7.9 times higher than the country's nominal gross domestic product for the same year.The increase, however, came mostly from a rise in nonfin

Political tension and regional rivalry are rising in South Korea as the government is slated to announce the site for a new airport in the southeastern part of the country soon.According to the Ministry of Land, Infrastructure and Transport Tuesday, ADPI, a French company specialized in airport architecture and engineering, is slated to unveil the location of the new airport before June 24, ending a decade-long political and regional conflict. The Ministry of Land, Infrastructure and Transport i

South Korea's major commercial banks are going all out to keep customers from leaving, market observers said Tuesday, apparently as many have already left for non-bank financial institutions in search of higher interest returns on their deposits.Commercial banks generally continue to enjoy the largest share of savings customers as they are often considered the safest and the last to collapse among all financial institutions that offer interest on deposits, including savings banks, insurance firm

South Korean institutions invested more than 8 trillion won ($6.8 billion) in overseas properties last year as they sought stable investment gains away from low growth and rates at home, a global real estate consultancy said Tuesday.In 2015, institutional investors spent a combined 8.27 trillion won on stakes in real estate outside the country, up sharply from 327.6 billion won in 2007, according to CBRE Korea, the Korean operations of Los Angeles real estate services firm CBRE Group Inc. "Insti

President Park Geun-hye on Tuesday expressed her "deep" condolences to the victims of the recent shooting rampage in Florida and their families, noting that acts of terrorism cannot be justified for any reason.In a letter to U.S. President Barack Obama, Park said that "South Korea will be with the U.S." in the process of overcoming the shock and sorrow caused by the deadly incident that killed at least 50 people."We pray for the souls of the victims, and extend my and our citizens' deep condolen

Air Busan, a low budget airline under South Korea's No. 2 flag carrier Asiana Airlines Inc., said Tuesday it will expand its flights to the two Japanese cities of Narita and Sapporo from South Korea's southeast port city of Busan, starting next month.The South Korean airline plans to increase flights linking the northern Japanese city of Sapporo and Busan to five per week starting July 1, up from three a week now. The number of daily flights to Narita near Tokyo from Busan will rise to two from

South Korean defense manufacturers displayed locally made weapons such as the K-9 self-propelled guns at the world's largest defense exhibition underway in Paris, company officials said Tuesday.The biennial Eurosatory defense expo that kicked off on Monday for a five-day run brings together an estimated 1,600 defense-related suppliers from some 70 countries.A total of 21 South Korean defense manufacturers including Hanwha Techwin Corp. and Korea Aerospace Industries Ltd. (KAI) are present at Eur

Overseas orders won by South Korean construction companies fell to the lowest in four years, a trade association said Tuesday, in the latest sign that local builders are reeling from the impact of low oil prices.The combined overseas orders came to $14.1 billion between January and the second week of June according to data compiled by the International Contractors Association of Korea.The figures represent a 40 percent decline from $23.5 billion in the same period last year. Overseas orders won

Prime Minister Hwang Kyo-ahn said Tuesday the government will open a thorough investigation into the rape of a teacher on an island located in South Jeolla Province, adding authorities will show no tolerance for such crimes.The remark came as the police are investigating three suspects on charges of intoxicating and raping a schoolteacher in the small fishing town of Sinan last month, which stirred up public anger.The issue also sparked public awareness of the safety issues facing female teacher

South Korea's home transactions continued to shrink from a year earlier in May, the government said Tuesday, in an apparent sign of a slowdown in the property market.The number of home transactions came to 89,267 last month, down 18.8 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.May marked the sixth consecutive month of on-year drop following a 28.4 percent plunge in the previous month.The May tally, however, marks a 3.4-percent rise from

Prosecutors launched a second round of raids on affiliates of South Korea's retail giant Lotte Group on Tuesday as their probe into the country's fifth-largest conglomerate widens over the group's alleged slush funds.The Seoul Central District Prosecutors' Office said it raided a total of 15 places, including 10 of Lotte's affiliates. Lotte Engineering & Construction Co. and Lotte Chemical Co. were included on the raid list. Prosecutors said they confiscated accounting books as well as documents

South Korea's stock market is expected to tread on thin ice for the next week on escalating concerns over Britain's exit from the European Union, analysts said Tuesday.A yes vote for a British exit from the economic bloc, called Brexit, could prompt foreign investors, especially those from Britain, flee South Korea in droves, resulting in a big drag on the local bourse, they added.Britain will hold a referendum on June 23 to decide if it will remain in or leave the EU. Market sources say recent

The government decided on Tuesday to mandate tobacco companies to place graphic images showing the harmful effects of smoking on the upper part of a cigarette packet starting from December.A revised enforcement ordinance, which requires the pictorial warnings to occupy more than 30 percent of the front and back of cigarette packaging beginning Dec. 23, was passed through the Cabinet meeting, the Ministry of Health and Welfare said.The ordinance stipulates that the graphic warning images should b

A newly elected lawmaker who was in charge of public relations for the minor People's Party ahead of the April 13 polls denied allegations that she personally embezzled funds, but did not elaborate on the whereabouts of the money prosecutors suspect she handled. The remark came amid suspicions that Rep. Kim Su-min of the minor opposition party had received unreported funds from local advertisement companies that could have been used to support the party's election campaign. The Seoul Western Dis

South Korea's chief financial regulator said Tuesday it will oversee whether the restructuring efforts by the country's debt-laden shipbuilders will go as planned in efforts to ratchet up pressure on them to carry out their promised overhaul moves. Financial Services Commission Chairman Yim Jong-yong will chair a bi-weekly meeting, starting from this week, to closely monitor local shipbuilders' self-rescue plans and their implementation, an FSC official said.  (Yonhap)Government officials and th

Sales of vehicles from Hyundai Motor and its smaller affiliate Kia Motors have nearly quadrupled in Mexico in May from a year ago, industry data showed Tuesday.Data compiled by the Mexican Automotive Industry Association showed that the two South Korean carmakers sold a combined 7,727 units in Mexico in May, compared with 2,049 units from the same period last year.Strong sales also raised the combined market share by Hyundai and Kia in Mexico to 6.4 percent, an all-time record high, in May.Last

The South Korean government said Tuesday it has begun a full-fledged campaign to help local cybersecurity startups operate in the United States.The Korea Innovation Center in Washington D.C. has agreed to team up with the MACH37 Cyber Accelerator, a Virginia-based agency specializing in supporting the launch of cybersecurity startups, according to the Ministry of Science, ICT and Future Planning.The KIC is the ministry's startup assistance arm. It has other foreign offices in Silicon Valley and

Park Yoo-chun, a member of the popular K-pop boy band JYJ, is under investigation after a woman in her 20s filed a complaint claiming she was sexually assaulted by Park at a local bar earlier this month, police said Tuesday.The woman, whose identity was withheld, filed the case with the Gangnam Police Station on Friday, claiming the singer raped her at the bar in southern Seoul against her will early in the morning on June 4.(C-Jes Entertainment)She claimed the incident took place in a bathroom

Embattled Hanjin Shipping Co. is striving to win the hearts of the owners of its chartered fleet to cut charter rates, one of the key conditions set by its creditors to avert court receivership, industry sources said Tuesday.According to the sources, Hanjin Shipping, South Korea's No. 1 container shipping line, has been in talks with the owners of chartered ships since April of this year, but reported little progress in their negotiations.Creditors of Hanjin Shipping approved a creditor-led rest