The video software company ESMLab announced Friday that it would be joining overseas markets as a continuation of its participation in the NAB Show 2016, an international broadcasting equipment expo that took place in Las Vegas in April. ESMLab CEO Jung Hong-su shared details of the company’s plans, saying, “We are currently conducting business negotiations with European, Chinese and Japanese companies, as well as American companies. By the latter half of this year, we expect to see the tangible

 Lotte Group affiliates in South Korea paid more than 180 billion won ($154 million) in dividends to their Japan-based sister companies over five years through 2015, a local corporate survey company said Monday.According to a report by Chaebul.com, an online business information provider, Lotte Holdings and other Lotte affiliates in Japan received a total of 183.24 billion won in dividend payouts from 2011 to 2015. Lotte Holdings is the de facto holding company for the retail-to-petrochemical co

The USS Mississippi (SSN-782), a nuclear reactor-powered United States submarine, entered the port of Busan on Monday as part of the vessel’s maiden voyage to the Asian region, the U.S. military said Monday.The 7,800-ton Virginia-class attack submarine is one of the U.S. Navy's newest vessels, having started its mission with the U.S. Pacific Fleet in June 2012. "With a crew of approximately 141 sailors, the Mississippi will conduct a multitude of missions while maintaining proficiency of the lat

Foreign currency deposits at banks in South Korea dropped sharply in May from a month earlier on a large decline in dollar-denominated deposits, central bank data showed Monday.Outstanding foreign currency deposits held by local residents came to $56.85 billion as of end-May, down $5.19 billion from a month earlier, according to the data from the Bank of Korea.The May tally also marks the lowest level in three months.The drop was largely attributed to a cut in U.S. dollar deposits."Dollar deposi

A major South Korean aid organization has begun constructing a research center in Myanmar dedicated to studying "post-harvest" techniques as the country is seeking to improve its relatively low productivity in the farming industry.The ground broke for the Post-Harvest Research Institute on June 6 in a small town located in Myanmar's capital city of Naypyidaw. Construction is expected to be completed within 12-14 months, according to the Korea International Cooperation Agency.The institute will b

South Korean Defense Minister Han Min-koo will visit France this week as part of an ongoing effort by Seoul to increase pressure on North Korea to give up its nuclear weapons program, the defense ministry said Monday.Han will travel to France from Tuesday to Thursday to meet his French counterpart Jean-Yves Le Drian in order to discuss the two countries' joint efforts to pressure the North as well as ways to expand bilateral defense cooperation measures, the ministry said.Both South Korea and Fr

"The Jungle Book," an American film, ascended to the top of the domestic box office on its debut weekend, data showed Monday.Disney's adventure drama amassed 771,793 viewers on June 10-12, according to computerized box office figures from the Korean Film Council.Based on British author Rudyard Kipling's timeless namesake story, the film cost $175 million to produce."Warcraft: The Beginning," adapted from the video game of the same name, came in second place with 555,356 in attendance.The America

South Korea has imposed fines on seven members of a local civic group for their unauthorized contact with North Koreans in China last month, officials said Monday.Without the government's approval, they held a meeting with their North Korean counterparts in Shenyang in late May to discuss how to hold a joint summit event designed to commemorate the historic inter-Korean summit in 2000.Seoul's unification ministry earlier rejected the group's request for approval of their contact, citing the grav

Kia Motors Corp., South Korea's second-largest carmaker, said Monday it plans to roll out a plug-in hybrid version of its K5 midsize sedan next month, the latest in a series of moves by carmakers to jostle for a position in the country's nascent market for eco-friendly vehicles.The vehicle, debuted at the Busan International Motor Show earlier this month, can travel up to 44 kilometers in electric mode. When the battery runs out, the vehicle can be switched to hybrid mode.Kia's larger sister com

Creditors of Daewoo Shipbuilding & Marine Engineering Co. on Monday urged the embattled shipbuilder's workers to refrain from going on strike, saying that a potential walkout would deter the ongoing efforts to salvage the financially shaky firm, industry sources said.According to the sources, some 7,000 unionized workers at Daewoo Shipbuilding are scheduled to vote on whether or not they will launch a strike, claiming that the shipbuilder's restructuring schemes submitted to its creditors only c

The Korea Chamber of Commerce and Industry said Monday its issuance of certificates of origin (C/O) has sharply risen for local export items bound for China.A total of 31,488 certificates of origin were issued by the end of May for tariff cuts under a free trade agreement with China, according to the chamber.A C/O is a key shipping document needed for preferential tariffs under an FTA. South Korea and China’s bilateral FTA went into effect on Dec. 20 last year.The Seoul-based KCCI, which has reg

Prosecutors summoned an executive of the local unit of Volkswagen on Monday over their widening probe into the German carmaker's alleged irregularities that came into light following its emissions scandal.The Seoul Central District Prosecutors' Office summoned the executive in charge of the certification process, identified only by his surname Yoon, for questioning to gain a reference.Prosecutors said his status can change to that of a suspect following the investigation, if necessary.Yoon is th

President Park Geun-hye on Monday urged for parliamentary support to pressure North Korea into renouncing its nuclear ambitions and breaking out of international isolation, stressing that Pyongyang's nuclear program poses a "fundamental" hurdle to enhancing cross-border relations.During her speech marking the launch of the newly elected National Assembly, Park also criticized Pyongyang's recent overtures for dialogue, casting them as a "deceitful" tactic and expressing concerns that they would b

Deposits at non-bank financial institutions, including savings banks, have reached a record high, central bank data showed Monday, as people sought to maximize their interest earnings while the key rate remains at a record low.As of end-April, deposits held at non-bank financial institutions came to some 2,022.15 trillion won ($1.725 trillion), according to the data compiled by the Bank of Korea.The April reading marks a great increase from 1,911.1 trillion won tallied at the end of 2015. It als

The ruling Saenuri Party said Monday that it would hold a national convention on Aug. 9 to elect a new leadership, which will replace the current interim arrangement launched in the wake of the party's crushing defeat in the April parliamentary polls.Currently, the party is led by the so-called emergency planning and innovation committee tasked with reorganizing the party and shoring up public support, which has waned in the wake of the factional rift and high-profile infighting.The committee is

Eight of the world's top 12 smartphone vendors were Chinese brands, while market leader Samsung Electronics Co. and No. 2 Apple Inc. suffered a slight decline in their market shares in the first quarter of the year, industry data showed Monday.The South Korean tech giant sold 81.5 million smartphone units around the globe in the January-March period, according to the data compiled by the industry tracker IC Insights.Its archrival Apple sold 51.6 million units during the cited period, the data sh

Foreign investors turned to net sellers of South Korean stocks last month to lock in recent gains, the country's financial watchdog said Monday. Foreigners sold a net 142 billion won ($120 million) worth of local stocks in May, the Financial Supervisory Service said in a statement. Foreign investors' accumulated holdings of domestic stocks reached 433.96 trillion won, or 29 percent of the total market capitalization, the statement said.But they bought a net 3.05 trillion won in stocks in the fir

South Korea's eight credit card companies are moving to protest a decision by U.S. industry giant Visa Inc. to increase fees local card users pay for their overseas use, industry sources said Monday.Last month, Visa informed the local card firms that it has decided to hike fees on six types of overseas services, including overseas settlements. The decision also calls for a rise in commissions the South Korean firms pay to Visa.The fee increase, however, doesn't apply to credit card holders in Ja

The number of self-employed South Koreans in their 30s has been on a steady rise since late last year as a prolonged economic slump forces more young people to set up one-man operations instead of finding jobs, a report showed Monday.According to the report by the Korea Labor Institute, thirtysomethings with one-man operations increased by 17,000 in March from a year earlier, compared with a rise of 14,000 in February.The number has been on the rise since October last year, hitting as high as 25

President Park Geun-hye will deliver a speech on Monday morning to mark the opening of the newly-elected National Assembly with a focus on securing legislative support for her management of state affairs, aides said.It will mark the fifth time for Park to deliver a speech at parliament.After her speech, the president is set to meet with parliamentary leaders, including National Assembly speaker Chung Sye-kyun and the leaders and floor chiefs of the ruling and opposition parties, her aides said.S