Prosecutors raided the headquarters of the South Korean unit of U.S. carmaker General Motors Co. on Wednesday as part of an investigation into alleged irregularities committed by its labor union.The Incheon District Prosecutors' Office said it confiscated accounting books, documents and computer hard discs from GM Korea Co.'s headquarters located in Incheon, 40 kilometers west of Seoul.They also arrested a 57-year-old company executive in charge of labor management on suspicions of malpractice a

The sales of five automakers in South Korea rose 6.4 percent in May from a year earlier on the back of an extended tax cut on car purchases that drove up domestic sales, and a recovery in overseas demand, industry data showed Wednesday. The combined sales of the five companies -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Co., and Ssangyong Motor Co. -- came to 761,981 units in May, according to the data provided by each company. Domestic sales jumped 20 percent on

Bondholders of Hyundai Merchant Marine Co. on Wednesday approved an additional 170 billion won ($142 million) debt rescheduling proposal by the financially shaky shipper, clearing one of the hurdles for a creditor-led restructuring, company officials said.During a two-day meeting that started on Tuesday, the shipper's bondholders gave the nod to a total 804.2 billion won debt rescheduling scheme under which more than half of the debt will be swapped for the shipper's stocks and the remaining deb

Prosecutors said Wednesday they have confiscated some 950 vehicles of the South Korean unit of the German carmaker Volkswagen, equipped with its new engine model, amid a probe into the company's emissions scandal.The Seoul Central District Prosecutors' Office said three of Audi Volkswagen Korea's models -- Audi A1, A3 and the popular Golf -- have been confiscated from its vehicle inspection center in Pyeongtaek, some 70 kilometers south of Seoul.The legal action came two months after prosecutors

A top North Korean official, career diplomat Ri Su-yong, spent a second day in Beijing on Wednesday in an apparent bid to normalize political ties that remain soured over the North's nuclear weapons ambitions. A vice chairman of the North Korean ruling party's central committee and the party's chief of international relations, Ri arrived in Beijing on Tuesday for a three-day visit. He held talks with Song Tao, minister of the International Department of the Chinese Communist Party, on Tuesday ev

South Korean President Park Geun-hye left for France on Wednesday after wrapping up her swing through three African countries meant to boost business opportunities with the region.This marks the first state visit to France by a South Korean president in 16 years. The trip came as South Korea and France prepare to celebrate the 130th anniversary of establishing diplomatic ties between the two countries.Park is set to meet with her French counterpart, Francois Hollande, on Friday -- the fourth suc

A former middle school principal was sentenced to 18 months in prison and 80 hours of rehabilitation program after he was found to have made inappropriate physical contact with female pupils during his term in office. The 57-year-old has been indicted under charges of summoning a 14-year-old to his office and later stroking her face and kissing her on the lips. The student had returned to school during the vacation period for an extracurricular baking class. 　 (Yonhap)Another victim said he had

South Korean stocks closed little changed Wednesday as investors took to the sidelines waiting for a slew of economic data and events coming this week. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 0.68 point, or 0.03 percent, to close at 1,982.72. Trade volume was moderate at 496 million shares worth 5.31 trillion won ($4.45 billion), with gainers outpacing losers 447 to 363.  (Yonhap)On Tuesday, U.S. stocks dropped as investors remained cautio

A former Korean-American detainee on Wednesday called for continued interest in the North Korean people and their predicament on humanitarian grounds.Kenneth Bae, the longest-serving American prisoner detained by the North for two years, said the time he spent in the world's most closed nation reinforced his belief in the need to not forget the people who live an isolated, controlled life, totally cut off from the outside world. "While I lived there and watched the people closely, I realized we

Officials from South Korea's main opposition party visited a local marine division in northern Seoul on Wednesday, in a gesture to reach out to conservative voters in the country.Kim Chong-in, the interim leader of the Minjoo Party of Korea, visited a Marine Corps division located near the border with North Korea. It marked the first time in four months that the lawmaker has been to a military facility."The visit aims to prove the party's capability not only in economic areas but in security as

South Korean firms need to overhaul their corporate culture to enhance global competitiveness, specialists here said Wednesday."What's important, above all, is to change the way of work and culture," Choi Won-sik, head of McKinsey & Company's Seoul office, said in a forum hosted by the Korea Chamber of Commerce and Industry.It will be hard to ride out the current challenges facing South Korea if it fails to improve the nation's corporate culture by sticking to the past success model of focusing

Environment-friendly and luxury vehicles will steal the spotlight during this year's Busan International Motor Show amid a lingering impact of Volkswagen AG's diesel emissions scandal on the markets, industry people said Wednesday. In the Busan International Motor Show, which opens from June 2-12 at BEXCO Auditorium in Busan, 453 kilometers south of Seoul, 25 domestic and international carmakers are set to exhibit 232 models, including 45 concept, upgraded and fully revamped cars, the biennial s

Business sentiment for South Korea's construction industry fell to the lowest level in 16 months in May due to a weak housing market, a poll showed Wednesday.The construction business survey index came to 78.5 last month, down 7.1 points from the previous month and 16.1 points from a year earlier, according to the survey by the Construction and Economy Research Institute of Korea.This is the lowest mark in 16 months, except for the offseason of January this year.A reading hovering above 100 indi

Busan City said Wednesday that it had proposed a budget of 1 billion won ($837,000) to install 80 additional surveillance cameras, in a bid to deal with a surge in unprovoked violent crime. A week ago on May 25, a man suffering psychological disorder had wielded a wooden club at women he chose apparently at random in Busan’s city center.   (123RF)Once the bill is approved by the Busan City Committee at the end of this month, 80 high-resolution surveillance cameras will be purchased and distribut

South Korea is pushing for the construction of a new oil drilling ship to replace the existing outdated vessel, a state-run geology and resources research center said Wednesday.The Korea Institute of Geoscience and Mineral Resources (KIGAM) said it has obtained government approval to conduct a six-month preliminary feasibility study on the construction of the 5,000-ton vessel, dubbed Tamhae 3, starting this month.If the project passes the feasibility study, construction will likely begin in 2018

Hana Tour Co., South Korea's leading tour agency, opened its third business hotel in Seoul, aiming to create synergy with its travel, duty-free and entertainment businesses. Tmark Grand Hotel is located in Myeongdong, the shopping mecca in downtown Seoul, and close to Namdaemun Market, the nation's largest traditional market. The 20-story building has 576 rooms plus a swimming pool, a fitness center and a VIP lounge. The travel agency first opened two business hotels in central Seoul in 2012 and

The population of Seoul fell under 10 million for the first time in nearly three decades, government data showed Wednesday, apparently due to soaring housing prices in the country's capital.Seoul's population came to 9,995,784 as of the end of May, down 7,195 from a month earlier, according to the data released by the Ministry of the Interior. It has not dropped below the 10-million mark since the capital became a mega city in 1988. The number has been decreasing for 15 consecutive months since

Two men died Tuesday in Buk-gu, Gwangju, after one threw himself out a window to kill himself and landed on top of the other.  Police said a 26-year-old university student, whose identity has been withheld, left a suicide note and jumped from the 12th floor of his apartment complex at around 10 p.m. on Tuesday. In an unfortunate coincidence he fell on top of a 40-year-old man returning home after work.This is a stock image. (123RF)The two were immediately taken to a hospital but neither survived

Sanctions are not a "short-term game" but a longer-term one that needs time and cooperation with other major countries to make them successful, the top U.S. diplomat in Seoul said Wednesday.China is an important part in all of this, and that is why it is necessary to keep engaging with Beijing at "very senior levels," Mark Lippert, U.S. ambassador to South Korea, told a forum in Seoul. "I think the important thing to remember is that sanctions aren't just a short-term game. It is the longer-term

Embattled Hyundai Heavy Industries Co. has mapped out 3.5 trillion won ($2.94 billion) worth of self-rehabilitation measures, including asset sales and a cut in its workforce, in order to stay afloat amid a drop in new orders, industry sources said Wednesday.Under the shipbuilder's self-rescue plans, temporarily approved by the financial authorities and its creditors, led by KEB-Hana Bank, it will sell stocks that it invested in, non-core assets and cut its workforce, which will reduce its debt-