The government said Wednesday that it plans to spend 4.22 trillion won ($3.48 billion) to upgrade seaport facilities and strengthen logistics functions on the country's southern resort island of Jeju and the eastern port city of Donghae.According to the Ministry of Ocean and Fisheries, a total of 2.45 trillion won will be poured into building more cruise berths and sea walls at the port of Jeju by 2030, to attract more cruise passengers, with 1.77 trillion won to be spent for the port of Donghae

The outbreak of bird flu and the subsequent massive culling of poultry in South Korea have sent local egg prices skyrocketing 20 percent this month, industry data said Thursday.In contrast, however, demand for chicken nosedived apparently due to growing safety concern among consumers, pushing down poultry prices, they said.The price of a carton of 30 eggs has spiked by some 20 percent this month compared with the previous month to over 7,200 won ($5.96) at Homeplus, one of the major retailers in

BMW Korea, the local importer and distributor of BMW cars, will recall a total of 2,100 cars sold here for various problems, including a defective oil filter casing that could allow coolant to mix with engine oil, damaging the engine, the transportation ministry said Thursday.The recall affects 1,135 units of four BMW models, including the 528i, produced between Sept. 1, 2011, and Jan. 31, 2012, according to the Ministry of Land, Infrastructure and Transport.In 965 cars of eight different BMW mo

South Korean retail investors have net-sold more than 8 trillion won ($6.6 billion) worth of stocks this year amid a stagnant market, retaining their net-selling position for the eighth consecutive year, data showed Thursday.Individual investors sold a net 8.76 trillion won worth of shares between Jan. 4 and Dec. 28, the largest net selling among market players, according to the data by the Korea Exchange.Institutions sold a net 4.91 trillion won during the cited period, while foreign investors

South Korea's electricity consumption has shot up to the highest in three months as temperatures dropped to the lowest so far this winter, the operator of the country's power market said Thursday.According to the state-run Korea Power Exchange (KPX), peak power demand reached around 79.2 million kilowatts (kW) on Wednesday, the highest since Aug. 25, mainly due to increased power consumption amid a drop in temperature.The country's reserve electricity stood at 11.3 million kW, with the electrici

South Korea's industrial output rebounded in November snapping the second consecutive month of decline on the back of a gain in semiconductors and cars, government data showed Thursday.Production in the mining, manufacturing, gas and electricity industries rose 4.8 percent last month from a year ago, according to the data by Statistics Korea.The November figure marked the first on-year gain in three months, following a 1.9 percent drop in September and 1.3 percent fall in October.It also reached

South Korea on Thursday cut its economic growth forecast by 0.4 percentage point to 2.6 percent for next year, as a slight recovery in exports will be offset by a slowdown in domestic demand.It also revised down its earlier estimate for 2016 to 2.6 percent from 2.8 percent as stronger-than-expected downside risks such as partial strikes at major carmakers weighed heavily on Asia's fourth-largest economy in the fourth quarter. South Korea's Finance Minister Yoo Il-ho speaks at a press briefing in

The US State Department on Wednesday withheld direct comment on a Japanese cabinet minister's visit to a war shrine honoring war criminals shortly after Prime Minister Shinzo Abe's visit to Pearl Harbor, only saying historical issues should be resolved through dialogue.Japanese Reconstruction Minister Masahiro Imamura paid the visit Wednesday to the Yasukuni Shrine that honors Japan's war dead, including Class A criminals. It came after Abe visited Pearl Harbor and paid his respects to American

Incoming US President Donald Trump is unlikely to invite North Korean leader Kim Jong-un to the US for direct talks, even though he had expressed a willingness to speak to the dictator over "hamburgers," a US expert said.Jeffrey Lewis, director of the East Asia Nonproliferation Program at the James Martin Center for Nonproliferation Studies, made the remark in an article carried by 38 North, pointing out that Trump's remarks on the North have been inconsistent.Trump first expressed his willingne

South Korea could let American troops leave the country if one of the liberal candidates is elected president next year and incoming US President Donald Trump demands Seoul pay more for the troops, a US expert said Wednesday.Max Boot, a senior fellow at the Council on Foreign Relations, issued the warning in an article in Foreign Policy magazine, saying that troop withdrawal from South Korea could significantly weaken America's standing in the Asia-Pacific region.The expert also noted that Trump

South Korea's foreign ministry referred a diplomat to the prosecution on Wednesday over sexually abusing a teenage girl in Chile, officials said. The councilor, previously posted at the South Korean Embassy in Chile, is accused of committing a sexual offense against a 14-year-old girl in September while teaching her Korean. Tipped off by the girl, a Chilean television channel filmed and broadcast the diplomat sexually harassing another woman earlier in the month who was acting as a teenage girl

Dozens of members from a civic group without authorization attempted to install a statue of a girl symbolizing the victims of Japan's wartime sexual slavery in South Korea's largest port city of Busan, but the attempt was foiled due to opposition from officials and police.The group tried to set up the statue on the sidewalk in front of the back door of the Japanese Consulate shortly after a weekly rally around 12:30 p.m. calling for the Japanese government to offer an apology and compensation fo

South Korean special investigators raided the offices of "shadowy doctors" for President Park Geun-hye Wednesday over allegations they provided undue medical treatment to her. The independent counsel team looking into the corruption scandal that has led to her impeachment said its investigators visited some 10 places, including plastic surgeon Kim Young-jae's clinic and home in Seoul.He is suspected of treating Park with the help of her friend Choi Soon-sil without going through due security pro

The speed of WiFi-connected Internet services have become faster this year thanks to improved equipment, especially in subway stations, government data showed Wednesday.The average downloading speed using WiFi networks across the nation stands at 144.73 megabits per second this year, up 57.5 percent from 91.87 Mbps in 2015, according to the Ministry of Science, ICT and Future Planning, and the National Information Society Agency.The pace of uploading data has increased 65.9 percent to 141.47 Mbp

Acting President and Prime Minister Hwang Kyo-ahn on Wednesday hosted a meeting on lifting excessive regulations in local industries as part of a broader effort to stimulate economic growth.The meeting is held annually, but it marks the first time Hwang has chaired the event after President Park Geun-hye was impeached by parliament earlier in the month over allegations that she allowed her close friend to wield influence on state affairs and engage in unlawful profit taking.Officials from the Of

Kim Do-jin, new CEO of the Industrial Bank of Korea, said Wednesday he will focus efforts on diversifying the income source of the state-owned policy lender.Taking up his new post, Kim stressed the need for expanding noninterest revenue and capitalizing on the rapid growth of mobile banking and fintech businesses. Kim Do-jin, new CEO of the Industrial Bank of Korea, delivers a speech during his inauguration ceremony in Seoul on Dec. 28, 2016. (Yonhap)"The current financial (business) conditions

Excess funds held by South Korean households plummeted in the third quarter of this year on increased purchases of new houses, official data showed Wednesday.Surplus funds held by households here, including nonprofit organizations, totaled 1.9 trillion won ($1.5 billion) during the July-September period, a sharp fall from 14.1 trillion in the previous quarter, according to preliminary data from the Bank of Korea. An image of home purchases in a photo provided by Yonhap News TV. (Yonhap)It cited

South Korea's antitrust watchdog on Wednesday slapped US mobile phone chipmaker Qualcomm Inc. with a record fine of 1.03 trillion won ($853.1 million) for abusing its dominant position in the mobile communications market.The Fair Trade Commission said the San Diego-based company and its two affiliates breached the country's competition act by refusing to offer licenses to chipset manufacturers and demanding high fees for patents used by smartphone makers. Qualcomm officials enter a courtroom of

South Korea's market interest rates continued to ascend in November amid expectations of the incoming US administration's stimulus policy, coupled with indications of a firm economic recovery, central bank data showed Wednesday.The local banks' average interest rate for new savings deposits was 1.51 percent that month, up 0.1 percentage point from October, according to the Bank of Korea (BOK). The rate on fresh loans rose 0.07 percentage point on-month to 3.36 percent. An ad for mortgage loans b

South Korea's top 10 largest companies lag behind their global rivals in their spending for research and development projects, data showed Wednesday.In terms of a ratio of research and development spending to revenue, the average spending by the nation's top 10 firms is about 76 percent that of their global rivals, according to the data by market tracker CEO Score. An ad for mortgage loans by a South Korean bank is pictured in this undated file photo. (Yonhap)Of the 10 firms, Samsung Electronics