South Korea's Unification Minister Hong Yong-pyo and North Korea's Minister of Foreign Trade RiRyong-nam have been invited to an economic forum in Russia slated for next month, a Seoul government official said Monday."Russia invited Minister Hong and the North's minister in charge of economics to the Eastern Economic Forum that opens in Vladivostok earlier next month," the official said. "I am aware that our side has intentions to participate if the North does."The first Eastern Economic Forum w

A Chinese teenager has been detained for allegedly obtaining thousands of dollars in donations after falsely claiming her father was killed in devastating explosions in Tianjin, police said on Sunday.The woman surnamed Yang had initially claimed on microblogging platform Sina Weibo that her father was missing as a result of the blasts, which triggered a massive fireball in the northern port city, leaving 112 people dead and hundreds more hospitalized.The 19-year-old -- who was detained by police

South African prosecutors on Monday filed an appeal calling for Paralympian Oscar Pistorius to be convicted of murder for killing his girlfriend Reeva Steenkamp.Pistorius was jailed last year after being convicted on the lesser charge of manslaughter over the 2013 killing, and is due to be released from prison on Friday."What I can assure you is that today the papers were filed in the Supreme Court of Appeal," said National Prosecuting Authority spokesman Luvuyo Mfaku.Pistorius' defence team has

The Organization for the Prohibition of Chemical Weapons on Monday voiced "serious concern" over reports that the Islamic State group has used chemical weapons in Iraq.   "Recent reports of possible use of chemical weapons in Iraq by non-State actors are a matter of serious concern," the Hague-based OPCW said in a statement.   German officials said last week that Kurdish fighters had been attacked on Tuesday with chemical weapons, possibly chlorine or mustard gas, in northern Iraq, leaving many

Japan's recovery stalled in the April-June quarter, with the world's third-largest economy contracting at a 1.6 percent annual pace thanks to feeble consumer and corporate demand and slowing exports.   The dismal data reported Monday was expected, based on earlier reported figures, but it raises the likelihood the central bank may opt for fresh stimulus measures in coming months.   It also comes at an awkward time for Prime Minister Shinzo Abe, who has championed a strategy of heavy monetary sti

Egyptian President Abdel-Fattah el-Sissi has signed into law a new anti-terrorism bill, state media reported on Monday, a text that has prompted criticism from rights groups and even some senior judges.   The 54-article law, published on state news agency MENA, provides an extremely broad definition of terrorism, describing it in one article as any act that disturbs public order with force.   It also prescribes stiff jail sentences for a range of crimes, including promoting or encouraging any “t

South Korea will take all the necessary steps to ease market anxieties that may arise from external risks like the devaluation of the Chinese yuan, Seoul's top economic policymaker said Monday.In a meeting with senior ministry officials, Finance Minister Choi Kyung-hwan said the yuan's depreciation, China's unstable stock market and a possible U.S. rate hike are all contributing to greater downside risks."Under such circumstances, it is imperative that Seoul manages all the risks," the finance m

(KT&G)KT&G rolled out the latest limited edition of Bohem Cigar Slim Fit on Tuesday, flashing fashion-inspired packages designed by Korean jeans maker PLAC. 　Bohem Cigar Slim Fit limited edition comes in four designs, each decorated with patterns of PLAC jeans that iconize modernity and simplification. 　PLAC jeans is a contemporary casual outfit maker that has gained popularity among young trendsetters with its slim fit jeans. 　In early March, KT&G unveiled the regular edition of Bohem Cigar Sli

The U.S. dollar reached its strongest positon against the Korean won in three years and 10 months Wednesday, affected by the weakening Chinese yuan.　The greenback rose by 11.7 won to close at 1,190.8 won, which marked its highest since the exchange rate peaked at 1,194 won on Oct. 4, 2011.　The People’s Bank of China lowered the daily reference rate of the yuan to a three-year low of 6.3306 against $1 on Wednesday, down 1.6 percent from 6.2298 on Tuesday. The Chinese bank had devalued the yuan ag

The benchmark KOSPI on Monday managed to defend the psychological threshold of 2,000 against strong net-selling by foreign and institutional investors.　The KOSPI closed at 2,003.17, down 7.06 points or 0.35 percent from a trading session earlier. The index touched 1,993.96 during the session.  (123RF)　Having opened at 2,008.44, the index fluctuated around the 2,000 mark throughout the day, once crashing below the threshold for the first time since July 9. After approximately 1 p.m., the KOSPI re

The share values of Lotte Group affiliates continued to slide last week as the founding family’s feud over the succession process within the retail giant has tarnished their image.  　The slide began on July 28, when the power game between Shin Dong-joo and Shin Dong-bin, the elder and younger sons of Lotte Group founder Shin Kyuk-ho, became public. 　The shares of seven listed Lotte affiliates have fallen an average 2.81 percent in the nine trading days from July 28 through Aug. 7. The fall was t

Short selling in the Korean stock markets hit an all-time high in July, as a lackluster economy fueled investors’ pessimism. 　According to main bourse operator Korea Exchange, the average daily short selling in July totaled 431.8 billion won ($370.9 million) in the benchmark KOSPI and tech-laden KOSDAQ, having doubled year-on-year from 206.7 billion won. This is the highest recorded since KRX started booking the data in January 2008.                   (123RF)　By bourse, the daily shorts in KOSPI

South Koreans aged between 15 and 29 grabbed a disgraceful third place in the ratio of “neither employed nor in education or training” among the corresponding age groups of 33 members of the Organization for Economic Cooperation and Development.　The proportion of the so-called NEET generally points to people who have been unemployed for so long that they have become economically “inactive” and are no longer seeking jobs.  (123RF)　Those in education include those attending part-time or full-time

　Nonghyup Financial Group is seeking to expand its business in Indonesia and Myanmar amid the lackluster domestic economy, its chairman Kim Yong-hwan said Monday.　The former chief of state-run Export-Import Bank of Korea told local reporters that he is “considering M&A and buying bank stocks in Indonesia and Myanmar” as steps to stretch global operations.  Nonghyup Financial Group chairman Kim Yong-hwan. (Yonhap)　Having served key posts in the Finance Ministry, Financial Supervisory Service and

Dunhill Fine Cut Master. (BAT Korea)British American Tobacco Korea announced the world premiere of “Dunhill Fine Cut Master” in Korea on Monday, introducing the premium version of BAT’s superslim flagship “Dunhill Fine Cut.” 　The premium Dunhill contains over 40 percent “Z grade leaves,” which refers to the tobacco maker’s highest quality tobacco leaves. Z grade leaves are harvested and handpicked from five countries -- Brazil, Greece, Turkey, the United States and Zimbabwe -- where the growing

President Park Geun-hye shared on her Facebook page Thursday what she's been doing on her summer vacation as well as a fan letter from a Chinese man."I always think a day is too short, but this summer, times passes by even faster," Park wrote in her first Facebook post in over five months. "I have been spending time reading books and reports I haven't read."She has been staying at Cheong Wa Dae, the presidential office and residence, during the five-day vacation that began on Monday.Park also po

A Cairo court on Thursday postponed the final verdict in the retrial of three Al-Jazeera English reporters for next week, in a blow to the defendants and human rights activists who had expected a resolution to the long-running case.The Qatar-based Al-Jazeera said it was outraged that the verdict has been adjourned and hoped for a swift end to the proceedings with the charges dropped. The postponement came because the judge in the case, Hassan Farid, was ill, two Egyptian judicial officials said.

South Korean Foreign Minister Yun Byung-se (left) shakes hands with Polish President-elect Andrzej Duda in Duda's office in Warsaw, Poland, on Thursday. The meeting came a few hours after Yun's meeting with his Polish counterpart, Grzegorz Schetyna. (Yonhap)South Korea and Poland will work together to establish peace and reconciliation on the divided Korean Peninsula, their foreign ministers agreed during a meeting in Warsaw, according to the Foreign Ministry on Thursday.Foreign Minister Yun Byu

China and Russia will hold joint military drills in the waters and airspace of the Sea of Japan, Beijing said Thursday, the latest defense cooperation between the countries.    The exercises will take place August 20 to 28 in the Peter the Great Gulf and other areas off the Russian coast, defense ministry spokesman Yang Yujun told reporters.    A key purpose of the drills was to "further enhance their capabilities of jointly coping with maritime security threats", Yang said, adding they will inc

The EU said Thursday it regretted as a "setback" a Russian veto of a UN resolution for a tribunal to prosecute those responsible for downing Malaysia Airlines flight MH17 over Ukraine last year."We very much regret that the UN Security Council last night did not adopt  due to the veto of Russia the resolution on the downing of MH17," European  Commission spokeswoman Maja Kocijancic told reporters."This resolution would have established a binding and credible mechanism for prosecuting those respo