An analysis of test data suggests that the defeat device to manipulate emission levels could have an impact on the fuel efficiency of Volkswagen’s diesel vehicles sold in Korea, the government said Thursday.(AP-Yonhap)While the data provided by the Environment Ministry and the Transport Ministry shows a high likelihood, more driving tests need to be conducted to conclusively prove it, an official told Yonhap news agency.“We have concluded that there is a correlation,” the official was quoted as

Korea Gas Corp. on Monday denied a local report that it plans to invest in South Pars gas field in Iran, making it the first Korean company to invest in the Middle East country that had been slapped with international economic sanctions over its nuclear program.According to local reports quoting officials at the Trade Ministry, the state-run company recently sent its officials to discuss ways to invest in the world’s largest gas field, which has been running behind in its development schedule du

In contrast to the central bank’s upbeat forecast of the U.S. rate hike on the Korean economy, the business circles here remained cautious on Thursday, devising ways to minimize the impact in the mid and long term. (Yonhap)The impact of the U.S. Fed hike -- the first in nearly a decade -- will not be felt right away, market watchers said, as the South Korean central bank is keeping its key interest rate at a record low level. However, many Korean companies are concerned about its global impact,

SK Group chairman Chey Tae-won is reportedly considering rejoining the board of three affiliates including the group’s parent company SK Corp., amid mounting pressure on him to hold more legal and ethical responsibilities as the owner of the nation’s third-largest conglomerate. According to industry sources and reports Monday, Chey is likely to join the board of directors of the three firms at the shareholders meeting scheduled in February and March.  SK chairman Chey Tae-won (SK) If shareholder

With local carmakers and electronics giant Samsung jumping into autonomous car business along with the government’s plan to commercialize the sector by the year 2020, interest is growing over one tricky matter: who will be held responsible for accidents involving such vehicles? Automated vehicle is a revolutionary concept in motoring as the human drivers take a backseat while the computerized machine, instead, takes control of navigation. But the question of liability for accidents involving dri

Volkswagen believes that only a small number of employees were behind the emissions scandal, but its board chairman said Thursday the company is still investigating and suggested the probe does not exclude top managers.In an update on the German automaker's attempt to get to the bottom of the scandal, Hans Dieter Poetsch said "we are relentlessly searching for those responsible for what happened and you may rest assured we will bring these persons to account.''He confirmed the company had suspen

The government said Thursday that it would oblige builders to install high-definition security cameras at newly built apartment complexes as of Friday.According to the Ministry of Land and Transport, new apartments should have surveillance cameras of at least 1.3 megapixels to enhance the security level for residents. So far, cameras of a minimum 410,000 pixels have been required for residential complexes. Cameras with low-image quality have been blamed for failing to identify suspects and regis

The government said Thursday that it would levy an acquisition tax on pricey compact cars starting next year, to strengthen tax balance.Buyers of compact cars have been exempted from paying the tax so far, while purchases of regular cars are subject to a 4 percent acquisition tax. The tax deduction rate of a compact car priced at over 50 million won will be reduced to 85 percent from the current 100 percent. Smart Fortwo, manufactured by German carmaker Daimler AG, is the only compact car model

The amount of land owned by Chinese investors on the southern resort island of Jeju has surged nearly fivefold over three years, raising concerns that the rapid flow of Chinese money could further inflate real estate prices there.According to a report by the National Assembly based on recent data by the Ministry of Land, Infrastructure and Transport, Chinese investors owned 8.34 square kilometers of the island’s land last year, up from 1.42 square kilometers in 2011. The 2014 figure also showed

South Korean President Park Geun-hye on Monday asked Russian President Vladimir Putin to help revive the long-stalled six-party dialogue on North Korea’s nuclear disarmament.In their summit held on the sidelines of a U.N. climate change forum in Paris, Park stressed the need to curb Pyongyang’s nuclear ambitions with “a sense of urgency” and “determination.” “I am asking for Russia’s active role in making North Korea face reality and have a rethink on its nuclear problem in order to resume meani

Controversy escalated Tuesday over an independent investigative committee’s decision to track President Park Geun-hye’s whereabouts on the day the ferry Sewol sank last year, with Cheong Wa Dae and the ruling party lashing out at the panel for politicizing the issue. On Monday, the Sewol Special Investigation Committee said it would look into how Cheong Wa Dae reacted to the emergency and what Park was doing for seven hours after the doomed ferry began to sink off the nation’s southwestern coast

An elite French unit of paramilitary police specialized in hostage situations left for Mali on Friday where suspected jihadists stormed an upmarket hotel, the interior ministry said.Around 40 paramilitary police from the GIGN unit were on their way to assist Malian security forces dealing with a hostage situation at the Radisson Blu hotel, said a ministry spokesman.The Twitter account of the paramilitary police posted a black-and-white image of the heavily-armed, black-clad troops upon their dep

Around 80 of 170 hostages seized when gunmen went on a shooting rampage at a luxury hotel in Mali's capital on Friday have been freed, local television reported."Radisson hotel attack: special forces launched an operation, first hostages released, about 80," the state-run ORTM channel said on a scrolling banner, without specifying the source of the information."Our special forces have freed hostages and 30 others were able to escape on their own," Security Minister Salif Traore told AFP. (AFP)

The Seoul government said Friday that it is examining whether any South Korean nationals are being held hostage in a hotel in the capital of Mali that was seized by unidentified gunmen.A group of attackers have occupied a luxury hotel in the Malian capital of Bamako, with about 170 taken hostage."We are checking the safety of every South Korean resident in Mali and identifying whether or not there are any nationals detained in the hotel," an official from the Ministry of Foreign Affairs told Yon

BANGKOK -- Former U.N. chief Kofi Annan and youth delegates from around the world on Thursday urged world leaders to make strong and inclusive changes to tackle climate change.Speaking to prominent figures and young leaders at the One Young World summit in Bangkok, Annan said the world must realize that climate change is not an isolated issue ailing a few island nations, but one that is threatening the humanity as a whole.“We have to realize we are in the same boat ... If one end of the ship beg

A third body has been found in the rubble of an apartment where the suspected ringleader of the Paris attacks was killed in a fierce shootout with police, prosecutors said Friday.Elite police launched a massive assault on the apartment on Wednesday as part of the manhunt for suspects linked to the killing of 129 people in Paris attacks.During a violent exchange of gunfire, one of the people inside the apartment detonated an explosives vest.After the raid the body of the suicide bomber was found,

A local court on Friday handed down a suspended sentence to a former Doosan chairman who gave kickbacks to a former presidential secretary in return for business favors for the university he led.The Seoul Central District Court sentenced Park Yong-sung to a 10-month jail term for giving some 100 million won (US$86,500) in bribes to Park Bum-hoon, a former senior presidential secretary for education and culture under the Lee Myung-bak administration. The court suspended the execution of the sente

The South Korean government and the ruling party on Wednesday agreed to increase next year’s budget for antiterror measures by 100 billion won ($85 million) and tighten immigration control in the wake of the Paris terror attacks last week.At an emergency meeting, the two sides discussed ways to enhance the readiness for possible terror attacks, including measures to introduce five new armed speedboats, amid concerns growing fast for the nation’s public security. South Korea is an ally of the Uni

President Park Geun-hye urged the leaders of advanced nations to lift protective measures and expand free trade to fight the prolonged economic and trade slowdown worldwide.Citing South Korea as an example of global trade serving as a vehicle for rapid economic growth, Park said she was proposing to strengthen efforts to reduce trade barriers first to revitalize the sluggish economy.“I recommend the G20 countries to make efforts to liberalize multilateral trade through bilateral or regional free

The Supreme Court on Thursday sentenced two lawmakers to four years in prison for taking kickbacks in exchange for business favors, in separate decisions that automatically strip them of their parliamentary seats. Upholding the lower court’s ruling, the nation’s top court ruled Rep. Song Kwang-ho of the ruling Saenuri Party to four years in jail for taking bribes worth 65 million won from the railway parts supplier AVT to help the company win contracts with the state-run Korea Rail Network Autho