Sales of South Korea's No. 2 automaker Kia Motors Corp. in Mexico jumped more than five times from a year earlier in 2016, suggesting a possible solution to a newly proposed U.S. tax on foreign-made cars that could affect Kia vehicles produced in the Central American nation, market observers and a local trade agency noted Friday.In 2016, Kia Motors sold 58,112 vehicles in Mexico, up 427.3 percent from a year earlier, according to the Korea Trade-Investment Promotion Agency. An aerial view of Kia

South Korea posted a budget surplus for two years in a row in fiscal 2016 as its tax revenue rose sharply on increased corporate and value added taxes, the finance ministry said Friday.The gross revenue that the government brought in last year came to 345 trillion won ($299.7 billion), while its expenditures totaled 332.2 trillion won, according to the Ministry of Strategy and Finance after closing its books for the fiscal year 2016. (Yonhap)With 4.8 trillion won worth of the balance carried for

Meat prices in South Korea have risen nearly 10 percent since this year's first outbreak of foot-and-mouth disease and may skyrocket should the epidemic spread further, industry sources said Friday.The government confirmed the fourth outbreak at a cow farm Thursday after the first infection was reported last Sunday. It also raised the nation's FMD alert to the highest level and closed all livestock trading markets in a desperate bid to stem its spread. Cows are being vaccinated at a farm in Ando

Refiners in South Korea racked up record earnings last year on the back of improved cracking margins, inventory gains and solid demand for petrochemical products, industry data showed on Friday.The country's four major oil refiners -- SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. -- logged a combined operating income of 8.03 trillion won ($6.96 billion) last year, an all-time high figure. (Yonhap)Industry leader SK Innovation already posted a record operating income of

US "secondary sanctions" on Chinese firms doing business with North Korea would more likely to backfire rather than achieve the goal of inducing Beijing to render greater cooperation in efforts to rein in Pyongyang, an expert said Thursday.Yun Sun, a senior associate at the Stimson Center, made the remark during a discussion in Washington amid growing speculation the administration of US President Donald Trump is likely to adopt "secondary sanctions" or a "secondary boycott," penalizing Chinese

Apple Inc.'s iPhone has the biggest storage capacity among 10 smartphones manufactured by global tech firms, data showed Friday.The average storage capacity of iPhones came to 66 gigabytes during the third quarter of last year, the data by research firm CounterPoint showed. (Apple Inc.)Apple shipped its latest iPhone 7 with a minimum of 32 GBs of capacity for the entry-level model in September 2016.Four Chinese vendors -- Vivo, Oppo, Xiaomi and Huawei Technologies Co. -- followed Apple in the to

A senior US official on Thursday warned North Korea not to undertake any provocations, saying such actions would affect the strategy the administration of US President Donald Trump is putting together to deal with Pyongyang, according to a news report.The unidentified official also told a conference call with reporters that it is premature to discuss Trump's policy on how to deal with the North's nuclear program, according to a Reuters report.The White House has reportedly launched a North Korea

A rise in shipments to European markets will likely boost South Korea's overall exports this year, a local trade agency said Friday, urging local firms to focus on consumer goods and large construction projects in Europe.Citing a recent survey of 162 South Korean companies and their buyers in Europe, Kim Jae-hong, head of the state-run Korea Trade-Investment Promotion Agency, said the country's exports to Europe were expected to rise 3.8 percent this year, surpassing the 3.4 percent on-year incr

Chang Ji-eun, a 27-year-old graphic designer, starts her day with a one-hour pilates class at a premium boutique studio in the upscale neighborhood of Cheongdam in southern Seoul and gets healthy homemade-style soup made with "doenjang," or soybean paste, delivered for dinner. She does both of these through applications on her iPhone.With the use of smartphones growing rapidly, online-to-offline (O2O) startups have sprung up in South Korea in recent years, enabling consumers to use an app or web

Hyundai Heavy Industries Co., a major shipyard in South Korea, has secured a deal from a Turkish consortium to build a floating storage regasification unit, industry sources said Friday.The deal follows last month's similar deal from a Norwegian firm to build one FSRU. (Yonhap)Under the current contract, Hyundai Heavy has an option to build one more FSRU, whose price is currently estimated at $230 million, the sources said.Recently, local shipbuilders have secured orders to build four FSRUs in t

South Korea's food service industry is forecast to remain in the doldrums due to anemic consumption and other negative factors, a government report showed Friday.The current business survey index for the food service industry decreased to 65.04 for the fourth quarter of last year from 67.51 three months earlier, according to the report by the farm ministry and the Korea Agro-Fisheries & Food Trade Corp. (Yonhap)The index measures how the industry fared for the past three months, compared with th

Korean idol group NCT has been hired by Thailand's Singha Corp. to promote the company's popular dried seaweed snack, the group's agency said Thursday. Five of the total 15 NCT members -- Ten, Taeyong, Doyoung, Mark and Jaehyun -- held a two-day promotional event in Bangkok from Tuesday for Singha's seaweed snack Masita, S.M. Entertainment said. The singers were greeted by hundreds of fans upon their arrival at the Bangkok International Suvarnabhumi Airport on Tuesday, S.M. Entertainment said. O

Justices overseeing President Park Geun-hye’s impeachment trial Thursday expressed irritation at “too many unnecessary questions” during witness questioning, amid the widespread public notion Park is employing delay tactics to boost the chances of a verdict favorable to her. During the 12th hearing of the historic trial, justices interrupted both sides --representatives of the impeached Park and the parliament -- several times to take issue with repetitive and unclear questions. “He already answ

Five doctors who took a photo with a cadaver may face serious consequences, after one posted the picture on his Instagram. The Ministry of Health and Welfare said Thursday that it is currently investigating the case and considering taking disciplinary steps against doctors. 　According to the Act on Dissection and Preservation of Corpse, those who conduct pathological or anatomical research on a corpse should exercise an appropriate demeanor. It is forbidden to share or post photos of cadavers if

North Korea's missile operations commander did not show up for a key military event this week, an unusual absence which some observers linked to the country's alleged preparations for an intercontinental missile launch.Gen. Kim Rak-gyom, the chief of strategic forces, wasn't present at the defense ministry's briefing session Tuesday marking the 69th anniversary of the North Korean armed forces. It was broadcast one day later by the state-run Korean Central TV Broadcasting Station.Top military of

Local companies making large investments in state-led reclamation sites will be given the same benefits in land leases as foreign companies starting from June, the Ministry of Land, Infrastructure and Transport said Thursday.A law revision pre-announced by the ministry would allow 100-year use of national and public land for companies investing 1 billion won ($872,448) in the Saemangeum reclaimed land, some 280 kilometers south of Seoul. Completed in 2006, Saemangeum has a seawall stretching 33.

Hyundai Heavy Industries Co., a major South Korean shipbuilder, reported Thursday that it swung to the black last year from a year earlier, thanks in part to reduced costs and improvement in its non-shipbuilding business. Net income came to 682 billion won ($595 million) last year on a consolidation basis, a turnaround from a loss of 1.36 trillion won a year earlier, the company said in a regulatory filing.(Yonhap)Sales dropped 15 percent on-year to reach 39.32 trillion won, while it logged an o

Hyundai Merchant Marine Co., a major shipping line here, said Thursday that it returned to the red last year from a year earlier largely due to low freight rates and continued operating loss.Net loss came to 44.3 billion won ($38.7 million) last year, compared with a net profit of 622 billion won a year earlier, the company said in a regulatory filing.(Yonhap)Operating loss widened to 833 billion won from 279 billion won over the cited period, it said.Sales also fell 18.8 percent on-year to 4.58

The Seoul city government on Thursday gave the final nod for the country's retail giant Lotte to open South Korea's tallest skyscraper for business.The Seoul Metropolitan Government said it has approved the use of the 123-story Lotte World Tower in southern Seoul, which has long been a coveted dream of group founder Shin Kyuk-ho.This file photo provided by Lotte on Nov. 4, 2016, shows a marching band playing a Christmas carol the previous day in front of Lotte World Tower. (Yonhap)After the reta

With just a year to go before South Korea's first Winter Games in PyeongChang, the government here announced Thursday detailed plans to add more cultural elements to the global sports event.The Ministry of Culture, Sports and Tourism outlined the plan for the "PyeongChang Cultural Olympiad" during the 10th meeting of the PyeongChang Olympics Supporting Committee chaired by Acting President and Prime Minister Hwang Kyo-Ahn.  Acting President and Prime Minister Hwang Kyo-ahn gives an opening addre