Department stores are counting more on their top-spending VIP customers to keep their businesses going, sales figures indicated Wednesday, as consumption drops across all consumer segments due to the slowing economy.Retail statistics showed that a handful of high spenders continue to account for approximately 20 percent of total sales at department stores. At Lotte, the top 1 percent of VIP guests accounted for 22.8 percent of sales last year, up 0.9 percentage point from the previous year. For

The head of the Swedish central bank has said changing to a cashless society is a major trend as a growing number of people are rapidly reducing the use of notes and coins in favor of electronic payments.Riksbank Governor Stefan Ingves said notes and coins are not going to disappear, though they will be used less and less. Riksbank Gov. Stefan Ingves (L) and Susanne Eberstein, the chairperson of the General Council at the Swedish central bank, hold an interview with Yonhap News Agency at a Seoul

A US House lawmaker has introduced a bill calling for relisting North Korea as a state sponsor of terrorism.Rep. Ted Poe (R-TX) brought in the legislation (H.R.479) that requires "a report on the designation of the Democratic People's Republic of Korea as a state sponsor of terrorism." The bill, co-sponsored by Rep. Brad Sherman (D-CA), was referred to the House Foreign Affairs Committee on Thursday, according to congressional records.The lawmaker introduced a similar bill in the previous House

South Korea's Acting President and Prime Minister Hwang Kyo-ahn on Tuesday pledged to improve broadcasting and communications regulations to help local industries stay abreast of an increasingly fierce global competition.During a New Year's greeting with industry leaders, Hwang also stressed the need to brace for "revolutionary changes" in the wave of the so-called fourth industrial revolution. The trend refers to industrial transformation driven by the convergence of emerging technologies such

South Korea will deploy 12 additional maritime choppers by 2022 to better counter growing North Korean submarine threats, the state defense procurement agency said Tuesday. The Defense Acquisition Program Administration said the military plans to invest about 900 billion won ($768 million) to pick a helicopter model for future service in the country's Navy.The three models being considered are AgustaWestland's AW-159, Sikorsky's MH-60R, and NHIndustries' NH-90."We are planning to sign a deal wit

Foreign publishers have increased coverage of South Korea in textbooks, with more of them marking maps with the Korean name for the sea between Korea and Japan, Seoul's education ministry said Tuesday.The increase was reported during a meeting of a public-private panel tasked with correcting errors and broadening coverage related to Korea. Vice Education Minister Lee Young presided over the meeting with officials from the foreign ministry, fisheries ministry and civic group VANK in attendance."I

North Korea vowed Tuesday to stick to its dual pursuit of nuclear weapons and economic growth ahead of an inauguration of US President-elect Donald Trump slated for later this week.North Korea made it clear that it will continue to develop nuclear weapons in tandem with boosting the country's moribund economy, commonly known as the "byeongjin" policy, according to the Korean Central News Agency."By firmly sticking to the policy, we will soar as a great political, military and economic power," th

South Korea's Acting President and Prime Minister Hwang Kyo-ahn on Tuesday reassured foreign diplomats based in Seoul that the country will "unwaveringly and consistently" manage state affairs despite the impeachment of President Park Geun-hye over a corruption scandal.Hwang made the remarks during a meeting with more than a dozen foreign ambassadors in Seoul, an event that his aides said was intended to underscore his commitment to maintaining foreign policy consistency."The Republic of Korea i

Park Jie-won, the head of the minor opposition People's Party, said Tuesday its former chief Rep. Ahn Cheol-soo is a capable presidential candidate, claiming he is comparable to late former President Kim Dae-jung, who is still admired by liberals."We had an independent fighter (against Japan's colonial rule), military coup leader, businessman, and a daughter of a president as country heads. Now it is time to have the country run by a reasonable person with a rational mindset," Park said during a

South Korea's military sounded a cautious note Tuesday about a leading opposition presidential hopeful's call to shorten compulsory military service significantly.All able-bodied South Korean men must carry out military service for between 21 months and 24 months depending on duties.On Tuesday, Moon Jae-in, former head of the Democratic Party and the frontrunner among potential presidential candidates, claimed that it is possible to cut the service period to one year.Moon said in a new book publ

South Korea is considering sanctions against Syria for the regime's illegal use of chemical weapons, the foreign ministry said Tuesday."The South Korean government expresses its deep concerns over Syria's use of chemical weapons," spokesman Cho June-hyuck said in a regular briefing, referring to recent findings by the Joint Investigative Mechanism by the Organization for the Prohibition of Chemical Weapons and the United Nations.The reports by the joint team found the Syrian regime used industri

In yet another criminal case related to the President Park Geun-hye scandal, Choi Soon-sil’s niece Jang Si-ho admitted to having coerced donations from Samsung Group at a court hearing Tuesday. However, Choi, the president’s longtime friend and central figure in the corruption scandal that led to Park’s impeachment, denied the notion.  Former Vice Culture and Sports Minister Kim Chong, who is accused of colluding with Park and Choi in the alleged illicit fundraising for the Korea Winter Sports E

Former UN Secretary-General Ban Ki-moon on Tuesday paid a visit to the hometown and burial site of iconic liberal President Roh Moo-hyun, maintaining a hectic schedule in what many see as a presidential election campaign. His biggest potential rival and the late president’s longtime ally, Moon Jae-in, released a book containing his presidential pledges on the same day.  Accompanied by his wife, Yoo Soon-taek, Ban paid respects at Roh’s tomb in Bongha village in Gimhae, South Gyeongsang Province,

South Korea called on Japan Tuesday to stop its repeated and unjustifiable territorial claims of the country's easternmost islets of Dokdo.In a related move, the foreign ministry said that it called in a Japanese Embassy official to deliver its concerns and strong protest.The move comes after Japanese Foreign Minister Fumio Kishida told reporters in Tokyo that the islets are Japan's own territory, referring to Dokdo by its Japanese name Takeshima. He made the remark in response to a question abo

The nation’s incumbent culture minister and a former top presidential official Tuesday faced questioning over the Park Geun-hye administration’s alleged blacklist of cultural figures critical of the government.The allegation that the administration discriminated against certain artists is a serious breach of constitutional values, which may lead down to the influence-peddling scandal involving the president, according to the special investigators.　Minister Cho Yoon-sun and former Presidential Ch

South Korea has no plan to ask Japan to resume negotiations for a currency swap which Tokyo suspended for diplomatic reasons, a senior finance ministry official said Tuesday."There has been no contact with Japan since it announced a halt to ongoing negotiations," Song In-chang, deputy finance minister for international affairs, said in a media briefing in Sejong, the country's administrative city. "Japan has to return to the table first. We will not ask Japan for the resumption of a currency swa

Lee Ji-sun, a burns victim renowned for her messages of hope, love and self-acceptance, will teach at a local university starting this March, her new employer said Tuesday.The 39-year-old will be formally appointed as a professor at the school’s department of counselling psychology and social welfare, once the administrative proceedings are cleared, said Handong Global University in Pohang, North Gyeongsang Province. A graduate of Ewha Womans University, Lee earned her master’s degrees in rehab

South Korea and Fiji agreed to expand  parliamentary cooperation and exchanges Tuesday. National Assembly Speaker Chung sye-kyun and his counterpart Jiko Luveni signed a memorandum of understanding to promote human and institutional exchanges, as well as the sharing of documents related to legislative activities, between the two parliaments. "I hope the MOU will help the two parliaments bolster exchanges and become an opportunity for the South Korean National Assembly to share its know-how and e

The South Korean government has officially begun discussions to revise the sweeping anti-corruption law less than four months after it was implemented amid much controversy and public confusion. Officials from several related government bodies, including the Anti-Corruption & Civil Rights Commission, held an inaugural meeting Tuesday to come up with a revised draft for the Improper Solicitation and Graft Act. The ministries of agriculture, fisheries and small business administration will launch

Former UN Secretary-General Ban Ki-moon, a prominent presidential aspirant, visited the grave of a former liberal leader in the southern city of Gimhae as part of his nationwide tour to build grassroots support ahead of a key election this year.Ban paid homage to late President Roh Moo-hyun at his grave in Bongha Village in the city, 449 kilometers south of Seoul. Since Roh's suicide amid a corruption probe in 2009, the village has become a symbolic pilgrimage site for liberal politicians."Presi