South Korean companies on Wednesday called for joint efforts by Seoul and Beijing to resolve ongoing trade dispute in the wake of the latter's apparent economic retaliation against the former's companies and goods.In a seminar arranged by the Korea International Trade Association, exporters here called on the two governments to stick to free and fair trade principles and rule out "non-economic" factors in bilateral trade. KITA Chairman and CEO Kim In-ho delivers a keynote speech in a seminar hel

With spring just around the corner, Korean palaces will open up for people who'd love to enjoy a night view of historic palaces in Seoul, the Cultural Heritage Administration said Wednesday.The CHA will run night tour programs for Gyeongbok Palace and Changgyeong Palace on the third and fourth weeks from April to September, except for May-June for Gyeongbok and August-September for Changgyeong when construction is scheduled to improve lighting facilities.The two, built during the Joseon Dynasty

South Korean petrochemicals firms, led by LG Chem Ltd., are seeking to diversify their export destinations and establish more overseas production facilities, in a bid to reduce their dependence on China, industry sources said Wednesday.According to the sources, LG Chem, the country's No. 1 player in the chemicals sector, is attempting to expand its presence in the North American and the European markets to sell its high-end products, thus trimming the portion of its exports to China that current

Thousands of US rapid response troops, including the Stryker team, are taking part in a joint exercise in South Korea, the US military said Wednesday, as tensions run high on the peninsula amid North Korea's saber-rattling.The Army's 1st Stryker Brigade Combat Team has been deployed here for the ongoing Foal Eagle exercise after the Cobra Gold training in Thailand, according to the US Pacific CommandThe Stryker unit, code-named Task Force Ghost, is a motorized infantry force known for increased

Two South Korean suspects have been arrested for allegedly stealing a safe from the residence of the Cambodian ambassador in Seoul last week, police said Wednesday.A 38-year-old man, whose identity was withheld, was arrested near Seoul on Tuesday over allegations that he trespassed upon the residence on March 21 and ran away with a 30-kg safe, police said. (Yonhap)Police said they also nabbed his 50-year-old female accomplice, accused of helping the man carry the stolen safe and escape. The two

South Korea's export of cosmetics products to China jumped in the first two months of this year from a year earlier, industry data showed Wednesday, underscoring solid gains in trade despite the trade row between Beijing and Seoul over a US anti-missile system. The outbound shipments of cosmetics goods to the world's second-largest economy surged 51.6 percent on-year to $270 million in the January-February period, according to data by the Korea Cosmetics Association.  (Yonhap)They posted a 10 pe

South Korea's major chipmaker SK hynix Inc. decided to join the preliminary bid to purchase the memory chip business of Japan's Toshiba Corp., industry sources said Wednesday.SK hynix is estimated to have suggested more than 10 trillion won ($8.9 billion) for the deal. (Yonhap)The South Korean company said it cannot comment on any details on the deal, including whether it actually aims to buy the memory business.Industry sources said SK hynix may seek to establish a consortium with Japanese fina

South Korea should move to sign a free trade deal with Japan to more effectively deal with growing protectionist trends in the global economy, local economist said Wednesday.The Trump administration has withdrawn from the 12-nation Trans-Pacific Partnership and blamed the North American Free Trade Agreement and the free trade agreement with South Korea for job losses, triggering concerns over the possibility of Washington withdrawing from the deals or at the very least demanding revisions. (Yonh

South Korean households posted the first deficit in the so-called interest balance in 2016 as their interest payments grew at a much faster pace than interest income, central bank data showed Wednesday.Local households' income from interest on deposits at local banks and other financial institutions reached an estimated 36.1 trillion won ($32.4 billion) last year, up 5.4 percent from the previous year and the smallest amount in 20 years, according to the data by the Bank of Korea. (Yonhap)In con

Hyundai Motor Co., a South Korean automaker, said Wednesday it is considering launching its luxury Genesis sedan in China next year to gain a bigger share in the world's largest auto market. "We have recently set up a task force team under our Chinese operations to push forward the launching plan. The team will conduct a local market survey and look into local regulations in advance," a company spokesman said. (Yonhap)Hyundai Motor has launched the premium sedan, which carries an independent nam

South Korean stocks opened slightly higher Wednesday, tracking overnight gains on Wall Street that were spurred by positive consumer data, analysts said. The benchmark Korea Composite Stock Price Index rose 5.08 points, or 0.23 percent, to 2,168.39 in the first 15 minutes of trading.  US markets rallied after the data showed that its consumer confidence for March surged to an over 16-year high, underlining that its economy remains sound with a narrowing trade deficit and anticipation for a bette

Four South Korean firms gained government approval to carry out their voluntary corporate restructuring through fast-track legal and administrative procedures, the industry ministry said Wednesday.The Ministry of Trade, Industry and Energy said a government panel chose four companies -- including Taekyung Heavy Industries Co., a midsized ship materials manufacturer -- to endorse their proposed restructuring efforts to boost competitiveness. (Yonhap)Mytec Co., a vessel air cooler manufacturing fi

The South Korean currency is expected to strengthen further against the US dollar for the time being on the Fed's confirmation of its tight monetary policy and other factors, analysts said Wednesday.With the greenback remaining weak against major Asian monetary units, the local currency is highly likely to rise above 1,100 won per dollar in April, but it will have a limited impact on South Korean exporters and the stock market. (Yonhap)Donald Trump's victory in the US presidential election in No

South Korean manufacturers' business sentiment for next month improved slightly as local companies expect a steady improvement in exports, data by the central bank showed Wednesday.The business survey index of manufacturing firms came to 82 in April, up from 81 in March, according to the Bank of Korea. (Yonhap)A reading over 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.An index measuring local firms' sentiments toward exports came to 92 for nex

South Korean businesses are not expecting a sudden improvement in business conditions in the near future, but their sentiment about the overall economy improved slightly for April, a survey showed Wednesday.The business survey index for the upcoming month came to 93.3, slightly up from 92.1 registered a month earlier, the Federation of Korean Industries said in a statement.  (Yonhap)A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite.T

A group of lawmakers from the largest Democratic Party on Tuesday submitted to the National Assembly a resolution calling on the Seoul government to seek parliamentary consent for the installation of a US missile defense system to South Korea.In the resolution, the 29 lawmakers, represented by Rep. Kim Kyung-hyup, also demanded that China stop its economic retaliation against South Korea over the ongoing deployment of a Terminal High-Altitude Area Defense battery. Presidential hopefuls of the li

In Myung-jin, the interim leader of the conservative Liberty Korea Party, said Wednesday he will step down later this week after the party picks its nominee for the May 9 presidential election.During a press conference, the Christian pastor said that his mission to revamp the party in the wake of a massive corruption scandal involving former President Park Geun-hye has been completed. In Myung-jin, the interim leader of the conservative Liberty Korea Party, speaks during a press conference at th

A group of North Korean defectors in South Korea said Wednesday they have sent leaflets across the inter-Korean border to inform North Koreans of the totalitarian regime's possible involvement in the death of leader Kim Jong-un's half brother.The Fighters for Free North Korea said it has launched some 300,000 anti-Pyongyang leaflets from Paju, north of Seoul, on Tuesday between 11 p.m. and midnight.  This photo provided by the Fighters for Free North Korea on March 29, 2017, shows its members pr

The conservative Liberty Korea Party was set to begin a two-day public opinion poll on their presidential hopefuls Wednesday, the last process before naming its standard-bearer for the May 9 election later this week. A total of 6,000 eligible voters will participate in the opinion survey regardless of their political orientations, officials of the former ruling party said. (Yonhap)The party will announce its presidential nominee at a national convention in Seoul on Friday based on a vote by part

The liberal Democratic Party was set to hold its second round of in-house vote Wednesday to select its standard-bearer in the upcoming presidential election.The one-day vote was set to begin at 2 p.m., only involving full-time party members from the central city of Daejeon, located some 160 kilometers south of Seoul, and the surrounding North and South Chungcheong provinces, according to party officials.Presidential hopefuls of the liberal Democratic Party pose for a picture before the start of