South Korea's foreign exchange reserves rose slightly in January from a month earlier due to increased gains from investment in foreign assets and an increase in the dollar-converted value of non-dollar currencies, central bank data showed Friday.As of the end of January, the country's foreign exchange reserves came to $374.04 billion, up $2.94 billion from the previous month, the Bank of Korea said in a statement. (Yonhap)Foreign exchange reserves consist of securities and deposits denominated

In one corner of a bustling street in Seoul's Hongdae district popular with young people, 30-something office worker Lee Choon-han's face is glued to the glass of a coin-operated claw machine. For about $1, Lee can drop the claw twice to try to grab prizes such as plush toys, key chains or cheap watches. After three failed attempts, his skill pays off and he captures a Pokemon doll.  (Yonhap)"Every time I go past this street, I play it. If I win, I feel as though it awards a small fortune to me,

US President Donald Trump said Thursday he will speed up renegotiation of the North America Free Trade Agreement, slamming the deal as a "catastrophe" for the US."I have very serious concerns about NAFTA. NAFTA has been a catastrophe for our country. It's been a catastrophe for our workers and our jobs and our companies. They're leaving our country. I want to change it," Trump said at the start of a meeting with some members of Congress. (Yonhap)Trump said the letter F in NAFTA should mean not o

Lawmakers added allegations of an artists blacklist to the charge sheet for the impeachment of President Park Geun-hye on Thursday as they strive to fend off what they see as a stalling tactic by her legal representatives. The parliamentary panel, serving as the prosecution in the Constitutional Court trial, submitted a revised impeachment document, which also simplified the overall frame of her charges and reinforced legal arguments for issues related to her bungled response to a 2014 ferry dis

Park Ji-eun, screenwriter of SBS TV's "Legend of the Blue Sea," said Thursday she will take legal action against accusations her mermaid show copied an unmade-film scenario. (Yonhap)In a joint statement released with the show's production company Culture Depot, Park said she will launch a "strong legal response" against what she described as "false accusations."Screenwriter Park Ki-hyun on Tuesday filed a lawsuit against Park Ji-eun, claiming that the TV series violated copyrights of an unmade m

Former UN chief Ban Ki-moon fired a broadside at local political circles, denouncing their exclusiveness, division and backbiting, which he has cited as part of the reason for his decision to drop out of the presidential race this year.During his meeting with reporters, Ban also voiced concerns that the divisive political climate would take its toll on the well-being of citizens.A day earlier, Ban renounced his presidential ambitions in a surprise decision triggered by political offensives from

With former UN Secretary-General Ban Ki-moon dropping out of the race, the dynamics in the South Korean presidential contest have shifted significantly.  While liberal Moon Jae-in is holding onto his strong lead despite a slight dip in the polls, the nation’s acting President and Prime Minister Hwang Kyo-ahn appears to be the biggest beneficiary of Ban’s unexpected exit from contention Wednesday. In the latest poll, conducted after Ban’s surprise announcement and released Thursday by Realmeter,

For former UN Secretary-General Ban Ki-moon, the three turbulent weeks following his return home was enough to decide not to enter the upcoming presidential race, in which he was once considered a leading contender.Some speculated that he may have made his surprise decision because he had stalled in the polls, while others pointed out to the massive cost of running as an independent figure with no party affiliation.But the main reasons the former top diplomat gave were emotional -- disappointmen

Seoul plans to provide financial support for cultural events hosted by foreign communities here, the city government said Thursday.According to the Seoul Metropolitan Government, a maximum of 6 million won ($5,200) will be given to foreign communities organizing cultural events, such as food, sports and music festivals, in an aim to actively promote opportunities for both locals and foreign residents to experience and enjoy diverse cultures. “It will be a good opportunity to introduce a variety

US Defense Secretary James Mattis on Thursday reaffirmed plans to deploy its advanced missile defense system in South Korea this year “without a hitch,” singling out North Korea’s nuclear and missile program as a top priority for the new Donald Trump administration.   Acting President and Prime Minister Hwang Kyo-ahn (Right) shakes hands with U.S. Defense Secretary James Mattis at the Government Building in Seoul on Feb. 2, 2017. Mattis began his two-day visit to South Korea in his first oversea

The independent counsel probing President Park Geun-hye on corruption allegations said Thursday it has requested an arrest warrant for the wife of the embattled president’s “shadow doctor” on charges of offering bribes to a former top presidential aide.Park Chae-yoon, 48, runs Y. Jacobs Medical, a small maker of medical appliances and cosmetics suspected to have received business favors from the government. She is married to Kim Young-jae, the owner of a cosmetic surgery clinic frequented by the

Unlike the traditional patriarchal family structure where filial duties predominantly rest with the sons, particularly the eldest one, elderly parents in South Korea are now leaning toward equal contribution from sons and daughters, a recent survey shows. According to a joint study conducted by Korea Institute for Health and Social Affairs and Seoul National University’s Institute for Social Development and Policy Research, 38.5 percent of the elderly parents surveyed said that they want either

More South Koreans choose to go for cheap but quality brands at places like dollar-shop chain Daiso and second-hand shops in search of good deals amid a prolonged economic slump, industry officials said Thursday.Japan-based Daiso, which sells products priced from 2,000 and 5,000 won ($4.36), operates over 1,000 outlets across the country, a jump from 850 in 2012, the company said. (Daiso)"More consumers choose Daiso as the company has a team of officials who strictly maintain the product's quali

Dongwha Duty Free on Thursday confirmed it will hand over a majority stake to Hotel Shilla in a put option obligation but denied it was pulling out of the business.Dongwha, opened in 1979 as the country's first duty-free shop in the downtown area, will transfer a 30.2-percent stake, or (Yonhap)543,600 shares, to Hotel Shilla. Combined with the 19.9-percent stake it already purchased in 2013 with the put option, Hotel Shilla will own 50.1 percent and become the largest shareholder.Dongwha said Ki

South Korean builder Daewoo E&C has signed a deal to expand and build an expressway in Qatar, the company said Thursday.Under the deal, signed Wednesday in Qatar, the South Korean construction firm will add a 4.5-kilometer extension to the country's E-Ring expressway, while also building 4 kilometers of roads with three multilevel intersections. A rendering of E-Ring expressway (Daewoo E&C)The South Korean firm was initially awarded the project in 2016 for $730 million.But after changes to the o

South Korea's financial regulatory body said Thursday it will ease qualifications for relatively low interest rate loans backed by the authorities so that more people can benefit from the program.The Financial Services Commission has decided to lower the credit rating for Miso Finance policy loans to the sixth level or lower from the current seventh or lower. Miso Finance is designed to help those who seek to launch or operate their own businesses. A brochure on Miso Finance policy loans for low

Actress and former singer Hwang Jung-eum is expecting a baby, due in autumn, her agency said Thursday. (Yonhap)C-JeS Entertainment said the actress will take a temporary break from her acting career to take care of her health.Hwang married golfer-turned-entrepreneur Lee Young-don last February. She began her career as a member of Sugar in 2002. Four years later, the group disbanded and she became fully committed to acting. She's appeared in various popular TV series including "Kill Me, Heal Me,"

China has yet to submit data on its coal imports from North Korea to the United Nations three days after the deadline set by the latest sanctions resolution.Under the Nov. 30 resolution adopted by the UN Security Council in response to the North's fifth nuclear test in September, member countries were required to notify the sanctions committee by Jan. 30 of how much coal they imported from the North during the Nov. 30 - Dec. 31 period.Resolution 2321 banned the member states from buying North Ko

South Korea's science ministry said Thursday that it will spend 315.7 billion won ($273.7 million) this year to develop new bio technology, as part of efforts to become a global biotech and medical industry hub.The 2017 budget, a 31.4 percent jump from a year earlier, is aimed at developing key biotech in sectors, such as genomes and brain science, the Ministry of Science, ICT and Future Planning said. (Yonhap)Of the total, 262.6 billion won will be allocated to develop key technology, including

South Koreans consumed more American and other foreign beef than expensive local beef last year, a move that has lowered the country's self-sufficiency rate for beef to below 40 percent over 13 years, a state-run think tank said Thursday.Last year, South Koreans consumed 362,000 tons of foreign beef, accounting for 62.3 percent of the total beef consumption in the country, according to the Korea Rural Economic Institute.(Yonhap)Australian beef came to 178,000 tons, making up 49 percent of total