South Korea's trade ministry on Wednesday held a meeting with US business people to seek ways to bolster bilateral economic cooperation under the new Trump administration.In a breakfast meeting with the American Chamber of Commerce in Korea in Seoul, Vice Trade Minister Woo Tae-hee said the two countries have had a close relationship in terms of economy and trade, with the Korea-US free trade agreement playing a big role. (Yonhap)"We expect the members of AMCHAM to promote that the KORUS FTA has

The US free trade agreement with South Korea has become even more important to American businesses as President Donald Trump withdrew the US from a massive Asia-Pacific free trade deal, a top official of the US Chamber of Commerce said Tuesday.Tami Overby, senior vice president for Asia at the largest US business lobby, made the remark during a discussion at George Washington University, a day after Trump signed an executive order pulling out of the 12-nation trade deal, known as the Trans Pacif

Hana Financial Group Inc., a major South Korean banking group, said Tuesday its net profit surged 47.9 percent in 2016 from a year earlier on synergy effects.Net profit came to 1.345 trillion won ($1.15 billion) in 2016 on a consolidated basis, compared with 909.7 billion won a year ago, the group said in a regulatory filing. (Yonhap)The earnings were Hana's strongest annual results since 2012.Interest income came to 4.642 trillion won in 2016, up 2.3 percent from a year earlier.The group's net

South Korea's Acting President and Prime Minister Hwang Kyo-ahn on Tuesday called on Army recruits to ensure their combat readiness through intensive physical and mental training, amid growing military threats from North Korea.During his visit to the Korea Army Training Center in Nonsan, 213 kilometers south of Seoul, Hwang also ordered military instructors to lead efforts to improve barrack culture, which has frequently drawn flak for being too rigid and, in some cases, abusive.Acting President

A former CEO of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. was additionally charged with breach of trust and bribery on suspicions of inflicting some tens of billions of won in losses to the shipyard, prosecutors said Tuesday.The prosecution accused Nam Sang-tae, 66, of allegedly causing some 26.3 billion won ($25.5 million) in losses to the company by making business decisions based on his ties to certain acquaintances. Nam, who headed the company from 2006 to 2012, is currently

Special prosecutors said Tuesday they have completed a legal review of carrying out a search on the presidential office as they accelerate their investigation into the alleged corruption scandal centered on President Park Geun-hye.The prosecutors led by Special Counsel Park Young-soo raised the need to raid Cheong Wa Dae to secure evidence for their ongoing probe. They also plan to question the president, who was impeached by parliament on Dec. 9, in person early next month."We've completed a le

Seoul Mayor Park Won-soon reiterated his ambition to run for president on Tuesday, touting his experience in spearheading reforms as an administrative chief and grassroots activist. During a meeting with foreign correspondents based in Seoul, Park, affiliated with the main opposition Democratic Party, said South Korea needs a "competent innovator" as its leader. He claimed figures that just burst onto the political scene cannot solve the nation's key challenges, apparently referring to former UN

Talk of former UN chief Ban Ki-moon joining non-mainstream politicians gained traction on Tuesday as he asked a former parliamentary chief to support his campaign for South Korea's top elected office.Ban held a luncheon meeting with former National Assembly Speaker Chung Ui-hwa, a core figure eyeing the creation of a "third political zone," a coalition of politicians who are not anchored in the political mainstream, but can placate a widespread anti-establishment sentiment.The envisioned coaliti

The air forces of South Korea and the United States are conducting a two-week joint military drill to hone their skills on rescuing downed pilots in enemy territory, the military said Tuesday.The biannual drill comes amid growing threats from North Korea. In his New Year's address, leader Kim Jong-un said the North had entered the final stage of preparations to test-fire an intercontinental ballistic missile that could reach the US mainland.     Some 130 Korean pararescuemen and 250 of their US

South Korea's Ambassador to the United Nations Cho Tae-yul has been elected to chair the international body's commission on peace building, the foreign ministry here said Tuesday.Cho will officially take office as the chairman of the Peacebuilding Commission on Wednesday in New York for a one-year term, according to the Ministry of Foreign Affairs. Composed of 31 member states, the PBC was established in December 2005 as an intergovernmental advisory body under the UN with a mission to provide r

G-Dragon is holding a private exhibition from Sunday through Wednesday in Paris.(G-Dragon's Instagram)The artist unveiled some photos of the exclusive event, titled “Peaceminusone,” through his Instagram account Tuesday, including a photo that said, “Invite Only.” In 2015, the artist had held a public exhibition titled “Peaceminusone: Beyond the Stage” in Seoul, collaborating with both domestic and international artists. “Peaceminusone” is made up of the words “peace,” “minus” and “one.” Althoug

Crowdfunding in South Korea has been half successful over the first year, data showed Tuesday, as the authorities pledged more efforts to promote the system.A total of 18 billion won ($15.4 million) has been raised so far from 7,172 investors to fund 121 projects, according to the Financial Services Commission. Yim Jong-yong, chairman of the Financial Services Commission, delivers a speech at a ceremony to mark the first anniversary of the introduction of the crowdfunding system in Seoul on Jan.

South Korea’s most prestigious hospital is at odds with the Ministry of Health and Welfare over who is to blame for the outbreak of a deadly virus in 2015.Samsung Medical Center in Seoul on Tuesday submitted to the ministry a 100-page statement of an argument denying that its missteps contributed to the spread of the Middle East respiratory syndrome which killed 37 here in the summer of 2015. The move was in response to the ministry’s decision in December to request the police impose a 15-day su

President Park Geun-hye was behind the extortion of donations from local firms for the embattled K-Sports Foundation and her longtime friend Choi Soon-sil was closely involved in running the entity, according to new testimony Tuesday.Taking the witness stand at the trial for Choi and ex-presidential aide An Chong-bum at the Seoul Central District Court, former President of the K-Sports Foundation Jung Dong-choon said he had thought the president set up the foundation and entrusted Choi with the

Having taken sail as a new “reformative conservative” political entity, the Bareun Party now faces its greatest challenge -- scouting Ban Ki-moon in time for the upcoming presidential election, without being overshadowed by his celebrity.The entry of the former United Nations secretary-general is a crucial variable to decide not only the election result, but the survival of the fledgling party.The Bareun Party held the inauguration ceremony of its central headquarters at Jamsil Olympic Park on T

(Loen Entertainment)Hip-hop duo Dynamic Duo and Chen from EXO collaborated on a new song titled “Nosedive,” which shot straight to the top of the charts on Tuesday.The song beat stiff competition from Suzy’s solo-debut album and the “Guardian” theme songs.“Nosedive” was released simultaneously with Suzy’s first solo album “Yes? No?” at midnight on Monday, but the starlet’s songs only ranked fourth and 10th on the charts as of 11 a.m., Tuesday.Suzy had earlier beat Girls’ Generation’s Seohyun’s s

South Korea’s military said Tuesday it has not verified any signs of an imminent test of a long-range missile from North Korea, after a US think tank raised the possibility, citing commercial satellite imagery. A blog run by the US-Korea Institute at Johns Hopkins University, 38 North, warned Sunday that Pyongyang may fire an intercontinental ballistic missile -- for which the country’s leader Kim Jong-un said preparations were in the “final stage” in his New Year’s address -- from the Kalma sit

(Yonhap)G-Dragon's "Crooked" music video has racked up more than 100 million views on YouTube, becoming his sixth song to reach the milestone figure, according to his agency Tuesday.View count for the song, part of the BIGBANG member's second solo album released in September 2013, stood at 100,012,542 as of 10 p.m. on Monday, YG Entertainment said in a statement.Leader of the popular South Korean boy band BIGBANG, G-Dragon ventured into a solo career in 2009 and has so far released three full-le

South Korea's terms of trade improved in December from a year earlier as a slight rise in import prices was offset by a hike in export prices, central bank data showed Tuesday.The terms of trade index for products came to 102.63 last month, up 1.9 percent from a year earlier, according to preliminary data from the Bank of Korea. (Yonhap)The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those of

Malaysia has been banning North Korean passenger jets from its airspace as part of its efforts to implement a United Nations Security Council sanctions resolution against the reclusive country.Malaysia's implementation report on Resolution 2270, which was submitted to the UN in August, showed that the country has taken measures to prohibit North Korean flights from landing and taking off from its territory or transiting its airspace. (Yonhap)The report said the last flight by North Korea's flag