South Korean companies are expected to increase their investment in research and development this year, a survey by a local think tank showed Wednesday.According to the Korea Industrial Technology Association, 1,000 firms surveyed said they will increase their R&D investment by an average of 2.5 percent compared to the year before.A researcher working in a lab in Korea (Yonhap)Based on the outcome of the survey, KOITA said the total R&D spending by the companies that have an institute or office

A local high school on Wednesday nullified the diploma of the daughter of President Park Geun-hye's close friend who is at the center of a massive political scandal, after multiple records of her academic affairs were found to have been fabricated.Seoul Chungdam High School said on its website that it has corrected the academic grades of Chung Yoo-ra, the only daughter of Choi Soon-sil, and invalidated the awards she received from the school.This file photo, taken from a clip on YouTube on Jan.

KEB Hana Bank, a major South Korean lender, said Wednesday it has relieved a senior executive of his duties for allegedly being promoted to his previous post with the backing of President Park Geun-hye's confidante.The bank said Lee Sang-hwa had been relieved of his duties as of Tuesday, adding it plans to hold a disciplinary committee to further punish him.The building of KEB Hana Bank (Yonhap)The move came a day after special prosecutors said that Park's longtime friend Choi Soon-sil helped to

South Korea's annual growth could be slashed by as much as 0.5 percentage point should China continue its economic offensive against the South's decision to install a US missile defense system on its soil, analysts said Wednesday.Asia's fourth-largest economy is predicted to suffer some $7.3 billion in losses -- a 0.53 percent on-year drop of its annual GDP -- should it end up losing about half of its Chinese travelers on an annual basis, Credit Suisse said in its latest report. Large Korean cor

South Korean shipyards stood at third place in terms of new orders secured last month, from the top slot the previous month, industry data showed on Wednesday.According to the data compiled by global research firm Clarkson Research Institute, Korean shipyards clinched new orders worth a combined 160,000 compensated gross tons last month to build five ships. The shipbuilding industry in Korea (Yonhap)Italy came first with 610,000 CGTs in new orders, or 6 ships, followed by China with 250,000 CGTs

A sailor from the South Korean naval unit dispatched to the Gulf of Aden on an anti-piracy mission was found dead in Oman's southern port city of Salalah, the defense ministry said Wednesday. The 27-year-old petty officer first class, only known by his family name Park, was found lying on the floor of a local swimming pool in Salalah on Tuesday afternoon (local time). He was pronounced dead on arrival to a local hospital, a ministry official said in a briefing. Cheonghae Unit sailors (Yonhap)"Th

The North Korean authorities recently issued an order banning overseas North Korean workers' access to the Internet in an apparent bid to prevent the spread of the news on the assassination of Kim Jong-nam, the half brother of North Korean leader Kim Jong-un, among their local residents, a US broadcaster said Wednesday."North Korea has ordered its overseas missions to forbid its workers dispatched abroad not to access the Internet via smartphones, with a warning of their recall and punishment wh

South Korean companies should continue investing in the United States' clean energy market despite an anticipated drop in the US' own interest in the sector, a report said Wednesday, insisting the drop in US interest will only be temporary.The report from the Institute for International Trade noted the new Donald Trump administration was expected to quit the Paris Agreement on climate change, under which 194 signatories, including the US, are required to achieve their nationally determined contr

South Korea's ruling Liberty Korea Party on Wednesday expressed regret over China's ongoing economic retaliation against Seoul for hosting a US anti-missile system, urging Beijing to stop its "rude and substandard" behaviors."We urge China to end its abnormal diplomatic actions," said Rep. Chung Woo-taik, the floor leader of the ruling party. "China has severely damaged the two countries' relationship. We urge Beijing to promptly regain its reason." (Yonhap)Beijing has been staging protests agai

South Korean farm products exported to China will face toughened customs and quarantine procedures as Beijing takes retaliatory measures against Seoul's plan to deploy a US-led missile defense system on its soil, the government said Wednesday.As South Korea accelerated its move to station the Terminal High Altitude Area Defense on its soil, monthslong tensions between South Korea and China are likely running into a trade spat.(Yonhap)Recent reports showed that some retail shops in China run by S

Senior defense officials from South Korea, the United States and Japan on Wednesday condemned North Korea's recent ballistic missile launches and agreed to coordinate on how to deal with its provocations, the defense ministry said. Wee Seung-ho, deputy minister for policy, held a video conference with David F. Helvey, US assistant secretary of defense for Asian and Pacific security affairs, and Satoshi Maeda, director general for defense policy. (Yonhap)They strongly condemned the North's ballis

A Seoul court on Wednesday sentenced the youngest son of Hanwha Group Chairman Kim Seung-youn to eight months in prison suspended for two years for assaulting bar employees and resisting arrest while under the influence of alcohol.The Seoul Central District Court found Kim Dong-seon, 27, guilty of assaulting employees at a bar in southern Seoul and damaging a police car that was carrying him to a local police station for interrogation on Jan. 5. The court ordered Kim to carry out 80 hours of com

Kim Chong-in, an influential political strategist, defected from the main opposition Democratic Party on Wednesday in what may ignite a realignment of centrist politicians in the lead up to the upcoming presidential election.Kim, former interim leader of the party, tendered his resignation, a day after he unveiled his decision to leave due to his "limited role" in the party.Kim Chong-in, a former interim leader of the main opposition Democratic Party (Yonhap)"I have nothing more to do in the par

Apple Inc. captured 79.2 percent of global smartphone profits last year, according to the latest research by Strategy Analytics on Wednesday, highlighting the US technology giant's ability to maximize pricing and minimize production costs. The global smartphone industry was estimated to have posted total operating profits of $53.7 billion last year, with Apple's operating profit standing at $44.9 billion, the research showed.Apple's Iphone (Yonhap)Apple's operating profit margin stood at 32.4 pe

Former UN Secretary-General Ban Ki-moon, who has withdrawn his presidential ambition, said Tuesday South Korea needs to promptly normalize its leadership considering the geopolitical issues surrounding the Korean Peninsula."Situations surrounding the Korean Peninsula are more challenging than ever," Ban said during an event hosted by the Korea Institute for National Security Affairs. "(Currently, South Korea) has no leadership, with its future presidential election remaining cloudy.""Although th

South Korea's main opposition party on Wednesday urged the government to obtain parliamentary approval for the deployment of an advanced US missile defense system, saying the hasty arrival of the first shipment of the missile system earlier this week appears to be politically motivated.Rep. Choo Mi-ae, the head of the main opposition Democratic Party, said that the deployment of the Terminal High Altitude Area Defense battery system was widely expected in December this year, but the abrupt resch

South Korea plans to carry out massive free tests for latent tuberculosis this year as part of efforts to cut the high incidence rate of the infectious disease in the country, officials said Wednesday.Starting in April, some 600,000 high school freshmen, teachers and other school employees will be tested for latent TB -- a condition in which the TB bacteria is in the body but inactive with no symptoms, according to the Ministry of Health and Welfare. (Yonhap)TB patients are said to increase cons

Beijing Symphony Orchestra has scrapped its planned concerts in South Korea, its organizer said Wednesday, as China curbs cultural exchanges in response to the deployment of a US missile shield in the neighboring country.The Korean and US militaries began the installation of the Terminal High Altitude Area Defense this week despite China's vehement opposition to the missile defense system which it feared would hurt its security interests. Seoul-based concert organizer JK & Company said that it w

Stocks of Doosan Infracore Co. traded at an almost yearly high on Wednesday as the country's leading construction equipment maker's business performance is expected to improve down the line, analysts said.  Doosan Infracore closed at 9,530 won ($8.30) on the Seoul bourse, down 0.83 percent from the previous session's close. On Tuesday, the company advanced 4.68 percent.Doosan Infracore is the country's leading construction equipment maker. (Yonhap)Analysts said stronger than expected sales of ex

The Supreme Court said Wednesday it has upheld lower courts' decision to dismiss a request from a group of progressive lawyers for the protection of a group of 12 former North Korean restaurant workers who defected to South Korea last year.Members of the Lawyers for a Democratic Society, or Minbyun, filed a petition in May last year demanding they be allowed access to the former employees of a North Korean restaurant in China to ascertain if their defections were forced or voluntary. (Yonhap)The