Audi Volkswagen Korea Group Managing Director Rene Koneberg has been named the head of South Korea's imported vehicle association, the association said Wednesday. Koneberg has been serving as vice chairman of the Korea Automobile Importers and Distributors Association (KAIDA) since 2018. His appointment comes months after KAIDA suspended Fiat Chrysler Automobiles NV (FCA) Korea President Pablo Rosso from his KAIDA chairman position over alleged sexual misconduct in July. Koneberg began his

JEONJU -- Even at the age of 41, Lee Dong-gook has felt great physically in his 23rd professional football season. But the Jeonbuk Hyundai Motors legend and K League's career scoring leader, in making his retirement official Wednesday, said he no longer has the mental toughness necessary to survive the grind. "I know a lot of people may assume that I am quitting because of my injury, but I am fully recovered and feeling great," Lee said at a press conference at Jeonju World Cup Stadi

The absence of a phrase committing the United States to maintaining troop levels in South Korea in a recent joint statement should not be taken as a threat or negotiating leverage aimed at pressuring Seoul with a possible troop cut, a US diplomat said Wednesday. Marc Knapper, US deputy assistant secretary of state for Korea and Japan, made the remark during a virtual seminar, referring to the joint communique issued after annual talks between Defense Minister Suh Wook and US Defense Secretary

Senior diplomats of South Korea and the United States on Wednesday held phone talks to discuss the ongoing race for the top post of the World Trade Organization (WTO) and other bilateral and regional issues, the foreign ministry said. The call between Vice Foreign Minister Choi Jong-kun and his US.counterpart, Stephen Biegun, came as Seoul's Trade Minister Yoo Myung-hee's bid for the WTO helm faced a setback with the European Union and Japan reportedly backing her Nigerian competitor, Ngozi Oko

North Korea's official newspaper on Wednesday highlighted friendly ties with Laos on the occasion of the anniversary of the first summit between their leaders more than 50 years ago. North Korea and Laos marked the 55th anniversary of the first summit held between then North Korean leader Kim Il-sung and Kaysone Phomvihane, the leader of the Lao People's Revolutionary Party, in 1965. "(The summit) was a historic event that generated the precious tradition of friendly ties between the two

The first trip to the World Series for the Tampa Bay Rays' South Korean first baseman Choi Ji-man has ended with a bitter defeat to the Los Angeles Dodgers. Choi went 0-for-2 with a walk in the Rays' 3-1 loss to the Dodgers in Game 6 of the World Series at Globe Life Field in Arlington, Texas, on Tuesday (local time). The Dodgers took the best-of-seven series 4-2 to capture their first championship since 1988. The Rays, in their second trip to the World Series, came up short in trying to win t

The prosecution is said to have been tracking down secret money allegedly hidden by the CEO of a financial company involved in a fraudulent fund scheme scandal, industry sources said Wednesday. Prosecutors have secured testimony from a person familiar with the matter that Optimus CEO Kim Jae-hyun had stashed away around 20 billion won ($17.7 million) in a real estate development company, which is constructing a resort in Incheon with an aim to finish in February 2022, according to the sources.

Ven. Pomnyun, a South Korean Buddhist monk renowned for his social activism, has won this year's Niwano Peace Prize and donated the entire $191,500 in prize money to global causes, a local foundation he heads said Wednesday. The annual Niwano Peace Prize, known as the Asian Nobel Peace Prize in religion, is awarded by the Tokyo-based Niwano Peace Foundation to a living person or an organization that has made significant contributions to world peace by promoting interfaith cooperation. "Du

South Korea's largest entertainment and auto companies plan to introduce an unprecedented virtual showcase combining an online concert and a new car launching event next month, according to an announcement Wednesday. SM Entertainment and Hyundai Motor Co. said they will jointly unveil a new concept virtual showcase, titled "Beyond DRIVE," on the automaker's YouTube channel HyundaiWorldwide at 10 p.m. on Sunday (Korean time). Hyundai will announce the launching of its new compact SUV,

Hyundai Motor Co. and its affiliate Kia Motors Corp. are expected to report a combined operating profit of about 3 trillion won ($2.7 billion) in the fourth quarter on new models and improved product mix, after delivering poor business results in the past quarter, analysts said Wednesday. Hyundai and Kia look set to post more than 1.8 trillion won and over 1 trillion won, respectively, in operating profit for the October-December period after hefty provisions for the recall of a faulty engine a

The daily foreign exchange (FX) trading by banks in South Korea declined 4.7 percent in the third quarter from three months earlier amid the local currency's gain against the US dollar, central bank data showed Wednesday. The daily FX turnover came to an average $49.56 billion in the July-September period, down $2.46 billion from the second quarter, according to the data by the Bank of Korea (BOK). The drop came as an inflow of foreign investors' stock funds slowed amid the won's gain and FX d

SEJONG -- The number of babies born in South Korea slipped 7.8 percent in August from a year earlier, data showed Wednesday, in the latest sign underscoring the low birthrate that has plagued the nation for more than a decade. The data compiled by Statistics Korea showed that 22,472 babies were born in August, compared with 24,371 tallied in the same month of 2019. It marks the lowest number of newborns for any July since the statistics agency started compiling monthly data on newborns in 1981.

South Korean banks' lending rates rebounded for the first time in four months in September amid rising market rates, central bank data showed Wednesday. The average interest rate charged on new bank loans came to 2.66 percent in September, up from 2.63 percent the previous month, according to preliminary data from the Bank of Korea (BOK). The tally marked the first rebound after banks' lending rates declined for the third straight month since June due to the impact of the central bank's policy

The main opposition party doubled down on its demand for a special counsel investigation into high-profile financial scam scandals Wednesday, chanting slogans as President Moon Jae-in arrived at the National Assembly to deliver a speech on next year's state budget. The leadership of the People Power Party (PPP) boycotted a meeting among leaders of three parties and Moon that was held ahead of the budget speech, in protest of Moon and the ruling Democratic Party's refusal to launch a special cou

South Korea's free trade agreement (FTA) partners have played a key role in helping the country maintain its trade surplus and volume this year amid the coronavirus pandemic, government data showed Wednesday. Asia's fourth-largest economy registered a trade surplus of $40.4 billion with its FTA partners in the January-September period, according to the data from the Korea Customs Service. In contrast, South Korea posted a $12.8 billion trade deficit with non-FTA partners, resulting in an overa

South Korea's exports of air purifiers and other home cleaning appliances spiked in the first nine months of the year amid the coronavirus pandemic, data showed Wednesday. Outbound shipments of air purifiers shot up nearly 60 percent on-year to $157 million in the January-September period, according to the data from the Korea Customs Service. Exports of dishwashers surged 22.5 percent to $169 million over the cited period, and those of clothes dryers rocketed 72 percent to $556 million. Export

South Korea and Russia vowed Wednesday to bolster their ties in the hydrogen industry as both countries seek to utilize more environment-friendly resources and break away from traditional fossil fuels. The consensus was reached in a videoconference between Deputy South Korean Trade Minister Park Ki-young and his Russian counterpart, Aleksandr Morozov, according to the Ministry of Trade, Industry and Energy. "There is great potential for cooperation between South Korea and Russia, which ca

President Moon Jae-in declared a full-fledged policy drive Wednesday for the clear recovery of South Korea's economy, coupled with the firm stabilization of the COVID-19 situation here. In his parliamentary speech on the state budget, Moon assured lawmakers that the government would create a record high budget, proposed for 2021, with a focus on creating jobs, reinvigorating the economy and winning the fight against the coronavirus. His administration has drawn up a 555.8 trillion-won ($469.8 b

S-Oil Corp., a major oil refiner in South Korea, said Wednesday its third-quarter net profit plunged 41.3 percent from a year earlier due to decreased cracking margins. S-Oil posted a net profit of 30.2 billion won ($26.7 million) in the July-September period, compared with a net profit of 51.5 billion won a year earlier, the company said in a regulatory filing. The company said decreased cracking margins caused by weak demand amid the coronavirus pandemic are to blame for the sharp decline i

An Army officer in the northeastern county of Inje and another service member in the central city of Nonsan tested positive for the new coronavirus Wednesday, the defense ministry said. The Army officer was confirmed to have contracted COVID-19 after visiting a local bank that reported a virus patient earlier, according to the ministry. Another officer affiliated with a unit under the wing of the defense ministry was presumed to have been infected after coming in direct contact with a civilia