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Defense Ministry to Install Special Reform Panel

SEOUL, May 26 (Korea Bizwire) – The defense ministry will install a special reform panel to deliver on President Moon Jae-in’s campaign pledges to bolster military capabilities, shorten military service for draftees and enhance their welfare, Moon’s policy advisory panel said Thursday. The ministry will also finalize its defense reform plan over the next year, the State Affairs Planning Advisory Committee said, citing its policy briefing. “The [...]

Foreign Tourists Fall 27 pct Last Month amid THAAD Row

SEOUL, May 23 (Korea Bizwire) — The number of foreign tourists to South Korea fell 27 percent in April from a year earlier as demand from China fell dramatically, the country’s tourism agency said Monday. Last month, a total of 1.07 million foreigners visited the country. Chinese travelers plunged 67 percent year-over-year to 227,811, according [...]

Local Businesses Welcome Thaw Between South Korea, China

SEOUL, May 22 (Korea Bizwire) – A thaw in deadlocked relations between South Korea and China over the deployment of an advanced U.S. ballistic missile defense system is showing signs of resuscitating vitality in exchanges in the public and private sectors between the two countries. Strained bilateral relations look somewhat mitigated of late as newly elected South Korean President Moon Jae-in is actively trying [...]

S. Korea, China Moving toward Mending Ties Strained over THAAD: Experts

SEOUL, May 17 (Korea Bizwire) — South Korea and China appear to be moving toward mending their strained ties over the installation of a U.S. missile defense system here as exchanges and contacts in diverse areas have apparently been gaining traction since the inauguration of liberal President Moon Jae-in, experts said Tuesday. The recently wrapped-up [...]

Hyundai to Support Global Sales Network with New Cars

SEOUL, May 11 (Korea Bizwire) – The vice chairman and heir apparent of Hyundai Motor Co., South Korea’s leading carmaker, on Thursday told the company’s global salespeople that the company will churn out new vehicles and make necessary investments in technologies that will make it more competitive. On the second day of the 2017 Global [...]

Korean Air Swings to Black in First Quarter on FX Gains

SEOUL, May 11 (Korea Bizwire) – Korean Air Lines Co. swung to the black in the first quarter from a year earlier on currency-related gains, the company said Thursday. The country’s flag carrier shifted to a net profit of 559.2 billion won (US$496 million) in the January-March quarter from a net loss of 174.9 billion [...]

N. Korea Unveils ‘Satellite Photos’ of THAAD in S. Korea

SEOUL, May 11 (Korea Bizwire) — North Korea has unveiled what it claims are satellite images of the Terminal High Altitude Area Defense (THAAD) system recently deployed in South Korea, a move aimed at flaunting the country’s capability to gather intelligence against Seoul. The North’s state-run Korean Central TV Broadcasting Station aired two pictures showing [...]

Asiana Q1 Net More Than Doubles on FX Gains

SEOUL, May 10 (Korea Bizwire) – Asiana Airlines Inc. said Wednesday its net profit more than doubled in the first quarter from a year earlier on currency gains. Net profit for the three months ended March 31 jumped to 96 billion won (US$85 million) from 44 billion won a year earlier, the company said in [...]

Seongju Residents Seek Injunction against THAAD Deployment

SEONGJU, May 10 (Korea Bizwire) — Hundreds of residents near the deployment site of a U.S. missile defense system here filed a petition with the Constitutional Court on Monday to obtain an injunction against its construction and operation. A total of 527 residents from Seongju County and neighboring Gimcheon, about 300 kilometers southeast of Seoul, [...]

No End in Sight for Lotte’s Mounting Losses in China over THAAD Row

SEOUL, May 7 (Korea Bizwire) – Lotte Group is facing huge losses as its outlets in China have remained closed for about two months over Beijing’s apparent retaliation against the deployment of an advanced U.S. missile defense system in South Korea, according to group officials Friday. Chinese authorities ordered Lotte to close its stores following [...]