WASHINGTON (Yonhap News) ― The South Korean-invested industrial complex in North Korea will eventually help promote economic and political reform in the reclusive communist state and reduce the unification cost for South Korea, a U.S. congressional report said. The Congressional Research Service report dated March 17 that was written by specialists Dick Nanto and Mark Manyin dismissed concerns o...

Nuclear reactor breakdowns in South Korea have cost the country 333 billion won ($299 million) over the past 10 years, a report by a state-run atomic power company showed Sunday. In the report to the National Assembly, the Korea Hydro & Nuclear Power Co. said there were 89 malfunctions that caused reactors to go off-line temporarily from 2001 onwards. The country currently operates 21 reactors ...

GNP Rep. Chung Mong-joon reveals chat between his late father and N.K. leader Kim Jong-il has had nightmares at times in which his people threw stones at him, Rep. Chung Mong-joon of the ruling Grand National Party said Sunday, citing his father’s private conversations with the North Korean leader. His remarks indicated that Kim was aware of the growing discontent among his people, who have lon...

Major commercial banks should refrain from engaging in excessive competition to increase their assets as there is a possibility that they will face financial difficulties, a report said on Sunday. The Korea Institute of Finance likened the current situation to that of the period between 2005 and 2008, when banks saw their profitability continue to worsen due to heated competition. The cautionar...

Decision on new international airport to be unveiled Wednesday, Busan, Miryang also in the running The government is poised to decide Wednesday whether a new international airport will be built in Busan or Miryang, South Gyeongsang Province. Yet it is still uncertain whether the Ministry of Land, Transportation and Maritime Affairs will choose between the two cities or select an alternative, su...

South Korea is moving to stem future cases of bird flu as foot-and-mouth disease outbreaks have been largely put under control, the government said Sunday. The farm ministry said it currently maintains poultry movement restrictions in 14 rural cities and counties across the country after quarantine authorities had to cull 6.27 million birds on 269 farms since Dec. 29, when the first case of bird...

Retailer considers action against rival over using comparative advertising Two of Korea’s biggest supermarket chains are at loggerheads over advertisements for super-cheap chicken. Homeplus, the country’s second-biggest supermarket chain, began selling raw chicken for as low as 1,000 won ($0.89) Thursday. Securing a total of 200,000 raw chickens, its 122 branches nationwide are selling up to 25...

The country’s largest tire maker Hankook Tire is launching a safety campaign and a social contribution campaign, both of which will run until the end of the year, from Monday. In the safety campaign, the company’s employees will show customers visiting sales outlets tire-related safety tips that are specific to different seasons of the year. In addition, those purchasing selected products ― Ven...

At a near-empty B&Q home improvement outlet in Beijing, much of the foot traffic is due to the location of a public toilet next to the entrance ― not the store’s patio furniture or circular saws. It’s a sign of how foreign “do-it-yourself” big-box chains have struggled to attract customers in China, where homeowners have little experience in renovating apartments and prefer to pay low-wage decor...