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Boeing, Airbus collaborate with Korean Airlines to make military fighter plane

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SEOUL:  Boeing Co. (NYSE: BA) and arch-rival Airbus have teamed up with local partner Korean Airlines to bid on development of a new military fighter plane. The triumvirate is proposing Boeing’s F/A-18E/F Super Hornet as the base design for South Korea’s KF-X development program. The partnership with Airbus is intended to assist Boeing in avoiding U.S. government restrictions on the ... Read More »

Defector plans to balloon drop ‘The Interview’ into North Korea

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SOUTH KOREA: A campaigner from South Korea has recently announced that he is planning to drop the DVD’s of Sony’s The Interview towards North Korea in which the assassination attempt of Dictator Kim Jong-un has been showed, which has increased tensions between North Korea and US as it can put North Korea’s leadership in danger if released once. The comedy ... Read More »

Korea to accelerate exports based on e-clearance system

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SOUTH KOREA: The Korea Customs Service (KCS) commissioner Beek Un-chan told that KCS is in talks with Colombia to export its “one-stop” customs service system as they target to increase its revenue through e-clearance exports. “We expect to sign a deal with Colombia within this year and Bolivia may be the next country to introduce our customs program,” KCS Commissioner ... Read More »

South Korea technology trade sector grows by 15% in 2014

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SEOUL: The technology trade sector, including importing and exporting patents, inventions, and engineering, continued to grow, seeing a nearly 15 percent increase. In particular, deficits in the trade technology area have decreased for four consecutive years. The Ministry of Science, ICT and Future Planning (MSIP) has announced findings called “2013 Technology Foreign Trade Statistics” conducted by the Korea Industrial Technology ... Read More »

North Korean-made stimulants smuggling spreads up to Japan, South Korea, China.

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SOUTH KOREA: North Korean-made stimulants smuggling is spreading its wings to Japan and South Korea, which are smuggled via border areas of northeastern China. China’s public security authorities have stepped up crackdowns on narcotics crime groups that closely link North Koreans, Chinese, including those of Korean descent, Japanese and South Koreans. Japanese, South Korean and North Korean drug smugglers who ... Read More »

South Korea inflation eases in December, central bank warns on price, policy link

South Korea Inflation

SEOUL: South Korea reported its lowest inflation in more than 15 years, which could reinforce expectations for an interest rate cut early in 2015 though the central bank governor seems to feel there’s no hurry for one. December’s consumer price index rose 0.8 percent from a year earlier. The increase was the smallest since September 1999’s 0.8 percent annual rate and matched ... Read More »

Hyundai Motors to build two more plants in China with capacity of 600,000 vehicles

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SEOUL:  South Korea’s Hyundai Motor said that it would build two more plants in China, each with a production capacity of 300,000 vehicles, to expand its share of the world’s largest auto market. Hyundai, which already has three car plants in the country, said it would complete construction of its fourth plant at Changzhou in 2016 and of another plant ... Read More »

South Korea to disinfect animal farms as foot-and-mouth, bird flu outbreaks

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SEOUL: As the threat of foot-and-mouth and bird flu disease is spread in Korea’s capital, South Korean government has been forced to take measures to disinfect farms and limit the transport of animals in the country. The foot-and-mouth among hogs had been limited to the center of the country until this week but a case has now been confirmed at ... Read More »

South Korea to take part in search for missing AirAsia plane

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SEOUL: South Korea said Monday it will send a surveillance plane this week to join the Indonesia-led search for an AirAsia plane that went missing a day earlier with 162 people on board, reported The Korea Times. AirAsia’s flight QZ8501 carrying 155 passengers and seven crew members lost contact Sunday en route to Singapore from Indonesia. A South Korean family consisting ... Read More »

Singapore charges shipping company for arms smuggling to North Korea

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SINGAPORE: Singapore has filed criminal charges against Chinpo Shipping Company for assisting in smuggling missiles and fighter jets from Cuba to North Korea. Chinpo Shipping Company allegedly transferred US$72,000 (S$90,000) to C B Fenton and Co, a Panama shipping agent, on July 8 last year, knowing that the money could be used to contribute to the “nuclear-related, ballistic missile-related, or ... Read More »

Drug trafficking: Three persons including 2 Koreans sentenced to death

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SEOUL: Three persons including two Koreans and one Japanese were sentenced to death while three other termed for life imprisonment by the Chinese Customs for drug trafficking in the country. Three persons including a Japanese were awarded death sentence by the intermediate people’s court of Nantong City in the eastern Jiangsu province while three others, among them two Korean, were ... Read More »

South Korea downgrades growth forecast

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SOUTH KOREA: South Korea, the world’s 4th largest economy has decided to cut its growth forecasts for the following and coming year in in order to protect and guard consumers and business sentiment. The Ministry of Strategy and Finance said on Monday the economy would now grow by 3.4% this year, down from the 3.7% it forecast in July. Growth ... Read More »

Fear of nuclear cyber attacks: South Korea rules out any danger, declares all 23 atomic reactors safe

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SEOUL: South Korea ruled out the possibility that a recent string of cyber-attacks on its nuclear power operator could cause a malfunction at any of the country’s 23 atomic reactors. The designs and manuals for two reactors have been published on Twitter over the past week, along with personal information on some 10,000 workers at Korea Hydro and Nuclear Power ... Read More »

18 handguns smuggling: Atlanta baggage handler charged for assisting man

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KOREA: Eugene Harvey, 31 years old, who is a baggage handler at Delta Air Lines has been accused of letting a man smuggle 18 handguns on to a flight from Atlanta to New York. This, prosecutors added, has been happening for years with the involvement of other assault weapons. Eugene Harvey, 31, has been charged with helping a former Delta ... Read More »

Five charged for trying to smuggle 153 guns into New York

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NEW YORK: Five American men have been accused of smuggling airline guns. All of them were said to be in contact with the pilot, plotting to smuggle 153 guns into New York. The guns were to be carried out in 17 commercial flights. The airline security breach put hundreds of travelers at risk and was allegedly aided by a Delta ... Read More »

South Korea’s Customs to launch crackdown on tobacco smugglers

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SOUTH KOREA: South Korea’s Customs has decided to launch crackdown on tobacco smugglers as the demand for cheaper cigarettes has been planned for the next year. The moves come as the government is to raise tobacco prices by 2,000 won (US$1.78) per pack starting on Jan. 1, the first increase since December 2004. It represents an almost 80-percent increase in ... Read More »

Falling oil price sensitive to changes in price at pumps in Korea

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SEOUL: Yoon Kyun-soo, 33, fills up his car once a week at a nearby gas station. Because he commutes from his home in Sangdo-dong, Dongjak District, to his office in Yeouido every day, Yoon is sensitive to changes in the price at the pump. Since crude oil fell below $100 a barrel in early September, prices have declined steadily. By ... Read More »

Samsung’s Cheil doubles upon debut after $1.4 billion listing in South Korea’s largest conglomerate

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SEOUL: Samsung’s Cheil Industries Incorporation doubled on its debut on Thursday in the latest in a series of steps toward generational succession for South Korea’s largest conglomerate. Cheil is about 42 percent owned by Samsung Electronics Company Limited Chairman Lee Kun hee and his three children, and is expected to be the main vehicle through which the family will keep control of ... Read More »

Ratio of drug smuggling through foreigners increases by 34pc in Korea

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SEOUL: The cases of drug smuggled in Korea by foreigners’ increases by 34% this year. In which the high proportion has been taken up by language instructors. The Incheon Airport Customs said it detected 284 instances of drug smuggling in the first 11 months of the year, with a total of 30 kilograms of narcotics confiscated. Of the total, 63 ... Read More »

Sri Lanka, Korea join hands to establish $50m credit line to facilitate trade

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COLOMBO: Sri Lanka and Korea signed an agreement to facilitate their importers and exporters by setting up a revolving credit line of %50 million. This agreement was signed between Sri Lanka’s Hatton National Bank (HNB), and The Export-Import Bank of Korea’ (KEXIM). Jonathan Alles, Managing Director of HNB said that with foreign trade between Sri Lanka and Korea growing significantly, ... Read More »