Financial holding groups’ net profit jumps 31% in 2019

South Korea’s 10 financial holding groups’ combined net profit increased 31 percent last year, data showed Monday, but the upward trend is unlikely to continue next year. According to the watchdog Financial Supervisory Service, the combined net profit of Shinhan, KB, NH Nonghyup, Hana, Woori, BNK, DGB, JB, Korea Investment and Meritz came to 15.2 trillion won ($12.3 billion) in 2019. The figure was up nearly 3.6 trillion won or 31 percent on-year. The corresponding figure for 201

MarketApril 6, 2020

Financial regulator dismisses 'April crisis'

South Korea's chief financial regulator on Monday dismissed allegations that some companies are facing a looming credit crunch this month amid the spread of the novel coronavirus. Outstanding loans extended by five major banks to large companies came to 78.7 trillion won ($61.8 billion) as of March 20, up nearly 1.8 trillion won from end-February, according to the data from the banks. Loans extended to small and midsized firms jumped by more than 61 trillion won or 16 percent over the cited p

EconomyApril 6, 2020

Chinese visitors avoid South Korea amid virus crisis

Chinese travelers were totally absent from South Korean airports Saturday, amid toughened entry restrictions due to the novel coronavirus outbreak. 　 According to immigration data released by the Justice Ministry, not a single Chinese national went through immigration for the first time in 28 years. The two countries established bilateral relations in August 1992. 　 The average number of Chinese entering Korea per day was around 15,000 until January, when it began declining. It reached 464 on

Foreign AffairsApril 6, 2020

Starbucks Korea to limit seating in social distancing efforts

Starbucks Korea said Monday that it will limit seating at its outlets across the country, joining a nationwide social distancing campaign amid the novel coronavirus outbreak. The coffee chain said tables and chairs will be placed between one and 1 1/2 meters apart to keep customers at a distance from one another. Starbucks has already adopted such a system at some of its outlets in Daegu and the surrounding North Gyeongsang Province, the epicenters of the COVID-19 outbreak here. "Socia

ConsumerApril 6, 2020

Taiwanese woman deported for refusing to stay at quarantine facility

A Taiwanese woman has been deported from South Korea after refusing to stay at a quarantine facility, the justice ministry said Monday, reflecting the government's "zero-tolerance" approach against quarantine violators as infections here continue to rise. The woman, whose identity was withheld, was deported to Taiwan late Sunday after she disagreed with paying expenses to stay at a government-designated quarantine facility, according to the Ministry of Justice. To contain imported c

Foreign AffairsApril 6, 2020

‘Phantom of Opera’ production confirms 2 cases of COVID-19, others test negative

While two cast members of the international tour of musical “The Phantom of the Opera” have been confirmed with COVID-19 infection, the rest have tested negative. A Canadian ensemble cast member was confirmed with the virus infection on March 31. Two days later, her colleague, an American actor, was also confirmed.  The final test results came Monday, confirming the rest of the 128-member team had tested negative for COVID-19. However, they all remain in self-quarantine at a

PerformanceApril 6, 2020

BIGBANG’s top 50 tracks, ranked

Though BIGBANG’s previously scheduled comeback by way of Coachella in April didn’t happen, all signs point to their incoming return to the music scene. In March, the group put on a united front after a tough year as all four members renewed their contract with YG Entertainment, for the third time since their debut in 2006. And we are celebrating the group’s work with these top 50 tracks from the group’s back catalogue spanning over a decade. 50. I Don&rsquo

K-popApril 6, 2020

US soldiers in Korea punished for violating antivirus rules

The US 8th Army in Korea said Sunday it had stripped one sergeant and three soldiers of two months’ pay, as they had visited an off-base bar in violation of the military guidance not to travel outside their base in Pyeongtaek, Gyeonggi Province, where the US military is headquartered. The three soldiers had their ranks downgraded to private as well. Noncompliance with the guidance will be made public so everyone related to the US military understands the consequences of defying the comma

DefenseApril 6, 2020

Military delays conscription fitness test

The Military Manpower Administration said Monday that it had decided to postpone the physical examinations for conscript candidates nationwide by another week to prevent the spread of COVID-19. The tests, which have been suspended since Feb. 24, will resume April 20, but they could be further put back depending on the situation. Over the weekend, the government said it would extend the social distancing campaign, requiring citizens to avoid unnecessary outdoor activities for another two weeks.

DefenseApril 6, 2020

S. Korea to hold April 15 elections at 14,330 polling stations across nation

South Korea will hold the April 15 parliamentary elections at 14,330 polling stations across the nation, the election watchdog said Monday. To promote voters' accessibility, 99.1 percent of the polling stations will be set up on the first floor of designated facilities or at those with elevators, according to the National Election Commission (NEC). South Korea will hold the general elections in the midst of its fight against the new coronavirus outbreak. To prioritize voter safety, the NEC e

PoliticsApril 6, 2020

Military to enhance education on mobile phone use amid online sex crime scandal

The defense ministry said Monday it will strengthen education for soldiers on the use of mobile phones to prevent digital sex crimes, after an Army soldier has been accused of involvement in a high-profile online sexual blackmail case. The private first class, whose identity has been withheld, is under investigation over suspicions he distributed content of women performing gruesome sex acts under coercion in collaboration with the so-called Nth room case's prime suspect, Cho Ju-bin. The milit

DefenseApril 6, 2020

New infections drop below 50, but PM warns against complacency

South Korea reported 47 new cases of the novel coronavirus on Monday, the lowest number since late February. Still, the trend toward more new cases in the capital area has authorities on edge. As of Monday at 12:01 a.m., the total number of COVID-19 infections to date stood at 10,284, according to the Korea Centers for Disease Control and Prevention.　 This is the first time infections reported in a single day have fallen below 50 since late February. At its peak on Feb. 29, the country count

Social AffairsApril 6, 2020

Vice Adm. Boo Suk-jong named new Navy chief

Vice Adm. Boo Suk-jong, chief of the military support directorate at the Joint Chiefs of Staff, was designated Monday as the new Navy chief after being promoted to the four-star rank, the defense ministry said. Boo, 56, was tapped to replace Sim Seung-seob, who took office in July 2018, and President Moon Jae-in will officially appoint him following Cabinet deliberations on Tuesday, according to the ministry. He was commissioned as an ensign in 1986 and has served in key naval roles, includin

DefenseApril 6, 2020

Military launches land mine removal mission in rear area

The military on Monday began a mission to remove land mines in southern regions to promote local residents' safety and convenience, the Joint Chiefs of Staff (JCS) said. The military will mobilize some 1,400 service members from 26 engineering units from the Army, Air Force and the Marine Corps to search and clear the mines near Mount Cheonseong and Mount Geumgseong in the Gyeongsang provinces by next year, it said. The government plans to develop trekking courses at the areas for local reside

DefenseApril 6, 2020

S. Korea expands free trade zones to promote exports amid virus pandemic

South Korea said Monday it will expand the size of its free-trade zones to provide more leeway to businesses in line with efforts to boost slowing exports amid the global virus pandemic. Under the plan, the size of the free trade zone of Incheon International Airport, the main gateway to South Korea, will expand around 10 percent to 3.3 square kilometers, according to the Ministry of Trade, Industry and Energy. South Korea operates free trade zones in major cities, including Incheon and Busan

EconomyApril 6, 2020

Number of weekend moviegoers plunges to record low

The number of moviegoers dropped to a record low over the weekend as lingering fears of the novel coronavirus keep people staying at home, data showed Monday. A total of 80,180 people went to cinemas on Saturday and Sunday, down sharply from a combined 86,274 tallied a week earlier, according to the data by the Korean Film Council (KOFIC). It is the lowest weekend number since KOFIC started to compile local box office data in 2004. The record-breaking downbeat trend in the number of moviegoer

FilmApril 6, 2020

No. of small biz owners in default rose 7.5% from Q2 to Q4 last year

The number of small business owners who were unable to repay credit loans prolonged an upward trend last year and remains likely to expand further this year, due to the novel coronavirus spread, data showed Sunday. The number of small business owners who are in default came in at 35,806 in the fourth quarter last year, up from 35,567 in the third quarter and 33,292 in the second quarter, according to data compiled by credit rating firm NICE Credit Information Service. Given that some 2.09 mi

MarketApril 6, 2020

Korean hand sanitizer exports increase 12-fold amid pandemic

The COVID-19 pandemic has fueled trade in Korean personal health and hygiene products. According to the South Korean Ministry of Trade, Industry and Energy on Sunday, exports of hand sanitizers in March reached $5.69 million, a steep climb of more than 600 percent, or 12 times the volume, from the same month a year before. This one-month figure is equal to 84 percent of hand sanitizer exports for the whole of 2019. The spread of COVID-19 has led to explosive in international demand for Kore

IndustryApril 6, 2020

New virus infections fall below 50 for 1st time since late February

South Korea recorded fewer than 50 new cases of the novel coronavirus Monday, marking the lowest number since late February, as the nation extended strict guidelines on social distancing. South Korea has recorded around 100 or fewer daily new cases for more than three weeks, but health authorities remain on high alert over cluster infections at churches and hospitals, as well as new cases coming from overseas. The 47 new cases, detected Sunday and down from 81 new cases a day earlier, brought

Social AffairsApril 6, 2020