South Korean banks saw their first-quarter earnings jump 71 percent from a year earlier due to one-off gains from state-run Korea Development Bank (KDB), data showed Monday. The combined net profit stood at 5.5 trillion won ($4.8 billion) for the January-March period, compared with a profit of 3.2 trillion won a year earlier, the Financial Supervisory Service (FSS) said in a statement. In the first quarter, the KDB reported an unusually high net profit of 1.4 trillion won, thanks to stock inv

Economy May 17, 2021

Service output in eight provinces and major cities increased in the first quarter from a year earlier as production in the in-person service segment improved amid relaxed social distancing rules, data showed Monday. The country's service output rose 2.2 percent on-year in the January-March period, according to the data compiled by Statistics Korea. Of 16 provinces and cities, Seoul, three major cities and four provinces posted an on-year rise in service production in the cited period, as the f

Economy May 17, 2021

The chief of the ruling Democratic Party (DP) voiced hope Monday that the upcoming South Korea-US summit can help resolve various bilateral issues, including Seoul's COVID-19 vaccine procurement. "I expect that momentum can be created by the historic South Korea-US summit to relieve the (Korean) people's anxieties over vaccine issues, (foment) cooperation on semiconductors and a joint response to climate change, and resolve North Korean issues," DP Chairman Song Young-gil said during

Politics May 17, 2021

South Koreans appear to be almost evenly divided on whether to remedy the current parliamentary confirmation hearings for minister nominees, a poll said Monday, as the ruling party and the presidential office are pushing to shift the focus of the system to their job performance ability. In the Realmeter poll of 500 adults nationwide conducted Friday, 47.9 percent agreed to the need to refurbish the present confirmation hearing system, while 45.5 percent expressed an opposite view. The remaining

Politics May 17, 2021

The unification ministry on Monday expressed disappointment over North Korea's final decision to withdraw from a World Cup qualifier set to take place in the South next month. On Sunday, the Asian Football Confederation (AFC) confirmed the withdrawal of the North from the Asian qualifiers for the 2022 Qatar World Cup. "The unification ministry has maintained the stance that it is desirable to use the World Cup and other international games as an opportunity for inter-Korean exchange in sp

North Korea May 17, 2021

Three Army soldiers and an airman have tested positive for the new coronavirus, the defense ministry said Monday. The three soldiers based in Yangju, just north of Seoul, were confirmed to have contracted COVID-19 while in quarantine after a virus case was reported at their base, according to the ministry. The airman, based in the eastern city of Gangneung, was found to be infected while away from his base on vacation. An Army unit in the border county of Cheorwon where 27 service members hav

Defense May 17, 2021

Samsung Display Co. and LG Display Co., the country's two largest display makers, on Monday said they will unveil their latest innovations at the world's leading exhibition for display panels to be held virtually this week. The two companies will take part in the Display Week 2021, organized by Society for Information Display (SID), which runs through Friday online. Samsung Display, the world's top mobile display panel maker, said its exhibitions will include a 7.2-inch display with a multi-

Industry May 17, 2021

The number of visitors to major amusement and theme parks across the country decreased sharply last year due to the coronavirus pandemic, data showed Monday. According to data from the state-run Korea Culture and Tourism Institute, attendance at Lotte World in southern Seoul stood at 1.56 million in 2020, down 73.1 percent from the previous year. Everland Resort in Yongin, about 50 kilometers south of Seoul, suffered a 58.3 percent drop to 2.76 million and Seoul Land in Gwacheon, about 20 km s

Social Affairs May 17, 2021

South Korea's exports of information and communication technology (ICT) products rose more than 30 percent last month -- the sharpest rise in over 10 years -- on the back of robust global demand for chips and displays, data showed Monday. Outbound shipments of ICT products were estimated at $17.06 billion in April, the highest-ever amount for any April and a rise of 32.6 percent from a year earlier, according to data from the Ministry of Science and ICT. The latest data marked the 11th consecu

Economy May 17, 2021

South Korea plans to triple its low-interest rate loans for green energy projects sought after by emerging countries by 2025, the finance ministry said Monday. The country will increase the Economic Development Cooperation Fund (EDCF) in the green energy field to $600 million in 2025 from last year's $200 million, according to the Ministry of Economy and Finance. The government also plans to raise the proportion of the green-related loans to 40 percent of its total EDCF program from the curren

Economy May 17, 2021

Financially troubled budget carrier Eastar Jet said Monday it has begun an open auction to find an investor after selecting a preliminary preferred investor last week. In the open bid, Eastar Jet plans to receive letters of intent from interested companies by June 14 and select a final investor afterward, Eastar Chief Executive Kim You-sang said over the phone. On Friday, Eastar signed a contract with an unidentified local investor and obtained approval for the preliminary deal from the Seoul

Mobility May 17, 2021

An animated Japanese film has become the second title attracting more than 2 million moviegoers in South Korea in 2021, box office data showed Monday. The dark fantasy "Demon Slayer: Kimetsu no Yaiba the Movie: Mugen Train" sold 29,000 tickets over the weekend, surpassing the 2 million threshold nearly four months after its release in late January, according to the data by the Korean Film Council (KOFIC). It is the second film released in 2021 to hit 2 million in the country, followi

Film May 17, 2021

The arms procurement agency said Monday it has signed a deal to purchase hydrogen powered-drones for a pilot operation at the Air Force to boost the military's surveillance capabilities. Under the 831 million won ($737,000) contract with Doosan Mobility Innovation Inc., the drones will be delivered to the military by November after six months of production and inspection, according to the Defense Acquisition Program Administration. The hydrogen fuel cell-propelled drones have a greater flight

Defense May 17, 2021

LG Electronics Inc. on Monday introduced wireless charging solutions for electric scooters as the South Korean tech giant eyes to expand its presence in the mobility sector. LG said it has established electric scooter wireless charging stations in Bucheon, west of Seoul, in partnership with local electric scooter sharing services provider Kickgoing. The two will verify usability and safety of electric scooter wireless charging solutions for the next six months before they expand to cover Seo

Industry May 17, 2021

South Korea's daily new coronavirus cases stayed in the 600s for the third consecutive day Monday, as infections from private gatherings, schools and military bases continued amid little progress in vaccinations. The country reported 619 more COVID-19 cases, including 597 local infections, raising the total caseload to 132,290, the Korea Disease Control and Prevention Agency (KDCA) said. There were three additional virus deaths, raising the total to 1,903. aily cases have typically fallen eve

Social Affairs May 17, 2021