The delinquency rate for South Korean banks' won-denominated loans rose for the second straight month in May due to an increase in overdue corporate and household loans, the financial watchdog said Wednesday. The rate for bank loans more than 30 days overdue stood at 0.32 percent at the end of May, up from 0.3 percent the previous month, according to the Financial Supervisory Service (FSS). Banks' loan delinquency rate hit a record low of 0.28 percent in March. Compared with a year earlier, t

Economy July 14, 2021

K-pop queen BLACKPINK will be the next act to go on Hybe's growing fan community platform Weverse, its agency said Wednesday. The four-piece act, which already has a massive fan base on YouTube, will join the virtual platform starting Aug. 2, according to YG Entertainment. The move follows a partnership between YG Entertainment and Hybe -- the K-pop powerhouse behind acts like BTS, Tomorrow X Together and Enhypen -- signed in January. The companies, two of the biggest agency-labels in the K-p

K-pop July 14, 2021

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Wednesday that it has signed deals worth a combined 911 billion won ($792 million) to build four LNG carriers. A 454 billion-won deal with a Bermudian company calls for Hyundai Heavy Industries Co., a unit of KSOE, to build and deliver two LNG carriers by September 2025, KSOE said in a regulatory filing. Under a 458 billion-won deal with a European company, Hyundai Samho Heavy Industries Co., another subsidiary of KSOE, will build a

Economy July 14, 2021

Unionized workers at Hyundai Heavy Industries Co., South Korea's top shipbuilder, stopped their weeklong walkout after a tentative deal was struck, the union said Wednesday. The workers started their strike on July 6, occupying a shipbuilding crane in Ulsan, 414 kilometers southeast of Seoul, to press the management to offer tangible proposals after the wage deal fell through. The tentative deal includes a basic pay raise of 41,000 won ($35.6) for 2020, reversing a wage freeze that was include

Industry July 14, 2021

South Korean airlines will resume flights to Saipan later this month as scheduled despite a recent surge in COVID-19 cases. The Seoul government recently signed a quarantine-free travel bubble agreement with Saipan to allow group tours of fully vaccinated Koreans to such holiday destinations. The government is in talks with Guam and Singapore to sign travel bubble deals in preparation for an increase in outbound travel demand as early as late this year. Among local carriers, Jeju Air Co. resu

Economy July 14, 2021

South Korean football club Seongnam FC announced Wednesday two additional players have tested positive for the novel coronavirus, bringing the total on the team to 11. Previously, three players and six staff members from Seongnam had been infected with COVID-19. The first positive case for the K League 1 was reported Sunday. The rest of the team, 46 players, coaches and staffers, immediately received polymerase chain reaction (PCR) tests. Seongnam said the two newly infected players had initi

Soccer July 14, 2021

North Korean propaganda outlets slammed the head of South Korea's main opposition party Wednesday for calling for the abolition of the gender equality ministry but stayed mum on a more relevant issue of his call for scrapping the unification ministry. Earlier, Lee Jun-seok, chairman of the People Power Party, called for the abolishment of the gender equality and unification ministries, claiming they have outlived their lifespans or had no role to play from the beginning. Meari, a North Korean

North Korea July 14, 2021

Throughout his team's training camp for the upcoming Olympic men's football tournament, South Korean head coach Kim Hak-bum has been trying to hammer home one constant message. Play with confidence, and don't be scared against anyone. And that message appears to have gotten through to midfielder Lee Dong-gyeong, who scored a breathtaking goal against Argentina in a pre-Tokyo tuneup match Tuesday. Lee's thunderous midrange strike in the 34th minute tied the score at 1-1 at Yongin Mireu Stadium

Soccer July 14, 2021

South Korea's exports of information and communication technology (ICT) products reached a record high in June, data showed Wednesday, on the back of robust global demand for semiconductors and displays as the global economy picks up steam from the pandemic-induced slump. Outbound shipments of ICT products stood at $19.3 billion in June, up 29.1 percent from a year earlier, according to the data from the Ministry of Science and ICT. The figure marks the highest ever for the month and the 13th

Economy July 14, 2021

LG Chem Ltd., South Korea's leading chemical firm, said Wednesday it will invest 10 trillion won ($8.7 billion) by 2025 to expand its battery material, renewable and bio businesses. The chemical unit under LG Group said it will speed up its transition to an eco-friendly business portfolio by expanding partnership with major industry players through mergers and acquisitions, joint ventures and strategic investments, saying over 30 projects are currently under review. The parent of battery maker

Industry July 14, 2021

South Korea will increase its investment in the Korean-version New Deal project to 220 trillion won ($191 billion) by 2025, President Moon Jae-in said Wednesday. He announced the scheme to expand the scale of government-private investment from the originally planned 160 trillion won, marking the first anniversary of the launch of the campaign. It is aimed at creating a massive amount of jobs and spurring mid-to long-term economic growth with a focus on promoting the digital infrastructure and

Politics July 14, 2021

The Korean-Thai horror project "The Medium" topped the advance box-office sales in South Korea, raising hopes for a larger-than-expected success despite a surge in novel coronavirus infections, data showed Wednesday. The film, revolving around a family experiencing a shamanistic spiritual inheritance in a rural region of Thailand, recorded over 110,000 presold tickets as of 9 a.m., according to data from the Korean Film Council. It hit the local theaters earlier in the day. It accoun

Film July 14, 2021

North Korea has reported to the United Nations that its food production dropped to the lowest level in 10 years in 2018 due to natural disasters, lack of farming materials and low levels of mechanization. According to its Voluntary National Review (VNR) report submitted to the UN, the North also admitted that it failed to achieve its national target of producing 7 million tons of food. VNR is a process through which to assess progress among member countries in their efforts to achieve the UN S

North Korea July 14, 2021

Sales of equity-linked securities (ELS) in South Korea swelled nearly 13 percent in the first half of the year despite the coronavirus pandemic, data showed Wednesday. The value of ELS issues stood at 35.6 trillion won ($30.9 billion) in the January-June period, up 12.8 percent from a year earlier, according to the data from the Korea Securities Depository. The figure, however, was down 5.1 percent from the 37.5 trillion won floated during the second half of last year. ELS refers to hybrid de

Economy July 14, 2021

Hyundai Motor Co. on Wednesday launched the Avante N high-performance model as it strives to strengthen its high-end product lineup. The Avante N is the first sedan of the carmaker's high-performance N brand. The sporty sedan comes with a 2.0-liter turbo flat power engine that can reach 100 kilometers in 5.3 seconds and an eight-speed wet double-clutch transmission (DCT), the company said in a statement. It is also equipped with side skirts, which minimize the amount of air that goes under th

Industry July 14, 2021