South Korean stocks advanced for the fourth session in a row Wednesday, backed by strong economic data fueled expectations of an increase in corporate earnings and a quick economic rebound from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.36 points, or 0.07 percent, to close at 3,224.23 points. Trading volume was moderate at about 1.5 billion shares worth some 17.5 trillion won ($15.7 billion), with gainers outnumbering

Market June 2, 2021

Samsung Electronics Co., Hyundai Motor Co. and other major South Korean companies are increasingly adopting "paid vaccine leave" for their employees as the country's vaccine rollout gathers pace and more workers get vaccinated. The companies, including retail giant Lotte Group, pharmaceutical firms and game publishers have introduced vaccine leave from one to three days depending on their employees' symptoms after vaccinations, industry sources said Wednesday. On Tuesday, Hyundai Mot

Industry June 2, 2021

Lee Dong-jun and Um Won-sang, both participating in the South Korean men's Olympic team training camp, bring much of the same qualities to the table. As two of the fastest players on the 28-man roster, the two forwards can keep opponents on their toes, find open space behind the defense and provide instant spark off the bench in a tight match. When head coach Kim Hak-bum sets his final, 18-man team for the Tokyo Olympics, he may opt to take only one of Lee and Um, given their overlapping skill

Soccer June 2, 2021

Kilagramz, a rapper who appeared on a popular hip-hop audition television show, has been indicted for marijuana use, prosecutors said Wednesday. The Seoul Southern District Prosecutors Office referred the case of the 29-year-old rapper, whose legal name is Lee Jun-hui, to a court on charges of violating the Narcotics Control Act last month. In March, the Korean American rapper was arrested at his home in southern Seoul for allegedly possessing and smoking marijuana, which is classified as an i

Social Affairs June 2, 2021

Loans extended to companies in South Korea grew by the largest amount in three quarters in the first quarter of the year as loan demand by the service sector increased amid the pandemic, central bank data showed Wednesday. The outstanding amount of corporate loans came to 1,435.8 trillion won ($1.3 trillion) at the end of March, up 42.1 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). The reading also marked the largest on-quarter gain since a 69.1 tr

Market June 2, 2021

The chairman of the ruling Democratic Party (DP) apologized Wednesday over an investment and academic fraud scandal involving the family of a former justice minister, blamed as a major reason for the party's recent landslide by-election defeats. The apology by Rep. Song Young-gil came as the DP is struggling to reclaim voters' confidence following its crushing defeats in the Seoul and Busan mayoral by-elections in April, blamed largely on the party and its members' "hypocritical" cond

Politics June 2, 2021

The nonperforming loan ratio at South Korean banks declined to a record low in the first quarter due to a drop in overdue corporate loans, data showed Wednesday. The ratio of bad loans to total lending came to 0.62 percent at the end of the first quarter, down 0.02 percentage point from three months earlier, according to the data by the Financial Supervisory Service. From a year earlier, the ratio fell 0.16 percentage point. In the first quarter, fresh overdue lending to companies reached 1.8

Market June 2, 2021

Samsung Electronics Co. was the top smartphone vendor in Chile in the first quarter of the year, a report showed Wednesday, although its market share declined after its rivals grew sharply in the South American nation. The South Korean tech titan represented 42.1 percent of the Chilean smartphone market in the January-March period after its shipments jumped 63 percent on-year to a record 1.2 million units, according to the latest report from market researcher Strategy Analytics. "Samsung'

Industry June 2, 2021

Many South Korean students were found to have fallen behind in Korean, math and English, research showed Wednesday, confirming pandemic learning loss amid yearlong remote learning. The Ministry of Education unveiled the results of the educational achievement research, conducted together with the Korea Institute of Curriculum and Evaluation in November for around 3 percent of the country's high school second graders and middle school seniors. The results were the first official confirmation th

Social Affairs June 2, 2021

South Korea said Wednesday it will offer a set of marine equipment to Indonesia in the form of official development assistance (ODA). The equipment, valued at 1.1 billion won ($990,000), includes a 12-ton research boat, according to the Ministry of Oceans and Fisheries. Other supplies include a multibeam echosounder, which is used to map the seafloor. The two countries have been making different efforts to cooperate in the marine sector. In 2019, South Korea launched a four-year project worth

Foreign Affairs June 2, 2021

Samsung Electronics Co., the world's largest memory chip supplier, on Wednesday unveiled its new enterprise solid state drive (SSD) leveraging advanced data management technology that offers a longer lifespan. The South Korean tech giant said its new enterprise SSD, the PM1731a, features a Zoned Namespace (ZNS) solution that maximizes available user capacity and bolsters the lifetime of a server system. "These improvements will enable enterprise customers to handle big data and artificial

Industry June 2, 2021

Five service members and a civilian worker for the military tested positive for the new coronavirus, the defense ministry said Wednesday. A soldier and an Air Force officer were confirmed to have been infected after coming into contact with members of their respective bases who tested positive earlier, according to the ministry. A Marine and the civilian worker tested positive following infections of their family members, the ministry said, adding that contact tracing is under way on the remai

Defense June 2, 2021

South Korea said Wednesday it plans to raise its guard against the new coronavirus at beaches here as more people are expected to travel locally during the summer season. Starting July, the country will operate a three-level alert system -- green, yellow and red -- to warn visitors of congestion at beaches, according to the Ministry of Oceans and Fisheries. The system will be applied to all 277 local beaches, compared to just 50 the previous year. The information will be available on popular p

Social Affairs June 2, 2021

Military prosecutors sought an arrest warrant Wednesday for an Air Force noncommissioned officer on charges of sexually harassing a female colleague, the defense ministry said, amid mounting criticism that the military's mishandling of the case led to the victim taking her own life. Investigators also took the suspect, identified as master sergeant Jang, into custody. He is suspected of sexually harassing the victim of the same rank inside a car on their way back to the base in the western city

Defense June 2, 2021

South Korean movie theaters said Wednesday that they have started a program to give price discounts to vaccinated people for this month as part of marketing strategies to fill virus-hit empty cinemas. Under the one-month campaign starting Tuesday, those who have received at least one shot of COVID-19 vaccines can buy two tickets at 5,000 won ($4.50) or 6,000 won each at three major multiplex chains, CJ CGV, Lotte Cinema and Megabox. A ticket for a weekday movie screening costs around 12,000 wo

Film June 2, 2021