Foreign currency deposits at banks in South Korea rose for the second straight month in March as exporters increased dollar holdings amid robust overseas shipments, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $92.7 billion as of end-March, up $2.67 billion from the previous month, according to the Bank of Korea (BOK). The FX deposits rose for the second consecutive month in March after they declined for the first time in four

Economy April 19, 2021

South Korean banks plan to extend loans worth 3.5 trillion won ($3.1 billion) this year to low-income people with lower creditworthiness to help them cope with the fallout of the pandemic, the financial watchdog said Monday. The 2021 plan represents a rise of 100 billion won compared with 3.4 trillion won initially planned for last year, according to the Financial Supervisory Service (FSS). Last year, local banks extended a larger-than-expected 3.7 trillion won in such loans to 210,000 borrowe

Economy April 19, 2021

Baekhyun, a member of K-pop boy band EXO, now has two million-selling solo titles under his belt, his agency said Monday. The singer's third EP, titled "Bambi," sold a total of 1 million copies as of Sunday, 20 days after its release on March 30, according to SM Entertainment. It is his second million-seller album following the previous solo track "Delight" in 2020. Baekhyun has already become the first Korean singer to earn the "million seller" title through bot

K-pop April 19, 2021

An Army soldier has tested positive for the new coronavirus while away from his base for vacation, the defense ministry said Monday. The soldier, based in Siheung, south of Seoul, was confirmed to have contracted COVID-19 after a family member was found to be infected with the virus, according to the ministry. The latest case raised the total number of infections reported among the military population to 698. Of them, 670 have been fully cured and 28 are under treatment. Nationwide, South Kor

Defense April 19, 2021

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday that it has signed a 208 billion won ($185.8 million) deal to build two crude-oil carriers. Under the deal signed with a European company, Hyundai Samho Heavy Industries Co., a unit of KSOE, will build and deliver the 300,000-ton ships from the fourth quarter of 2022, the company said. The deal has an option to construct one more same-sized crude-oil ship, KSOE said. KSOE has won 11, or 42 percent, of 26 crude-oil carriers o

Industry April 19, 2021

Nokia Corp., a Finnish telecom equipment giant, said Monday it has signed an agreement with South Korean mobile carrier LG Uplus Corp. to install its next-generation indoor 5G equipment here. Nokia said it will deploy its small cell AirScale Indoor systems in indoor locations across the country, including shopping malls and office buildings, for LG Uplus' 5G network. The system allows seamless 5G connectivity between indoor and outdoor locations and can be easily upgraded to accommodate future

Technology April 19, 2021

South Korea said Monday it has revised the renewable portfolio standards (RPS) system to have power companies utilize more sustainable resources, in line with the country's green energy drive. Under the new rules, power companies are requested to produce up to 25 percent of all their power output from renewable sources, up from the previous 10 percent, according to the Ministry of Trade, Industry and Energy. The policy will be implemented in October. It marked the first time for the ceiling to

Economy April 19, 2021

LG Electronics Inc. on Monday said it has joined hands with Italian jewelry and luxury goods brand Bvlgari to promote its rollable TV to European customers. The world's second-largest TV maker said it recently held events for high-end customers at Bvlgari shops in Switzerland to introduce the SIGNATURE OLED R TV. "As the target customers for the SIGNATURE OLED R and Bvlgari are those who buy products based on their value, not their price, we believe the joint marketing events will create

Industry April 19, 2021

Prime Minister nominee Kim Boo-kyum said Monday he plans to deliver a fresh government stance in terms of the pandemic-related public support programs in his confirmation hearing. "Before everything else, I will try to find measures to give the public, fatigued by COVID-19, means of support, and prepare to deliver answers (at the confirmation hearing)," Kim told reporters as he arrived at his temporary office in central Seoul. Kim explained that he will consult with related agencies

Politics April 19, 2021

South Korea's construction equipment maker Doosan Infracore Co. said Monday that it has signed a deal to provide 15,000 forklift engines to Linde China Forklift Truck Corp., a Chinese forklift maker. Doosan Infracore will offer small-sized diesel engines and liquefied petroleum gas (LPG) G2 engines from 2023 to 2027, which will be mounted on Linde China Forklift Truck's forklifts under 3.5 tons to be exported to Europe and North America, the company said. Doosan Infracore did not reveal the va

Industry April 19, 2021

South Korea's first-quarter economic growth is widely estimated to have recovered to pre-pandemic levels on a rapid rebound in exports and investment, experts said Monday. South Korea's gross domestic product came to 468.8 trillion won ($419 billion) in the fourth quarter of 2019, about a month before the new coronavirus hit Asia's fourth-largest economy. As the economy shrank 1 percent on-year in 2020 in the wake of the COVID-19 pandemic, however, the country's GDP dwindled to 463.4 trillion

Economy April 19, 2021

South Korean stocks opened nearly flat Monday as investors took to the sidelines amid increased valuation pressure. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.16 points, or 0.01 percent, to 3,198.78 points. Stocks got off to a muted start after the Kospi gained in the past five sessions, closing Friday just shy of the 3,200-point mark on expectations of a global economic rebound and better earnings reports in the January-March season. In Seoul, market kingpin Samsung Elec

Market April 19, 2021

President Moon Jae-in called Monday for nonstop efforts to further develop South Korea's democracy, as the country commemorated its historic pro-democracy movement six decades ago. He paid tribute to the victims of the April 19 Revolution in 1960, which was led by students protesting vote-rigging in presidential elections by then President Rhee Syngman, during his visit to a national cemetery in Seoul. The two-week mass civilian protests led to the collapse of the Rhee government that had rule

Politics April 19, 2021

SEJONG -- The number of South Korean stay-at-home fathers reached an all-time high in March as fewer women took charge of bringing up kids, government data showed Monday. A total of 13,000 South Korean men outside the labor force were in charge of child care last month, up 6,000 from a year earlier, according to the data from the Korean Statistical Information Service (KOSIS). It was the largest number since data tracking began in 1999. The on-year increase was also the biggest since March 201

Social Affairs April 19, 2021

North Korea's imports from China spiked to a six-month high last month, data showed Sunday, amid signs of Pyongyang easing prolonged border restrictions amid the pandemic. According to the data by the Chinese customs authorities, North Korea imported around $12.98 million worth of goods from China in March, up from $3,000 logged in the previous month. It is the highest level since September last year when the figure came to $18.9 million. The North's imports from China had fallen to near zero

North Korea April 19, 2021