South Korean banks' household loans grew at a slower pace in August from the previous month due largely to slowed growth in overdrafts for stock investments, central bank data showed Wednesday. Outstanding bank loans to local households came to 1,046.3 trillion won ($898 billion) as of end-August, up 6.2 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The August reading slowed from a 9.7 trillion won on-month increase in July, the data showed. The BOK

Economy Sept. 8, 2021

Preference for traveling to less crowded or outdoor destinations has grown this year in South Korea amid the ongoing coronavirus pandemic, a report showed Wednesday. The Korea Culture & Tourism Institute (KCT) compared two surveys -- one conducted on 2,061 people from April to May last year and the other conducted on 3,136 from May to June this year -- to study any change in domestic travel trend that could be attributed to COVID-19. The report showed more people have chosen to travel to l

Social Affairs Sept. 8, 2021

The foreign ministry said Wednesday it will establish a "smart work system" to allow overseas-based diplomats to work remotely from home and elsewhere without returning to their offices as part of efforts to improve the working environment amid the COVID-19 pandemic. The current work system requires diplomats to access the ministry's network only from their missions connected via secure lines. That has caused difficulties as the COVID-19 outbreak has disrupted direct contact or on-si

Foreign Affairs Sept. 8, 2021

South Korea's central bank is expected to raise its interest rate in November to cope with concerns over a financial imbalance, a report said Wednesday. "The Bank of Korea is likely to raise its benchmark rate to 1 percent from 0.75 percent at its Nov. 25 policy meeting in consideration of worries about a financial imbalance related to an economic recovery, rising inflation and the hot housing market," Woori Finance Research Institute said in the report on the local financial market.

Economy Sept. 8, 2021

An annual international security forum hosted by the defense ministry kicked off in Seoul on Wednesday for discussions on situations on the Korean Peninsula and the surrounding region. The vice-ministerial 2021 Seoul Defense Dialogue (SDD), set to run until Friday, will bring together senior officials from countries including the United States, Japan, China and Russia, as well as experts on issues including the pandemic, according to the ministry. Under the theme of "Borderless Security

Defense Sept. 8, 2021

The Seoul Central District Court on Wednesday again ruled against the bereaved family of a victim of World War II forced labor in a damages suit against a Japanese company. Four children of the late victim, surnamed Jeong, filed the suit in April 2019 seeking 200 million won ($171,940) in compensation from Japan's Nippon Steel Corp. Jeong claimed he was conscripted to forced labor in a Nippon Steel plant from 1940-42 when the Korean Peninsula was a colony of Japan. The same court on Aug. 11

Social Affairs Sept. 8, 2021

South Korea's exports of industrial materials, parts and equipment set a new record in the first seven months of 2021, data showed Wednesday, on the back of the country's efforts to beef up competitiveness of the key industrial sectors amid the prolonged trade row with Japan. Outbound shipments from the sectors came to $203.2 billion in the January-July period, up 23.3 percent on-year, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports also moved up 25.5 perc

Economy Sept. 8, 2021

Former Finance Minister Kim Dong-yeon officially announced Wednesday he will run in the presidential election slated for March as an independent. "We can create a nation where opportunities flow like a river if we can collect our strength with the people," Kim said in a pre-recorded speech announcing his presidential candidacy uploaded on YouTube. Calling for a change of today's political and power establishments, the former career bureaucrat stressed the need to completely overhaul

Politics Sept. 8, 2021

Four service members tested positive for the new coronavirus, the defense ministry said Wednesday, the latest in a series of infections at barracks amid the prolonged fourth wave of the pandemic across the nation. An Army soldier in the central city of Daejeon, an airman stationed in the southeastern city of Daegu and a soldier of a unit under the direct wing of the defense ministry tested positive following their recent vacation, and one officer in Seoul was confirmed to have been infected aft

Defense Sept. 8, 2021

The Navy was to hold a launching ceremony Wednesday for a new 2,800-ton frigate with improved anti-submarine capabilities. The new warship Pohang is the sixth of the country's FFX Batch II frigates to replace the Navy's 1,500-ton frigates and 1,000-ton patrol combat corvettes, according to the military. The ceremony was to be held at its manufacturer Daewoo Shipbuilding & Marine Engineering Co.'s Okpo shipyard on the southern island of Geoje, with the attendance of Joint Chiefs of Staff C

Defense Sept. 8, 2021

South Korea's daily new coronavirus cases surged to over 2,000 again in a week on Wednesday as authorities step up antivirus efforts and the vaccination drive to curb the pandemic. The country added 2,050 more COVID-19 cases, including 2,014 local infections, raising the total caseload to 265,423, according to the Korea Disease Control and Prevention Agency (KDCA). The latest caseload bounced back to over 2,000 in a week. It is up from 1,597 on Tuesday, 1,375 on Monday and 1,490 on Sunday,

Social Affairs Sept. 8, 2021

National cemeteries will be closed during the upcoming Chuseok holiday to prevent the spread of the new coronavirus, the veterans affairs ministry said Wednesday. From Sept. 18-22, visits to 11 national cemeteries across the country will be restricted, according to the Ministry of Patriots and Veterans Affairs. Chuseok is one of the country's biggest traditional holidays, during which families hold rituals thanking their ancestors and visit their graves. This year, South Koreans are set to en

Social Affairs Sept. 8, 2021

South Korean stocks opened lower Wednesday, tracking losses on Wall Street amid concerns about the pace of US economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.16 points, or 0.57 percent, to trade at 3,169.26 points in the first 16 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.76 percent and the S&P declined 0.34 percent, while the tech-heavy Nasdaq composite inched up 0.07 percent after the release of a disappointing US jobs report

Market Sept. 8, 2021

The second batch of coronavirus vaccines South Korea plans to bring in from Romania under a swap deal has departed for Seoul, according to the Korean embassy in Bucharest on Wednesday.   A transport plane carrying 976,500 doses of Pfizer and Moderna vaccines took off from the eastern European country Tuesday night (Romania time), the embassy said. It is expected to land at Incheon International Airport, west of Seoul, at around 3 p.m. Of the incoming shipment, 526,500 doses are Pfiz

Foreign Affairs Sept. 8, 2021

WASHINGTON -- A US lawmaker has called on President Joe Biden to consider providing COVID-19 vaccines to North Korea as a way of improving relations between the two countries, an informed source said Tuesday. Rep. Thomas Suozzi (D-NY) also urged Biden to consider providing additional vaccine support to South Korea in a letter to the president, according to Kim Min-sun, president of the New York-based Museum of Korean American Heritage. "Because of your administration's work to secure over

Foreign Affairs Sept. 8, 2021