South Korean property developer Sung Jung Co. said Tuesday the court has selectedit as the final bidder to acquire financially troubled budget carrier Eastar Jet Co. The Seoul Bankruptcy Court accepted Eastar's plan to sign a contract with Sung Jung on Thursday, Eastar Chief Executive Kim You-sang said over the phone. Early on Tuesday, Sung Jung received contract documents from the bankruptcy court through the deal's lead manager Deloitte Anjin LLC to buy Eastar, the company's Chairman Hyoung

Industry June 22, 2021

South Korean stocks rebounded Tuesday as investors speculate that the Fed's tapering timeline may be slower than expected. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 23.09 points, or 0.71 percent, to close at 3,263.88 points. Trading volume was moderate at about 1.6 billion shares worth some 15.2 trillion won ($13.4 billion), with gainers outnumbering losers 582 to 270. Foreigners bought a net 319 billion won, while retail inves

Market June 22, 2021

The number of double-income households in South Korea declined the most in three years last year as the job market took a beating from the pandemic, data showed Tuesday. The number of double-income households came to 5.59 million as of October last year, down 69,000 from the previous year, according to the data from Statistics Korea. This accounted for 45.6 percent of all married couple households. It marked the largest on-year decline since 2017, when the number of such households fell by 89,

Economy June 22, 2021

The sister of North Korean leader Kim Jong-un said Tuesday that the United States has "wrong" expectations after US National Security Adviser Jake Sullivan called Kim's comments about dialogue with the US an "interesting signal." The statement from Kim Yo-jong also came a day after US Special Representative for North Korea Sung Kim said the US has offered to meet with the North "anywhere, anytime without preconditions" and looks forward to Pyongyang responding posi

North Korea June 22, 2021

South Korea's financial market continues to be stable, but a build-up of financial imbalance remains worrisome, the Bank of Korea (BOK) said Tuesday. In a regular report on financial stability, the BOK also called for vigilance against a rise in debt of households and companies amid the COVID-19 pandemic. The nation's financial stability index shot up to 22.3 in April last year, breaching the lower boundary for a crisis warning, but it has since come down to 1.8. At the end of March, outsta

Economy June 22, 2021

Subcontractors of financially troubled SsangYong Motor Co. will receive additional financial help as the automaker is in search of a new investor. The state-run Korea Credit Guarantee Fund will provide 25 billion won ($22 million) for SsangYong's subcontractors, raising such help to 75 billion won in total, according to the Ministry of Trade, Industry and Energy. The move is aimed at maintaining the supply chain for the financially troubled carmaker to support its normalization. In December,

Industry June 22, 2021

President Moon Jae-in said Tuesday his government will continue efforts to broaden South Korea's role and responsibility regarding major pending international issues. He was talking about the results of his participation in a Group of Seven (G-7) summit in Britain and ensuing state visits to Austria and Spain earlier this month. Moon said he was able to "again confirm the changed national status" of South Korea through the weeklong trip. "The Republic of Korea will play a key r

Politics June 22, 2021

About 80 percent of service members aged under 30 have received their first doses of Pfizer's coronavirus vaccine since the vaccination campaign for younger soldiers began earlier this month, the defense ministry said Tuesday. A total of 332,384 troops in their 20s, or 80 percent of the age group, had received their first doses as of Monday, according to the ministry. Soldiers aged 30 and older were given AstraZeneca's vaccine, with 88 percent, or 116,900 members, agreeing to take their first

Defense June 22, 2021

South Korea will continue efforts to "stably manage" relations with China while taking into account the outcome of a Group of Seven (G-7) summit earlier this month, the foreign ministry said Tuesday. The ministry made the statement in a report submitted to the National Assembly amid speculation that South Korea's participation in the G-7 summit as a guest makes the country look like it has chimed in with the G-7 countries on their unified front against an assertive China. Seoul offic

Foreign Affairs June 22, 2021

The Bank of Korea (BOK) said Tuesday it has decided to issue three-year monetary stabilization bonds, in an effort to better control liquidity. The BOK said it will significantly reduce the amount of two-year monetary stabilization bonds to reduce volatility in bond markets in the wake of the sales of longer-term bonds. At the end of last month, about 80 percent of outstanding monetary stabilization bonds had maturities of two years, a BOK official said. The three-year bonds are expected t

Economy June 22, 2021

LG Electronics Inc. on Tuesday unveiled a digital X-ray detector (DXD) with artificial intelligence (AI) solutions as the South Korean tech giant eyes to expand its presence in the medical equipment field. LG's latest DXD was introduced at Arab Health 2021, the largest medical equipment expo in the Middle East, which will run through Thursday in Dubai. The company plans to launch its new DXD in global markets, including South Korea and the United States, in the near future. The product is co

Technology June 22, 2021

Hyundai Motor Co. on Tuesday unveiled the Avante N high-performance model as it strives to strengthen its high-end product lineup. The Avante N is the first sedan to be launched under the carmaker's high-performance N brand. The sporty sedan comes with side skirts, which minimize the amount of air that goes under the car from the sides and a wing-type spoiler that helps reduce sound and air resistance, Hyundai said in a statement. The latest performance model's prices and other details will

Mobility June 22, 2021

As former Prosecutor General Yoon Seok-youl, a leading presidential hopeful for the opposition bloc, faces challenges even before he declares his bid, new hopefuls are emerging as possible conservative runners with about eight months left before the election. Having led a majority of public opinion polls for presidential hopefuls since late last year, Yoon saw a major setback in his yet-to-be-declared presidential bid this week from the sudden resignation of his chief spokesman and a dossier al

Politics June 22, 2021

WASHINGTON -- US President Joe Biden said Monday he decided to extend US sanctions on North Korea for another year, a move that follows the latest US outreach to the reclusive nation for dialogue at any time and place. In a letter to the speaker of the US House of Representatives, Biden said the North's fissile material as well as its pursuit of nuclear and missile programs "continue to constitute an unusual and extraordinary threat to the national security, foreign policy, and economy of

Foreign Affairs June 22, 2021

The military on Tuesday began a pilot operation of a drone detection and jamming system to better respond to growing threats by small unmanned aerial vehicles, the arms procurement agency said. For the next six months, the Army, the Navy and the Air Force will operate the radar system capable of detecting drones as small as the size of a baseball within 8 kilometers of distance and incapacitating them with jammers when identified as an unauthorized vehicle, according to the Defense Acquisition

Defense June 22, 2021