Nonperforming loans at South Korean banks fell 11.5 percent in the second quarter from three months earlier due to a decline in overdue corporate loans, data showed Tuesday. Nonperforming loans came to 12.2 trillion won ($10.5 billion) at the end of June, down 1.6 trillion won from the end of March, according to the data from the Financial Supervisory Service (FSS). Overdue corporate loans reached 10.5 trillion won at the end of June, down 1.4 trillion won from a quarter earlier, the data sho

President Moon Jae-in on Tuesday emphasized the importance of maintaining an aggressive fiscal policy next year, as the government has proposed an 8.3 percent hike in the state budget. "(We) are facing a very important time for the nation in the midst of the world's order of upheaval and great transformation. The fiscal role is more important than ever," he said at the start of a weekly Cabinet meeting. Main agenda items included the budget plan for fiscal 2022. In its final annual b

Unionized land-based workers at HMM Co. have voted for a strike after failing to reach an agreement with the management over a pay raise, the union said Tuesday, triggering concerns over potential disruption at the country's top shipper. In a vote held Monday, 98 percent of its 755 members supported the strike if the negotiations go nowhere, according to the union. A week earlier, unionized sailors and other sea-based workers at the company also voted in favor of a strike to solve wage disput

South Korea plans to spend about 12 trillion won ($10.3 billion) next year on reducing greenhouse gas emissions and responding to the climate crisis to pursue carbon neutrality, the government said in its 2022 budget plan released Tuesday. The plan calls for allocating 8.3 trillion won to low-carbon projects in four major sectors -- energy, industry, mobility and land -- and establishing a climate response fund worth 2.5 trillion won. The government has selected the transition to carbon neutra

South Korea on Tuesday proposed a record high budget of 604.4 trillion won ($519 billion) for next year as it plans to maintain expansionary fiscal spending to cement the economic recovery and narrow social gaps caused by the pandemic. The proposed budget, endorsed by the Cabinet, marks an 8.3 percent on-year rise from this year's 558 trillion-won budget, according to the Ministry of Economy and Finance. The increase is lower than the 8.9 percent increase for this year. The government plans to

Unification Minister Lee In-young called Tuesday for the early resumption of talks with North Korea, saying dialogue is the only way toward achieving objectives that everyone wants. Lee made the appeal in an opening speech for the Korean Global Forum for Peace, an annual forum organized by the unification ministry, also urging North Korea to come out for talks on inter-Korean cooperation in humanitarian areas. "Even without perfect conditions for dialogue, the South, the North and the Uni

As teams approach the century mark in games played this season, the KT Wiz will set its sights on padding its lead atop the South Korean baseball standings. The Wiz is coming off a 4-2 week. Its most recent victory, on Sunday against the Samsung Lions, must have been particularly gratifying for the leaders of the Korea Baseball Organization (KBO). After allowing two runs in the top of the first inning, the Wiz put up a seven-spot in the fifth inning. It pounded out 12 hits, with every member of

Thirty-six American soldiers and four affiliated individuals have tested positive for the new coronavirus, including those from a cluster infection at the Osan base, the US Forces Korea (USFK) said Tuesday. Eighteen service members and one family member stationed at Osan Air Base in Pyeongtaek, some 70 kilometers south of Seoul, tested positive Thursday and Friday, either after developing symptoms consistent with COVID-19 or after coming into contact with colleagues who tested positive earlier,

North Korean leader Kim Jong-un met and held a photo session with young ex-convicts volunteering to work in "difficult and challenging sectors," and urged them to become a "kindling spark" for national development, state media said Tuesday. Kim "held hands of each of the young people who volunteered to work at difficult and challenging sectors with high awareness and enthusiasm to glorify their youth in the van of the worthwhile era, highly estimating their deeds and me

The ruling Democratic Party (DP) on Tuesday kicked off a 41-day nationwide voting process to choose its final candidate to run in next year's presidential election, party officials said. The primary election voting on six DP presidential contenders started off on the inaugural leg of the central city of Daejeon and surrounding South Chungcheong Province earlier in the day. It will then move to 10 additional legs across the country, including the southern city of Gwangju on Sept. 25, to wrap up

South Korea and the United States launched a joint project Tuesday to recover the remains of troops killed during the 1950-53 Korean War at a former battle site near the inter-Korean border, the defense ministry said. Around 60 South Korean military personnel and 10 from the US' Defense POW/MIA Accounting Agency (DPAA) began the joint excavation work on Mount Baekseok in the northeastern county of Yanggu, which will continue through Sept. 16, according to the ministry. As one of the key strate

South Korean stocks opened lower Tuesday as investors took to the sidelines amid the country's protracted fight against its worst wave of the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.03 points, or 0.13 percent, to trade at 3,140.16 points in the first 15 minutes of trading. South Korea's fight with the current wave of the pandemic weighed on investor sentiment as health authorities struggle to flatten the virus curve ahead of the Chuseok holiday next month. In

South Korea's daily new coronavirus cases fell below 1,400 on Tuesday due to fewer tests over the weekend, but health authorities are facing hurdles in flattening the curve ahead of the Chuseok holiday. The country added 1,372 more COVID-19 cases, including 1,333 local infections, raising the total caseload to 251,421, according to the Korea Disease Control and Prevention Agency (KDCA). Daily cases have stayed above 1,000 for 56 consecutive days. Tuesday's tally marked a drop from 1,619 on Sun

Talks about the Federal Reserve's tapering of asset purchases have had limited impacts on South Korea's financial market, but the country will monitor the situation with "extra" vigilance, a senior government official said Tuesday. Fed Chairman Jerome Powell said in a Jackson Hole speech Friday (U.S. time) that the Fed may begin to taper bond purchases this year, but he took a cautious stance about an early tapering of asset buying or a hike in interest rates. First Vice Finance Mini

South Korean Defense Minister Suh Wook has met with Egypt's Military Production Minister Mohamed Ahmed Morsi during a visit to the country and agreed to expand defense industry cooperation between the two sides, his office said Tuesday. The meeting took place Monday after Suh arrived in Egypt for a two-day visit at the invitation of the country's defense chief Mohamed Ahmed Zaki Mohamed. He is South Korea's first defense minister to visit the Middle Eastern nation. During the talks, Suh said S