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Second-tier banks required to set aside more provisions to curb high-risk lending

MarketsJun 29, 2017

The financial regulator said Thursday it will require second-tier banks to set aside more loan-loss provisions from the second quarter of this year, in a move to curb high-risk home lending. The tougher rules will be applied to home loans by savings banks, the Nonghyup and Suhyup banks, and other mutual savings banks that can charge more than 20 percent interest per annum, the Financial Services Commission said in a statement. For savings banks that make loans worth 10 million won ($8,767) with
Think tank raises Korea's growth outlook

EconomyJun 29, 2017

The South Korean economy will likely grow at a faster pace this year than initially estimated on resilient exports and corporate capital spending, a private think tank said Thursday.In its second-quarter economic report, the Korea Economic Research Institute upgraded its 2017 growth outlook for Asia's fourth-largest economy to 2.9 percent from an earlier 2.5 percent.KERI, affiliated with the nation's big business lobby Federation of Korean Industries, attributed the upward revision to increased
Slogan for Korea's national image discarded

Social affairsJun 29, 2017

South Korea's culture ministry announced Thursday that the slogan for Korea's national image introduced last year is no longer in use.The Ministry of Culture, Sports and Tourism said it got rid of the slogan "Creative Korea" as it seems neither to have produced any positive effects in enhancing the country's national image abroad nor to have been supported by the public. This file photo shows a sign comparing two slogans: "Creative France" and "Creative Korea." (Yonhap)After the slogan was first
Korea strongly protests Japan diplomat's comments on comfort women

Jun 29, 2017

South Korea on Thursday strongly protested a Japanese diplomat's disparaging comments on the victims of Tokyo's sexual slavery during World War II. In a recent media interview, Takashi Shinozuka, the consul general of Japan in Atlanta, called them paid prostitutes saying there is no evidence that the nation mobilized women as sex slaves. South Korean foreign ministry spokesman Cho June-hyuck (Yonhap)"It was a very inappropriate remark inflicting a deep wound to the victims again who went through
Heatstroke claims 58 lives between 2012-2015: govt. data

HealthJun 29, 2017

Heatstroke has claimed 58 lives in South Korea over the past five years, government data showed Thursday.Those in their 70s accounted for the largest share with 18, followed by 11 each for people in their 50s and 80s and six in their 60s, according to the data by the Korea Centers for Disease Control and Prevention. (Yonhap)The number of heatstroke patients, meanwhile, reached 5,910 from 2012 onwards.Most of the patients reported getting sick in August (3,029) and July (2,231).Those in their 50s
Cracks found on Surion military helicopter's airframe: arms agency

DefenseJun 29, 2017

South Korea's Army has resumed the operation of more than 60 Surion multiple-purpose choppers after grounding them for nearly three weeks for new cracks found on the airframe, a state arms procurement agency said Thursday.The Army's central joint technology committee made the decision earlier this week to permit the continued service of the indigenous rotorcraft in accordance with its analysis of the cause and flight stability, according to the Defense Acquisition Program Administration. A file
Korea's ruling party leader to attend memorial for Helmut Kohl

DefenseJun 29, 2017

South Korea's ruling party leader will attend a memorial for late former German Chancellor Helmut Kohl this week, the foreign ministry said Thursday.Kohl, who played a key role in German unification in 1990, died on June 16 at the age of 87. He served as chancellor for West Germany and the first chancellor of unified Germany from 1982-1998. Democratic Party leader Choo Mi-ae (Yonhap)Democratic Party leader Choo Mi-ae will join the European Ceremony of Honor to be held at the European Parliament
S. Korea sends home 8 rescued N. Korean crewmen

North KoreaJun 29, 2017

South Korea sent home Thursday eight North Korean crewmen who were rescued in its waters last week, a unification ministry official said. South Korea's Coast Guard rescued a ship carrying the crewmen on June 23, which was drifting astray near Ulleung Island in the East Sea due to an engine breakdown. All the crew members expressed their wish to be repatriated. (Yonhap)"Around 9:20 a.m. today, the ship and the eight crewmen were transferred to the North Korean side across a transfer point in the
Iranian speaker says Tehran willing to use Pyongyang ties to help inter-Korean reconciliation

Foreign affairsJun 29, 2017

Iran's parliamentary speaker said Thursday that Tehran will seek to use its ties with North Korea to help improve inter-Korean relations for a "peaceful and political" solution.During an interview with Seoul-based reporters, Ali Larijani also cautioned against the two Koreas taking actions to trigger any military rivalry and threw his support behind South Korea's Moon Jae-in government pursuing dialogue with its provocative neighbor. Iran`s parliamentary speaker Ali Larijani attends a press conf
Korean shares extend gains, KOSPI breaks 2,400 points for 1st time

MarketsJun 29, 2017

South Korean shares extended their rally late Thursday morning, with the main stock index breaking through the 2,400-point level for the first time. The benchmark Korea Composite Stock Price Index rose 17.01 points, or 0.71 percent, to 2,399.57 as of 11:20 a.m. The index touched 2,402.80 at one point earlier in the day, marking its all-time intra-day high, on the back of net purchases by foreign and institutional investors. Large caps traded mixed with market kingpin Samsung Electronics adding 0
Samsung Electronics, SK hynix lead stock price hikes: data

MarketsJun 29, 2017

Electronics and semiconductors have led the latest stock market boom in Asia's fourth-biggest economy, data showed Thursday, amid expectations of solid corporate earnings helped by the global economic recovery.Stock prices of Samsung Electronics, SK hynix, and other electronics and semiconductor manufacturers rose 37.32 percent as of Tuesday from the beginning of this year, more than double the increase rate of 18.05 percent for the benchmark Korea Composite Stock Price Index, according to data
Korea's air traffic rises 4% in May

Social affairsJun 29, 2017

Air traffic in South Korea rose 4 percent in May from a year earlier helped by increased demand on non-Chinese routes, government data showed Thursday. The number of passengers on Korean and international routes run by domestic airline carriers rose to 8.74 million last month from 8.41 million a year earlier, the Ministry of Land, Infrastructure and Transportation said in a statement. (Yonhap)"An increase in travel demand on routes to and from Japan and Southeast Asian countries helped offset s
Korea's retail sales up 6.3% in May on online growth

EconomyJun 29, 2017

Sales of key retailers in South Korea grew 6.3 percent last month from a year earlier, led by the strong performance in the online sector, government data showed Thursday.The combined revenue of 26 online and offline retailers reached 10.29 trillion won ($9 billion) in May, compared with 9.68 trillion won the previous year, according to the data from the Ministry of Trade, Industry and Energy. Of the total, 13 offline-based retailers, including department stores, discount chains and convenience
Highway to make it easier for Seoulites to reach East Sea

Social affairsJun 29, 2017

A recently completed highway will allow people living in Seoul to reach a popular tourist destination on the East Sea in less than two hours, the transport ministry said Thursday.It used to take two to three hours to reach Yangyang, 215 kilometers east of the capital city, using existing highways and roads. This, however, has changed, with provincial roads from East Hongcheon to Yangyang being transformed into an expressway, authorities said. A speedway already exists between the capital and the
Doosan expands power biz in US

CompaniesJun 29, 2017

Doosan Group, a major South Korean power equipment conglomerate, said Thursday that it has strengthened ties with US counterparts to expand its presence in the world's largest market.Doosan Heavy Industries Co., South Korea's top power equipment maker, signed a memorandum of understanding in the United States on Wednesday (local time) to buy ACT, a Houston-based gas and steam turbine repair service provider, for an undisclosed amount.Should the deal go smoothly, Doosan Heavy will be able to secu