Citibank Korea, the South Korean unit of Citigroup, began shutting down five physical branches in the country Friday, as part of its plan to reorganize its operations, according to an industry source. Citibank has said it will drastically cut the number of its physical branches to 25 from 126 but claimed that it will not lay off employees.  Five branches of Citibank in Seoul and Gyeonggi Province were being shut down Friday and 30 more branches will be closed by the end of this month.An uns

Bananas were the most sold fruit in the first half of the year, according to leading retail giant E-mart on Friday, replacing the longtime favorite apples.E-Mart said it sold 37.6 billion won ($32.48 million) worth of bananas in the January-June period, up 8.7 percent from the same period last year. The amount tops numbers for apples that stood at 33.1 billion won, down 16.2 percent from last year. The retail company said the latest tally marks the first time that bananas were the top-selling fr

South Korean stocks opened lower Friday taking a cue from overnight losses on Wall Street, although Samsung Electronics, the country's top market cap, delivered market forecast-beating earnings for the second quarter.The benchmark Korea Composite Stock Price Index shed 5.15 points, or 0.22 percent, to 2,382.66 in the first 15 minutes of trading.Market kingpin Samsung Electronics fell 0.66 percent, and major chipmaker SK hynix was 0.73 percent down.Hyundai Motor, the No. 1 automaker, declined 1.2

Samsung Electronics on Friday kicked off official sales of its refurbished Galaxy Note 7, whose production was suspended last year due to battery issues.Sales of the Galaxy Note Fan Edition, which boasts all the features of the ill-fated Galaxy Note 7, have commenced, the tech giant said. The price tag for the Galaxy Note FE has been set at 699,600 won ($606), which is roughly 300,000 won cheaper than when the phone was launched last year. (Yonhap)Taking the battery issue into consideration, the

Ulsan Nambu Police said Thursday that they plan to install a multilingual voice system at bus stations throughout the city of Ulsan, South Gyeongsang Province. Ulsan will be the first city nationwide to use the system, which will broadcast crime prevention guidelines for foreigners.  (Yonhap)The system will be installed in five bus stations and will broadcast in Korean, Chinese, Vietnamese and English. It will air information on how to report crimes, four times a day, for one minute each time. P

South Korea's rapidly aging population could undermine the country's growth in the coming years, local economists said Thursday, in the latest warning to the Asian country mired with a low birthrate.Asia's fourth-largest economy grew 2.8 percent in 2016 from a year earlier on increased private and government spending. In 2015, the economy grew 2.8 percent.Still, the country's economy is forecast to grow 1.9 percent on average between 2016 and 2025 before falling to 0.4 percent on average between

South Korean stocks finished almost flat Thursday, as investors took to the sidelines ahead of Samsung Electronics's earnings guidance for the second quarter and on a sharp fall in global oil prices, analysts said. The Korean won fell against the US dollar.After a choppy session, the benchmark Korea Composite Stock Price Index edged up 0.54 point, or 0.02 percent, to close at 2,387.81.Trade volume was moderate at 298 million shares worth 4.69 trillion won ($4.05 billion), with losers outnumberin

Sales of frozen foods have risen sharply in recent months, industry data showed Thursday, amid an increase in one-person households in South Korea, industry data showed Thursday.GS25, South Korea's second-largest convenience store chain, said its frozen food sales grew 31.5 percent during the first six months of this year from a year earlier. The numbers reflect preferences for such food among singles, who are attracted to convenience of preparation.The comparable growth rates were 11 to 14 perc

Veteran actor Han Jung-kook, who recently appeared in JTBC TV drama “Strong Woman Do Bong-soon,” reportedly rescued a man who tried to commit suicide  with the help of police and another passerby.At around 9 p.m. last night, a man in his late 40s attempted to jump off Gangbyeon Bridge in Busan. He had climbed over the railing, which stood above a busy road, when a woman saw him and screamed.(Yonhap)Han and another passerby named Shin Beom-seok, 31, were in the area when they heard the scream.The

A senior diplomat on Thursday outlined South Korea's commitment to environment-friendly energy policy, including plans to reduce its dependency on coal and nuclear power plants, and sharply increase the use of renewable energy sources. During a energy policy forum, Vice Foreign Minister Cho Hyun called on Asian nations to shift to a low-carbon economy, which would provide a new growth engine. "The transition from traditional fossil fuels to clean energy is indeed not easy. The transition is

Samsung Electronics's operating profit for the second quarter is expected to reach a record-high level of 13 trillion won ($12 billion), market watchers said Thursday.The South Korean tech giant is set to announce its second-quarter earnings guidance Friday. (Yonhap)According to the data compiled by FnGuide, South Korean brokerage houses estimated Samsung's second-quarter operating profit at 13.1 trillion won, which is higher than the previous record of 10.1 trillion won posted in the third quar

A growing number of Korean pop stars received death threats in recent months, raising questions as to why such incidents occur.From Apink to Twice to BTS, South Korea’s most beloved artists have faced serious threats from various anonymous persons online and over the phone. This has put the local entertainment industry on edge, amid growing concerns over how celebrities can be better protected from such threats.Most are written out of anger. Irrational jealousy over celebrities who are dating or

South Korea's retail investors are generally staying away from the local bourses, industry data showed Thursday, as foreigners and institutions pushed up stocks to record highs in recent months backed by improving corporate earnings and resilient exports.The KOSPI main bourse has risen 18 percent in the first six months this year, while the tech-heavy KOSDAQ market posted a 6 percent jump during the same period.The daily trading volume of individual investors contracted 8.5 percent to 5.06 trill

South Korean department stores saw their sales fall in May as more consumers opted for online shopping, government data showed Thursday. The department stores' sales index dropped 4.6 percent in May compared to the same period last year, according to the data from Statistics Korea.  Since the beginning of this year, the index has been on a downturn, recording 1.5 percent, 5.6 percent and 3.5 percent drops in January, February and March, respectively, the data showed. The rate of decrease dr

South Korea's share in the Chinese, U.S. and European auto markets has been declining for the past four years amid tense competition from Japanese and American automakers, industry sources said Thursday.South Korea's share of the global auto market stood at an average 5.8 percent in the three major markets during the first five months this year, the sources said. (Yonhap)The numbers have been falling steadily from 7.7 percent in 2012 to 7.5 percent in 2013 and 2014, and 7.2 percent in 2015. Last

The nation's financial industry has cut about 31,000 jobs so far this year via voluntary retirement programs or other measures, data showed Thursday, as the financial sector suffers from slow growth and slim margins.The decline in financial jobs also came as financial firms shut down their physical branches as customers are increasingly using banking and other financial services on personal computers and smartphones. According to data by Statistics Korea, the number of employees at financial and

Households with loans use about a third of their disposable income on debt repayment, statistics showed Thursday, undermining efforts to spur consumption through spending.The National Assembly Budget Office analyzed figures provided by Statistics Korea and found that a household with loans on average had 46.35 million won ($40,147) in disposable income last year, of which 15.48 million won, or 33.4 percent, was used to pay back principal on loans. It was the first time that the ratio surpassed 3

South Korean stocks opened slightly higher on Thursday as investors are increasingly focused on corporate earnings. Samsung Electronics, the country's top market cap, is set to release its second quarter earnings guidance later this week.The benchmark Korea Composite Stock Price Index rose 1.25 points, or 0.05 percent, to 2,389.60 in the first 15 minutes of trading.Market kingpin Samsung Electronics gained 0.55 percent, and SK hynix was 0.44 percent up.Hyundai Motor, the No. 1 automaker, remaine

Active-matrix organic light-emitting diode screens are expected to rise as mainstream panels for the global smartphone industry within four years, industry watchers said Thursday, beating thin-film-transistor liquid-crystal displays.According to the data compiled by industry tracker TrendForce, AMOLED panels took up 23.8 percent of the global market for smartphone displays in 2016, hovering far below the 76.2 percent posted by TFT-LCD. (Yonhap)The industry tracker, however, said the presence of

Samsung Electronics on Thursday showcased the refurbished edition of the ill-fated Galaxy Note 7, whose production was suspended last year due to battery issues.SK Telecom, the country's No. 1 mobile carrier, said it will kick off sales of the Galaxy Note FE, or Fan Edition, starting Friday.Models pose for a photo with the Galaxy Note FE in this photo released by SK Telecom Co. on July 6, 2017. (Yonhap)The price tag on the Galaxy Note FE stands at 699,600 won ($606). The device comes in four col