Five banks and five insurance firms in South Korea agreed Thursday to provide up to 5 trillion won ($3.6 billion) in additional funding for real estate development projects. The move comes amid government-led efforts to normalize real estate project financing ㅣloans as prices continue to rise, which include the liquidation of failing projects. Under a memorandum of understanding signed Thursday, the five banks and five insurance firms will first create a 1 trillion-won syndicated loan and gradua

South Korea's car exports rose 4.8 percent on-year last month to reach a record high for any May, driven by solid demand for eco-friendly vehicles, data showed Thursday. The combined value of car shipments came to $6.5 billion in May, beating the previous record for any May set in 2023, when the value stood at $6.23 billion, according to the Ministry of Trade, Industry and Energy. In terms of volume, car exports advanced 2.9 percent on-year to come to 254,496 units last month. The increase

North Korea and Russia have agreed to offer military assistance "without delay" if either is attacked under a new partnership treaty signed after this week's summit, Pyongyang's state media reported Thursday. The Korean Central News Agency disclosed the Korean-language full text of the comprehensive strategic partnership treaty that North Korean leader Kim Jong-un and Russian President Vladimir Putin signed Wednesday after their talks in Pyongyang. Article 4 of the 23-point t

The European Union's aviation safety authority will be "ready to react appropriately" against possible flight maintenance issues of the European operation of South Korean low-cost carrier T'way Air, which has recently been plagued by frequent delays due to aircraft maintenance issues, an agency spokesperson said Thursday. T'way Air experienced four flight delay incidents last week alone, affecting hundreds of international passengers connecting South Korea with overseas

The South Korean government said Thursday it has carried out a probe into some imported vehicles made by Japanese automakers Toyota Motor Corp. and Yamaha Motor Co. in connection with their improper certification tests in their home country. Seoul's Ministry of Land, Infrastructure and Transport said it has looked into whether 38 models from Japanese automakers currently under investigation for fraudulent certification tests in Tokyo were being sold in South Korea. The ministry said none of

Seoul shares opened higher Thursday, after a holiday in the US, helped by tech gains amid concerns over the possible delay of a long-awaited interest rate cut by the US Federal Reserve. The benchmark Korea Composite Stock Price Index rose 7.46 points, or 0.27 percent, to 2,804.79 in the first 15 minutes of trading. US stock markets were closed on Juneteenth on Wednesday to commemorate the end of slavery in the US The Fed recently pared back projections for rate cuts this year. In Seoul, tech sto

The United States reiterated Wednesday that growing cooperation between Russia and North Korea is a trend of "great concern," after Pyongyang and Moscow signed a pact calling for mutual aid if either side comes under attack. A State Department spokesperson made the point after Russian President Vladimir Putin and North Korean leader Kim Jong-un inked a "comprehensive strategic partnership" treaty at a summit in Pyongyang on Wednesday amid concerns about security implications

Romania has confirmed its plan to buy South Korean K-9 self-propelled howitzers for US$920 million, the defense ministry said Wednesday, in another boost for Seoul's drive to clinch more arms export deals. Romanian Defense Minister Angel Tilvar announced the decision during talks in Romania with Seoul's defense chief Shin Won-sik, who is on a weeklong trip to Eastern Europe that will also take him to Poland, according to the ministry. Shin thanked Tilvar for the decision and anticipate

The Supreme Court on Wednesday turned down an injunction filed by doctors seeking to stop the government from raising the number of medical school admissions, a ruling expected to affect several similar pending court proceedings. The top court upheld and finalized the appellate court's decision to reject the injunction filed by trainee doctors and medical professors calling for the suspension of the government plan to increase the medical school quota by 2,000 starting next year. The court

Seoul shares advanced by more than 1 percent Wednesday as investors scooped up tech stocks following a rally on Wall Street. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 33.41 points, or 1.21 percent, to close at 2,797.33. The closing index marks the highest since Jan. 21, 2022, when the comparable reading was 2,834.29. Trade volume was heavy at 635.72 million shares worth 13.86 trillion won ($10.03 billion), with losers outnumbering winners 53

Temperatures are expected to shoot up to 37 C in the city of Goyang, north of Seoul, on Wednesday, as a heat wave grips the nation, the state weather agency said. Other parts of the country are also expected to see temperatures rise to 35 C or higher. Highs are forecast to be 36 C in the southeastern city of Daegu and 35 C in Seoul, the central city of Daejeon and the southwestern city of Gwangju, the Korea Meteorological Administration said. The eastern coastal city of Gangneung was hit by yet

The antitrust regulator launched an on-site inspection into a major lobby group for doctors Wednesday for allegedly forcing its members to join a walkout against the government's medical reform plan, officials said. The Fair Trade Commission sent inspectors to the office of the Korean Medical Association in Seoul and conducted a probe regarding the KMA-led one-day walkout on Tuesday that involved community doctors and other medical staff, as well as a massive rally in Seoul, according to of

The chief of the financial regulator on Wednesday stressed the need to change the very mindset of bank officials to prevent financial incidents such as incomplete sales. Lee Bok-hyun, head of the Financial Supervisory Service, made the remark in a meeting with the heads of 20 banks in South Korea. "To prevent financial accidents, including incomplete sales, a change in the mind and conduct of bank officials is most important," Lee told the meeting. "I ask the bank management to ac

Major groups of doctors and medical professors will gather Wednesday to discuss what to do next against the government's medical reform plan after threatening to launch an indefinite strike next week, officials said. On Tuesday, some community doctors and medical professors affiliated with the Korea Medical Association held a one-day walkout, and they have threatened to launch an indefinite strike June 27 unless the government accepts their demands. The KMA will hold a meeting with groups f

Seoul shares opened higher Wednesday as investors scooped up tech stocks following a surge in US chipmakers. The benchmark Korea Composite Stock Price Index rose 28.31 points, or 1.02 percent, to 2,792.23 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.2 percent to 38,834.86, and the tech-heavy Nasdaq Composite gained 0.03 percent to 17,862.23. Nvidia Corp. surpassed Microsoft Corp. to become the world's most-valuable company for the first time. In Seo

Russian President Vladimir Putin and North Korean leader Kim Jong-un began summit talks in Pyongyang on Wednesday, Russian news media reported, amid concerns about deepening military cooperation. Putin arrived in North Korea early Wednesday morning in his first trip to the reclusive country in 24 years, as Russia, under international sanctions over its war with Ukraine, has been bolstering military and other cooperation with North Korea. Putin and Kim started their summit talks at the Kumsusan P

Russian President Vladimir Putin arrived in Pyongyang on Wednesday in his first trip to North Korea in 24 years as he is set to hold a summit with leader Kim Jong-un in a show of their deepening relations. Putin began his state visit to Pyongyang early Wednesday morning (Korea time), amid growing concerns that burgeoning bilateral defense cooperation would help prop up Russia's war operations in Ukraine and enhance North Korea's weapons programs to the detriment of regional and global

CHUNCHEON -- Police on Tuesday requested arrest warrants for two Army company commanders over the death of a trainee soldier following a session of demanding disciplinary training last month, officials said. The suspects are accused of ordering a disciplinary session for six recruits at a unit in Inje County, 126 kilometers northeast of Seoul, on May 23, in violation of relevant training rules, resulting in the death of one conscript. The soldier was taken to a civilian hospital after collapsi

South Korean Defense Minister Shin Won-sik on Tuesday met with a Romanian presidential official in Romania and discussed expanding bilateral defense and arms cooperation, Shin's office said. Shin held talks with Ion Oprisor, Romania's presidential adviser on national security, during his visit to the East European country to bolster strategic partnership in the defense area, the defense ministry said. Oprisor expressed hope for deepening ties in defense and the arms industry, noting Ro

South Korean stocks closed higher to end at an over two-year high Tuesday as foreign investors scooped up blue chips after a tech-led rally on Wall Street. The local currency advanced slightly against the US dollar. The benchmark Korea Composite Stock Price Index increased 19.82 points, or 0.72 percent, to close at 2,763.92, rebounding from a 0.52 percent drop the previous day. The closing index marks the highest since Feb. 20, 2022, when the comparable reading was 2,771.93. Trade volume was mod