South Korea's exports are expected to surge more than 17 percent on-year to surpass the $600 billion mark in 2021 on the back of the global economic recovery, a report said Monday. The country's overseas shipments are likely to come to $601.7 billion this year, up 17.4 percent from a year earlier, according to the report from the Korea International Trade Association (KITA). It will mark the second time after 2018 that exports of Asia's fourth-largest economy will exceed $600 billion per year.

Investment advisory firms in South Korea bounced back to a profit in fiscal 2020 as the local stock market remained bullish, data showed Monday. The 228 investment advisers reported a combined net profit of 242.6 billion won ($215 million) in the fiscal year of 2020, according to the data from the Financial Supervisory Service (FSS). It marks a sharp turnaround from a total net loss of 37.7 billion won recorded the previous year. The financial watchdog attributed the stellar performance to in

South Korea is keeping a close eye on whether North Korea dispatches a delegation to Beijing to mark the 100th anniversary of the Chinese ruling party, the unification ministry said Monday. Thursday will mark the 100th anniversary of the establishment of the Chinese Communist Party, while Pyongyang and Beijing are set to celebrate the 60th anniversary of their friendship treaty next month. "The government is keeping a close watch on the situation as several commemorative events are being

INCHEON -- Maritime industry experts and businessmen from home and abroad will gather in the western port of Incheon this week to attend a forum on the industry's future, organizers said Monday. The two-day Incheon International Ocean Forum (IIOF) 2021 is to kick off at Songdo Convensia in Incheon, just 40 kilometers west of Seoul, on Wednesday under the theme of "The World Calls, The Ocean Waves." It will be hosted by the Ministry of Oceans and Fisheries and the Incheon metropolitan

BUSAN-- Two illegal sports gambling rings, together worth 900 billion won ($797 million), have been busted, leading to the arrests of 17 suspects, the Busan police agency said Monday. The agency said its cybercrime investigation team has apprehended 38 people and put 17 of them under arrest for having illegally operated sports gambling sites. Seventeen users of the gambling sites were also booked on charges of violating the National Sports Promotion Act, it said. Police are still tracking down

Korean Air Co., South Korea's biggest airline, will resume flights to Guam in August as it expects pent-up demand for the tourism spot that welcomes inoculated travelers without a quarantine, company officials said Monday. Korean Air will provide one flight a week on the Incheon-Guam route beginning Aug. 5 following permission from the transport ministry, a company spokesperson said. "The flight schedule can be adjusted depending on the number of vaccinated people and travel demand,"

South Korea plans to take part in a large-scale naval exercise that the United States and Australia plan to hold next month, the defense ministry said Monday. The Navy will send a 4,400 ton-class destroyer to the Talisman Sabre exercise set to take place in mid-July in Australian waters. The biennial exercise is the largest bilateral training activity between the U.S. and Australia. "We've decided to join the exercise for the first time this year with a goal to improve our capabilities of

The South Korean actioner "Hard Hit" topped the local box office over the weekend, recording the biggest opening-weekend score for homegrown movies this year, data showed Monday. The film, released Wednesday, attracted 253,000 people over the Friday-Sunday period, taking the No. 1 spot at the South Korean box office on its first weekend, according to the data by the Korean Film Council. The figure was the largest first weekend admission record set by a South Korean film throughout 20

South Korea's new 14,500-ton amphibious assault ship will be deployed in October with improved combat capabilities developed with the country's own technologies, the military said Monday. Navy Chief of Staff Adm. Boo Suk-jong presided over a commissioning ceremony for the landing platform helicopter (LPH) ship Marado at the southern port of Jinhae ahead of the planned deployment, according to the military. Named after the country's southernmost island, the Marado is South Korea's second large

South Korea's daily new virus cases fell back to the 500s on Monday for the first time in five days on fewer tests over the weekend. But health authorities have been keeping tabs on the trend of new virus infections amid concerns over a steady rise in cases of the highly contagious Delta variant and others ahead of the implementation of eased social distancing measures later this week, The country reported 501 more COVID-19 cases, including 472 local infections, raising the total caseload to

They may be leading South Korean baseball as the season nears its halfway point, but the KT Wiz still see room for improvement. And they're hoping veteran outfielder Jared Hoying, who signed with the Wiz over the weekend for his second tour of duty in the Korea Baseball Organization (KBO), can help address multiple issues by himself. The Wiz announced their signing of Hoying, 32, on Saturday. He will make US$400,000 for the rest of the season. Hoying will replace Zoilo Almonte, who batted .27

Samsung Electronics Co. on Monday said it has signed a partnership with the Korea Electric Power Corp. (KEPCO) to develop home energy solutions that can help users reduce electricity costs. Under the deal with the state-run utility firm, Samsung will use KEPCO's electricity data to upgrade its SmartThings Energy service. SmartThings Energy, introduced in May 2019, monitors energy use of Samsung's home appliances connected with its Internet of Things (IoT) platform and analyzes consumers' use p

North Korea's official newspaper on Monday warned officials against corruption and urged them to focus on improving people's living standards. The Rodong Sinmun, an organ of the North's ruling Workers' Party, made the appeal in an editorial, calling on officials to wage a struggle to root out "dangerous poisons" in society, such as bureaucracy and corruption. "We must intensify our struggle against all anti-socialist and non-socialist phenomena that infringes upon the interests

Choe Jae-hyeong, head of South Korea's state audit agency, offered to step down Monday in what is viewed as a prelude to joining the presidential election race. If President Moon Jae-in accepts his resignation, the chairman of the Board of Audit and Inspection (BAI) would quit the job half a year before his four-year term finishes. Choe told reporters that he had tendered his resignation earlier in the day. He added he had thought that it is "inappropriate" to carry on his duty amid

South Korean stocks opened nearly flat Monday on increased valuation pressure after the key stock index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (Kospi) edged up 1.45 points, or 0.04 percent, to trade at 3,304.29 points as of 9:15 a.m. The Kospi finished the previous session at a record high of 3,302.84 points, fueled by a massive infrastructure package in the United States. In Seoul, market bellwether Samsung Electronics inched up 0.12

South Korea's exports are forecast to soar 35.8 percent on-year in June on brisk demand for chips and automobiles from major economies, a poll showed Monday. Outbound shipments are estimated at $53.2 billion this month, according to the survey of eight brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. Imports are projected to swell 34.7 percent from a year earlier to $48.2 billion, resulting in a trade surplus of $5 billion. The country's exports rose 29.5 perc

Gyeonggi Province Gov. Lee Jae-myung is expected to announce his presidential bid this week, joining the race to pick the ruling Democratic Party's standard-bearer for next year's election, a close aide said Sunday. Lee is to declare his bid for presidency on Thursday after completing the registration as a preliminary candidate with the DP, according to Rep. Park Hong-geun, one of his close aides. Lee, who is currently leading polls among potential candidates in the ruling bloc, will be the l

Unification Minister Lee In-young on Sunday vowed to act "more quickly" to resume dialogue with North Korea while calling on Pyongyang to flexibly respond to offers for talks. Lee made the remarks during an event to mark the end of the ministry-organized "Unification Walk" campaign where dozens of participants walked together for 13 days along the border in the hope of the reunification of the two Koreas. It was the first of 10 rounds of such walks planned this year, and Lee

Health authorities on Sunday announced that the greater Seoul area, home to half of the country's population, will be under Level 2 with eased virus curbs in the new four-tier social distancing system to be enforced next month. Seoul, Gyeonggi Province that surrounds the capital, and Incheon, 40 kilometers west of Seoul, will be placed under Level 2, the second-lowest in the four-tier system, from Thursday, according to the Central Disaster and Safety Countermeasure Headquarters. Virus cases f

US automakers overtook Japanese brands to take the No. 2 spot in the imported car market in South Korea last year, a report showed Sunday, taking advantage of local consumers' boycott of Japanese products over trade and wartime legacy disputes. A total of 46,000 cars from US automakers were sold in South Korea last year, accounting for 15.2 percent of the overall imported car sales, according to data by the Korean Automobile Manufacturers Association (KAMA). German brands topped the ranking w