Financially troubled budget carrier Eastar Jet Co. has received letters of intent (LOIs) from some investors for its stake up for sale and will select a final bidder next month. Easter Jet, currently under a court-led rehabilitation scheme, has received LOIs from several companies, including a consortium led by Kanglim, a local equipment maker under underwear company Ssang Bang Wool, and other private equity funds, according to industry sources.   The budget carrier selected a preli

South Korean stocks advanced for a second straight day Monday after a choppy session, as investors lean towards belief that the price hike is likely temporary. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.19 points, or 0.48 percent, to close at 3,203.92 points. Trading volume was moderate at about 1.1 billion shares worth some 13.8 trillion won ($12.4 billion), with gainers outnumbering losers 505 to 342. Foreigners bought a net 52

Korean Air Lines Co., South Korea's biggest carrier, said Monday it has obtained its second overseas approval from Thailand for its planned acquisition of smaller local rival Asiana Airlines Inc. Korean Air said it recently received approval from the Thai regulator, following the first from Turkey in February. It still needs nods from seven other countries and the European Union to proceed with the 1.8 trillion won ($1.6 billion) deal to acquire the debt-ridden Asiana. The seven countries i

The top professional baseball league on Monday announced plans to relax social distancing rules on seating arrangements at stadiums during the COVID-19 pandemic, no longer requiring fans traveling in groups to put unoccupied seats between members of their parties. The Korea Baseball Organization (KBO) said up to four fans will be allowed to sit in a row if they're attending games as a group. The KBO said it reached the decision following consultations with national health authorities and the sp

South Korea plans to send a military air tanker to the United States this week to bring coronavirus vaccines that Washington pledged to provide to the country, the defense ministry said Monday. The US plans to provide Johnson & Johnson (J&J)'s Janssen vaccine doses for 1 million people after President Joe Biden vowed to help South Korea with vaccine supplies to fully inoculate all 550,000 Korean troops. "We are scheduled to send a (KC-330) air refueling tanker on Wednesday, which

South Korea's science minister said Monday the country will expand investment and focus on the development of its space program after the United States lifted all restrictions on the country's missiles. During a bilateral summit on May 21, South Korea and the US agreed to scrap the restrictions on South Korean missiles, which was first put in place in 1979 and had limited Seoul's development of even non-military space projectiles. The guidelines, which have undergone revisions over the years,

South Korean steelmakers have raised prices of automotive steel for the first time in four years, people familiar with the matter said Monday, a move that could boost their bottom lines. Posco, the country's largest steelmaker, reached a deal with Hyundai Motor Co. and Kia Corp. to raise the price of a ton of automotive steel to 50,000 won ($45), they said. The move is meant to reflect the increased costs of iron ore, one of the main raw materials used in steel production. The price of iron o

North Korean leader Kim Jong-un has not made any public appearances for the past 24 days, marking his longest absence this year, the unification ministry said Monday. Kim was last seen in public on May 6 when he held a photo session with families of the North's army after watching their performance the previous day. "This marks the longest period there have been no reports of (Kim's) public activities this year," Lee Jong-joo, spokesperson of the unification ministry, told a regular

The Seoul metropolitan government opened elevated bicycle lanes Monday along a stream that flows through the heart of the city as part of efforts to encourage the use of the eco-friendly means of transportation among citizens and tourists. The bike lanes were built on a 5.94-kilometer-long section of the existing two-way roads that run along Cheonggye Stream, connecting Cheonggye Plaza near Gwanghwamun to Gosanja Bridge in the eastern ward of Dongdaemun. Raised to the same height as the sidew

South Korea and Indonesia agreed Monday to rev up monitoring on the working environment of Indonesian crewmen boarding local fishing boats and root out possible violations of human rights. Oceans Minister Moon Seong-hyeok held a virtual meeting with his Indonesian counterpart Ida Fauziyah and inked a memorandum of understanding to increase transparency in the recruitment process of workers, according to the Ministry of Oceans and Fisheries. The agreement came as Indonesia takes up around 36 pe

The number of employees at local businesses grew on-year by 2.1 percent in April on the back of an economic recovery, the labor ministry said Monday. As of the last business day of April, there were 18.6 million people employed by companies, up 379,000 from the same month last year, the Ministry of Employment and Labor said in a monthly report. The increase is the largest in 21 months, after 396,000 in July 2019. The coronavirus pandemic caused negative growth in employee numbers starting in

The ruling Democratic Party (DP) on Monday unilaterally adopted a parliamentary confirmation report on the top prosecutor nominee despite protest from opposition lawmakers. The parliamentary Legislation and Judiciary Committee, where DP lawmakers command a majority, adopted the report on the result of the confirmation hearing on Prosecutor General nominee Kim Oh-soo, held last Wednesday. The committee session was, however, boycotted by lawmakers of the main opposition People Power Party (PPP)

South Korea is likely to collect larger-than-expected tax revenue this year, potentially securing ammunition to finance another extra budget that could be under review to help underpin an economic recovery. The country may be able to collect more than 300 trillion won ($269 billion) in tax revenue this year, up around 17 trillion won from the government's earlier forecast of 282.7 trillion won, according to government and parliamentary officials. This, if realized, would also mark an increase

Could this spell the end of the greatest dynasty in South Korean football? Jeonbuk Hyundai Motors, four-time defending K League 1 champions, have tumbled down from first to fourth in the tables over the past two weeks. They were still at the top before facing rivals Ulsan Hyundai FC on May 19. They dropped that match 4-2 and slipped to second place. And their winless skid reached seven matches Saturday, following a 1-1 draw with Incheon United. Only an injury time goal by Takahiro Kunimoto sa

The military will begin administering coronavirus vaccines to service members aged under 30 next week, the defense ministry said Monday. "We plan to begin vaccinating those aged under 30 next week, with Pfizer's vaccines expected to be provided," ministry spokesman Boo Seung-chan said during a regular press briefing. The military has completed providing the first doses of AstraZeneca's COVID-19 vaccines to some 117,000 service members aged 30 and older who have agreed to be inoculate

US Forces Korea (USFK) said Monday it is cooperating with local authorities over allegations some of its members were involved in no-mask parties on a Busan beach over the weekend in violation of social distancing rules. According to police, around 2,000 foreigners, including US soldiers, set off firecrackers and held parties without masks at Haeundae Beach in the southeastern city of Busan, marking US Memorial Day. "USFK is aware of the alleged behavior at Haeundae Beach and is cooperat

Hyundai Motor Group's eco-friendly vehicle exports jumped 46.6 percent in the first four months of this year compared with a year earlier, led by robust demand for its electric vehicle (EVs) and hybrid models, industry data showed Monday. The combined exports of eco-friendly models by the Korean automotive group's two affiliates -- Hyundai Motor Co. and Kia Corp. -- stood at 118,321 units in the January-April period, up from 80,689 units a year ago, according to the data by the Korean Automobi

LG Electronics Inc. said Monday its new gaming monitor will be available in South Korea this week as the tech giant aims to expand its sales amid the pandemic-driven stay-at-home trend. LG's latest 32-inch UltraGear monitor, 32GP850, will hit local shelves Tuesday with a price tag of 799,000 won (US$720). The addition of the 32GP850 expands LG's gaming monitor portfolio to 19 models, with their display sizes ranging from 24 inches to 38 inches. The new monitor comes with Nano IPS display s

President Moon Jae-in's job approval rating rebounded to nearly 40 percent for the first time in nearly three months thanks to positive reception toward his recent summit deal with US President Joe Biden, according to a new poll released Monday. In the survey conducted by Realmeter on 2,512 people over the age of 18 from May 24-28, Moon's job approval rating was recorded at 39.3 percent, up 4.4 percentage points from the previous week. The result marked Moon's highest performance in public pol

Samsung Electronics Co. expanded its presence in the Europe, Middle East and Africa (EMEA) smartphone market in the first quarter of the year, a report showed Monday The South Korean tech giant shipped 30.6 million smartphones in the EMEA market in the January-March period for a 32.8 percent market share, according to the latest report from industry researcher International Data Corp. (IDC). The figures were up from a year earlier when the company shipped 22.7 million smartphones for a 29.5 p