South Korean stocks closed lower Monday as investors took caution over rising coronavirus cases in parts of Asia and assessed China's latest economic data that partially missed expectations. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 18.80 points, or 0.6 percent, to 3,134.52 points. Trading volume was moderate at about 758.87 million shares worth some 14.33 trillion won ($12.6 billion), with losers outnumbering gainers 587 to 277. Foreigner

Singer-actress IU has donated 500 million won ($441,350) to charity groups in aid to the underprivileged, her management agency said Monday. The money was delivered to five groups, including the Korea Pediatric Cancer Foundation and the Korea Unwed Mothers Families Association, on Sunday, which was her birthday, according to Edam Entertainment. "IU wished to do something good in the name of her fan club on her last birthday in her 20s to return some of the love she has received from peop

YANGSAN -- A statue of Buddha donated by India has been enshrined at Tongdo Temple, a South Korean Buddhist temple listed as a UNESCO World Heritage site, the temple said Monday. The enshrinement ceremony was held on Sunday at the temple in Yangsan, about 420 kilometers southeast of Seoul, attended by monks from the temple and Indian Ambassador to South Korea Sripriya Ranganathan. It said the bronze statue, which weighs 225 kilograms, was placed at the Cheongpungdang hall for its internationa

South Korean airlines will raise fuel surcharges on international routes next month amid rising jet fuel prices, industry sources said Monday. Starting June 1, the surcharge for one-way tickets on international routes will range from 3,600 won ($3.20) to 20,400 won depending on the routes, according to the sources. The amount is up one level from the band of 1,200 won to 9,600 won for this month. Rising jet fuel prices prompted local air carriers to begin imposing fuel surcharges in April af

Samsung Electronics Co. may unveil its plan later this month to build a new chip factory in the United States, industry sources said Monday, as the South Korean tech giant tries to cope with rivals' capacity expansions. Speculation has run high that Samsung would reveal its US investment upon the summit between South Korean President Moon Jae-in and US President Joe Biden to be held in Washington on Friday (local time). Samsung, the world's largest memory chip producer and No. 2 foundry firm,

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its first-quarter net losses narrowed from a year earlier on a base effect. Net losses narrowed to 86.29 billion won ($76 million) in the January-March quarter from 193.54 billion won in the same period of last year, the company said in a statement. "In the first quarter of 2020, losses involving tangible assets were reflected, but there was no such one-off factor in the past quarter,&

The number of South Korean firms with sales of 1 trillion won ($882 million) or more edged down in 2020 from a year earlier amid the coronavirus pandemic, a corporate tracker said Monday. A total of 204 local companies posted sales of 1 trillion won or more last year, down five from the previous year, according to the CXO Institute. It represents the first drop in the number in five years. The figure rose from 184 in 2016 to 187 in 2017, 199 in 2018 and 209 in 2019. Namyang Dairy Products Co.

Foreign currency deposits at banks in South Korea rose for the third straight month in April as exporters increased dollar holdings amid brisk overseas shipments, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $94.83 billion as of end-April, up $2.13 billion from the previous month, according to the Bank of Korea (BOK). The FX deposits rose for the third consecutive month in April after they declined for the first time in four m

South Korean banks saw their first-quarter earnings jump 71 percent from a year earlier due to one-off gains from state-run Korea Development Bank (KDB), data showed Monday. The combined net profit stood at 5.5 trillion won ($4.8 billion) for the January-March period, compared with a profit of 3.2 trillion won a year earlier, the Financial Supervisory Service (FSS) said in a statement. In the first quarter, the KDB reported an unusually high net profit of 1.4 trillion won, thanks to stock inv

Service output in eight provinces and major cities increased in the first quarter from a year earlier as production in the in-person service segment improved amid relaxed social distancing rules, data showed Monday. The country's service output rose 2.2 percent on-year in the January-March period, according to the data compiled by Statistics Korea. Of 16 provinces and cities, Seoul, three major cities and four provinces posted an on-year rise in service production in the cited period, as the f

The chief of the ruling Democratic Party (DP) voiced hope Monday that the upcoming South Korea-US summit can help resolve various bilateral issues, including Seoul's COVID-19 vaccine procurement. "I expect that momentum can be created by the historic South Korea-US summit to relieve the (Korean) people's anxieties over vaccine issues, (foment) cooperation on semiconductors and a joint response to climate change, and resolve North Korean issues," DP Chairman Song Young-gil said during

South Koreans appear to be almost evenly divided on whether to remedy the current parliamentary confirmation hearings for minister nominees, a poll said Monday, as the ruling party and the presidential office are pushing to shift the focus of the system to their job performance ability. In the Realmeter poll of 500 adults nationwide conducted Friday, 47.9 percent agreed to the need to refurbish the present confirmation hearing system, while 45.5 percent expressed an opposite view. The remaining

The unification ministry on Monday expressed disappointment over North Korea's final decision to withdraw from a World Cup qualifier set to take place in the South next month. On Sunday, the Asian Football Confederation (AFC) confirmed the withdrawal of the North from the Asian qualifiers for the 2022 Qatar World Cup. "The unification ministry has maintained the stance that it is desirable to use the World Cup and other international games as an opportunity for inter-Korean exchange in sp

Three Army soldiers and an airman have tested positive for the new coronavirus, the defense ministry said Monday. The three soldiers based in Yangju, just north of Seoul, were confirmed to have contracted COVID-19 while in quarantine after a virus case was reported at their base, according to the ministry. The airman, based in the eastern city of Gangneung, was found to be infected while away from his base on vacation. An Army unit in the border county of Cheorwon where 27 service members hav

Samsung Display Co. and LG Display Co., the country's two largest display makers, on Monday said they will unveil their latest innovations at the world's leading exhibition for display panels to be held virtually this week. The two companies will take part in the Display Week 2021, organized by Society for Information Display (SID), which runs through Friday online. Samsung Display, the world's top mobile display panel maker, said its exhibitions will include a 7.2-inch display with a multi-

The number of visitors to major amusement and theme parks across the country decreased sharply last year due to the coronavirus pandemic, data showed Monday. According to data from the state-run Korea Culture and Tourism Institute, attendance at Lotte World in southern Seoul stood at 1.56 million in 2020, down 73.1 percent from the previous year. Everland Resort in Yongin, about 50 kilometers south of Seoul, suffered a 58.3 percent drop to 2.76 million and Seoul Land in Gwacheon, about 20 km s

South Korea's exports of information and communication technology (ICT) products rose more than 30 percent last month -- the sharpest rise in over 10 years -- on the back of robust global demand for chips and displays, data showed Monday. Outbound shipments of ICT products were estimated at $17.06 billion in April, the highest-ever amount for any April and a rise of 32.6 percent from a year earlier, according to data from the Ministry of Science and ICT. The latest data marked the 11th consecu

South Korea plans to triple its low-interest rate loans for green energy projects sought after by emerging countries by 2025, the finance ministry said Monday. The country will increase the Economic Development Cooperation Fund (EDCF) in the green energy field to $600 million in 2025 from last year's $200 million, according to the Ministry of Economy and Finance. The government also plans to raise the proportion of the green-related loans to 40 percent of its total EDCF program from the curren

Financially troubled budget carrier Eastar Jet said Monday it has begun an open auction to find an investor after selecting a preliminary preferred investor last week. In the open bid, Eastar Jet plans to receive letters of intent from interested companies by June 14 and select a final investor afterward, Eastar Chief Executive Kim You-sang said over the phone. On Friday, Eastar signed a contract with an unidentified local investor and obtained approval for the preliminary deal from the Seoul

An animated Japanese film has become the second title attracting more than 2 million moviegoers in South Korea in 2021, box office data showed Monday. The dark fantasy "Demon Slayer: Kimetsu no Yaiba the Movie: Mugen Train" sold 29,000 tickets over the weekend, surpassing the 2 million threshold nearly four months after its release in late January, according to the data by the Korean Film Council (KOFIC). It is the second film released in 2021 to hit 2 million in the country, followi