South Korea was the world's largest spender on chip equipment in the first quarter of the year, a report showed Thursday, amid a global semiconductor shortage. South Korea, home to major memory chip producers Samsung Electronics Co. and SK hynix Inc., spent $7.31 billion in chipmaking equipment in the January-March period, up 118 percent from a year ago, according to quarterly billings data from SEMI, a global industry association representing companies in the electronics design and manufactur

Hyundai Motor Co. and affiliate Kia Corp., South Korea's two biggest carmakers, said Thursday their combined US sales again broke their monthly record for the third consecutive month in May thanks to the popularity of their SUV models.  Hyundai and Kia sold a combined 170,315 vehicles in the United States last month, up 64.6 percent from a year ago, according to the companies' sales data. Both Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales, reported the

South Korea's dependency on Japanese materials and parts plumbed an all-time low this year in the wake of Tokyo's control on exports of key products, government data showed Thursday. Imports of Japanese materials and parts came to $9.69 billion in the January-April period, accounting for 15 percent of South Korea's overall imports of those goods, according to the data from the industry and trade ministry. The proportion was down 1.1 percentage points from the same period a year earlier and the

South Korean university students burned a Japanese flag in Seoul for the second consecutive day on Wednesday in protest of the Tokyo government's claim to South Korea's easternmost islets of Dokdo. Members of the Korean Progressive University Student Union set the Rising Sun Flag, formerly used by the Japanese imperial army, on fire in front of Dongnimmun (independence) Gate in central Seoul in the afternoon after condemning the Japanese government and Tokyo Olympics organizers for claiming Dok

The newly created No. 2 position at North Korea's ruling Workers' Party likely remains vacant and could be filled by leader Kim Jong-un's powerful sister Yo-jong in case of health issues or other emergencies, an expert said Wednesday. The North's ruling party revised its rules at a rare congress in January to include a new "first secretary" post right after leader Kim, drawing keen attention on who will assume the position. The revised rule stipulates that the first secretary is the

Former Prosecutor General Yoon Seok-youl has privately expressed his willingness to run in next year's presidential election, an opposition lawmaker said Wednesday. Yoon is one of two leading potential presidential candidates, according to various opinion polls, though he has yet to declare his intent to run. "(Yoon) suggested that he will take the lead in the change of government with all his heart and soul," Rep. Kwon Seong-dong of the conservative People Power Party (PPP) told a r

The government said Wednesday its special probe team has arrested 20 people and reported over 529 others to the prosecution for further investigation after looking into various allegations of real estate speculation for about three months. Announcing an interim result of the probe, Prime Minister Kim Boo-kyum said the team, involving the police, and tax and financial authorities, has so far investigated 646 cases and some 2,800 individuals. It has also seized profits worth some 90.8 billion w

Over half of South Koreans are in favor of lowering the constitutional minimum age required for someone to run for president, a poll said Wednesday. According to Realmeter's poll of 500 adults nationwide, 50.3 percent consented to the need to revise the Constitution to bring down the minimum age for presidential candidacy currently set at 40. The survey found 44.8 percent of the respondents opposed the revision of the minimum candidacy age, the Seoul-based pollster said. Under the Constitutio

Indonesia's Ambassador to South Korea Umar Hadi was awarded honorary citizenship of Seoul Wednesday in recognition of his contributions to facilitating friendly exchanges between the two countries, the city government said. Since taking office as Indonesia's top envoy to South Korea in 2017, the ambassador has worked tirelessly to promote bilateral ties and enhance Seoul citizens' understanding of multiculturalism, according to the city government. Hadi, in particular, played a leading role i

South Korean stocks advanced for the fourth session in a row Wednesday, backed by strong economic data fueled expectations of an increase in corporate earnings and a quick economic rebound from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.36 points, or 0.07 percent, to close at 3,224.23 points. Trading volume was moderate at about 1.5 billion shares worth some 17.5 trillion won ($15.7 billion), with gainers outnumbering

Samsung Electronics Co., Hyundai Motor Co. and other major South Korean companies are increasingly adopting "paid vaccine leave" for their employees as the country's vaccine rollout gathers pace and more workers get vaccinated. The companies, including retail giant Lotte Group, pharmaceutical firms and game publishers have introduced vaccine leave from one to three days depending on their employees' symptoms after vaccinations, industry sources said Wednesday. On Tuesday, Hyundai Mot

Lee Dong-jun and Um Won-sang, both participating in the South Korean men's Olympic team training camp, bring much of the same qualities to the table. As two of the fastest players on the 28-man roster, the two forwards can keep opponents on their toes, find open space behind the defense and provide instant spark off the bench in a tight match. When head coach Kim Hak-bum sets his final, 18-man team for the Tokyo Olympics, he may opt to take only one of Lee and Um, given their overlapping skill

Kilagramz, a rapper who appeared on a popular hip-hop audition television show, has been indicted for marijuana use, prosecutors said Wednesday. The Seoul Southern District Prosecutors Office referred the case of the 29-year-old rapper, whose legal name is Lee Jun-hui, to a court on charges of violating the Narcotics Control Act last month. In March, the Korean American rapper was arrested at his home in southern Seoul for allegedly possessing and smoking marijuana, which is classified as an i

Loans extended to companies in South Korea grew by the largest amount in three quarters in the first quarter of the year as loan demand by the service sector increased amid the pandemic, central bank data showed Wednesday. The outstanding amount of corporate loans came to 1,435.8 trillion won ($1.3 trillion) at the end of March, up 42.1 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). The reading also marked the largest on-quarter gain since a 69.1 tr

The chairman of the ruling Democratic Party (DP) apologized Wednesday over an investment and academic fraud scandal involving the family of a former justice minister, blamed as a major reason for the party's recent landslide by-election defeats. The apology by Rep. Song Young-gil came as the DP is struggling to reclaim voters' confidence following its crushing defeats in the Seoul and Busan mayoral by-elections in April, blamed largely on the party and its members' "hypocritical" cond

The nonperforming loan ratio at South Korean banks declined to a record low in the first quarter due to a drop in overdue corporate loans, data showed Wednesday. The ratio of bad loans to total lending came to 0.62 percent at the end of the first quarter, down 0.02 percentage point from three months earlier, according to the data by the Financial Supervisory Service. From a year earlier, the ratio fell 0.16 percentage point. In the first quarter, fresh overdue lending to companies reached 1.8

Samsung Electronics Co. was the top smartphone vendor in Chile in the first quarter of the year, a report showed Wednesday, although its market share declined after its rivals grew sharply in the South American nation. The South Korean tech titan represented 42.1 percent of the Chilean smartphone market in the January-March period after its shipments jumped 63 percent on-year to a record 1.2 million units, according to the latest report from market researcher Strategy Analytics. "Samsung'

Many South Korean students were found to have fallen behind in Korean, math and English, research showed Wednesday, confirming pandemic learning loss amid yearlong remote learning. The Ministry of Education unveiled the results of the educational achievement research, conducted together with the Korea Institute of Curriculum and Evaluation in November for around 3 percent of the country's high school second graders and middle school seniors. The results were the first official confirmation th

South Korea said Wednesday it will offer a set of marine equipment to Indonesia in the form of official development assistance (ODA). The equipment, valued at 1.1 billion won ($990,000), includes a 12-ton research boat, according to the Ministry of Oceans and Fisheries. Other supplies include a multibeam echosounder, which is used to map the seafloor. The two countries have been making different efforts to cooperate in the marine sector. In 2019, South Korea launched a four-year project worth

Samsung Electronics Co., the world's largest memory chip supplier, on Wednesday unveiled its new enterprise solid state drive (SSD) leveraging advanced data management technology that offers a longer lifespan. The South Korean tech giant said its new enterprise SSD, the PM1731a, features a Zoned Namespace (ZNS) solution that maximizes available user capacity and bolsters the lifetime of a server system. "These improvements will enable enterprise customers to handle big data and artificial