Bank lending rates on new household loans inched down in April and interest rates paid by banks on new deposits also fell, central bank data showed Tuesday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in April, down 0.02 percentage point from the previous month, according to the Bank of Korea. The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt reached a record high of 1,359.7 trillion won

South Korean stocks traded lower late Tuesday morning as foreign investors and institutions offloaded large-cap stocks in apparent move to lock in profits.The benchmark Korea Composite Stock Price Index lost 16.85 points, or 0.72 percent, to 2,336.12  as of 11:15 a.m.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign investors and institutions sold large-cap stocks in apparent profit-taking, which are to blame for losses on the main bourse.    Bae Sung-y

South Korean outfit Jeju United are on the verge of reaching the  quarterfinals at the top continental club football competition.Jeju will take on Urawa Red Diamonds on Wednesday in the second leg of their round of 16 series at the Asian Football Confederation Champions League. The match will kick off at 7:30 p.m. at Saitama Stadium 2002 in Saitama, Japan.Jeju United's Hwang Il-su (left) dribbles past Yuki Abe of Urawa Red Diamonds in the opening leg of the round of 16 series at the Asian Footba

Sales of key retailers in South Korea grew 7.2 percent last month from a year earlier, led by the strong performance of online channels, government data showed Tuesday. The combined revenue of 26 online and offline retailers reached 9.81 trillion won ($8.73 billion) in April, compared with 9.15 trillion won the previous year, according to the Ministry of Trade, Industry and Energy.  (Yonhap)Of the amount, 13 offline-based retailers, including department stores, discount chains and convenience st

Samsung Electronics Co. on Tuesday showcased the high-end refrigerator made with porcelain materials, which comes with a price tag of 14.9 million won ($13,270).The South Korean tech giant said the latest refrigerator of its premium kitchen appliances lineup, the Chef Collection, comes with a unique interior design by utilizing porcelain.  The Chef Collection Porcelain (Yonhap)Samsung said its development and design team visited seven countries and conducted numerous tests to find optimistic mat

South Korean brokerage houses are raising their forecast for LG Electronics Inc.'s second-quarter performance, citing the company's improved profitability of major business divisions, including the home appliance sector, industry sources said Tuesday.The South Korean tech giant's first-quarter net profit jumped more than fourfold from a year earlier on the back of the home appliance division's stellar performance. Net profit came to 835.6 billion won ($744 million) in the first quarter, compared

South Korean imports of commercial vehicles jumped more than 19 percent on-year in the first four months of the year despite an overall tumble in inbound auto shipments, data showed Tuesday.Imports of trucks, buses and special vehicles came to 3,284 units in the January-April period, up 19.1 percent from the same period a year earlier, according to the data by the Korea Automobile Manufacturers Association. (Yonhap)Inbound shipments of trucks spiked 24.8 percent on-year to 2,515 units during the

South Korean stocks opened higher Tuesday on increased buying by foreigners and institutions.The benchmark Korea Composite Stock Price Index gained 1.03 points, or 0.04 percent, to 2,354.00 in the first 20 minutes of trading.Bae Sung-young, a market analyst at KB Securities Co., said the index moved in a tight range due to a lack of upside momentum.Large-cap stocks were mixed across the board.Top automaker Hyundai Motor gained 0.62 percent, and auto parts maker Hyundai Mobis Co. was up 0.18 perc

The government plans to develop a common label that can represent all quality products made by South Korean small and medium-sized enterprises that can facilitate marketing for exports, officials said Tuesday.The idea is similar to the "cross" label that is used on products made by Swiss companies that pass state quality tests, according to the officials. The Small and Medium Business Administration and the Korea Federation of SMEs will be working together to develop the unified label, they said

South Korean midfielder Lee Myung-joo is expected to leave his United Arab Emirates side and return home to continue his club career.Local reports said Tuesday the 27-year-old midfielder will not re-sign with Al Ain. The second leg of the Asian Football Confederation Champions League round of 16 series against Esteghlal on Monday was Lee's last match. In this EPA photo taken on May 22, 2017, Lee Myung-joo of Al Ain (left) battles Majid Hosseini of Esteghlal (center) during their round of 16 matc

South Korean public agencies' employment fell just short of their target in the first quarter of the year, data showed Tuesday, but they are expected to expand hiring for the rest of the year in line with the new government's jobs push.The country's public institutions hired 5,046 new workers in the January-March period, some 100 shy of their combined goal unveiled at the start of the year, according to the government portal All Public Information in One. In January, the finance ministry said it

A rebound in new building prices is raising speculation that the global shipbuilding sector is set to recover down the road, industry data showed Tuesday.According to the data compiled by industry tracker Clarkson Research Institute, new building prices of bulk carriers and oil tankers have continued to rise for the past two months. (Yonhap)The price of a new very large crude carrier with 310,000 deadweight tons stood at $80.5 million this month, after falling to $80 million earlier this year, w

South Korea's Internet banking service rose at a fast clip in the first quarter with both the number of users and daily transactions reaching record highs, central bank data showed Tuesday.In the three months that ended on March 31, the number of Internet and smartphone banking service users came to 125.32 million, up 2.3 percent from the previous quarter, according to the data from the Bank of Korea. The number is the sum of all registered users of 16 Internet and smartphone banking service pro

On the strength of her best finish of the season, South Korean rookie Park Sung-hyun has re-entered the top 10 in the latest women's world golf rankings.Park rose three spots to No. 8 in the latest rankings Tuesday. In this Associated Press photo, Park Sung-hyun of South Korea reacts after a missed birdie attempt on the 17th green during the final round of the LPGA Volvik Championship at Travis Pointe Country Club in Ann Arbor, Michigan, on May 28, 2017. (Yonhap)She finished tied for second at t

WASHINGTON -- The chairman of the US House Armed Services Committee has introduced a bill that would authorize the spending of $2.1 billion on enhancing US defense capabilities in the Asia-Pacific region, including $1 billion for procuring THAAD or other missile interceptors.The office of Rep. Mac Thornberry (R-TX) said the lawmaker submitted the Strengthening Security in the Indo-Asia-Pacific Act (H.R. 2621) last week in an effort to increase critical capabilities so as to support US military r

WASHINGTON -- US President Donald Trump on Monday denounced North Korea's latest ballistic missile launch as "great disrespect" for China, praising Beijing for working hard to rein in the recalcitrant neighbor.The North fired a short-range Scud-type missile off its east coast earlier in the day in its ninth missile test this year and the third in about a week. The missile flew about 450 kilometers before crashing into the East Sea.(Twitter)"North Korea has shown great disrespect for their neighb

North Korea on Tuesday accused the United States of flying B-1B strategic bombers close to its territory and triggering a nuclear war crisis.A formation of B-1B bombers from Guam flew over Korea on Monday, staging a nuclear bomb dropping drill, Pyongyang's state news agency said.The bombers even approached an area 80 kilometers east of Gangneung, an eastern city near the Military Demarcation Line, which serves as the border between the two Koreas, it added. A B-1B Lancer strategic bomber (Yonhap

North Korea announced Tuesday it succeeded in the latest launch of a ballistic missile, which it said features a new high-precision guidance system and a quick launch process.The North's leader Kim Jong-un observed the test-firing of a "precision-guided ballistic rocket capable of making ultra-precision strike," the Korean Central News Agency said in an English dispatch. North Korea leader Kim Jong-un inspects a "high-precision" ballistic missile test in these photos released by the North`s stat

Air Pohang, a new regional carrier, said Monday it aims to start commercial operations later this year as the local air transportation market is undergoing a period of growth. The Pohang-based carrier obtained a business registration certificate from the Busan Regional Office of Aviation and plans to apply for an air operator certificate from the Ministry of Land, Infrastructure and Transportation next month, a corporate spokesman said by phone.  (Yonhap)Given it takes about five months to recei

Hyundai Mipo Dockyard Co., a small-sized shipbuilder here, said Monday that it has clinched a 134 billion won ($120 million) deal to build two ships.Under the deal with a European customer, Hyundai Mipo will deliver the two Ro-Ro vessels by December, 2019, the South Korean company said in a regulatory filing. (Yonhap)A Ro-Ro ship is designed to carry containers or cargo such as automobiles, trailers or railroad cars.Hyundai Mipo Dockyard, a unit of major shipbuilder Hyundai Heavy Industries Co.,