Household loans at major South Korean banks increased in the second quarter, driven by stock investments and home purchases. After an initial decline, loan balances grew, particularly unsecured credit loans and mortgage loans, reaching record levels.
The number of foreigners falling victim to fraud in South Korea has nearly quadrupled in two years, rising from 5,307 in 2023 to 19,907 last year. Many cases involve K-pop merchandise scams targeting 'hallyu' fans. Overall crime against foreigners also surged 81.7% amid a rise in tourism.
South Korea has a 91.08% chance of advancing to the FIFA World Cup round of 32, according to Opta Analyst. They will secure a spot with at least a draw against South Africa on Wednesday.
Heavy rain and strong winds battered South Korea's Gangwon Province and southern regions on Saturday, leading to the closure of national park trails and the disruption of a local festival. No casualties were reported, but authorities issued landslide warnings and advised caution for high waves.
Heavy rain in South Korea's Gangwon Province on Saturday led to restricted access to Mount Seorak national park trails and the disruption of the Gangneung Danoje Festival. While a heavy rain warning was lifted, strong winds and high waves persist off the east coast.
A South Korean court found former Gyeonggi Vice Governor Lee Hwa-young guilty of perjury for falsely testifying about being offered alcohol and food during a prosecution interrogation. The ruling impacts the Democratic Party's efforts to dismiss a remittance case against President Lee Jae Myung.
A regional court in South Korea found former Gyeonggi Vice Governor Lee Hwa-young guilty of perjury for falsely testifying about receiving alcohol and food during a prosecution interrogation. He was sentenced to four months in prison, adding to his existing sentence for an illegal remittance case.
Heavy downpours have drenched South Korea, with rain expected to continue through Saturday evening and into Sunday morning in some areas. Significant rainfall has already accumulated, and rough seas are anticipated along the southern and eastern coasts.
RM, leader of K-pop group BTS, has been appointed the first global ambassador for the National Museum of Korea. The appointment recognizes his support for Korean cultural heritage, including significant donations and his efforts to promote Korean culture globally.
South Korea's Eom Ji-sung described his near-assist in the 1-0 loss to Mexico at the FIFA World Cup, where a late cross to Cho Gue-sung was saved. Eom, a substitute, aims to bring energy and offensive chances to the team.
South Korean newspapers on June 20 featured headlines focusing on Lee's calls for the ruling party to avoid internal conflict and reform the election watchdog. Additionally, reports indicated Lee stated Trump inquired about South Korea building 10 warships for the U.S. and discussed North Korea.
President Lee Jae Myung identified inflation as the government's top priority, urging "extraordinary measures" to stabilize prices and ease household burdens amid global economic challenges. He also addressed heatwave safety and preemptive measures against summer price gouging.
JoongAng Ilbo Co. has formally applied for a creditor-led debt workout program due to liquidity issues within its parent group, JoongAng Group. The company failed to repay 22 billion won in commercial paper and is consulting with creditors for restructuring measures.
Korean Air estimates the integration of Asiana Airlines will cost between 900 billion and 1 trillion won (US$654 million). The airline expects annual synergy effects of around 300 billion won, potentially offsetting costs by late 2028 or early 2029. The goal is to launch the integrated carrier by December 17, aiming for a top 10 global ranking with 230 aircraft and 23 trillion won in revenue.
The South Korean Army will allow all qualified noncommissioned officers (NCOs) to transition to long-term service starting in 2028 as part of a personnel overhaul. This initiative aims to enhance job security and attractiveness to address recruitment challenges.
Police are investigating an alleged break-in at a Seoul ballot-counting center, the Olympic Park Handball Gymnasium, after three unidentified individuals reportedly entered the facility on June 7. The incident occurred amid ongoing protests calling for a rerun of the June 3 local elections due to ballot shortages.
The South Korean Army will allow all qualified noncommissioned officers (NCOs) to transition to long-term service starting in 2028, a move aimed at enhancing job security and addressing recruitment challenges amid a declining population. The plan also includes shortening promotion periods and expanding benefits.
President Lee Jae Myung called for a fundamental reform of the National Election Commission (NEC), suggesting a constitutional amendment if necessary, following serious flaws in its handling of recent local elections. He cited the NEC's independent status as a barrier to oversight and proposed changes to how its leadership is chosen. Lee also addressed ongoing protests and potential Cabinet reshuffles.
President Lee calls for constitutional amendment to reform election watchdog amid ballot shortage issues; NEC panel recommends criminal probe into ex-chief; Seoul stocks dip after 6-day rise; S. Korea loses to Mexico in World Cup; Government to replace heads of two public firms.
South Korea's Unification Ministry reiterated its commitment to phased, viable denuclearization solutions for North Korea, a day after Pyongyang restated its refusal to give up nuclear weapons. Minister Chung Dong-young suggested prioritizing a freeze over immediate dismantlement.
South Korean President Lee Jae Myung told U.S. President Donald Trump at the G7 summit that the North Korean nuclear issue requires a unique approach, distinct from other global conflicts. Lee proposed a phased strategy, starting with halting nuclear material production and exporting existing materials, which Trump agreed to consider.
Seoul stocks paused Friday after a six-day surge, with the KOSPI index falling 0.13% to 9,052.42. Investors cashed out gains from an AI boom due to postponed U.S.-Iran talks, impacting chip and defense stocks.
President Lee Jae Myung stated he advised U.S. President Donald Trump at the G7 summit that the North Korean nuclear issue requires a distinct strategy, differing from how other regional conflicts are handled. Lee proposed a phased approach, focusing first on halting nuclear material production and overseas shipment before long-term denuclearization.
President Lee Jae Myung proposed a constitutional amendment to reform the National Election Commission (NEC) due to serious flaws in its handling of recent local elections, including insufficient ballot papers. He cited the NEC's independent status as a barrier to legal oversight.
