South Korean online lender Kakao Bank said Wednesday its net profit jumped 21 percent from a year earlier in the third quarter, helped by higher interest income. Third-quarter net profit came to 94.5 billion won ($72.7 million), up 21.2 percent from a year earlier, Kakao Bank said in a regulatory filing. Revenue surged 59.4 percent on-year to 656.6 billion won, with operating income growing 21.9 percent on-year to 127.5 billion won, it said. In the first nine months of the year, Kakao Bank said

Companies Nov. 8, 2023

The South Korean government vowed Wednesday to ease regulations and reduce administrative procedures to promote the swift and smooth implementation of major corporate investment projects, including S-Oil Co.'s petrochemical plant project and the US Sphere Entertainment Co.'s K-pop arena construction plan. The government presented a set of tailored deregulatory measures for a total of 18 projects led by private companies worth 46 trillion won ($35.06 billion) combined as part of efforts

Politics Nov. 8, 2023

US Secretary of State Antony Blinken was set to arrive in South Korea on Wednesday for talks on North Korea, alliance and regional issues, amid growing concerns over the North's closer military ties with Russia. Blinken is expected to arrive at the US Osan Air Base in Pyeongtaek, 60 kilometers south of Seoul, late at night, flying in from Tokyo where he attended a Group of Seven (G7) foreign ministerial meeting. It marks his first trip to Seoul since the launch of the government of Presiden

Defense Nov. 8, 2023

The US Department of Defense refused Tuesday to comment on a growing debate in South Korea over whether a 2018 inter-Korean military accord aimed at reducing border tensions should be suspended, saying it is a matter for South Korea to decide on. Deputy Pentagon Press Secretary Sabrina Singh addressed the question during a press briefing as South Korean Defense Minister Shin Won-sik has made calls for the suspension of the Comprehensive Military Agreement, which critics argue limit South Korea&#

Defense Nov. 8, 2023

The United States will suspend the operation of its obligations under a late Cold War-era security treaty next month following Russia's withdrawal, a senior White House official said Tuesday. National Security Advisor Jake Sullivan made the announcement as the North Atlantic Treaty Organization decided to suspend its obligations of the Treaty on Conventional Armed Forces in Europe aimed at limiting key categories of conventional military equipment in Europe. The suspension came as prospects

Foreign Affairs Nov. 8, 2023

The LG Twins turned a rare triple play in the opening game of the Korean Series against the KT Wiz on Tuesday. With runners at first and second with nobody out in the top of the second inning, the Wiz's Moon Sang-chul put down a bunt trying to advance the runners. But the ball stopped right in front of the home plate in fair territory. Catcher Park Dong-won picked it up and threw out the lead runner Jang Sung-woo at third, where shortstop Oh Ji-hwan was covering the bag. Oh then threw to fi

Baseball Nov. 7, 2023

The government on Tuesday unveiled a plan to conduct massive inspections and take preventive measures against bedbug infestations over the next four weeks amid escalating panic over the bloodsucking bugs. The move comes as bedbugs have increasingly appeared in lodging facilities, bathhouses and other vulnerable places nationwide, causing various health damage to the public. The recent surge is alarming as only nine cases of bedbug appearances had been reported to the health authorities in the

Social Affairs Nov. 7, 2023

First lady Kim Keon Hee traveled to the southern county of Goheung on Tuesday to meet with a group of lepers at a hospital known for treating the patients. Kim visited Sorokdo National Hospital in Goheung, 328 kilometers south of Seoul, and comforted the patients while also encouraging the medical staff, according to the presidential office. Sorokdo is the name of the island where the hospital is located. Two Austrian nurses -- Marianne Stoger and Margaritha Pissarek -- spent 43 years on the i

Politics Nov. 7, 2023

South Korean stocks ended more than 2.3 percent lower Tuesday as investors took profit following the previous session's sharpest-ever daily gains prompted by the country's reimposing of a ban on stock short selling. The local currency sharply fell against the greenback. The benchmark Korea Composite Stock Price Index sank 58.41 points, or 2.33 percent, to close at 2,433.96, bringing its four-session winning streak to a close. Trading volume was moderate at 447.6 million shares worth 11

Market Nov. 7, 2023

A cold wave hit South Korea on Tuesday, bringing temperatures below the freezing point in some regions in the mountainous Gangwon and Gyeonggi provinces amid forecasts that even colder weather is likely to grip the nation Wednesday. Seoul also saw the coldest weather of this fall with 3.8 C, while the morning temperatures dipped below zero in northeastern Gyeonggi Province and the inland and mountainous areas of Gangwon Province, with Mount Seorak recording minus 6.6 C as of 5:58 a.m. The lowest

Social Affairs Nov. 7, 2023

South Korea regained the top spot in new global shipbuilding orders for the first time in three months in October, industry data showed Tuesday. Local shipyards clinched orders totaling 1.54 million compensated gross tons to build 18 ships, accounting for 62 percent of the global total of 2.49 million CGTs last month, according to London-based Clarkson Research Services. The world total decreased 44 percent from the same month a year earlier. China placed second with 820,000 tons to construct 34

Industry Nov. 7, 2023

A North Korean defector-turned-lawmaker of South Korea's ruling People Power Party called Monday for a UN human rights resolution to include a phrase stipulating China's responsibility for the forced repatriation of North Korean refugees. Rep. Tae Yong-ho made the remark during a meeting with South Korean correspondents in New York as discussions are under way to adopt an annual UN General Assembly resolution on the North's human rights situation. The discussions came after hundre

Foreign Affairs Nov. 7, 2023

LG Uplus Corp., South Korea's No. 3 mobile carrier, said Tuesday its third-quarter net profit decreased 8.3 percent from a year earlier despite overall growth in sales due to an increase in costs, in particular, electricity rates. Its net income stood at 156.7 billion won ($120.8 million) in the July-September period on a consolidated basis, compared with 170.8 billion won for the same period last year, the company said in a regulatory filing. Operating income was 254.3 billion won, down 10

Industry Nov. 7, 2023

South Korean stocks opened lower Tuesday as investors took profit following the previous session's sharpest-ever daily gains prompted by the country's reimposing of a ban on stock short selling. The benchmark Korea Composite Stock Price Index fell 42.25 points, or 1.69 percent, to 2,460.12 in the first 15 minutes of trading. On Monday, the Kospi logged its largest daily gain of 134.03 points, or 5.66 percent, buoyed by the short selling ban that will be in place by the end of June 2024

Market Nov. 7, 2023

The new US envoy for North Korean human rights issues pledged efforts Monday to shine a light on the "inextricable" connection between Pyongyang's rights abuses and its security threats. Ambassador Julie Turner made the remarks at a forum, underscoring that the "repressive political climate" in the North allows the recalcitrant regime to divert a large share of public resources to its weapons development programs. Her remarks came as a debate lingers over whether the res

North Korea Nov. 7, 2023