South Korea’s financial regulator said Tuesday it has decided to further ease local lenders’ obligations to pile up liquid assets until September, in a move to encourage them to prop up the real economy reeling from the prolonged COVID-19 pandemic.  The liquid coverage ratio, or LCR, is the proportion of necessary assets held by financial institutions, which serves as a key indicator for a bank’s financial soundness.  Under the current LCR regulation designed to c

South Koreans’ love of golf has led to a flourishing culture of indoor golf, played on driving ranges that have been graphically or photographically simulated on screens. Now a gaming company has introduced an artificial intelligence-based service so that golfers can work on their skills at home. On Feb. 25 Kakao Games, the gaming unit of the country’s leading messenger app operator, launched a golf training app that allows newbie golfers to practice and correct their swings in

Samsung Electronics has an aim to boost its sales of customizable Bespoke products to 80 percent of total consumer electronics sales, the company’s president said Tuesday. During an online press conference held to announce the new Bespoke Home products, Lee Jae-seung, president of Samsung’s consumer electronics business, said the company will expand the Bespoke lineup further both at home and abroad. “The company aims to expand the Bespoke sales to account for 80 percent of

Daewoong Pharmaceutical’s partner company in the US is to begin a phase two study of using botulinum toxin complex injections as a preventive treatment for migraines, according to the South Korean firm Tuesday. AEON Biopharma, a California-based private clinical-stage biopharmaceutical company, has licensed the ABP-450 injection from Daewoong Pharmaceutical and has exclusive development and distribution rights for ABP-450 in the US, Canada and the European countries. Last year, the US

Even if he ends up acquiring Chinese nationality in hopes of competing at the Beijing Winter Olympics, South Korean-born short track speed skater Lim Hyo-jun is unlikely to accomplish that goal because of international rules. Lim, the 2018 Olympic champion in the men's 1,500 meters, announced Saturday he was undergoing a special naturalization process to acquire a Chinese passport. He had been going through a protracted legal battle over sexual harassment charges and decided he wouldn't be able

Six people were confirmed to have been infected with COVID-19 after getting their first doses of vaccines, which have been administered to health care workers and patients at long-term nursing facilities since late last month, the health authority said Tuesday. The Korea Disease Control and Prevention Agency (KDCA) said three more tested positive for the coronavirus after their first vaccine shots, in addition to three cases confirmed Monday. Two nurses and a medical employee working at the Na

South Korean stocks slumped for a fourth consecutive session Tuesday amid growing concerns over post-pandemic inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.99 points, or 0.67 percent, to close at 2,976.12 points. Trading volume was moderate at about 1.5 billion shares worth around 18 trillion won ($15.8 billion), with losers outnumbering gainers 570 to 276. Foreigners sold a net 642 billion won, while retail investors pur

Rep. Lee Nak-yon, chief of the ruling Democratic Party (DP), stepped down from his post in the party Tuesday, in his bid to run for presidency next year. The five-term lawmaker officially announced his resignation during a press conference in Seoul. Lee's departure comes more than six months after he was elected as the DP chairman in late August and exactly one year before the next presidential election slated for March 9, 2022. The resignation is in compliance with the DP's internal constitu

Samsung Electronics Co., the world's largest smartphone vendor, was the dominant player in the global foldable smartphone market last year, a report showed Tuesday, with its leading status expected to continue through 2021. For the whole of 2020, Samsung logged an 87 percent share on a unit basis in the global foldable smartphone market that was estimated at 2.2 million units, according to market tracker Display Supply Chain Consultants (DSCC). "The Z Flip was the No. 1 model with nearl

Seoul’s newest and biggest department store, the Hyundai Seoul, is enjoying immense popularity, in what industry insiders hope to be a sign of a revival of consumer sentiment amid the prolonged COVID-19 pandemic. According to industry analysts on Tuesday, the shopping mall in the office district of Yeouido, central Seoul, is estimated to have recorded sales of 37.2 billion won ($32.6 million) in the first week of business, since pre-opening on Feb. 24. Some 1.5 million people is estim

Music from the hit video game League of Legends will be brought to life by an orchestra at the Sejong Center for the Performing Arts in Seoul. “League of Legends Live: The Orchestra” will be held at the Sejong Center in Gwanghwamun, central Seoul, April 2-3. The concerts were originally to be held in November, but postponed due to the COVID-19 pandemic. It is the first time for the Sejong Center, a major performing arts venue in Seoul, to present a show with music from a video ga

Though the COVID-19 pandemic continues to restrict many aspects of our lives, the local musical scene has been striving to bounce back. After the government relaxed the social distancing rules for performing arts venues in early February, local musical productions have been recording sell-outs with musical fans returning to theaters. According to the Korea Performing Arts Box Office Information System (KOPIS), aggregate ticket sales of performing arts productions recorded 16.7 billion won in

As the people of Myanmar chant in unison for the freedom that was stolen from them a month ago in a military coup, South Korean civic groups are banding together to support them with donations and medical aid. The groups also plan to protest local companies whose joint ventures with partners in Myanmar are suspected of financially aiding Myanmar’s generals. “We’ve decided to build a coalition here in Gwangju to help the Myanmar people. We will do everything,” Jo Jin-tae

South Korea’s last coal power project in Gangwon Province is facing renewed scrutiny as civic activists called for a state audit against Korean financial institutions for allegedly overlooking and condoning risk factors in financing the private-led project, dubbed Samcheok Blue Power Plant. The targets are seven financial companies, including the Korea Development Bank, the Industrial Bank of Korea and the National Agricultural Cooperative Federation, according to Korea‘s civic gro

South Korean companies have issued a combined 12.9 trillion won ($11.3 billion) worth of green, social and sustainability bonds from January to February, data showed Tuesday. In the first two months of 2021, social bonds accounted for nearly two-thirds of the total issuance of bonds aligned with ESG factors, followed by green bonds and sustainability bonds -- a hybrid of green and social -- according to data by the Korea Financial Investment Association. In February alone, Korean firms floate