Household loans extended by the country’s five major banks rose by the most on record last month despite warnings from the financial regulators and a series of rate hikes, industry sources said Monday. According to the sources, KB Kookmin, Woori and three others extended a combined 9.62 trillion won (US$7.19 billion) last month, the sharpest-ever increase. Mortgage loans extended by

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South Korean shares trimmed earlier losses to trade nearly flat late Monday morning. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.28 point, or 0.01 percent, to 2,674.03 as of 11:20 a.m. The index earlier opened slightly lower on sharp declines in tech and auto shares. The index had dipped more than 1 percent Thursday on reports of the

Health Minister Cho Kyoo-hong on Monday tried to soothe concerns about hospital emergency rooms, as some doctors have warned of a potential disruption of emergency care due to a prolonged walkout by trainee doctors. “Although there are some difficulties, we believe that emergency rooms are capable of maintaining operations,” Cho told an SBS radio. “The issues extend beyond emergency rooms

The presidential office lambasted the main opposition Democratic Party (DP) on Monday for spreading false rumors about the government allegedly planning to declare martial law. Presidential spokesperson Jeong Hye-jeon condemned DP leader Lee Jae-myung for raising the allegations during a live broadcast meeting with ruling People Power Party leader Han Dong-hoon on Sunday. “We are appalled that the leader of

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The finance ministry said Monday it will push to reduce 32.1 trillion won (US$24.01 billion) of debt incurred by 14 financially troubled public companies combined by 2026 through asset sales and organization restructuring. According to the revised financial management plan, the government set the target debt amount for Korea Electric Power Corp. (KEPCO) and 13 other troubled state-run firms for

North Korean leader Kim Jong-un has emphasized the importance of quality over speed in the construction of factories and other modern facilities as part of ongoing efforts to develop underdeveloped regions outside of Pyongyang, state media said Monday. The directive was issued during Kim’s “field guidance” to regional-industry factories under construction in Hamju County, South Hamgyong Province, on Saturday, according