Most Popular
-
1
Opposition-led Assembly unilaterally passes bill to probe Marine's death
-
2
Golden chance to liquidate babies’ gold rings?
-
3
Inflation eases in April, continues bumpy ride
-
4
Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
-
5
Seoul to more than double military drones by 2026 to counter NK threats
-
6
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
7
Seoul alerts overseas missions to NK terror threats
-
8
Over 60% of S. Koreans support W100m childbirth incentive: survey
-
9
‘Inside Out 2’ adds four new emotions, explores teenage life
-
10
Questions raised over fair promotion of RM, NewJeans
-
S. Korea recoups nearly 70% of bailout funds
South Korea has recouped 69.5 percent of the public funds it spent to bail out troubled financial and other firms since the 1997-1998 Asian financial crisis, the financial regulator said Wednesday. South Korea had retrieved 117.2 trillion won ($99.3 billion) out of the 168.7 trillion won in state funds spent to save firms from bankruptcy as of the end of June, according to the Financial Services Commission (FSC). The recovery rate marks a slight rise from the 69.2 percent recorded at the end
Sept. 16, 2020
-
Gyeonggi chief’s loan relief suggestion prompts criticism from banking sector
Gyeonggi Province Gov. Lee Jae-myung’s idea for a government loan relief program -- in which the state would forgive and pay off interest on loans for those in the low income bracket -- was met with criticism from the banking sector. Lee recently said via Facebook that a “welfare state must take responsibility for the financial risks of ordinary citizens,” and “a welfare loan system where everyone can receive low-interest, long-term loans with the government financially
Sept. 15, 2020
-
[News Focus] Korea outstrips Japan in average pay in 2019
SEJONG -- The average annual wage for South Korean workers was found to have reached $42,285 last year, according to calculation by the Organization for Economic Cooperation and Development. The level placed Korea at No. 19 among 35 members of the OECD. Two member countries, Colombia and Turkey, were not in included in the 2019 comparison. Though the figure fell short of the OECD average, $48,587, Korea ranked above Israel (21st), Italy (22nd), Spain (23rd) and Japan (24th), all of which saw
Sept. 15, 2020
-
ADB maintains growth outlook for S. Korea, cuts projection for Asia
The Asian Development Bank said Tuesday that South Korea’s economy would likely contract 1 percent on-year in 2020 due to the COVID-19 pandemic, but grow 3.3 percent next year on the back of the global economic recovery and local fiscal spending. In its revised set of growth projections for the Asian region, ADB maintained its earlier forecast for Asia’s fourth-largest economy, while cutting the region’s overall growth outlook for this year to a contraction of 0.7 percent f
Sept. 15, 2020
-
Exim Bank issues $1.5b in global bonds
The state-run Export-Import Bank of Korea (Exim Bank) said Tuesday that it has issued $1.5 billion worth of bonds to foreign investors. Exim Bank has sold three-year bonds worth 500 million euros, $400 million in five-year dollar bonds and $500 million in dollar bonds that will mature in 10 years. The euro-denominated social bonds carry a yield of minus 0.118 percent, the lowest interest rate offered by South Korean institutions, the state lender said. A negative bond yield means that an inv
Sept. 15, 2020
-
Financial holding firms' H1 net down 11% on increased provisions
South Korea's 10 financial holding firms saw their combined net profit fall 11 percent on-year in the first half of this year due mainly to increased loan loss provisions, data showed Tuesday. The combined net profit of KB Financial, Shinhan Financial and eight other financial holding firms stood at 7.6 trillion won ($6.4 billion) in the first six months of this year, compared with 8.57 trillion won for the same period last year, according to the data from the Financial Supervisory Service (FS
Sept. 15, 2020
-
Corporate sales dip by most in Q2 amid pandemic
South Korean companies' sales declined at the sharpest clip on record in the second quarter as their business activity was hit by the new coronavirus outbreak, central bank data showed Tuesday. Sales of local businesses dropped 10.1 percent in the April-June period from a year earlier, accelerating from a 1.9 percent on-year fall in the first quarter, according to the data by the Bank of Korea (BOK). The reading marked the sharpest on-year fall since the first quarter of 2015 when the BOK beg
Sept. 15, 2020
-
S. Korean firms need to heed India's import regulations: report
South Korean companies need to keep close tabs on India's anti-dumping rules and other trade remedies to protect its domestic industries, a report said Tuesday. India, Asia's third-largest economy, has been beefing up efforts to shield its domestic industries from foreign competitors by sharply raising import regulation probes in recent years. "India's import regulations have recently been very tough and aggressive," the report from the Korea International Trade Association (KITA) s
Sept. 15, 2020
-
S. Korea's export prices dip for 1st time in 4 months in Aug.
South Korea's export prices fell for the first time in four months in August as the local currency appreciated against the US dollar, central bank data showed Tuesday. The country's export price index, in terms of the local currency, dropped 0.2 percent in August from the previous month, compared with a 0.1 percent on-month gain in July, according to the preliminary data from the Bank of Korea (BOK). The reading marked the first drop after the index rose for three straight months since May.
Sept. 15, 2020
-
US sanctions on Huawei feared to hit S. Korean chip exports to China
South Korean chip exports to China are feared to take a hit from US sanctions on Chinese telecom giant Huawei Technologies Co. due to their heavy dependence on the neighboring country, sources said Tuesday. The new sanctions, which ban the supply of semiconductors made with US equipment, software and design to Huawei without prior approval from Washington, became effective the same day. The US move forces Samsung Electronics, the world's top memory chip maker, and SK hynix Inc. to stop semico
Sept. 15, 2020
-
Finance minister, ADB chief vow cooperation against COVID-19
Finance Minister Hong Nam-ki and Asian Development Bank President Masatsugu Asakawa held a video-linked meeting on Monday and pledged to cooperate against the new coronavirus, the finance ministry said. During the talks, Hong and Asakawa agreed to encourage countries in the Asia Pacific region to cooperate in various sectors to respond to COVID-19, according to the ministry. Hong also proposed opening ADB's Seoul office to boost cooperative ties, the ministry said. Asakawa said they sho
Sept. 14, 2020
-
Seoul seeks trade deal with Uzbekistan, strives to diversify export channels
South Korea will enter into talks with Uzbekistan by the end of the year, seeking to sign a bilateral trade deal, Deputy Prime Minister and Finance Minister Hong Nam-ki said Monday. It will also establish a platform to help local SMEs promote and sell their products through contactless global selling channels such as Amazon. “Our economy continues to face difficulties, with exports logging negative growth for six months straight,” Hong said in a meeting of economy-related minist
Sept. 14, 2020
-
Credit card firms' H1 net up 19% on increased profit from loans
South Korea's credit card companies saw their combined earnings rise in the first half of the year from a year earlier due to increased profits from card loans, data showed Monday. The combined net profit of eight card issuers, including Shinhan Card Co., Samsung Card Co. and KB Kookmin Card Co., came to 1.11 trillion won ($937 million) in the January-June period, up 18.9 percent from a year earlier, according to the data released by the Financial Supervisory Service (FSS). The hike in profit
Sept. 14, 2020
-
Daily money transfers via mobile payment apps up 20% in H1 amid pandemic
The value of daily money transfers via mobile payment apps in South Korea rose 20.3 percent in the first half from six months earlier as online financial transactions increased amid the new coronavirus outbreak, central bank data showed Monday. The value of daily money transfers via smartphone apps, such as Toss, Naver Pay and KakaoPay, stood at 322.6 billion won ($272.3 million) in the January-June period, compared with 268.2 billion won in the second half of 2019, according to the data by th
Sept. 14, 2020
-
S. Korean trade minister to head to Washington to drum up support for her bid to become WTO chief
South Korea's trade minister plans to visit the United States this week to win support for her bid to become the new head of the World Trade Organization (WTO). Trade Minister Yoo Myung-hee will depart for her four-day trip to Washington on Tuesday, according to the Ministry of Trade, Industry and Energy, where she plans to meet US government and business officials. During the trip, Yoo is also expected to discuss a wide array of issues related to the economic ties between South Korea and the
Sept. 14, 2020
-
HDC, Asiana shares fall after deal collapses
Shares in HDC Hyundai Development Co. and Asiana Airlines Inc. fell Monday after the property developer's planned acquisition of the debt-ridden carrier collapsed last week amid the COVID-19 pandemic. HDC fell 0.2 percent to 24,700 won ($21) and Asiana plunged 2.5 percent to 3,965 won, far underperforming the broader KOSPI's 1.3 percent gain. But Asiana's parent Kumho Industrial Co. rose 1.2 percent to end at 6,820 won as the deal's rupture was already factored in the stock price. "HD
Sept. 14, 2020
-
IPOs in S. Korea scoop up investor money this year
South Korean investors have poured a huge amount of money into initial public offerings (IPO) this year amid ample liquidity, industry sources said Monday. Investor deposits for IPO subscription in Asia's fourth-largest economy came to 150.9 trillion won ($134 billion) between January and last week, about 1.5 times the full-year figure for 2019. A total of 45 companies have gone public this year, compared with 99 issues last year. This year's amount is also well over the 85 trillion won in
Sept. 14, 2020
-
S. Korea seeks to begin free trade talks with Uzbekistan by year-end
SEJONG -- South Korea seeks to launch formal negotiations with Uzbekistan by the end of this year to sign a bilateral free trade deal, Finance Minister Hong Nam-ki said Monday. South Korea will complete domestic procedures this month to begin free trade talks with Uzbekistan, Hong told a meeting with economy-related ministers. Hong said Uzbekistan is one of the important partners for South Korea's New Northern Policy aimed at improving the nation's partnerships with countries located north of
Sept. 14, 2020
-
Watchdog mulls tightening unsecured loans amid sharp demand for property-related funds
South Korea's financial watchdog is considering tightening rules on unsecured loans as more people took out such lending excessively to buy homes or invest in stocks, financial sources said Sunday. The financial regulator has stiffened rules on mortgage lending in a bid to curb rising housing prices, but people rushed to take out credit loans to buy houses amid cheap borrowing costs. A rally in the stock market also prompted people to borrow unsecured loans for stock investments, including pub
Sept. 13, 2020
-
South Korean shares log 2nd highest gains among G-20 peers
South Korea's key stock index has posted the second-highest profit rate among its Group of 20 peers since this year's bottom, helped by robust buying by individuals, the bourse operator said Sunday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,396.69 points Friday, soaring 64.42 percent from 1,439.43 on March 19. All G-20 countries saw their main stock indices plunge to the year's lowest in mid-March, when investors' fear peaked over the new coronavirus pandemic. The
Sept. 13, 2020