South Korea's household loans extended by financial institutions are expected to surpass the 1,000-trillion won (US$942.6 billion) mark this year, data showed Sunday, escalating concerns over the number of indebted households seeing meager income growth compared to rises in prices, especially rents. Outstanding household loans by financial institutions including commercial lenders, insurers and financial agencies stood at 982.5 trillion won as of the end of the second quarter, according to the d

New foreign direct investment (FDI) pledged to South Korea jumped 38 percent on-year in the first nine months of this year despite slowing economic growth at home and abroad, the government said Sunday.In the January-September period, the amount of new FDI pledges to South Korea came to US$14.82 billion, up 37.9 percent from a year earlier and the highest-ever figure for the nine-month period, according to the Ministry of Trade, Industry and Energy. The amount of new FDI that arrived here during

Lee Kun-hee, the de facto head of Samsung Group who has been hospitalized since May after suffering a heart attack, might be transferred to his house for further medical treatment, group sources said Friday, amid media reports that his condition is improving.    In preparation for home medical treatment, the sources said that Samsung Group is building an elevator inside Lee's house located in central Seoul.    "It is right that we are building an elevator in case of his release from the hospital

South Korea's economy is recovering steadily, but the pace still remains weak with business sentiment sharply deteriorating, the top economic policymaker said Thursday.   "We are making a steady recovery, but its speed and strength remains weak," Finance Minister Choi Kyung-hwan said at a meeting with a journalists' group in Seoul.    "In particular, business sales are declining and profitability is getting worse, a sign that corporate sentiment is sharply shrinking."   Choi gave a bleak assessm

Korean stocks dipped to their lowest level in more than two months on Wednesday on concerns over the pace of economic recovery and pro-democracy protests in Hong Kong. The local currency fell sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 28.55 points, or 1.41 percent, to 1,991.54, the lowest level since July 14, when it closed at 1,993.88 points. Trading volume was moderate at 347 million shares worth 3.35 trillion won ($3.16 billion), with decliners far ou

South Korea’s exports increased from a year earlier in September, with imports growing at a slightly faster pace, the government said Wednesday.The country’s outbound shipments came to $47.69 billion last month, up 6.8 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Imports rose 8 percent on-year to $44.33 billion. The country posted a trade surplus of $3.36 billion. September marked the 32nd straight month the country has posted a trade surplus.The

South Korean manufacturers’ business sentiment for next month remained negative but jumped to a three-month high, a poll showed Tuesday.The business sentiment index, which measures manufacturers’ outlook on their business situation for the coming month, came in at 78 for October, compared with 74 for September, according to the Bank of Korea.The forecast for next month marks the highest level since the outlook for July, when the index came in at 78. It also marks the first increase since the out

South Korean stocks ended lower on Monday on concerns that local firms’ earnings would be worse than previously expected. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock PriceIndex shed 5.04 points, or 0.25 percent, to 2,026.60. Trading volume was moderate at 334 million shares worth 4.38 trillion won ($4.15 billion), with decliners outnumbering gainers 576 to 255.The index, after swerving in and out of positive terrain in the morning session, caved to institu

South Korean companies and individuals invested nearly $23 billion in 50 tax havens over the past seven years, data showed Sunday.    According to the data by the National Tax Service and the Export-Import Bank of Korea, South Korean individuals and companies invested $22.77 billion in the tax havens from 2007 through 2013.    The amount represents about 12 percent of overall overseas investments made by South Korea worth 197.88 trillion won ($189.4 billion) during the period.    Of the tax have

Despite lower profits than their overseas peers, South Korea's leading banking groups are paying their CEOs a much better salary, data showed Sunday.   The average annual pay last year for the country's top three banking groups reached an estimated 2.7 billion won ($2.6 million), according to data compiled from multiple financial institutions at home and abroad. By comparison, three top Japanese banking groups paid their CEOs an average 1.25 billion won, based on won-yen exchange rate at the end

South Korea's trade commission said Friday it has decided to impose punitive duties of up to 21.79 percent on ethanolamine imports from four countries, including the United States and Japan.The decision followed a 10-month probe into allegations of dumping by a local importer of the chemical compound that is widely used to produce detergent, plasticizer and various other products. The products from Malaysia and Thailand were also named for punitive duties."The Trade Commission has come to rule i