Slowing economic growth in China and growing household debt in South Korea are two major risks facing the country's financial system, the outcome of a recent survey showed Monday.In a poll conducted by the Bank of Korea (BOK), 73 percent of respondents cited China's slowing growth as a potential threat that could cause havoc in South Korea's financial market. Apartment complex in Seoul (Yonhap)The semiannual survey was conducted April 6-20 on 78 economists that included bank officials and foreig

Amid a wave of corporate restructuring and downsizing, Korea’s top 100 listed companies by revenue shed over 2,000 jobs in the first three months of this year, data showed Sunday. According to Chaebul.com, an online financial information provider, the 100 firms’ combined workforce reduced by 2,116 to 857,412 at the end of March compared to three months earlier.  (123rf)Some 51 companies saw their workforce shrink, 17 of them by more than 100. Among some of the biggest losses, Samsung SDI shed 1,

Overseas card spending by South Koreans hit $3.3 billion in January-March, the highest figure recorded for the first quarter, government data showed Sunday.According to the Bank of Korea, overseas spending – using credit cards, debit cards and direct payment cards -- in the first three months this year rose 2.7 percent year-on-year from $3.2 billion a year earlier.The number of Koreans who traveled overseas jumped 18.3 percent to 5.56 million in the first quarter from a year earlier, according t

Overseas card spending by South Koreans hit $3.3 billion in January-March, the highest figure recorded for the first quarter, government data showed Sunday.According to the Bank of Korea, overseas spending -- made with credit cards, debit and direct payment cards -- in the first three months this year rose 2.7 percent year-on-year from $3.2 billion a year earlier.The number of Koreans who traveled overseas jumped 18.3 percent to 5.56 million in the first quarter from a year earlier, according to

Korea's exports have posted a 2.1-percent increase so far this month from a year earlier, raising hopes of an end to negative growth that lasted for more than a year, data showed Sunday.Outbound shipments totaled $24.8 billion from May 1-20, up 2.1 percent from the same period last year, according to the Korea Customs Service (KCS).It marks the first time in 2016 for South Korea's export volume to record an increase on-year in the first 20 days of a month.Korea, a major regional economy, suffere

Korean President Park Geun-hye met with officials from local small and medium-sized enterprises, and vowed to provide them with administrative support for sustainable growth.The gathering, held in every third week of May, first kicked off in 2009 by the presidential office to express gratitude to small enterprises. Around 240 officials, including Trade Minister Joo Hyung-hwan, joined this year's event. President Park Geun-hye (Yonhap)Park said she wishes to acknowledge the contributions made by

Foreign ownership of land in Korea grew slightly last year from a year earlier amid rising Chinese investment in the southern resort island of Jeju, the government said Friday.The amount of land owned by foreign entities came to 228.27 million square meters as of end-2015, up 9 percent from the previous year's 208.28 million, according to the Ministry of Land, Infrastructure and Transport.The land owned by foreign investors or companies accounted for 0.2 percent of the country's total area, with

Literally trillions of won will be physically relocated early next year in what will be a once-in-a-lifetime event for South Korea's central bank, bank officials noted Friday, though the actual event itself may not be for everyone to see.The scheduled relocation of the money comes as the Bank of Korea's Seoul headquarters is set to undergo a three-year renovation that will include the reconstruction of the main annex building.It will mark the first time the central bank, as well as its cash rese

The leaders of Korea and Mongolia agreed Thursday to seek an increase in flights between the two nations and expand cooperation in the latter's infrastructure construction and overall economic development.President Park Geun-hye and her Mongolian counterpart, Tsakhiagiin Elbegdorj, signed three memorandums of understanding (MOUs) on strengthening bilateral economic cooperation and another on cooperation in the sports sector. President Park Geun-hye (right) shakes hands with her Mongolian counter

President Park Geun-hye called Thursday for "fair and transparent" trade, expressing concerns that a global economic slowdown is fueling a move toward nontariff barriers and unfair trade practices.During an international forum on trade remedies, Park also stressed that Korea will remain a staunch supporter of free and open trade. President Park Geun-hye (Yonhap)"As the volume of trade has recently contracted due to a global economic slump, the temptation has also been increasing for nontariff ba

Korea's producer prices rose from a month earlier in April, marking the first on-month growth in eight months, central bank data showed Thursday.The producer price index for April came to 98.60, up 0.2 percent from 98.42 the previous month, according to preliminary data from the Bank of Korea (BOK). Bank of Korea (Yonhap)Producer prices serve as an indicator of future consumer inflation.The increase marked the first on-month rise since August 2015. The April tally also marked the highest reading

Korean builders have signed a series of memorandums of understanding to build hospitals in Iran amid widening bilateral cooperation in the health care sector, the health ministry here said Wednesday.Samsung C&T, Hyundai Engineering & Construction and four other companies signed seven MOUs with Iranian medical schools to build seven medical centers with a combined 6,000 beds in Tehran during a business fair held in the Iranian capital on Saturday and Sunday, according to the Ministry of Health an

Global and local organizations continued to make downward revisions on South Korea’s growth outlook amid sluggish economic data at home and abroad.Most recently, the Organization for Economic Cooperation and Development cut its 2016 growth forecast of Asia’s fourth-largest economy to 2.7 percent from 3.1 percent, citing sluggish global trade and a slowdown in China.The International Monetary Fund lowered its 2016 growth estimate for Korea to 2.7 percent, and the Bank of Korea also revised down i

Samsung Electronics has newly acquired stakes in five start-ups in the first quarter of this year as part of its ongoing efforts to elevate its software prowess.According to its quarterly report filed Monday, the five firms include SensiFree (15.09 percent), Unispectral (7.76 percent), Zyomed (2.17 percent), Keyssa (2.06 percent) and Bot Home Automation (0.99 percent).Samsung’s digital city complex in Suwon, Gyeonggi Province (Samsung Electronics)Even though the total spending, worth about 10 bi

U.S. private equity giant KKR & Co. is not keen on investing in ailing sectors in Korea including shipbuilding and steel, its CEO said Tuesday.“We’ve avoided, not just in Korea but around the world, investing in steel or shipbuilding or auto companies mainly because of cyclical nature of those businesses,” said George Roberts, cochairman and co-CEO of KKR, at a press conference in Seoul.George Roberts, cochairman and co-CEO of U.S. private equity firm KKR, speaks during a press conference in Seo