Korea’s fast-growing household debt increases potential threats for a credit cut and repercussions from future rate hikes, economists of the International Monetary Fund said Friday. 　In the aftermath of the global financial crisis, the steep increase in household and corporate debt in the Asian private sectors accelerated growth, but with potential aftereffects. 　“If the debt keeps going up, it can become a major risk for the Asian economies, which calls for (government) interventions to downsiz

Foreign currency deposits at South Korean banks fell in November from a month earlier as local firms withdrew money to pay back bonds, the central bank said Friday.Outstanding foreign currency-denominated deposits held by local residents reached $62.31 billion as of end-November, down $1.09 billion from the previous month when the country had the largest amount of deposits since June, according to the Bank of Korea.Those holding the deposits include firms and foreign nationals who have stayed in

South Korea's trade minister met Friday with members of the European Chamber of Commerce in Korea to exchange views on how best to improve business investment conditions in the country.At the breakfast meeting in Seoul, outlined to European businessmen measures taken by the government to ease restrictions and reform outdated rules that will make it easier for foreign companies to invest in Asia's fourth-largest economy.He stressed that such efforts are ongoing so that overall conditions will get

South Korea is seeking to allow local brokerages and insurers to engage in foreign exchange transactions starting in late February, the government said Thursday.The finance ministry said it will revise the country's Foreign Exchange Transaction Act to remove many restrictions, which will expand the scope of the financial market and create more business opportunities.In the past, only large commercial banks were allowed to engage in FX businesses, although non-financial companies were allowed res

Foreign investors have been in a selling binge of local stocks as they reduced risky bets ahead of a looming U.S. rate hike, market watchers said Thursday.Offshore investors offloaded 243 billion won ($207 million) worth of shares traded on the main KOSPI market on Wednesday, extending their selling spree to a sixth consecutive day, according to the Korea Exchange. Since the beginning of this month, they have sold a total of 1.38 trillion won of local stocks.  Together with the shares listed on

The financial health of South Korean insurance companies improved in the third quarter from three months earlier on higher returns from bond investments on the back of lower interest rates, the financial watchdog said Thursday.The risk-based capital ratio of 56 life and non-life insurers averaged 284.8 percent at the end of September, up 6.6 percentage points from the previous quarter, according to the Financial Supervisory Service.The latest figure marked a sharp rebound from a 23.9 percentage

South Korean stocks finished almost unchanged Wednesday as investors remained cautious amid dropping oil prices and a looming U.S. rate hike. The local currency fell against the U.S. dollar.  The benchmark Korea Composite Stock Price Index fell 0.8 point, or 0.04 percent, to 1,948.24. Trade volume was slim at 366.3 million shares worth 3.6 trillion won ($3.05 billion), with decliners outnumbering gainers 492 to 310.  "Investors became more conservative due to rising uncertainties in emerging mar

Despite a sluggish domestic economy, mobile advertising has rapidly grown in South Korea thanks to widespread usage of smartphones and advanced mobile platform, data showed Wednesday.   Once regarded as uncharted territory, mobile ad spending is estimated at 940 billion won ($798.3 million) this year, soaring about 1,800 times since 2010 when the data were first compiled by Digieco, an economic research institute run by mobile carrier KT.   The PC advertisement budget is estimated at 2.4 trillio

South Korean stocks started a whisker higher Wednesday led by gains in large-cap shares like techs and retailers.  The benchmark Korea Composite Stock Price Index gained 3.11 points, or 0.16 percent, to 1,952.15 in the first 15 minutes of trading.  Market bellwether Samsung Electronics rose 0.4 percent and chipmaker SK hynix advanced 0.83 percent.  Leading retailer Lotte Shopping jumped 4.22 percent and Shinsegae remained flat.  The local currency was trading at 1,178.45 won against the U.S. dol

South Korean shares dipped 0.75 percent Tuesday as a free-fall in oil prices dampened investors' appetite for risky assets. The local currency declined to a two month low against the U.S. dollar.  The benchmark Korea Composite Stock Price Index fell 14.63 points to 1,949.04. Trade volume was slim at 399.5 million shares worth 3.57 trillion won ($3.03 billion), with losers far outnumbering gainers 643 to 186. "Investors are seeking safer investments as the global crude prices hit a near seven-yea

South Korean stocks traded 0.37 percent lower late Tuesday morning as investors remained cautious after crude prices plunged to a near seven-year low.  The benchmark Korea Composite Stock Price Index lost 7.2 points to 1,956.47 as of 11:20 a.m.  Oil refineries traded in negative territory, with industry leader SK Innovation falling 2.33 percent and No. 3 S-Oil dropping 0.39 percent.  Lotte Chemical slid 0.42 percent, and Kumho Petro Chemical dipped 2.09 percent.  The local currency was changing