The season of shareholder meetings begins in mid-March, again clustered on the same set of days which consequently prevents investors from attending or making meaningful contributions, officials in the financial community said Tuesday.As in previous years, companies have picked Fridays of mid- and late March for the meetings. Of the 131 listed firms who close their books in December, more than half of them, 68, chose March 24. (Yonhap)Others like POSCO will hold the meeting on March 10, LG Displ

North Korea’s missile launch Sunday had little impact on South Korea’s financial markets Monday. North Korea on Sunday morning launched the Pukguksong-2 missile, which North Korea’s state news agency described as a “surface-to-surface medium- to-long-range ballistic missile.”  Despite the heightened tension, South Korea’s bourses remained stable Monday. The benchmark Korea Composite Stock Price Index opened 0.01 percent lower but closed up 0.17 perce

South Korea provided a combined $41.7 million to three trust funds created by the World Bank last year, with 73 projects to support developing countries, the finance ministry here said Monday.Some $28 million was invested into the Korea-World Bank fund in 2016, while $11 million and $2.7 million went to the Korea Green Growth Trust Fund and the Poverty Reduction Fund, respectively, according to the Ministry of Strategy and Finance. (Yonhap)The total amount dropped slightly from $61.5 million tal

South Korea’s first internet-only banking firm K bank will seek to offer the best interest rates for both deposits and loans among first-tier commercial lenders in the country, leveraging its cost savings from not running brick-and-mortar branches, its CEO said.At its headquarters in Gwanghwamun in central Seoul, K bank’s some 200 employees are busy making sure all its financial transaction systems and the user interface of K bank’s smartphone app does not have any glitches, prior to the officia

South Korea's central bank will likely cut the key rate to a record low of 0.5 percent this year as a way to boost the economy amid the US Federal Reserve's tightening stance, global financial service firm Morgan Stanley said Monday.It expected that the Bank of Korea will slash the rate three times throughout 2017 from the current 1.25 percent to 0.5 percent by the end of the third quarter. (Yonhap)Other investment banks, including Goldman Sachs and JP Morgan, also anticipate that the BOK will l

Corporate deposits held by South Korean banks increased 10.2 percent on-year in 2016, marking the fastest growth in six years as businesses shunned major investments amid an economic downturn, data by the Bank of Korea showed Monday. Business deposits at banks rose to 383.4 trillion won ($332.4 billion) at the end of 2016, up 35.4 trillion won from the end of 2015, according to the BOK data.  (Yonhap)It was the fastest growth since 2010, when corporate deposits went up 52.5 trillion won. Househo

In January, foreign investors held a record high of over 500 trillion won ($435 billion) in shares of listed companies in South Korea, according to the Finance Supervisory Service. Among the top five stocks foreigners have been collecting in the tech-heavy Kosdaq in January was SFA Engineering Corp., a display equipment and logistics equipment maker, which has been enjoying a recent boom in the semiconductor and display sectors. Foreign investors continued their buying spree for the company.

South Korea's stock exchange made a pitch Friday for its tech-heavy market in a meeting with foreign investors.The Korea Exchange discussed ways to promote the secondary KOSDAQ with the representatives from around 10 foreign firms including JP Morgan and BNP Paribas. Kim Jae-joon (4th from right in the front row), chief executive officer of the Korea Exchange (KRX)'s KOSDAQ market, poses in Seoul on Feb. 10, 2017, for a photo in a meeting with representatives from foreign firms in this picture p

South Korea's finance minister on Thursday dismissed speculations that Asia's fourth-largest economy could suffer another financial crisis similar to one that hit the country two decades ago, citing its solid fiscal fundamentals.The talk of another crisis has recently emerged as the country has been grappling with weak exports, flagging domestic consumption and a leadership crisis triggered by the impeachment of President Park Geun-hye over a corruption scandal. Yoo Il-ho, South Korea's finance

KB Financial Group said Thursday its net profit jumped 26.2 percent last year to exceed 2 trillion won ($1.7 billion) largely on improved profitability.The South Korean banking giant posted 2.14 trillion won in full-year net profit, up 26.2 percent from a year earlier. It marks the first time in five years for the group's net profit to top 2 trillion won. A man passes by a Seoul building of KB Financial Group and KB Kookmin Bank in this photo provided by Yonhap News TV. (Yonhap)KB cited increase

South Korea's financial authorities said Thursday they will offer a consolidated information service on foreign currency exchange starting later this week for a growing number of outbound travelers.A total of 22.7 million people left South Korea for foreign countries last year alone, the Financial Supervisory Service said, citing data from the Justice Ministry's immigration office. Travelers exchange currencies at Incheon International Airport in this undated file photo. (Yonhap)Many South Korea

South Korean banks' household loans increased at a modest pace last month on interest rate hikes and less trade in the housing sector, the central bank said Thursday.Loans extended to households here rose 100 billion won ($87.1 million) in January, far less than the 3.4 trillion won recorded a month earlier, according to the Bank of Korea. A scene of a mortgage loan service team at a Seoul bank in an undated file photo. (Yonhap)Mortgage loans grew 800 billion won during the month to 533.7 trilli

Volatility in won-dollar exchange rates rose sharply last month amid uncertainty over the Donald Trump administration's policy direction, while the Korean currency gained ground against the greenback, central bank data showed Thursday.The daily foreign exchange variation of the won-dollar rate averaged 0.60 percent in the month, up from 0.34 percent in December and 0.47 percent in November, according to the Bank of Korea. (Yonhap)The figure shows how much the rate changes compared with the previ

Shinhan Financial Group said its annual net profit rose 17.2 percent in 2016 from a year earlier, mainly due to a growth in lending.The nation’s largest financial group by asset said in a regulatory filing that its net profit reached 2.7 trillion won last year, the highest figure since 3.1 trillion won in 2011.In the fourth quarter alone, its net profit surged 51.5 percent on-year to 612.1 billion won. (Yonhap)Most of the net profit came from its banking subsidiary Shinhan Bank. The bank’s annua

South Korea and Australia renewed an existing currency swap for another three years at a size doubling the previous deal, South Korea’s central bank announced on Wednesday. The governors of the central banks -- the Bank of Korea and the Reserve Bank of Australia -- signed a deal on Wednesday to extend the current deal, which was scheduled to expire on Feb. 22, for another three years.  They also agreed to double the size of the currency swap agreement to 10 billion Australian dollar