South Korea's foreign-exchange reserves set a record high in March on the rise in the value of non-dollar assets and investment profit, the central bank said Thursday. The country's foreign reserves totaled a record US$354.34 billion as of end-March, up $2.55 billion from the previous month, according to the Bank of Korea (BOK).This is the ninth straight month of increase after declining by the most in 13 months in June.Foreign reserves consist of securities and deposits denominated in overseas

South Korean stocks finished 0.26 percent higher Wednesday as investor sentiment was buoyed by solid economic data from abroad and assurances about the pace of economic recovery, analysts said. The South Korean won gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 5.27 points to 1,997.25, the highest in three months. It had surpassed the 2,000-point level at one point in the morning for the first time since the stock market closed at 2002.28 on the fina

In another blow to the local financial sector that is still reeling from a series of scandals including data breaches, the president of Hana Bank was disciplined for illegally providing loans, financial sources said on Tuesday. Kim Jong-jun allegedly invested 14.5 billion won ($13.7 million) in a savings bank in 2011 using fabricated documents and skipping an approval process by the board of directors. Kim was at the time head of Hana Capital. Hana Capital failed to recollect 6 billion won of th

South Korean stocks finished 0.32 percent higher Tuesday as investor sentiment was boosted by better-than-expected economic data both at home and abroad, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 6.37 points to 1,991.98. Trading volume was slim at 207.4 million shares worth 3.7 trillion won ($3.4 billion), with gainers outnumbering losers 461 to 308.“Investors are positive about economic recovery on the back of an upti

The president of Hana Bank, the fourth-largest lender in South Korea, has been disciplined for illegally providing loans to fund an ailing savings bank several years ago, financial industry sources said Tuesday.According to the sources, Hana Bank President Kim Jong-jun, then head of Hana Capital Co., allegedly invested 14.5 billion won ($13.7 million) in a savings bank in 2011 using fabricated documents and skipping an approval process by the board of directors. Hana Capital failed to recollect

Sales of South Korean automakers rose 8.5 percent last month from a year earlier, helped by consumer interest in newly released models and generally strong demand from overseas markets, data showed Tuesday.Combined sales of five local car manufacturers, including market leader Hyundai Motor Co., reached 788,922 vehicles in March, up from 727,159 units a year ago. The total excludes knockdown kits shipped abroad for assembly. During the same period, domestic sales rose 2.7 percent to 121,416 unit

The personal data of 175,000 more customers were found to have been leaked from credit card firms that were responsible for a massive data theft earlier this year, financial sources said Tuesday.The classified data of up to 140,000 shop owners were leaked from KB Kookmin Card, along with information on 35,000 customers of NH Nonghyup Card, according to the sources.The additional breach comes just months after some 103 million cases of data leak were discovered at KB Card, NH Card and Lotte Card.

More than a dozen major Korean companies, including affiliates of well-known conglomerates such as Hyundai and Samsung, will be placed under close scrutiny of creditor banks this year as the financial regulator enforces tighter corporate debt standards. The newly added companies include Hyundai Group, Halla Group, Hankook Tire, STX Offshore & Shipbuilding and Hyundai Development, according to industry sources Monday.Others such as Hyundai Motor, Samsung Group, LG Group, Hyundai Heavy Industries

South Korea's current account surplus widened in February from the previous month as trade gains increased and the service account deficit fell, the central bank said Monday.The current account surplus reached US$4.52 billion in February, up from $3.29 billion in January, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The current account was in the black for the 24th straight month in February, providing a buffer for Korea as the U.S. Fede

Cash assets held by South Korea’s top 30 conglomerates grew sharply to 157.7 trillion won ($147.5 billion) in 2013 as businesses withheld investment in the face of mounting uncertainties, a report by an online corporate research firm showed Sunday.According to CEO Score, cash held by the 171 listed companies belonging to the largest conglomerates, excluding financial firms, were up 18.3 percent from 133.3 trillion won tallied a year earlier.“The increase is due to businesses taking a conservativ

South Korea will use its state-run Economic Development Cooperation Fund to support development in Latin America, the country's top economic policymaker said Saturday.Seoul's finance minister Hyun Oh-seok said he signed a letter of intent with Luis Alberto Moreno, the president of the Inter-American Development Bank, that outlines South Korea's commitment to provide funds to assist with various infrastructure development projects.The agreement was reached at the annual meeting of the IDB held in

The weight of U.S. dollar-denominated assets in South Korea’s foreign exchange reserves rebounded in 2013 from a five-year low the previous year amid the Federal Reserve’s monetary stimulus cut, the central bank said Friday.The Bank of Korea said in an annual policy report that its dollar holdings came to 58.3 percent of its foreign assets last year, up from 57.3 percent in the previous year.Korea’s foreign reserves stood at $346.5 billion as of the end of 2013, the seventh-largest in the world.