South Korea's foreign exchange reserves rose slightly from a month earlier in August due to increased gains from investment in foreign assets and an increase in the dollar-converted value of non-dollar currencies, central bank data showed Monday.As of the end of August, the country's foreign exchange reserves came to $375.46 billion, up $4.08 billion from the previous month, the Bank of Korea said in a statement.Foreign exchange reserves consist of securities and deposits denominated in overseas

The government plans to reduce the debt ratio of public corporations to around 150 percent by 2020 as part of efforts to improve the balance sheets of state-funded agencies. Under a long-term financial management plan, 39 public firms, including the Korea Gas Corp., are required to maintain their debt-to-total asset ratio at an average 151 percent from the current 194 percent in the coming five years, according to the Finance Ministry.

From Busan to Spain and the US, Hanjin Shipping’s vessels were arrested by debtors and denied access to ports for overdue operation fees Thursday, prompting frightened cargo owners to cancel contracts and request their freight back. Just a couple of months ago, few in Korea would have thought that Hanjin, Korea’s largest container carrier, would fall like this.  Freight containers carrying the logo of Hanjin Shipping are stacked at Busan Port on Thursday. (Yonhap)Moving a big chunk of Korea’s ex

The ongoing restructuring activities in the Korean shipbuilding and shipping industries have impacted local banks, pushing them into the red in the second quarter of this year, the country’s financial watchdog said on Thursday. According to the data by the Financial Supervisory Service, the total net profit of 17 banks, including commercial banks, provincial banks and state-owned banks, posted a 400 billion won deficit in the April – June period, largely due to losses at the government-run banks

Shinhan Financial Group Chairman and CEO Han Dong-woo delivers a speech at a ceremony held at the firm’s headquarters in Seoul on Thursday to mark the 15th anniversary of the group’s foundation. He outlined five key strategies for a new era of growth, including transitioning to the digital era, globalization and proactive risk management. (Shinhan Financial Group)

South Korea’s current account surplus hit its lowest point in three months in July, central bank data showed Thursday. The current account surplus reached $8.71 billion in July, compared to $12.06 billion in June, according to the preliminary data from the Bank of Korea.

Korea has appointed a World Bank specialist as the director of a new educational institute on anti-money laundering that will open later this month, announced the Financial Intelligence Unit under the Financial Services Commission on Thursday. Kevin Stephenson, a senior specialist on the financial sector at the World Bank, will head the Training and Research Institute called TREIN under the Financial Action Task Force. It is slated for an official launch at Busan International Finance Center on

South Korea’s Finance Minister Yoo Il-ho said the government will deal with companies under creditor-led restructuring programs by the book and those that do not come up with reasonable self-rescue plans will not receive any state support.“The government will strictly and rapidly execute its restructuring policy on the principle that debt-laden companies share the burden and try to find solutions to stay afloat and regain competitiveness,” Yoo said in an industry-related ministerial meeting Wedn

NH Investment & Securities, the second-largest securities brokerage firm in Korea, will join hands with Evercore Partners, a leading independent mergers and acquisitions advisory firm, in order to boost its global competitiveness. The two companies said Wednesday that they signed a strategic alliance agreement to work together on cross-border investments of businesses at home and abroad, providing them with one-stop advisory services for successful M&A deals. Under the agreement, NH and Evercore