South Korea's 10 financial holding firms saw their combined net profit jump 50.3 percent in the first half due mainly to higher interest income, data showed Tuesday. The combined net profit of KB Financial, Shinhan Financial and eight other financial holding firms stood at 11.47 trillion won ($9.9 billion) in the January-June period, compared with a profit of 7.63 trillion won for the same period last year, according to the data from the Financial Supervisory Service (FSS). The FSS attributed

South Korea's economy is under pressure over growing headwinds as a recent spike in COVID-19 infections is likely to delay a recovery of domestic consumption, a state-run think tank said Tuesday. The nation's economy is on a recovery track amid robust exports, but the toughest virus curbs, in effect due to the fourth wave of the pandemic, may dampen improving domestic demand, according to a monthly economic assessment report by the Korea Development Institute (KDI). "Our economy has recen

Amid the government’s move to bolster household debt management, the Financial Supervisory Service said Tuesday it has handed down a warning to KB Savings Bank over its loose screening for unsecured loans. KB Savings Bank turned out to have increased the amount of credit loans allowed for households since July last year by raising its lending programs’ loan limit and offering a discounted interest rate, without a strict review process led by the executive meeting, a FSS official sai

South Korea's current account surplus slightly narrowed in July due to reduced trade surplus, although exports maintained strong growth, central bank data showed Tuesday. The current account surplus reached $8.21 billion in July, narrowing from a surplus of $8.85 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. Since the country logged a deficit of $3.33 billion in April last year, the largest in almost a decad

South Korean stocks opened a tad lower Tuesday as investors took to the sidelines in the absence of major events related to the US Federal Reserve's timeline for tapering its stimulus. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.82 points, or 0.06 percent, to 3,201.51 points in the first 15 minutes of trading. Overnight, the US stock exchanges were closed for a holiday. In Seoul, top cap Samsung Electronics lost 0.91 percent, and No. 2 chipmaker SK hynix retreated 0.47 perc

Loans extended by insurance companies in South Korea rose 8 percent on-year in the second quarter, led by gains in home-backed lending and corporate loans, the financial watchdog said Tuesday. Insurers' outstanding loans totaled 260.3 trillion won ($225 billion) as of end-June, compared with 240.9 trillion won the previous year, according to the Financial Supervisory Service (FSS). Their loans to households rose 6.5 trillion won on-year to 126.6 trillion won as of end-June as the extension of

Kyobo Life Insurance and its minority shareholders both argued Monday that they had won an arbitration at the International Chamber of Commerce over a drawn out dispute surrounding shares Kyobo Life Chairman Shin Chang-jae has to buy back from investors. The binding resolution indicated that the strike price for the put option -- forcing Shin to buy back the minority shareholders’ combined 24 percent stake in Kyobo Life at 409,000 won ($353.4) apiece -- is invalid, but the contract still

Hyundai Capital Services Vice Chairman Chung Tae-young is poised to offer his resignation from the company’s top post later this month, the company said Monday. Chung will step down as chief executive officer and executive board member of the auto financing firm on Aug. 30, 18 years after he was promoted to the position in 2003. The brother-in-law of Hyundai Motor Group Chairman Chung Euisun was set to serve a three-year term as Hyundai Capital chief ending in 2024. Vice Chairman Chun

Major South Korean shipbuilder Hyundai Heavy Industries shares were priced at 60,000 won ($51.90) apiece, the top of its indicative range for its initial public offering amid strong demand, the firm said in a regulatory filing Monday. The shipbuilder wrapped up its two-day book building Friday. While institutional investors placed bids to obtain the firm’s new shares from its initial public offering, a total of 1,633 domestic and foreign institutions participated. The competition marked

For some, the digital transition of South Korea’s financial markets is an opportunity; for others, coming from a system where banks are distrusted, it’s an uncrossable wall

South Korean stocks edged up after choppy trading Monday as investors seek to digest weaker-than-expected August jobs data in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.27 points, or 0.07 percent, to close at 3,203.33 points. Trading volume was moderate at about 716 million shares worth some 12.1 trillion won ($10.5 billion), with gainers outnumbering losers 427 to 412. Foreigners bought a net 64 billion won,

Toss Bank will expand its loan services to thin filers with little credit history or borrowers with low credits through its advanced credit assessment system while delaying its official launch to next month, officials said Monday. The internet-only lender was expected to start business late this month after receiving the green light from the country’s financial regulator. But due to the bank’s last-minute schedule rearrangements, it will begin its operation starting the first week

KakaoBank, the country’s mobile-only bank that went public a month ago, saw its shares fall for three consecutive days on Monday due to an expiring lock-in period for millions of its shares. Shares in the banking arm of mobile giant Kakao declined more than 5 percent to 77,300 won ($66.76) in morning trade, while the benchmark Kospi inched up 0.04 percent. Some 3.14 million shares or 8.72 percent of the total shares subscribed by institutional investors became available for trading as

Samsung Asset Management said Monday it has launched a dollar-denominated equity index fund that tracks the United States‘ broad-based S&P 500 constituents. This marked the first dollar-denominated stock index fund in Korea’s asset management industry, which allows dollar holders in South Korea to indirectly invest in popular foreign stocks in the US, the company said. The S&P 500 comprises of 505 constituents as of July, including technology stocks Apple, Microsoft, Amazo

South Korea's trade ministry said Monday it seeks to launch negotiations for a free trade agreement (FTA) with Egypt, which would mark the first of its kind with an African nation. Trade Minister Yeo Han-koo plans to meet his Egyptian counterpart Nevin Gamea virtually later in the day to discuss ways to bolster bilateral economic ties, according to the Ministry of Trade, Industry and Energy. "The potential FTA will help South Korean firms penetrate deeper into the Egyptian market, further