South Korea will launch another round of COVID-19 cash handouts for nearly 90 percent of Koreans, as well as other financial support for small merchants, before the Chuseok holiday in September. Authorities plan to provide 11 trillion won ($9.4 billion) to people in the bottom 88 percent income bracket under this year’s second extra budget, worth 34.9 trillion won. The government aims to distribute 90 percent of the subsidies by the end of September. The beneficiaries will be selected

Korean government’s debt-to-GDP ratio headed for 50%

South Korean ended its three-day winning streak Thursday as the central bank delivered its first pandemic-era rate hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 18.28 points, or 0.58 percent, to close at 3,128.53 points. Trading volume was moderate at about 719 million shares worth some 13.2 trillion won ($11.3 billion), with losers outnumbering gainers 488 to 349. Foreigners sold a net 363 billion won, while retail investor

South Korea’s central bank on Thursday carried out its first rate hike since the pandemic began, marking a major turnaround from its expansionary stance that had been proactively deployed to buttress the nation’s virus-hit economy for the last 15 months. The rate hike marked the first case of a central bank in a major Asia-Pacific economy tightening monetary policy, reflecting concerns over overheated markets and growing inflationary pressure.　 The Bank of Korea raised its benchma

Hyundai Card announced Thursday it has launched a private label credit card in collaboration with IT giant Naver to bolster the credit card issuer’s online retail business. According to the company, the Naver Hyundai Card offers rewards and benefits to customers using online transaction and subscription services via Naver. A PLCC refers to a credit card rolled out by a credit card issuer, but which offers benefits from a specific retailer the issuer has partnered with. The credit card

The exit strategies of global private equity firms in South Korea indicate that Asia‘s fourth-largest economy is becoming a new proving ground for capital allocation in the Asia-Pacific region, according to market watchers on Thursday. The latest to do so was Bain Capital Private Equity, which inked a 1.7 trillion-won ($1.4 billion) deal to exit from listed botulinum toxin maker Hugel. Bain Capital Private Equity on Wednesday agreed to sell its 5.4 million shares and some 800,000 convert

Netmarble sold 133 billion won ($114 million) worth of shares in KakaoBank to secure liquidity, a regulatory filing showed on Thursday, ahead of the payment deadline for its acquisition of a social casino game company. This is the second time the mobile game company unloaded its holding in KakaoBank after it sold 6 million shares for 430 billion won on Aug. 10, just days after the internet-only bank successfully made its market debut on Aug. 6. After the two rounds of offloading, it still hol

The number of jobs for wage workers in South Korea grew at a slower pace in the first quarter than three months earlier due to slumps in in-person service sectors amid the pandemic, data showed Thursday. The number of paid employee jobs reached 18.9 million in the cited period, up 321,000 from a year earlier, according to Statistics Korea. The tally was lower than an on-year increase of 503,000 in the fourth quarter of last year. It also marked the smallest increase since the second quarter of

South Korea's central bank delivered its first pandemic-era rate hike Thursday to fight rising inflation and rein in surging household debts, ending 15 months of record-low interest rates as the economy showed signs of improving. The monetary policy board of the Bank of Korea (BOK) voted to raise its key rate by 0.25 percentage point to 0.75 percent in this year's sixth rate-setting meeting. It marked the first rate hike since May last year, when the BOK cut the key rate to a record low of 0.

South Korean stocks opened higher Thursday ahead of the meeting in Jackson Hole, Wyoming, as investors seek clues about the US Federal Reserve's stance about its tapering timeline. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.97 points, or 0.19 percent, to trade at 3,152.78 points in the first 20 minutes of trading. After a three-day winning streak, the KOSPI got off to a solid start as investors expect the Fed to not hurry its timeline to roll back its stimulus amid surging

Finance Minister Hong Nam-ki said Thursday the government plans to provide pandemic emergency relief funds to people hit hard by the pandemic before next month's fall harvest Chuseok holiday. The country plans to provide 11 trillion won ($9.4 billion) to people in the bottom 88 percent income bracket under this year's second extra budget of 34.9 trillion won. Hong said the government has decided to start the provision of cash handouts to the recipients before the Chuseok holiday scheduled for

South Korea's financial authorities have called on local banks to tighten their screening for unsecured loans as part of efforts to cope with rising household debt, sources said Thursday. The Financial Supervisory Service (FSS) recently required all commercial lenders to submit their plans to adjust caps on credit loans extended to individual borrowers by Friday. Banks have thus come up with or are mapping out plans to cut back on caps on unsecured loans, according to the sources. Nonghyup Ba

The National Pension Service had a reserve fund of 908.3 trillion won ($777.7 billion) as of end-June, logging a 7.49 percent financial gain over the past six months, a preliminary estimate showed Wednesday. The world‘s third-largest pension fund has generated 74.5 trillion won in investment returns from January to June, as its stock holdings at home and abroad outperformed their benchmarks. This beat the earlier projection in 2020 where the NPS assets under management will stand at ju

Hanwha Asset Management said Wednesday it has bought shares in Hanwha Group’s brokerage arm, Hanwha Investment & Securities, from other nonfinancial group affiliates. The asset management firm acquired a combined 56.8 million common shares -- or a 26.46 percent stake -- in the brokerage house for 320.1 billion won ($274 million). Their sellers were auto parts maker Hanwha Global Asset, leisure service provider Hanwha Hotels & Resorts and department store operator Hanwha Galleria T

South Korean stocks advanced for a third consecutive day Wednesday amid increased investor caution over US tapering uncertainties. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.51 points, or 0.27 percent, to close at 3,146.81 points. Trading volume was moderate at about 558 million shares worth some 12.7 trillion won ($10.9 billion), with gainers outnumbering losers 571 to 281. Foreigners bought a net 30 billion won, and institutions