South Korea's household credit grew at a faster pace in the second quarter as non-banking financial firms increased loans, central bank data showed Tuesday. Household credit reached a record high of 1,805.9 trillion won ($1.54 trillion) as of June, up 41.2 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial institutions, including commercial lenders

The number of employed people in minor cities and counties in South Korea rose in April from a year earlier as slumps in the job market eased amid the economic recovery, data showed Tuesday. The number of employed people for 77 smaller cities in nine provinces reached 13.1 million as of end-April, up 3.6 percent from a year earlier, according to the data compiled by Statistics Korea. The corresponding number for 77 counties across the nation grew 1.4 percent on-year to 2.07 million, the data s

South Korean stocks opened steeply higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism over the upcoming US tapering discussions in Jackson Hole, Wyoming. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.7 points, or 1.06 percent, to trade at 3,122.91 points in the first 15 minutes of trading. The KOSPI got off to a bullish start on tech gains, taking a cue from its US peers. Overnight, the tech-heavy Nasdaq composite jumped 1.55 percent, and

South Korea's market for convenient coffee beverages expanded nearly 6 percent in the first half of the year amid the coronavirus pandemic, a market tracker said Tuesday. The size of the local ready-to-drink coffee market stood at 672.9 billion won ($574 million) in the January-June period, up 5.9 percent from a year earlier, according to Nielsen Koreanclick. Canned coffee accounted for the largest portion at 258.6 billion won, followed by cup coffee with 217.5 billion won and bottled coffee w

Citibank Korea Inc. has again postponed a decision on the exit plan for its retail banking unit amid differences over sale terms, industry sources said Tuesday. Citibank Korea, the South Korean unit of Citigroup Inc., had originally planned to hold a board meeting on Aug. 26 to determine how to sell the retail banking division. But the lender has decided not to put its exit plan on the meeting's agenda, putting off its decision until September, according to the sources. It marks the second p

South Korea's consumer sentiment dipped in August over a spike in COVID-19 infections, marking the second consecutive monthly decline, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 102.5 for August, down 0.7 point from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. The latest reading marks the second monthly decline since June, when the index stood at 110.3. The

South Korea's corporate direct financing fell 3 percent on month in July due to a decline in sales of bonds, data showed Tuesday. Local companies raised a combined 21 trillion won ($17.9 billion) by selling stocks and bonds in July, down 657.6 billion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales soared 73.3 percent to 4.05 trillion won, with the value of initial public offerings jumping to 3.08 trillion won. Local businesses

South Korea’s economy will grow 3.9 percent this year, an Asian regional macroeconomic surveillance organization said Monday, presenting a more pessimistic outlook than what the government forecast citing growing household debts. The ASEAN+3 Macroeconomic Research Office said Asia’s fourth-largest economy continues its strong rebound in 2021 buoyed by a sustained global recovery and robust demand for electronics and autos. But it warned that the country’s growing household d

South Korean stocks steeply rebounded Monday, rising nearly 1 percent, helped by robust economic data and easing concerns about the US Fed's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 29.7 points, or 0.97 percent, to close at 3,090.21 points. Trading volume was moderate at about 564 million shares worth some 13.2 trillion won ($11.2 billion), with gainers outnumbering losers 788 to 94. Foreigners sold a net 31 bi

Soaring food prices have pushed South Korea’s low-income families to spend more on food, fueling an increase in the number of households running a deficit, data showed Monday.  According to data from the Korean Statistical Information Service, monthly expenditures on food and nonalcoholic beverages by households in the lowest income quintile, or the bottom 20 percent, stood at 244,000 won ($208) on average, during the second fiscal quarter, up 12 percent from a year earlier. 

With South Korea’s benchmark Kospi plunging below the 3,100-point level last week over the US tapering jitters, the market is closely watching the outcomes of the upcoming monetary meetings at the Korean central bank and the US Federal Reserve this week. The Bank of Korea is widely expected to raise its key rate by 25 basis points to 0.75 percent after its upcoming rate-setting meeting on Thursday. The decision will be undertaken in an effort by the central bank to maintain financial stab

South Korea said Monday it has received Special Drawing Rights (SDRs) worth of some $11.7 billion from the International Monetary Fund (IMF) in line with the international organization's move to allocate its new asset reserves to member countries. In early August, the board of IMF governors approved a $650 billion expansion of its reserve assets, called SDRs, to allocate to IMF member countries in accordance with their existing quotas. The move is aimed at helping countries cope with the fallo

Almost 40 percent of South Korea’s top 200 listed companies have established committees to deal with environmental, social and corporate governance issues, with a majority of them having caught on to the trend this year, a report from consulting firm Samjong KPMG showed Monday. Out of the Kospi200 companies, which make up 93 percent of the total market of the country’s main bourse, 76 companies or 38 percent have set up ESG committees, including one that has two councils. Out of t

The most expensive apartment sold this year was in The Penthouse Cheongdam, a luxurious residence also known as PH129, data from the Ministry of Land, Infrastructure and Transport showed on Monday. One unit with an exclusive use area of 273.96 square meters on the 14th floor of the 20-floor building was sold for 11.5 billion won ($9.79 million) in March. Another unit of the same size on the sixth floor was traded at 10 billion won. The apartment, located in southern Seoul‘s Gangnam Dis

Frustrated by soaring housing prices, Millennials turn to virtual real estate