To provide financial support for South Korean companies with overseas contracts in the Middle East, the state-run Export-Import Bank of Korea has signed a loan agreement worth $5 billion, or nearly 6 trillion won, with Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates, officials said Monday.  The framework agreement was made at a meeting between Eximbank CEO Bang Moon-kyu and Sultan Ahmed Al Jaber, CEO of the UAE's ADNOC, held Sunday at the oil company

South Korea became the world's third-largest exporter of cosmetics products in 2020 with its trade balance in the sector remaining in the black for nine straight years, government data showed Monday. The country exported $7.57 billion worth of cosmetics goods last year, up 16.1 percent from a year earlier, according to the data from the Ministry of Food and Drug Safety. South Korea's exports were third in the world, trailing France and the United States. Asia's fourth-largest economy posted a

South Korea's economy became slightly less trade-dependent in 2019, with imports accounting for more than 14 percent of overall supplies here, a central bank report showed Monday. The country's overall industrial output amounted to 5,097.5 trillion won ($4.49 trillion) in 2019, compared with 5,074.2 trillion won in 2018, according to the report from the Bank of Korea (BOK). Domestic output accounted for 85.6 percent of the total, up from 85.5 percent in 2018, while imports accounted for the r

More than 4 out of 10 South Korean companies plan to employ interns during the second half of the year mainly for the purpose of covering manpower shortages, a poll showed Monday. According to the survey of 416 companies, taken by recruiting platform Saramin, 44 percent of the respondents said they have plans to hire interns in the July-December period. The figure is higher than the percentage of intern-hiring firms a year earlier. About 33 percent of local firms employed interns during the sa

South Korean stocks opened lower Monday despite strong export data as the US Federal Reserve's hawkish pivot last week increased market worries about an early tapering of its accommodative policies. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.23 points, or 0.56 percent, to trade at 3,249.7 points in the first 15 minutes of trading. Stocks got off to a weak start in the wake of the Fed's ongoing discussions about expediting its rate hike timeline. Federal Reserve Chairman

South Korea's exports rose 29.5 percent on-year in the first 20 days of June on the back of robust demand for chips, autos and petroleum products, customs data showed Monday. The country's outbound shipments stood at $32.4 billion in the June 1-20 period, compared with $25 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 29.1 percent on-year to $32.1 billion, resulting in a trade surplus of $291 million during the cited period, the data showed. B

Nearly 8 out of 10 South Korean consumers have increased their online shopping during the coronavirus pandemic, a poll showed Monday. The survey of 1,000 local consumers, taken by the Korea Chamber of Commerce and Industry, showed 78.4 percent of the respondents saying their online purchases have risen since the outbreak of COVID-19. About 71 percent of them said they have purchased more foodstuffs and beverages online, followed by dining out and other food services (30.9 percent), kitchen and

South Korea's state-run energy firm on Monday said it has decided to retain the electricity rate in the third quarter of 2021, in a bid to ease the financial burden on local households amid the pandemic and rising inflation. The Korea Electric Power Corp. (KEPCO) said it will maintain the electricity rate from the previous quarter during the July-September period despite the recent hike in the global price of resources. The company, however, said it may raise costs in the fourth quarter should

South Korea’s domestic capital market is gearing up for a record year with a parade of initial public offerings set to eclipse a decade-old annual record of 10.1 trillion won ($8.9 billion), thanks to game developer Krafton’s expected blockbuster debut. This comes as Korean companies’ initial public offerings this year have already put their combined fundraising to a near-2020 level, according to IPO prospectuses submitted to Korean financial authorities. Through Sunday, 40

Major banking groups in South Korea have been striving to expand their services beyond finance to retain loyal customers, in ongoing competition with fintech firms

Lack of human touch, widening information gap leave seniors out of contactless era

An anticipated regulatory change in South Korea will bolster growth of the burgeoning private equity industry led by large and reputable fund managers, a report showed Sunday. The revision of the Capital Markets Act, soon to be in effect starting October, aims to separate institutional funds and noninstitutional funds. It is largely aimed at protecting noninstitutional end-investors of private funds, as a number of misselling scandals had dented the fund industry over the past couple of years.

A Central American development bank has decided to open a South Korean office in Seoul as part of efforts to strengthen ties with Asia's fourth-largest economy, the finance ministry said Sunday. The Central American Bank for Economic Integration (CABEI) has notified the Korean government and the Seoul municipality that its Seoul office will be set up in the capital's financial district of Yeouido, according to government officials. The bank has the goal of opening the office within this year.

South Korea's agricultural ministry said Sunday the country has been elected to the Food and Agriculture Organization (FAO) Council for the 12th time in a row. During the general conference of the FAO held virtually, South Korea was elected to the 49-member council for a three-year term, according to the Ministry of Agriculture, Food and Rural Affairs. The FAO is an intergovernmental organization with 194 member nations that works to ensure food and nutrition safety, alleviate poverty and impr

Stocks gifted to members of boy band BTS have snowballed to a combined value of nearly 150 billion won ($132.5 million) over the course of about 10 months. The gift -- 478,695 common shares of BTS’ management agency Hybe that were evenly distributed to the seven members -- is now valued at the domestic stock market at 149.8 billion won, as Hybe shares notched an all-time high for five straight trading days until Friday. This means members RM, Jin, Suga, J-hope, V, Jimin and Jungkook hav