Hashed co-founder says decentralized technology will become backbone of digital economy

South Korean stocks advanced for the fourth session in a row Wednesday, backed by strong economic data fueled expectations of an increase in corporate earnings and a quick economic rebound from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.36 points, or 0.07 percent, to close at 3,224.23 points. Trading volume was moderate at about 1.5 billion shares worth some 17.5 trillion won ($15.7 billion), with gainers outnumbering

Amid growing inflation fear and prices climbing, central bank under pressure for rate hike by end of year

Singer and actress IU has purchased a high-end villa unit in Cheongdam-dong, a posh district in Seoul, for 13 billion won ($11.7 million) in cash, according to news reports Wednesday. The singer bought a residential unit of Eterno Cheongdam, currently under construction by Hyundai Engineering & Construction, according to local news outlet Biz.Hankook. The 20-story villa with four floors underground has one or two residential units on each floor starting from the second floor above ground.

The ruling Democratic Party is considering a new round of COVID-19 emergency cash handouts for all nationals before the Chuseok holiday as social distancing rules have continued to weigh on the local economy, according to party officials Wednesday. “Another round of universal COVID-19 response stimulus checks backed by a second extra budget is urgently needed,” said Yun Ho-jung, the ruling Democratic Party floor leader.  “(The party) will kick off a review of fiscal stra

Loans extended to companies in South Korea grew by the largest amount in three quarters in the first quarter of the year as loan demand by the service sector increased amid the pandemic, central bank data showed Wednesday. The outstanding amount of corporate loans came to 1,435.8 trillion won ($1.3 trillion) at the end of March, up 42.1 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). The reading also marked the largest on-quarter gain since a 69.1 tr

The nonperforming loan ratio at South Korean banks declined to a record low in the first quarter due to a drop in overdue corporate loans, data showed Wednesday. The ratio of bad loans to total lending came to 0.62 percent at the end of the first quarter, down 0.02 percentage point from three months earlier, according to the data by the Financial Supervisory Service. From a year earlier, the ratio fell 0.16 percentage point. In the first quarter, fresh overdue lending to companies reached 1.8

South Korean stocks opened higher Wednesday as strong economic data fueled expectations of an increase in corporate earnings and quick economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (Kospi) rose 6.23 points, or 0.19 percent, to 3,228.1 points in the first 15 minutes of trading. Stocks were lifted by the announcement that South Korea's consumer price index rose 2.6 percent on-year in May, marking the fastest on-year increase since April 2012. Top cap Samsun

South Korean investors' purchase of shares in electric vehicle leader Tesla Inc. hit a one-year low in May amid a drop in its price, data showed Wednesday. Domestic investors bought a net $80.8 million worth of Tesla shares in May, the lowest amount in one year, according to the data from the Korea Securities Depository. It was down 45 percent from the previous month and less than one-tenth of the $939 million in January, when Tesla's share price hit an all-time high. The May tally also repre

South Korea's consumer prices grew at the fastest pace in more than nine years in May on higher prices of farm and oil products, data showed Wednesday, underscoring that inflationary pressure is building up amid an economic recovery from the pandemic-caused slump. The consumer price index rose 2.6 percent on-year in May, faster than a 2.3 percent on-year gain the previous month, according to the data compiled by Statistics Korea. It marked the fastest on-year increase since April 2012, when th

Over 10% growth seen in Apgujeong, Banpo since Jan. 1

South Korean stocks advanced for the third consecutive day Tuesday on the back of strong economic data that fueled investor appetite for risk. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.95 points, or 0.56 percent, to close at 3,221.87 points. Trading volume was moderate at about 1.4 billion shares worth some 15.1 trillion won ($13.7 billion), with gainers outnumbering losers 577 to 272. Foreigners sold a net 37 billion won, while

Lotte Rental, the car rental service unit under Lotte Group, is moving for an initial public offering on South Korea’s main bourse Kospi in the second half of this year, according to investment banking sources Tuesday. The company submitted a preliminary application for an IPO to the Korea Exchange the day before to become the first Lotte-affiliated company to make a market debut in nearly three years. The group’s last IPO was Lotte Data Communication’s Kospi-listing in Novem

South Korea’s NH Financial Group said Tuesday that it has decided to invest a total 500 billion won ($451.9 million) in improving its information technology operations and services. “To bolster customer protection and services, we have decided to invest a total of 500 billion won in our IT operations,” NH said in a statement. Of the total investment, 320 billion won will be funneled into upgrading IT services of its flagship commercial bank, NH NongHyup Bank, while the res

Pandemic pushes banks to cut more jobs, while hiring more nonregular employees to save cost