Sales of short-term corporate bonds in South Korea sank more than 7 percent in the first quarter of the year amid the coronavirus pandemic, data showed Thursday. Local companies issued 257.2 trillion won ($230 billion) worth of bonds maturing within one year in the January-March period, down 7.2 percent from three months earlier, according to the data from the Korea Securities Depository (KSD). Compared with a year earlier, the amount was also down 12.4 percent. Sales of general short-term bo

Excess funds held by South Korean households and nonprofit agencies more than doubled in 2020 from a year earlier due mainly to an extended slump in private consumption amid the COVID-19 pandemic, the central bank said Thursday. Net financial funds -- the value of financial assets minus financial liabilities -- held by local households and nonprofit organizations serving households amounted to 192.1 trillion won ($172 billion) last year, sharply up from 92.2 trillion won a year earlier, accord

SEJONG -- Average monthly household spending fell 2.3 percent on year in 2020 as the COVID-19 pandemic hurt private consumption, data showed Thursday. South Korean households spent an average of 2.4 million won ($2,144) per month last year, compared with 2.45 million won per month in 2019, according to the data released by Statistics Korea. Average monthly expenditures on food and nonalcoholic beverages came to 381,000 won last year, up 14.6 percent from a year ago, the data showed. The da

Transactions on online food delivery apps in South Korea last year soared to over 20 trillion won ($17.9 billion), data showed Thursday, as stay-at-home practices amid the pandemic propelled demand for online services. Total transactions on food delivery apps, such as Baedal Minjok, stood at 20.1 trillion won last year, up 43.5 percent from the previous year, according to the data from the Ministry of Science and ICT. The latest data from the ministry's survey on the broader online-to-offline

South Korea's agricultural ministry said Thursday it plans to expand the size of the insects market to 140 billion won ($124 million) by 2025 and foster the segment as a new growth engine for the country's food industry. The targeted market value marks 55 percent growth from 2019, according to the Ministry of Agriculture, Food and Rural Affairs. "We plan to further speed up the growth of the industry and develop new environment-friendly protein sources using insects, which can contribute

Fitch Ratings has raised the rating outlooks on Hyundai Motor Co. and Kia Corp. to stable from negative due to improved product mix and profitability, the ratings firm said Thursday. The revision reflects the companies' "resilient" 2020 performance and their improved profitability, as shown in recent quarters, helped by a better product mix and rebound in global auto demand after a yearlong COVID-19 pandemic, Fitch said in a statement. The ratings firm said the carmakers' "large

South Korean stocks opened lower Thursday as investors attempted to cash in recent gains amid a lack of events. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.63 points, or 0.31 percent, to 3,127.78 points in the first 18 minutes of trading. The KOSPI got off to a lackluster start as the Federal Reserve reiterated its stance that it would continue the existing support despite positive economic signals. In Seoul, top cap Samsung Electronics lost 0.82 percent, and No. 2 chipma

SEJONG -- The government will make efforts to revise a set of laws this year to help root out real estate speculation, Finance Minister Hong Nam-ki said Thursday, amid growing public criticism over allegations of property speculation by officials at the state-run housing corporation. Hong said the government will have close consultations with the National Assembly to submit 19 revision bills this month that eventually ban public officials from doing illegal property speculation. Of the 19 bil

The prices of apartments in Seoul measuring 60 square meters or less continued an upward trend last month, according to data on Wednesday. A report on monthly housing price trends released by commercial bank KB Kookmin Bank showed that the average selling price of a small apartment in Seoul stood at 768 million won ($687,793), up 22.7 percent on-year. For newlyweds and small families, 60 square meters is a popular size. Nowon-gu, Dobong-gu, Gangbuk-gu and Geumcheon-gu were among the distric

K bank, one of South Korea’s largest online banks, saw a significant hike in savings in recent months in line with its operations linked to cryptocurrency trading. Deposits at the nation’s first online bank exceeded 10 trillion won ($8.96 billion) earlier this month, compared with just 1.85 trillion won in June last year, officials said. The bank held 8.72 trillion won in deposits as of the end of March. The figure was almost double that of Jeju Bank, whose deposits came to 5.4

The chief of the Korea Financial Investment Association and the Vietnamese ambassador to South Korea on Wednesday discussed ways to expand investment and bolster financial cooperation between the two nations. Six local brokerages and 10 asset management companies currently have subsidiaries or offices in Vietnam. KOFIA Chairman Na Jae-chul said the organization hopes to strengthen cooperation by signing a memorandum of understanding with the State Securities Commission of Vietnam. “We&rs

South Korea’s Finance Minister Hong Nam-ki on Tuesday told global fiscal policymakers that they should refrain from using climate change policies as a tool of trade protectionism. “Climate change policies, such as the carbon border adjustment mechanism, should be prevented from being abused as trade protectionism,” Hong said during a virtual meeting of the Coalition of Finance Ministers for Climate Action. The European Commission is expected to announce a proposal for a c

South Korean stocks rose for the fifth straight session Wednesday as foreign investors continued to scoop up local stocks amid growing hopes for global economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.33 points, or 0.33 percent, to close at 3,137.41 points. Trading volume was moderate at about 1.96 billion shares worth some 14.3 trillion won ($12.77 billion), with gainers outnumbering losers 544 to 292. Foreigners pi

This is part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the third installment. -- Ed. Citibank Korea CEO Yoo Myung-soon and her rise to the top made fresh headlines late last year, when she became the first female chief of a South Korean commercial bank. The news brought hopes for greater gender diversity in a finance market long dominated by men. Her vision of making the bank stand out a

South Korea’s NH NongHyup Bank said Wednesday it has earned preliminary approval from China’s financial authorities to open a branch in Beijing. The nation’s sixth-largest lender by assets won the approval from the China Banking and Insurance Regulatory Commission on Friday, after lodging the application in August last year. It plans to receive the final approval by the end of the year, officials said. The opening of the branch would mark NH NongHyup’s first move to lau