South Korea's 10 financial holding firms saw their combined net profit edge down last year, due mainly to higher loan-loss provisions, data showed Tuesday. The combined net profit of KB Financial, Shinhan Financial and eight other financial holding firms stood at 15.11 trillion won ($13.4 billion) in 2020, compared with a profit of 15.23 trillion won for 2019, according to the data from the Financial Supervisory Service (FSS). The decline came as banks increased loan-loss provisions to prepar

Online shopping in South Korea grew 15.2 percent on-year in February as more people bought products via e-commerce platforms amid the pandemic, data showed Tuesday. The value of online shopping transactions stood at 13.7 trillion won ($12.2 billion) in February, compared with 11.9 trillion won the previous year, according to the data from Statistics Korea. Online shopping has gathered pace since last year as people preferred shopping in a non-contact manner due to the COVID-19 pandemic. Purch

Hotel transaction volume in South Korea’s capital city of Seoul fell sharply in 2020 as travel restrictions stemming from the coronavirus pandemic sent shock waves through the accommodation industry, data showed Tuesday. The 22 hotel transactions that closed in Seoul last year amounted to 701.8 billion won ($624.8 million), down 53 percent from a year prior, according to data from real estate services firm GenstarMate. In the meantime Seoul’s hotel occupancy rate, a key indicator

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street on the back of strong US jobs data. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.36 points, or 0.40 percent, to reach 3,133.19 points in the first 15 minutes of trading. The strong start followed overnight gains on Wall Street, which got a boost from better-than-expected US jobs data released Friday. The Dow Jones Industrial Average rose 1.13 percent, and the tech-heavy Nasdaq Composite adde

Major global investment banks (IBs) have again upgraded their outlook for South Korea's 2021 economic growth amid growing hopes of a recovery, a report showed Tuesday. As of end-March, nine major global IBs, including Barclays, BoA-Merrill Lynch and Citi, forecast Asia's fourth-largest economy to grow 3.8 percent this year, up 0.2 percentage point from their median outlook a month earlier, according to the report by the Korea Center for International Finance. It represents the fourth straight

Shares in local brokerages have risen over the past few days as their investments in rising fintech companies have gained attention from investors. 　 Shares in Hanwha Investment and Securities rose 61 percent from Wednesday, following local media reports that Dunamu, the operator of the country’s largest cryptocurrency exchange Upbit, is mulling a New York Stock Exchange listing. The IPO rumor boosted the investment arm of Hanwha, which owns 6.15 percent or 2.07 million shares in Dunamu,

Shares of Hanjin KAL plunged Monday as a hostile takeover bid of an activist investor group came to a standstill the week prior. Hanjin KAL, the holding company of the Hanjin conglomerate that controls flag carrier Korean Air Lines, dipped 7.8 percent on the Korean bourse at Monday’s close, as nearly 300 billion won ($266 million) in market cap evaporated within a single day. Hanjin KAL‘s share price hit a 52-week low Monday morning, trading as low as 51,400 won apiece. This com

Financial Services Commission Chairman Eun Sung-soo said Monday that SsangYong Motor’s likely investor, US automotive distributor HAAH Automotive, asked the government to give more time before it makes a decision on whether to submit a binding offer to invest in the cash-strapped commercial vehicle maker. “We have not yet received an investment proposal from HAAH Automotive, but it doesn‘t mean the company officially declined to salvage SsangYong. The company said it needs m

Household debt in South Korea surged to nearly 100 percent of the nation’s gross domestic product, raising concerns that the central bank’s rate hikes may be placing a heavy burden on the household sector, a report showed Monday. The proportion of Korea’s household debt to its GDP -- the market value of all final goods and services produced in an economy during a certain period -- came to 98.6 percent at the end of June last year, according to the report from the Korea Inst

South Korean stocks advanced for the third straight session on Monday as investors weigh the $2.25 trillion infrastructure proposal in the United States. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 8.03 points, or 0.26 percent, to close at 3,120.83 points. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.3 billion), with gainers outnumbering losers 511 to 343. Foreigners

South Korean credit card issuer Hyundai Card has launched new credit cards which offer what the company says "ultimate rewards," for customers. The new credit cards under the Hyundai Card Z brand is the latest edition of the company’s credit card series named with alphabet letters. The new cards named after the last letter of the English alphabet comes with a range of cream-of-the-crop benefits, such as discounts at online streaming services, like Netflix, and retail ma

Financial authorities to launch nation’s first 40-year mortgage, with 50-year option proposed

Financial authorities warn of possible market monopoly by tech firms

South Korea's antitrust regulator said Monday it has decided to fine discount store chain Homeplus 468 million won ($414,500) for unfairly passing on sales promotion costs to its contractors. Homeplus violated the large retailer business act by making multiple suppliers shoulder the costs worth around 720 million won in 2017 without prior signing of related contracts, according to the Korea Fair Trade Commission (KFTC). The KFTC also ordered the company to take corrective measures. (Yonhap)

Daily transactions of internet banking services in South Korea rose 20.6 percent last year as customers preferred using financial services in a non-contact manner amid the pandemic, central bank data showed Monday. The value of daily transactions via online banking, including mobile banking, reached 58.7 trillion won ($52 billion) last year, compared with 48.6 trillion won the previous year, according to the data from the Bank of Korea (BOK). The daily use of online banking services reached 13