South Korea has unveiled the third batch of its economic relief package worth 9.3 trillion won ($8.49 billion) to support the country‘s small businesses and contract workers hit hard by the COVID-19 pandemic, amid growing fears of a virus resurgence and its impact on slowing down the economic recovery. Under the government plan, some 5.8 million people will benefit from the aid program. Direct cash payments will begin Jan. 11. A swift economic recovery and finding a solution to inequal

Buttressed by retail investors’ optimism over continual stock rallies in the South Korean stock market, the nation’s main bourse, the Kospi, logged an all-time closing high for the third consecutive session Tuesday, the ex-dividend date. The Kospi began trading at 2,810.55, up 1.95 points or 0.07 percent from the previous session’s close. It fluctuated up and down, hovering around the 2,800 mark until closer to the end of trading. After the sudden upward move, the index close

Shinhan Bank will accept passports when verifying the personal identification of its mobile customers, as part of its efforts to expand access to the bank’s contactless services to foreign and younger customers, officials said Tuesday. Customers had been required to present ID cards or driver’s licenses to access financial services, including opening a bank account or subscribing to savings products. With passports added to the list, younger customers and foreign customers will als

South Korea's terms of trade gained for the eight consecutive month in November as import prices fell at a faster clip than export prices, central bank data showed Tuesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- came to 98.1 in November, up 7.8 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the eighth straight month of an on-year rise since April, when the trade terms logged the first on-year hike in over

South Korean stocks opened higher Tuesday on the ex-dividend day, largely due to investors' optimism for a further hike in stock prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.32 point, or 8.92 percent, to 2,817.52 in the first 15 minutes of trading. The gain came after a choppy start on the ex-dividend day. Investors were obliged to hold on to their shares until the previous session for year-end dividends. Market bellwether Samsung Electronics edged up 0.13 percent,

South Korea's consumer sentiment fell for the first time in three months in December due to tougher antivirus measures and worsened economic expectations, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 89.8 for December, down 8.1 points from the previous month, according to the data from the Bank of Korea (BOK). The latest reading marks the first on-month drop following two consecutive months of increase. A reading below 100 means pessimists outnumb

Cryptocurrency Bitcoin remained on an upward trend Monday, after crossing the 30 million-won ($27,300) mark for the first time in the South Korean market over the weekend. Hitting a high of 30.59 million won, the digital coin traded above the level of 30 million won throughout morning trading, according to Upbit, a cryptocurrency exchange run by financial technology firm Dunamu. The price of one bitcoin came in at an all-time high of 31.8 million won on Sunday. Early this year, the digital c

A state visit to South Korea by the Chinese leader and the recovery of the world’s second-largest economy will improve trade and business ties between the two countries next year, a report suggested Monday.　 Comparing business sentiment between the two countries on a timeline, the Federation of Korean Industries said the relationship could get better than it was in 2016, just before the two started to bicker over the US decision to deploy an anti-missile system on Korean soil. The report

The share price of Samsung Electronics on South Korea’s stock market has reached an unprecedented high yet again, surpassing 80,000 won ($73) during intraday trading Monday. Hitting 80,100 won per share in the early morning trade, Samsung Electronics rose 1.2 percent to close at 78,700 won -- the highest closing price since a 50-to-1 stock split in 2018 -- bringing its market cap to a new high of 469.8 trillion won. This accounted for over 24 percent of all 906 constituents of the Kospi,

South Korean stocks set a new record high Monday, backed by a fresh US stimulus deal and eased uncertainties from Brexit. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.74 points, or 0.06 percent, to close at 2,808.6. Trading volume was high at about 978 million shares worth some 23.6 trillion won ($21.5 billion), with losers outnumbering gainers 530 to 315. The index extended its all-time high for a second straight session on strong

The number of South Korean companies that have suffered credit rating downgrades has reached its highest level since 2016 as the COVID-19 pandemic has taken a toll on their finances this year, industry data showed Monday. The debt ratings of 39 companies have been cut down by more than one of the three local credit rating agencies -- Korea Investors Service, NICE Investors Service and Korea Ratings Corporation -- as of Thursday, according to data compiled by Yonhap Infomax. In 2016, the figur

South Korea selected a total of 11 banks –- six South Korean and five foreign banks –- as institutions responsible for setting prices for direct won-yuan transactions next year, financial authorities said Monday. The banks will be responsible for determining the prices for the transactions and funneling liquidity into the market, the Ministry of Economy and Finance and the Bank of Korea said in a joint statement. The South Korean banks are major commercial lenders KB Kookmin, Shi

K-pop boy band BTS stars in KB Kookmin Bank’s advertisement for Indonesia, with its megahit song “Dynamite” playing in the background, in this screen capture of the commercial released by the lender on Monday.  BTS has been KB Kookmin's global ambassador since 2018. KB Kookmin has been expanding its presence in Indonesia in recent years and has so far acquired a 67 percent stake in Bank Bukopin, making it the largest shareholder. By Jung Min-kyung (mkjung@heraldcorp.com)

Asian stocks and credit bonds are forecast to remain bullish next year amid a recovering global economy due to the COVID-19 vaccine progress, according to a Standard Chartered Bank Korea report Monday.  “Global economic activity, which has been halted by the COVID-19 pandemic, will normalize next year thanks to the vaccine distribution,” the bank‘s report said in regards to 2021 financial market prospects.  “As the global economy is expected to rebound, risky

Investment advisory firms in South Korea swung to a profit in the first half of fiscal 2020 as the local stock market remained bullish, data showed Monday. The 215 investment advisers reported a combined net profit of 128.3 billion won ($117 million) in the April-September period, according to the data from the Financial Supervisory Service (FSS). It marks a sharp turnaround from a total net loss of 22.7 billion won recorded during the previous six months. The financial watchdog attributed th