Despite the fallout of the coronavirus pandemic, South Korea's big three shipbuilders have fared relatively well this year as they clinch a majority of global orders for liquefied natural gas (LNG) ships and very large crude carriers (VLCCs), industry sources said Thursday The trio -- Korea Shipbuilding & Offshore Engineering Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- have achieved 91 percent, 65 percent and 75 percent of their order targets, r

Around 30 percent of the COVID-19 relief funds universally handed out by the government in May were spent to boost sluggish domestic consumption, with the rest used for debt payments or savings, a state-run think tank said Wednesday. According to a report released by the Korea Development Institute, some 4 trillion won ($3.65 billion) has been spent through credit and debit cards, accounting for between 26.2 percent and 36.1 percent of an estimated 11.1 trillion to 15.3 trillion won granted by

South Korean stocks rebounded by almost 1 percent Wednesday after the previous session's plunge, backed by strong advances by tech giants. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.14 points, or 0.96 percent, to 2,759.82. Trading volume was high at about 1.1 billion shares worth some 19.9 trillion won ($18 billion), with losers outnumbering gainers 491 to 360. Foreigners bought a net 83 billion won, snapping a four-session

The Industrial Bank of Korea joined hands with a platform operated by Naver’s cloud affiliate for digital innovation and development of fintech services, the state-run bank said Wednesday. The new partnership will enable them to bolster their cloud and artificial intelligence capabilities, IBK said. To keep pace with each other, both plan to establish a solid communication channel to review Naver’s technologies capable of upgrading banking business. Discovering and recommending

The South Korean government is poised to launch the first batch of its 20 trillion-won ($18 billion) government policy fund aimed at supporting Korean New Deal projects by March, the Finance Minister said Wednesday. With the first batch to start in March, the government is looking to raise 4 trillion-won commitments in the first year of the five-year scheme, Finance Minister Hong Nam-ki, who doubles as deputy prime minister, said in a pangovernmental meeting held at Seoul Government Complex.

The growing number of small businesses, including restaurants and mom-and-pop stores closing down their operations amid the lingering coronavirus crisis, has seriously affected commercial real estate markets as well, a report said Wednesday. The report published by KB Financial Group suggested that commercial property markets will continue to suffer next year, along with hotel, commercial space rental, and retail businesses, among others, facing serious challenges. The number of vacant commer

Amid soaring house prices, seven out of 10 South Koreans born in 1980s and 1990s believe having their own house is necessary but were pessimistic about purchasing residential property only with their income, a survey showed Wednesday. According to the survey, conducted by Mirae Asset Investment and Pension Center and Hankook Research in May, 70.6 percent of respondents said buying a house is necessary, while 73 percent said they think it is difficult for the young generation to do so with their

South Korean stocks opened higher Wednesday, backed by strong advances by giant tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.59 points, or 0.53 percent, to 2,748.27 in the first 15 minutes of trading. The index rebounded after a 1.6 percent plunge the previous session, as optimism for a better corporate environment next year pushed up tech stocks. On Wall Street, the tech-heavy Nasdaq composite advanced 0.51 percent, while the Dow Jones Industrial Average close

South Korea said Wednesday it plans to adopt the positive list system (PLS) to regulate the maximum residue limit of chemicals in meat and fish products in 2024. Under the measure, South Korea will set the ceiling of 0.01 milligrams per kilogram concerning the use of any types of drugs other than those from the positive list, according to the Ministry of Agriculture, Food and Rural Affairs. "The new rule is designed to prevent the misuse or abuse of unauthorized animal drugs and to enhanc

Samsung shares came under the market spotlight as the amount of inheritance tax was set at a record 11.03 trillion won ($9.96 billion) based on closing prices of the stocks on Tuesday. Among shares held by late Samsung chairman Lee Kun-hee are those of tech giant Samsung Electronics, IT solutions developer Samsung SDS, construction firm Samsung C&T, and insurer Samsung Life Insurance. According to the nation’s sole securities exchange operator Korea Exchange, the value of Lee&rsquo

Finance Minister Hong Nam-ki said Tuesday that the government will provide 460,000 housing units next year, while strengthening monitoring on manipulation attempts in the real estate market. “If the plan is implemented without any hitches, we expect it will help stabilize the market as (we are set to) supply more new homes than the average amount,” Hong said during a meeting on the real estate market with the chiefs of related ministries at the Seoul Government Complex. Over

South Korean stocks dipped more than 1.5 percent Tuesday after the benchmark index closed at an all-time high in the previous session, largely on concerns of the spreading COVID-19 cases at home and abroad. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 44.97 points, or 1.62 percent, to close at 2,733.68. Trading volume was high at about 1.2 billion shares worth some 19.6 trillion won ($17.7 billion), with losers outnumbering gainers 783

Both traditional, online lenders implement stricter lending rules

Stocks of SsangYong Motor halted trading starting Tuesday as the cash-strapped automaker is now under bankruptcy court supervision and has effectively been given a three-month grace period before it enters court receivership. Eyes are on whether SsangYong Motor to avoid the court-led rehabilitation proceedings by soliciting a new investor in that time. On Monday, SsangYong Motor said it had applied for an autonomous restructuring support program, when filing for bankruptcy to Seoul Bankruptcy

NongHyup Financial Group has nominated Son Byung-hwan, CEO of its banking unit as the sole candidate for group chairman, officials said Tuesday. If the nomination is approved at a shareholders’ meeting slated for the end of month, Son is set to take the top post, which has been left vacant since late last month. Former Chairman Kim Kwang-soo resigned to serve as the new chief of the Korea Federation of Banks. Son was nominated for his expertise in digital finance as well as his leadershi