Woori Financial Group said Wednesday that it has set up a 200 billion won ($180 million) fund to invest in social infrastructure projects, called the “Woori Global Infra New Deal Fund.”  In September the government announced its New Deal Fund, a state-led fund worth 20 trillion won aimed at investing in tech and green sectors, including artificial intelligence, renewable energy and hydrogen vehicles, through money pooled from government agencies, private financial institutions

South Korea's terms of trade rose for the seventh consecutive month in October, as import prices fell at a faster pace than export prices, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- came in at 97.76 in October, up 7.6 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the seventh straight month of an on-year rise since April, when the trade terms posted the first on-year gain

South Koreans' overseas card spending plunged 54.8 percent on-year in the third quarter on a sharp decline in the number of outbound travelers amid the COVID-19 pandemic, central bank data showed Wednesday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $2.17 billion in the July-September period, compared with $4.79 billion for the same period last year, according to the data from the Bank of Korea (BOK). Compared with three months ea

South Korea said Wednesday it has joined forces with local shippers to operate five additional vessels by the end of this year to lend hands to exporters facing troubles from a hike in freight costs and supply shortages in shipping services. Under the cooperation with local shippers, South Korea will begin using the five ships that have a total capacity to carry 16,000 twenty-foot equivalent units (TEU) worldwide through the special shipping schedules by the end of this year, according to the M

South Korean stocks opened higher Wednesday, taking a cue from record gains on Wall Street, as US political uncertainty receded with U.S. President-elect Joe Biden starting his White House transition. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.11 points, or 0.65 percent, to 2,634.87 in the first 15 minutes of trading. Also, investor sentiment ran high in the global financial markets, amid growing optimism that continued progress in COVID-19 vaccine development and transit

Listed firms of South Korea's top 10 business groups saw their market capitalization jump nearly 22 percent this year amid a strong stock market rally, data showed Wednesday. The combined market value of those 102 listed firms came to 1,069.5 trillion won ($960 billion) as of Monday, up 22.3 percent from the end of last year, according to the data from financial information provider FnGuide. Four groups -- Samsung, SK, LG and Hyundai Motor -- had a market value of more than 100 trillion won. T

SEJONG -- South Korea's household spending on alcohol and cigarettes reached a new record high in the third quarter as the coronavirus outbreak forced more people to stay home, government data showed Wednesday. Local households spent an average of 42,980 won ($38.7) on liquors and cigarettes during the July-September period, up 10.7 percent from a year earlier, according to the data from Statistics Korea. It marks the largest quarterly amount since the agency began tracking related data in 200

South Korean manufacturers' business sentiment rose for the second consecutive month in December, thanks to hopes for economic recovery, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 76 for December, up from 72 for November, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the next month. A reading below 100 means pessimists outnumber optimists. On Oct. 12, South Ko

Korean Air Lines Co.’s planned acquisition of rival Asiana Airlines Inc. and subsequent restructuring will lead to an annual profit of 300 billion won ($269.6 million), the head of the main creditor of Asiana said Monday. Lee Dong-gull, chairman of the state-run Korea Development Bank (KDB), offered the estimate in an interview with a local broadcaster, adding that the two carriers can brace for the post-pandemic era in two to three years if they push to restructure in a way that streamli

South Korea’s consumer sentiment rose for the second consecutive month in November, as the economic outlook improved amid relaxed social distancing measures, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.9 for November, up 6.3 points from 91.6 recorded for October, according to the Bank of Korea (BOK). The reading marks the second straight month of gains following a 12.2-point on-month rise in October. A reading below 100 means pessimist

South Korean stocks extended their winning streak to a fifth day, finishing at an all-time high Tuesday on hopes of an economic recovery and new coronavirus vaccine development. The Korean won fell against the US dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.17 points, or 0.58 percent, to close at 2,617.76. Trading volume was high at about 1.3 billion shares worth some 16.6 trillion won ($14.9 billion), with gainers outnumbering losers 528 to 299. Foreigne

Korean benchmark logs 2nd highest stock growth among G-20 bourses in 2020

NH Financial Group Chairman Kim Kwang-soo is likely to offer resignation soon as he was named the sole candidate to represent the nation’s largest bankers’ club, according to reports quoting insiders said Tuesday. On Monday, board members of the Korea Federation of Bank unanimously nominated Kim, among six other candidates. The federation is set to hold a general meeting on Friday to put Kim’s nomination to vote. If elected, Kim will officially start his term on Dec. 1, rep

Major South Korean companies saw their overseas sales inch up in the third quarter of the year despite the coronavirus pandemic, data showed Tuesday. Combined overseas sales of the country's top 100 firms by revenue totaled 181.9 trillion won ($164 billion) in the September-July period, up 1.6 percent from a year earlier, according to the data from the Federation of Korean Industries (FKI). The figure marks a 24.1 percent surge from three months earlier when their overseas sales tumbled nearly

In line with the digitalization of industries accelerated by the COVID-19 pandemic, the chief of the nation’s intellectual property office vowed Tuesday to “open an era of digital IP” via systemic upgrades. “In order to resolve key issues tied to protection of core values of the digital era, we will update laws that can bolster IP protection in the process of data manufacturing, transfer and utilization and address issues surrounding creative rights of inventions by art