The delinquency rate for South Korean banks' won-denominated loans inched down in September from the previous month and remained stable, the financial watchdog said Thursday. The rate for bank loans more than 30 days overdue stood at 0.3 percent at the end of September, down 0.07 percentage point from August, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the bank loan delinquency rate was down 0.14 percentage point. The delinquency rate for corporate loan

South Korea's export prices fell for the third straight month in October as oil costs declined and the local currency gained against the US dollar, central bank data showed Thursday. The country's export price index, in terms of the local currency, dropped 2.6 percent in October from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the third consecutive month of on-month decline after the index rose for a third month in a row in July. Fro

Online credit card spending in South Korea spiked more than 35 percent in September as consumers avoided going out due to the spread of the novel coronavirus, data showed Thursday. Online and telemarketing credit card purchases came to 10.29 trillion won ($9.2 billion) in September, up 35.1 percent from a year earlier, according to the data from the Bank of Korea. It marks the first time for the monthly tally to surpass the 10 trillion won mark since December 2009 when the central bank began t

Former Deputy Prime Minister and Education Minister Kim Sang-gon will take the top post of the Korea Teachers’ Credit Union, the institution said Wednesday. Effective Thursday, Kim will serve as chairman of the KTCU, the state-sponsored credit union dedicated to Korean teachers’ financial welfare and benefits. Kim was selected as the final candidate to head the KTCU on Friday and subsequently gained the approval of Education Minister Yoo Eun-hae. Kim will serve his three-year term

Buttressed by investors’ optimism about Pfizer’s COVID-19 vaccine, as well as improved exports, South Korea’s market capitalization has logged 2,032.38 trillion won ($1,827 billion), data from the nation’s sole bourse operator showed Wednesday. It was the first time for the market value to cross the 2,030 trillion-won mark, while exceeding 2,000 trillion won in value was previously recorded only three times throughout history. The largest figure observed previously was 2

The Financial Supervisory Service said Wednesday that Optimus Asset Management, a local hedge fund house involved in an alleged fraud case, has incurred at least 436.3 billion won ($393 million) in financial losses that effectively went nowhere. The loss stems from the hedge fund manager’s botched real estate development project financing and failed investments in stocks and bonds, as well as its embezzlement and Ponzi scheme, according to the watchdog. The revelation comes as four month

South Korea’s economy will contract 1.1 percent this year amid the COVID-19 fallout and rebound to 3.1 percent growth in 2021, state-run think tank Korea Development Institute said Wednesday. In its latest revision, KDI maintained its outlook for this year at its previous September figure but cut the prospect for next year’s growth by 0.4 percentage point, citing the slower-than-expected recovery pace of the domestic market. “Our economy is expected to expand 3.1 percent (

South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources Wednesday. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the planned IPO and select underwriters. Holding a board meeting in September, the online bank decided to go public in the first half of next year. Launched in 2017, Kakao has been fast growing by a

Amid growing concerns over the soaring cost of housing offered through “jeonse” contracts, Deputy Prime Minister Hong Nam-ki held a closed-door meeting with other ministers and high-ranking government officials Wednesday to discuss measures to address housing issues. Jeonse is a unique form of rental agreement in South Korea where tenants pay a refundable lump-sum deposit in lieu of monthly rent. Among the participants were Minister of Land, Infrastructure and Transport Kim Hyun-mee

South Korea’s household debt extended by local banks surged at a rapid pace in October, gaining more than 10 trillion won ($9 billion) on-month, central bank data showed Wednesday, despite government vows to put a brake on the momentum. Outstanding bank loans extended to local households gained 10.6 trillion won on-month to 968.4 trillion won as of end-October, propelled by home-backed lending, according to the Bank of Korea. The gain is the highest for an October reading since

The South Korean stock market hit a more than 2-year high Wednesday, as investor sentiment improved on stronger exports and Pfizer's COVID-19 vaccine test results. The Korean won surged to a 23-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.04 points, or 1.35 percent, to close at 2,485.87 points, the highest closing since 2487.25 points on May 3, 2018, and extend its winning streak to an eighth day. Trading volume was high at about 1.3 billion

Morgan Stanley Capital International announced Wednesday that it has added three large- and mid-cap South Korean stocks -- SK Biopharmaceuticals, SK Global Chemical and Doosan Heavy Industries & Construction -- to its global and regional equity index, as part of November rebalancing. As anticipated by market watchers, the Geneva-based MSCI added the three, but didn’t invite the South Korean novel drugs developer Hanmi Science to the club. It also removed Amorepacific preferred, BNK

South Korean shares opened higher Wednesday, tracking Dow's continued gain related to Pfizer's COVID-19 vaccine test results and improved chip exports. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.05 points, or 0.53 percent, to 2,465.88 in the first 15 minutes of trading. Stocks came to a strong start after a straight seven-day gain. Investors remained optimistic about Pfizer's COVID-19 vaccine test results, backed by positive comments by top US infectious disease speciali

South Korea's exports rose 20.1 percent on-year in the first 10 days of November, customs data showed Wednesday, amid the new coronavirus outbreak. The country's outbound shipments stood at $14.1 billion in the Nov. 1-10 period, compared with $11.7 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports also gained 12.1 percent on-year during the cited period. Imports increased 7.8 percent on-year to $13.3 billion in the 10-day period, according to the dat

South Korea's trade volume is unlikely to pass the $1 trillion mark in 2020 due to the fallout from the coronavirus pandemic and a Sino-US trade row, sources said Wednesday. The gloomy projection comes as South Korea's trade fell sharply in the first 10 months of the year from a year ago, pounded by the double whammy. South Korea's exports and imports totaled $798 billion in the January-October period, down 8.4 percent from the same period a year earlier, according to data from the industry an