Big Hit founder becomes 8th-richest person with stocks valued at W3.2tr, ahead of Hyundai Motor chief

South Korean stocks dipped for a third consecutive session Thursday as spreading new coronavirus infections and the deadlocked US fiscal stimulus weighed heavily on the local financial markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.27 points, or 0.81 percent, to close at 2,361.21. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.2 billion), with gainers outnumbering losers 583 to 279.

Despite the containment of the coronavirus pandemic nationwide, South Korea, Asia’s fourth-largest economy, is still sitting on an economic powder keg, high-ranking officials of credit rating agency S&P Global Ratings said Thursday. While Korea and other Asia-Pacific economies are seeing a relatively swift recovery from the COVID-19 pandemic thanks to timely policies and boosted trade, they appear to be far off from pre-COVID levels, Shaun Roache, chief Asia-Pacific economist at S&am

62% surge reported in Sejong, 21% in Gyeonggi

South Korea’s leading credit card company Shinhan Card said Thursday that it has issued social bonds worth $400 million via a public offering. The issuance of the bonds, aimed at funding small-and medium-sized businesses and helping the financially marginalized, is the first of its kind in the local credit card segment since the global financial crisis in 2008, according to Shinhan. Some 100 institutional investors -- nearly 82 percent from the Asian region and the rest from Europe

Shinhan Financial Group said Thursday that it has launched a comprehensive online auto financing platform that allows users to gain access to the firm’s loan and lease services. Shinhan’s customers can now check their credit limits and compare auto finance products or monthly installment plans tied to loans, leases and rentals via the platform dubbed “My Car.” The platform is available on its website and in app form. “My Car” was created by merging two sep

Trust deposits for pension funds operated by Mirae Asset Global Investments surpassed the 8 trillion won ($7 billion) mark, the company said Thursday. The company pooled 3.8 trillion won for private pension funds and 4.2 trillion won for retirement funds. Both figures are the highest in their respective segments, it added. Trust deposits for the pension market grew by 1 trillion won this year to 32 trillion won, according to financial market tracker FnGuide. Mirae Asset put its focus on rol

KB Card, a major card issuer in South Korea, rolled out a mobile payment solution Thursday as part of its efforts to transform into a digital financial platform operator. The payment solution, named KB Pay, allows users to utilize money transfer, overseas remittance and currency exchange services. KB Pay subscribers can also have credit cards and gift certificates registered on the app to use them at online stores or brick-and-mortar shops. Those who want to make purchases in other countries

The South Korean economy is expected to fare better than other countries over the next two years, but it will be in a deep recession amid the coronavirus pandemic, an economist at ratings agency S&P Global Ratings said Thursday. Shaun Roache, chief economist on the Asia-Pacific region at S&P, said South Korea's central bank is expected to keep its policy rate low at least throughout 2023 to prop up the economic recovery. "Korea is one of the best performing economies in the world.

The delinquency rate for South Korean banks' won-denominated loans inched higher in August from the prior month but remained stable, the financial watchdog said Thursday. The rate for bank loans more than 30 days overdue stood at 0.38 percent at the end of August, up 0.02 percentage point from July, according the Financial Supervisory Service (FSS). Compared with a year earlier, however, the bank loan delinquency rate was down 0.13 percentage point. "Despite a slight on-month increase, b

SEJONG -- The number of people aged 65 or older in South Korea is expected to account for 30 percent of the population in 2035, a report showed Thursday, highlighting concerns that the fast-aging demographic transition could pose a drag on the country's economy. According to the report by Statistics Korea, the number of people aged 65 or older stood at 8.03 million this year, accounting for 16.1 percent of the nation's population. The South Korean population is projected to peak in 2028 before

South Korea's money supply continued to grow at a fast clip in August as household and corporate lending grew amid a long streak of low rates and the new coronavirus pandemic, central bank data showed Thursday. The country's M2 stood at 3,101.6 trillion won ($2.71 trillion) as of end-August, up 9.5 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It decelerated from a 10 percent on-year gain in July when the money supply grew at the fastest pace in nearl

Foreign investors extended a net sale of South Korean securities funds for the second straight month in September, led by an expansion in net offloading of stock funds, the central bank said Thursday. Foreigners offloaded a net $2.09 billion worth of local stocks and bonds last month, larger than a net sale of $220 million in August, according to the Bank of Korea (BOK). Foreign investors sold a net $2.08 billion worth of stocks last month on a one-off factor, higher than a net sale of $890 mi

South Korea's outbound shipments of information and communication technology (ICT) products rose 11.9 percent on-year in September, data showed Thursday, as global demand for semiconductors picked up amid the pandemic. Exports of ICT products stood at $17.63 billion last month, according to data compiled by the Ministry of Science and ICT, marking an on-year rise in exports for the fourth consecutive month. Meanwhile, imports of ICT products reached $9.56 billion in September, up 9 percent ove

SEJONG -- An extension of debt relief programs by the Group of 20 major economies will help low-income nations achieve their economic recovery from the coronavirus pandemic, South Korea's finance minister has said. Finance Minister Hong Nam-ki and his counterparts of G-20 finance ministers agreed to extend the debt relief programs by another six months during their virtual meeting Wednesday. Under the Debt Service Suspension Initiative (DSSI), the G-20 gave debt relief to poor nations in Apri