South Korean steelmakers are expected to have performed better in the third quarter despite the new coronavirus fears, moving on from a slump a quarter ago, analysts said on Sunday. The country's major steelmakers are likely to have earned more in the July-September period, thanks to a rebound in global steel demand, according to the analysts. Posco, the world's fifth-biggest steelmaker by output, is forecast to have logged 492.9 billion won in operating profit on a consolidated basis, accord

South Korean banks and their customers lost nearly 500 billion won ($428 million) from employees’ financial crimes -- including embezzlement and fraud -- in the last five years, data compiled by the nation’s financial watchdog showed Sunday. Twenty local lenders saw losses worth a combined 488.4 billion won through 186 cases from 2016 to June this year, according to data submitted by the Financial Supervisory Service to Rep. Lee Young, a lawmaker of the main opposition People Power

SEJONG -- South Korea will launch a national census this month, with census workers taking extra precautions amid the coronavirus pandemic, Statistics Korea said Sunday. The nation conducts a population census every five years, and this year's survey includes 27,000 census workers who will carry out door-to-door interviews with residents. To reduce door-to-door visits, people will be encouraged to use mobile phones, fixed-line telephones and personal computers to register their personal, fami

Actis looks to capitalize on high demand for data centers accelerated by South Korea’s rapid digital transformation

South Korea performed relatively better in terms of economic growth over the second quarter of the year compared to other members of the Organization for Economic Cooperation and Development (OECD), data showed Sunday. South Korea's economy contracted 3.2 percent on-year in the April-June period, which marked the smallest decrease among the 36 member countries of the Paris-based organization, according to the data compiled by the Bank of Korea. Over the cited period, China, which is not a memb

Major local department stores have renovated their outlets in bustling areas and realigned sales sections in an effort to attract a new clan of young customers amid faltering sales hit by the new coronavirus outbreak, industry sources said Sunday. Industry leader Lotte Department Store and its main rivals Shinsegae and Hyundai department stores are targeting the MZ generation, those born between 1980 and the early 2000s as a combination of millennials and Generation Z. Local retailers are scra

Savings banks, insurers, e-payment firms roll out loan promotions throughout September

US President Donald Trump's infection with the new coronavirus is expected to strengthen the dollar due to investors' chasing after safe assets, but financial markets are not likely to undergo high volatility, market experts here said Saturday. Trump and first lady Melania Trump tested positive for COVID-19 on Friday, sending Wall Street's main stock indexes lower. The dollar index, a gauge of the greenback's value against a basket of six foreign currencies, rose 0.14 percent. Analysts said Tr

South Korea has extended incentive programs for primary dealers in state bond auctions until the end of this year, as part of its efforts to stabilize the bond market, according to the finance ministry Saturday. The ministry launched the incentive programs for primary dealers, who buy state bonds directly from the government and sell them to the market, in April this year as it sought to stabilize the bond market in the face of a hike in sales of state bonds to fight the coronavirus pandemic.

K-pop agency’s IPO grabs global attention, experts say BTS’ worldwide fandom key to further value increase

SEJONG -- South Korea underperformed in a comparison of employment among some members of the Organization for Economic Cooperation and Development. It ranked 18th among 25 major economies that released hiring data for the second quarter. Alongside the tough job market, the proportion of nonregular workers held by Korea far exceeded the OECD average. According to the France-based organization, Korea posted 65.4 percent in the employment rate in the second quarter of the year, which is an indica

South Korean analysts offer a wide range of target prices for Big Hit Entertainment, an agency of K-pop superstar BTS, ahead of the company's market debut slated for this month. Big Hit Entertainment's listing, set for Oct. 15, is one of this year's mega IPO deals, thanks to the K-pop septet's global fame. The initial public offering (IPO) price was set at 135,000 won ($115), but analysts' target prices range from 160,000 won to 380,000 won. Brokerage houses' forecasts vary over how the comp

South Korea's exports rebounded for the first time in seven months in September, data showed Thursday, helped by increased shipments of chips and automobiles as major trade partners gradually resumed their business activities amid the pandemic. Outbound shipments came to $48 billion last month, up 7.7 percent from $44.6 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The on-year gain in exports marked the largest increase since Octob

Ahead of the Chuseok holidays, many Koreans expect cash, with companies offering bonuses to motivate employees and relatives exchanging money as gifts in the family reunion rituals. This year, the three-day Chuseok holiday that kicks off Wednesday for three days is coming amid the COVID-19 outbreak, and the prolonged pandemic appears to be influencing ways to save or invest the holiday pocket money. But what to do with cash in times of ultralow interest is a big question.　 Some financial consu

With the Chuseok holiday just around the corner, financial firms and rising fintech firms are making efforts to offer new services to attract customers amid the ongoing coronavirus pandemic. Kakao Pay, a payment solutions firm under mobile messenger giant Kakao, has launched a marketing campaign for its money transfer service. During the promotional event from Sept. 16 to Oct. 5, the company will pick eight users who send Chuseok gifts via the payment platform, and will reward them with the sam