Moody's Investors Service said Wednesday that South Korean nonfinancial firms' credit ratings will remain vulnerable to shocks caused by the prolonged coronavirus crisis. More than half of the rated Korean nonfinancial companies posted weak results in the January-June period compared to a year earlier. With the wide spread of the COVID-19 pandemic weakening business activity, negative rating actions will likely outnumber positive ones over the next 12 months, Moody's said in a statement. &quo

The global TV market is expected to expand in the third quarter of the year due to pent-up demand amid the novel coronavirus pandemic, a report said Tuesday, boding well for South Korean electronics firms. Global TV shipments in the July-September period were estimated to reach 56.88 million units, up 2.08 million units, or 3.8 percent from a year ago, according to market researcher Omdia. With the rising stay-at-home trend, countries' stimulus measures and TV makers' aggressive promotions a

Nearly 1,000 travel agencies in South Korea have gone out of business in the wake of the coronavirus outbreak that started to hit the country in late January, data showed Wednesday. The number of tour agencies came to 21,671 as of the end of June this year, down 938, or 2.7 percent, from the end of December, according to the data from the Korea Tourism Association. Compared with the end of September last year, the figure is down 4.1 percent. The number of travel companies in the country bega

South Korean shares opened slightly higher Wednesday, tracking an overnight rebound on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.41 points, or 0.23 percent, to 2,338.0 in the first 15 minutes of trading. The index got off to a strong start after a 2.38 percent plunge the previous session. Tech shares advanced, taking a cue from an upturn in US tech heavyweights. The tech-laden Nasdaq composite rose 1.71 percent to 10,963.64 on Tuesday (New York time). The

After completing a two-week self-quarantine period in South Korea, London-based Standard Chartered Bank CEO Bill Winters has been traveling back and forth between South Korea’s capital Seoul and Pangyo, touted as the nation’s Silicon Valley, meeting with a number of high-profile figures in the domestic financial technology industry in recent days, according to sources Tuesday. Winters was initially granted a quarantine exemption upon his arrival in the country on Aug. 30, but decide

South Korea’s tax agency said Tuesday that it has launched probes into 98 individuals for alleged property tax evasion as part of its ongoing efforts to strengthen a crackdown on tax dodgers and those who fall behind on large sums in taxes. Among the tax evasion schemes identified by the National Tax Service were 22 Koreans who purchased multiple homes here by establishing corporations or investing in private equity funds and 76 people aged 39 or younger who bought luxury apartments. Of

South Korea’s producer prices increased for the third consecutive month in August, mostly reflecting the rising costs of agricultural goods and oil products, central bank data showed Tuesday. The inflationary trend, attributed to the record-long rainy season and typhoons, is seen as adding pressure on coronavirus-hit consumers ahead of the Chuseok holiday. The producer price index -- an indicator of future consumer inflation -- stood at 103.19 in August, climbing 0.5 percent from a m

South Korean stocks dipped more than 2 percent on Tuesday, as investor sentiment worsened over dimming hopes for recovery from the coronavirus pandemic in major economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 56.8 points, or 2.38 percent, to close at 2,332.59. Trading volume was high at about 1 billion shares worth some 17.5 trillion won ($15 billion), with losers outnumbering gainers 816 to 80. The KOSPI plunged after losi

South Korea’s leading card issuer, Shinhan Card, is ratcheting up its efforts to tap into global markets. As part of its recent global expansion scheme, it has joined hands with global credit card giant Visa to offer joint consulting services based on data analysis. The two firms plan to deploy their data analysis capacities to provide consulting services for local and global governments and companies. The partners will also try to develop solutions to monitor global payment and consump

South Korea's private consumption is expected to recover at a slower-than-expected clip as the new coronavirus outbreak has dealt a blow to demand for offline services and foreign travel, the central bank said Tuesday. The Bank of Korea (BOK) said the recovery of face-to-face services and overseas consumption is expected to take a considerable period of time amid lingering concerns about a flare-up in virus cases. "During an economic crisis, consumption serves as a buffer for the economy.

W12.7tr government bailout saved lender in 1998, but led to questions about bank’s identity as private institution

The chief of South Korea’s financial watchdog on Tuesday urged private financial firms to disclose corporate environmental information, as part of a move to mitigate the detrimental effects of climate change on financial circles.  “Global consensus has arisen over the so-called ‘green finance’ and ‘sustainable financial services’ following a series of environmental improvement agreements,” Yoon Suk-heun, governor of the Financial Supervisory

The National Pension Service, South Korea‘s public pension fund, has entered into a strategic cooperation with Singapore-based Keppel Capital to beef up private infrastructure investment in Asia. According to the investment arm of offshore rig builder and shipbuilder Keppel, the strategic cooperation is meant to foster capabilities to manage energy and environmental infrastructure assets, including renewables and related technology solutions, urban development and connectivity solutions.

SEJONG -- Cancer remained the top cause of death in South Korea, a government report showed Tuesday. In 2019, a total of 295,110 deaths were reported in South Korea, down 1.2 percent from a year earlier. It marked the first annual decline since 2013. The statistics agency said 574.8 deaths were reported per 100,000 South Koreans last year. It also said 158.2 per 100,000 people died of cancer last year. Cancer has been the No. 1 cause of death in the country since 1983. Heart disease is th

South Korea's sales of derivatives-linked securities fell 32.6 percent on-year in the first half of the year due to sharp declines in stock markets in major countries amid the coronavirus pandemic, data showed Tuesday. The combined value of equity-linked securities (ELS) and derivatives-linked securities (DLS) issued in the January-June period came to 42.1 trillion won ($36 billion), down 20.4 trillion won from a year ago, according to the data from the Financial Supervisory Service. The produ