SEJONG -- Finance Minister Hong Nam-ki said Tuesday a fourth supplementary budget would help small merchants navigate through the difficult time as they were hit by a recent resurgence of the new coronavirus. "The government has actively taken bold measures to overcome the economic crisis," Hong told Yonhap News TV. Hong said the fourth extra budget will become "welcome rain" for small merchants to overcome this crisis. Hong made the remarks as the ruling Democratic Par

Major South Korean lender Nonghyup Bank has applied for China's approval to open a branch in Beijing as part of its Asian push, industry sources said Tuesday. Nonghyup Bank, which lodged the application with the China Banking and Insurance Regulatory Commission late last month, is expected to receive preliminary approval by February at the latest. It usually takes six months to receive preliminary approval from the Chinese financial authorities to open a branch in the world's second-largest ec

The United States has nearly halved its anti-dumping tariffs on oil pipeline products from South Korean steelmakers, industry sources said Tuesday. The US Department of Commerce has decided to levy a tariff of 4.23 percent to 9.24 percent on South Korean oil pipelines, far lower than the 2018 ruling of up to 18.77 percent. The tariff reduction came after the Court of International Trade (CIT) ordered Washington to readjust its earlier duties in January following complaints from South Korean st

South Korean stocks opened lower Tuesday, taking a cue from overnight losses on Wall Street over the new coronavirus concerns. The benchmark Korea Composite Stock Price Index fell 15.13 points, or 0.63 percent, to 2,374.26 in the first 15 minutes of trading. Investor sentiment worsened after US Federal Reserve Chairman Jerome Powell said a full recovery from the pandemic will take a considerably long time.  In a related move, former Food and Drug Administration Commissioner Scott Gottl

Shares of Hanwha Solutions plunged Monday immediately after electric vehicle developer Nikola announced a leadership shakeup, as it faces a heap of fraud allegations and an upcoming probe. Hanwha Solutions common shares retreated 7.4 percent Monday, while its preferred stocks dipped 10 percent. Hanwha Solutions, a Seoul-based petrochemical arm of the Hanwha conglomerate, indirectly controls a minority stake in Nikola. Nikola fetched a combined $100 million of funding evenly from Hanwha Ene

Value of 7-member boy band may surpass that of Messi, but military enlistment a risk factor, experts say

Korean investment banking group Mirae Asset Group is being swamped by litigations at home and abroad, including one against China’s Dajia Insurance Group surrounding high-profile hotel deals in the United States, filings showed Monday. As of the end of June, the total litigation costs incurred to brokerage house Mirae Asset Daewoo and its affiliates could exceed 7 trillion won ($6 billion) if the group loses all 35 lawsuits in which it is involved. The cost has gone up from 68.8 billion

Confusion in South Korea‘s real estate market has continued with the transaction volume of Seoul apartments taking a dive while a buying drive by 30-somethings concerned over further price hikes remained strong last month, data showed Monday. According to data released by the state-run Korea Appraisal Board, a total of 6,880 apartment units changed hands in Seoul last month, down 57 percent from 16,002 in July. Apartment transactions reached a fever pitch in 2019 with the sales volume

Interested parties form initial consensus on allowing ‘Korean Airbnb’ in rural areas

The market value of South Korean auto giant Hyundai Motor Group has recovered to the 100 trillion-won ($85.9 billion) level after more than 28 months thanks to brisk sales of hydrogen and electric vehicles, data showed Monday. The total market capitalization of Hyundai Motor Co. and 11 other listed subsidiaries came to 100.2 trillion won as of Thursday, according to the data from the Korea Exchange. South Korea's leading automaker was valued at 39.3 trillion won, with No. 1 auto parts manufac

SEJONG -- South Korea plans to unveil rules to ensure fiscal soundness, Finance Minister Hong Nam-ki said Monday.  The rules, which aim to keep the growth rate of government spending at a level of nominal growth of gross domestic product (GDP), will be announced by the end of this month, Hong told lawmakers. However, such rules will be exempted in time of a crisis, like the coronavirus pandemic, Hong said. The move comes amid concerns that this year's four extra budgets could strain fi

South Korean shares fell below the 2,400 mark on Monday, as lingering valuation pressure drove down the key index. The Korean won rose against the U.S. dollar to the highest level in eight months. The benchmark Korea Composite Stock Price Index (KOSPI) lost 23.01 points, or 0.95 percent, to close at 2,389.39. Trading volume was high at about 1 billion shares worth some 14 trillion won ($12.1 billion), with losers outnumbering gainers 694 to 168. Foreigners sold a net 77 billion won, while re

Kia Motors Corp., South Korea's second-biggest carmaker, said Monday it has suspended two of its domestic plants for four days, as some of its workers were confirmed to have contracted the new coronavirus. Kia halted the operations of two plants in Gwangmyeong, just south of Seoul, from Wednesday through Monday, with all of the 6,000 employees at the plants staying at home, a company spokesman said over the phone. "As of noon Monday, 11 assembly line workers were confirmed to have been in

The combined market capitalization of Hyundai Motor Group affiliates surpassed the 100-trillion won ($85.9 billion) mark last week on the back of market expectation on its strength in green vehicle technology, data showed Monday.  As of Thursday, the auto giant‘s 12 listed affiliates had a combined market capitalization of 100.2 trillion won, re-entering the 100-trillion-won club for the first time in 28 months, according to the Korea Exchange. Of the total, the combined market va

South Korean shares opened a tad higher Monday, led by chip and auto gains on the main bourse. The Korea Composite Stock Price Index (KOSPI) rose 5.67 points, or 0.24 percent, to 2,418.07 in the first 15 minutes of trading. Market bellwether Samsung Electronics added 0.51 percent, with No. 2 chipmaker SK hynix advancing 0.84 percent. Hyundai Motor, the country's largest automaker, jumped 3.59 percent, and its smaller affiliate Kia Motors leaped 3.97 percent. Internet portal giant Naver ga