Finance Minister Hong Nam-ki said Monday the government will review the need to provide a second round of emergency handouts if the recent resurgence of new coronavirus infections does not slow down. Hong told lawmakers that the government has not been having "in-depth discussions" over the possibility of offering a second round of emergency handouts. The government will make a decision on the matter as it is monitoring the resurgence's impact on the economy, Hong said. If the g

South Korea's central bank will sharply lower its economic growth outlook for this year, as downside economic risks have heightened amid a flare-up in virus cases, its chief said Monday. Bank of Korea (BOK) Gov. Lee Ju-yeol presented the grim prospect for Asia's fourth-largest economy, saying that the pace of economic recovery is expected to remain weak on spiking virus cases. "In May, the BOK's growth projection was a 0.2 percent contraction. But I think we will have to sharply lower th

South Korean shares opened nearly flat Monday, as investor wariness grew over the resurgence of new coronavirus cases nationwide. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.21 points, or 0.10 percent, to 2,302.38 in the first 15 minutes of trading. The index got off to a weak start, largely on fears that the spiking COVID-19 outbreaks may lead to wider economic lockdowns. South Korea's top quarantine officials said on Sunday that the country may have to raise the current

Riding the rapid digital transformation trend in the financial sector triggered by the coronavirus pandemic, Citibank Korea said Sunday it will ramp up contactless wealth management services. The bank will hold a series of online seminars, titled “Citi Webinar On-Air,” in the second half of this year -- categorized into three sections. One of the programs, “Open Seminars” invites all clients every other week to its YouTube channel, where it will share its outlook on g

The delinquency rates for loans extended by South Korean banks have overall surged last month, sending lenders jitters as they apparently brace for side-effects of the government’s forbearance extension measures. Loan delinquency rates of the five major commercial banks here -– KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -– all came in an estimated range of 0.23 percent and 0.36 percent, according to data provided by the banks. The top and bottom lines of the range ea

Founder sees fresh opportunity in growing trend toward satellite offices in pandemic era

Foreign stock ownership of South Korea’s main bourse Kospi dipped to a 42-month low in August due to their massive selling amid a faster-than-expected recovery of the coronavirus-affected market, data showed Sunday. The average monthly ownership of foreign investors came to 35.78 percent of the bourse’s market capitalization this month, the lowest monthly average since Feb. 2017, when it was 35.74 percent, according to data from the bourse operator Korea Exchange. Since the main b

South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administration’s “Green New Deal” initiative, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. “We will stop investing in coal from now on. To fulfill our social responsibility as a firm, we’ll strengthen ESG -- environmental, social and governance -- investments instead,” a KI

Rich South Koreans diversify investment portfolios, expand into global markets

South Korea's net external assets in debt instruments shrank in the second quarter, according to government data on Saturday, with its external assets growing at a slower pace than its external debt. The nation's net external assets in debt instruments, which are considered reserve assets, stood at US$449.8 billion at the end of June, compared with $464.2 billion three months earlier, according to the data from the finance ministry. The figure refers to the difference between Korea's total ex

Kim Dae-ji, the new chief of South Korea’s tax authority, the National Tax Service, vowed Friday that the tax office would give full support for small and midsized businesses reeling from the lingering coronavirus pandemic while strictly enforcing rules against tax evasion. “The tax office will try to deploy measures to help overcome the coronavirus crisis and prop up the economy by lightening the tax burden on entrepreneurs and small-business owners,” said Kim at his inau

South Korean shares rebounded Friday on bargain hunting after stock prices recently plunged amid fears over the fast-spreading coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 30.37 points, or 1.34 percent, to close at 2,304.59. Trading volume was high at about 855 million shares worth some 14 trillion won ($11.8 billion), with gainers outnumbering losers 600 to 237. Foreigners bought a net 197 billion won, ending a two-da

Despite managing $61 billion in assets, South Korea‘s private equity industry is considered a relatively immature market, compared to global financial hubs like London, New York and Hong Kong. The segment, however, has growth potential if it is able to improve transparency by addressing issues, including a lack of standardized reporting practices and inconsistency in the portfolio valuation methodology by private equity fund managers, according to Preqin, a London-based financial data prov

In response to a deepening economic slump due to the recent resurgence of COVID-19 cases, South Korea on Thursday said it will keep providing financial lifelines for coronavirus-hit small business owners. “Due to a second wave of the coronavirus pandemic, a growing number of small business owners are likely to be in need of cash despite the government’s initial support programs,” Kim Yong-beom, first vice minister of finance, said in a meeting with related officials held at

South Korean shares opened sharply higher Friday on overnight tech gains on Wall Street, bucking concerns over the recent hike in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.36 points, or 1.42 percent, to 2,306.58 in the first 15 minutes of trading. The index got off to a strong start after a 3.66 percent plunge in the previous session. The Nasdaq Composite soared 1.06 percent to 11,264.95 points on Thursday (New York time), led by gains in top