Korean banks’ personal credit loans extended to individuals have continued to soar in August, as the government tightened mortgage loan regulations to stabilize the overheated housing market, data showed Monday. Outstanding balance of personal credit loans at five major lenders here -- KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Bank -- came to nearly 121 trillion won ($102 billion won) as of Thursday, up 1.28 trillion won from the previous month. Following the largest-

Kakao founder Kim Beom-su snagged the No. 2 spot on the list of South Korea’s wealthiest businesspeople, with his stock assets rising by some 5 trillion won ($4.2 billion), industry data showed Monday. This puts him ahead of Samsung Electronics Vice Chairman Lee Jae-yong, and second only to Samsung Group Chairman Lee Kun-hee. Kim, who currently holds a 14.51 percent stake in Kakao, saw the value of his stock assets surpass 9 trillion won as of Friday, up 136.16 percent from 3.84 trillio

Experts say ‘untact,’ ‘Korean New Deal’ to drive post-pandemic economy, but question effectiveness of state policy to bring change

Despite many benefits, walletless society still faces resistance

Citibank and Standard Chartered Bank’s Korean subsidiaries posted mixed earnings in the second quarter, as per their disclosures Friday. The New York-based lender’s subsidiary bit the dust amid the coronavirus pandemic, with its net profit plummeting 72.4 percent on-year to 30.3 billion won ($25.5 million). This was mostly due to provisions set aside for coronavirus risks coupled with dissipated effects from the sell-off of its landmark headquarters tower last year. Its net profi

For the temporary national holiday slated for Monday, South Korean lenders and financial authorities said Friday that loan payments, ATM fees and other services would be adjusted for the time being. According to the Financial Services Commission, loan payments due Monday will be automatically delayed to Tuesday. Late fees will be waived, but some loans -- including those that could require early payoff fees, charged when customers pay off their principal balance early -- may require consulting

South Korea's finance minister on Friday ruled out the possibility of a fourth extra budget as he held out the prospect of economic growth in the third quarter. "We can fully cover the costs of recovering from heavy rains through such measures as reserve fund without an extra budget," Hong Nam-ki said in a meeting with reporters from foreign media outlets at the government complex in the central city of Sejong. The government's reserve fund is currently worth about 2.6 trillion won

South Korean shares ended their nine-session winning streak Friday, as investors attempted to cash in part of recent gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 30.04 points, or 1.23 percent, to close at 2,407.49. Trading volume was high at about 956 million shares worth some 16.4 trillion won ($13.8 billion), with losers outnumbering gainers 531 to 337. Foreigners sold a net 462 billion won, while retail investors purchased a

Hannam The Hill, a premium residence located in central Seoul’s Hannam-dong, continued to stand as the most expensive apartment in South Korea, extending its record for five consecutive years, data showed Friday. According to data compiled by the Ministry of Land, Infrastructure and Transport, one unit of the apartment with an exclusive use area of 240.305 square meters was valued at 7.3 billion won ($6.16 million) in April this year. The latest amount was up 200 million won from the

South Korea's consumption continues to improve amid signs of a slump in exports and industrial production easing, the finance ministry said Friday. In a monthly economic report, called the Green Book, the Ministry of Economy and Finance also flagged the economy's continuing uncertainty stemming from the coronavirus pandemic and the annual monsoon season. "South Korea's indicators of domestic demand continue to take a turn for the better, despite uncertainty related to COVID-19 and the ra

South Korean shares opened a tad lower Friday as investors attempted to cash in part of recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.71 points, or 0.19 percent, to 1,995.73 in the first 15 minutes of trading. The pullback was largely attributed to foreign investors' profit-taking of market heavyweights. The nine-session winning streak that ended Thursday raised valuation pressure, analysts said. Most large caps traded lower. Market bellwether Samsung Elec

Hopes rise that Kospi’s record run will continue to year-end

Plans to inject W4.6tr to back export of services, create 50 or more new job categories

Morgan Stanley Capital International announced Wednesday it has added three South Korean biotechnology stocks to its MSCI Korea Index. This comes as the technology prowess of the companies has come under the limelight during the novel coronavirus outbreak and subsequently drove up their stock price. 　 Alteogen, Seegene and Shin Poong Pharma have been added to the index, replacing Daewoo Engineering & Construction, Helixmith and Hyundai Department Store. Seegene is Korea’s leading ex