State-run Korea Development Bank and Export-Import Bank of Korea announced Tuesday they will inject a combined 1.7 trillion won ($1.40 billion) of fresh funds to keep the cash-strapped flag carrier Asiana Airlines afloat. The two policy banks held meetings to decide on the size of additional financial support measures for the nation’s second-largest airliner. The rescue move came after HDC Hyundai Development, a real estate developer set to acquire Asiana Airlines, requested the two b

Total “jeonse” rent loans supplied by commercial banks grew around 2 trillion won ($1.62 billion) for the second consecutive month, as the number of house hunters looking for two-year leases instead of purchases increased, industry data showed Tuesday.  The jeonse loan balance of the country’s five major commercial banks -- KB Kookmin, Shinhan, Woori, Hana and Nonghyup -- came to 86.25 trillion won at the end of March, up 2.28 trillion won from a month before. The figu

South Korea’s stock market fluctuated as the geopolitical uncertainties triggered by the health condition of North Korean leader Kim Jong-un and historic oil price plunge sapped investor sentiment. The benchmark indexes -- main bourse Kospi and Kosdaq -- had a roller-coaster ride. Kospi sank 3 percent to its lowest in the late morning session and the loss narrowed to 1 percent in its closing. Kosdaq saw a 5.6 percent plunge at its largest, and closed 1.4 percent lower. Market bellweth

South Korean investors could face losses regarding their hedge on oil futures as local brokerages did not reflect plunging oil prices in their forecasts, according to market watchers Tuesday. A futures contract for US West Texas Intermediate crude for May delivery closed at negative $37.63 per barrel at the end of Monday trading in the US -- plunging $55.90 from the previous session’s close. The sudden collapse has put some securities firms into chaos. Kiwoom Securities suffered a techn

The coronavirus pandemic could have a negative impact on births and marriages this year and is feared to accelerate population decline in South Korea, a senior finance ministry official said Tuesday. Vice Finance Minister Kim Yong-beom said in a meeting on the nation's population policy that the coronavirus outbreak has reshaped people's everyday lives, prompting people to work from home and students to take online classes. "There are worries that shocks from COVID-19 could have a negati

The Bank of Korea (BOK) delivered an additional $2.12 billion to local banks Tuesday under a currency swap deal with its US counterpart in a bid to stabilize the local foreign exchange market. The BOK held its fourth online auction to provide up to $4 billion in six-day debt and 84-day loans to commercial banks and state lenders. Bids undershot the central bank target of $3.5 billion in 84-day loans and $500 million in seven-day loans. No bids were placed for the six-day loans, the BOK said,

South Korea‘s finance ministry said Tuesday it will continue to supply sufficient foreign-exchange liquidity to exporters and importers hit by the coronavirus pandemic. Vice Finance Minister Kim Yong-beom made the remarks at a meeting with senior executives from major exporters and importers earlier in the day, the ministry said in a statement. Kim told the meeting that the global economy is expected to take a big hit by “unprecedented large-scale shocks” from the pandemic

The issuance of derivatives-linked securities (DLS) in South Korea plummeted in the first quarter of the year amid uncertainties over the new coronavirus, data showed Tuesday. In the January-March period, sales of DLS amounted to 5.3 trillion won ($4.3 billion), down 31.7 percent from the previous quarter, according to the data from the Korea Securities Depository (KSD). The reading also marks a 17.5 percent fall from a year ago. DLS tracks the performance of interest rates, currency values

Amid concerns building over risks of individual investors seeking short-term profits, a local expert said Monday that the latest buying trend will likely result in great success in the long run. “Retail investors tend to have invested in blue chips during the recent buying binge, like Samsung Electronics, SK hynix, Hyundai Motor Company as well as relatively safer products like index funds,” said Yoo Ik-sun, head of the investment strategy unit at local asset manager Hanwha Asset M

Oil prices plunged below zero as demand for energy breaks down amid COVID-19 pandemic and the supply glut leads to the lack of storage for crude

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 16.07 points, or 0.85 percent, to 1,882.29 in the first 15 minutes of trading. The decline followed losses in the US market. The Dow Jones Industrial Average lost 2.44 percent, with the tech-heavy Nasdaq composite index declining 1.03 percent. Huh Jae-hwan, a strategist at Eugene Investment Co., said a sharp plunge in oil prices and potential poor corporate

South Korea's exports sank 27 percent on year in the first 20 days of April amid the shock from the coronavirus pandemic, customs data showed Tuesday. The nation's outbound shipments dropped 26.9 percent in the April 1-20 period to $21.7 billion, according to the data from the Korea Customs Service. The daily average exports during the 20-day period also slipped 16.8 percent on-year. The data came amid growing concerns that the coronavirus pandemic is denting exports by Asia's fourth-largest

Amid confidence building, massive capital flocking to stock market, authorities warn of ‘moral hazard’

Foreign currency deposits at banks in South Korea posted the biggest gain in 16 months in March on corporate preference for dollars amid the coronavirus crisis, data showed Monday. Outstanding foreign currency deposits at banks here reached $75.29 billion as of end-March, up $6.78 billion from a month before, according to the data from the Bank of Korea. It marks the largest on-month increase since the $6.94 billion rise recorded in November 2018. The figure covers deposits held by South Ko

South Korea’s economy is expected to report a 1.81 percent on-quarter contraction in the first quarter of the year, a poll showed Monday, as the coronavirus pandemic crippled industrial output, consumer spending and job markets in Asia’s fourth-largest economy. It would be the sharpest quarterly contraction since the fourth quarter of 2008, when the nation’s economy contracted 3.3 percent on-quarter, according to the survey conducted by Yonhap Infomax, the financial news arm