The Bank of Korea said Thursday that South Korea's former top envoy to the US and two others have been named as candidates for new members of its monetary policy board. The three are Cho Yoon-je, who served as the South Korean ambassador to the United States between 2017 and 2019; Suh Young-kyung, head of the Sustainable Growth Initiative; and Joo Sang-yong, an economics professor at Konkuk University. Suh served as the first female BOK deputy governor for three years until 2015 before headi

The ruling Democratic Party of Korea’s landslide victory in the latest national assembly elections is expected to work as a catalyst for President Moon Jae-in’s economic policy agenda -- including more emergency cash handouts and housing market regulations. Thursday’s preliminary election results allowed the Democratic Party and its satellite Platform Party to secure 180 seats in the 300-member National Assembly, which is likely to expand the scope of the government's e

Korea slashes expenditure, adjusts public funds to provide relief funds

The South Korean government has issued a new brochure in English to share with the rest of the world its experiences of responding to the new coronavirus, the Ministry of Economy and Finance said Wednesday. The 90-page policy report -- titled “Flattening the curve on COVID-19” -- is the second on the topic that the country has published since receiving a request from the World Bank in late March. The latest brochure was drafted jointly by the Finance Ministry, the ICT Ministry, th

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) shed 12.68 points, or 0.68 percent, to 1,844.4 in the first 15 minutes of trading. On Wednesday (local time), US stocks closed lower as investors absorbed various data showing the COVID-19 outbreak has hurt the world's largest economy. The Dow Jones industrial average fell 1.86 percent, the S&P 500 was down 2.2 percent, and the Nasdaq Composite Inde

The concept of “country ownership” is a key attribute of all investments and projects that multilateral and international organizations have incorporated into their objectives and constitutions. The concept emerged as a dominant way of thinking in the late 1990s, when the focus of the international aid architecture began to shift from donor-driven decision-making toward empowering recipient countries, building their capacities and greater partnership. In 2019, the Independent Evalua

BC Card, a credit card processing firm owned by telecom giant KT, said Wednesday in a regulatory filing that it will acquire a controlling stake in internet-only K-Bank in a bid to save the cash-strapped online bank. The announcement came a day after the card company held a board meeting, where the board decided to buy a 10 percent stake in the bank from the telecom firm for 36.3 billion won ($29.8 million) on April 17. With the planned stake purchase, the card company will become the seco

The state-owned Korea Development Bank will soon pick a preferred bidder for KDB Life Insurance, which it recently put up for sale after acquiring it a decade ago, according to news reports Wednesday. Private equity fund JC Partners is widely believed to have been shortlisted. “JC Partners is the only interested party that has completed due diligence so far,” an official from the policy bank was quoted as saying by Yonhap News Agency. The private equity firm reportedly plans to

Gold prices are hitting the roof in South Korea -- highest level in six years -- as investors are flocking to safe-haven assets amid escalating fears given market uncertainties, latest data showed Wednesday.  According to the Korea Exchange Gold Market, the price stood at 66,740 won ($54.90) per gram at Tuesday’s close, surging 2.4 percent from the previous session. The price had surged to 68,240 won the same day, the highest since March 2014 when the gold market first opened. 

South Korean companies are bracing for a massive credit rating downgrade as the novel coronavirus spillover threatens their business outlook, according to industry sources Wednesday. The weakening prospect of retailers, petrochemical firms and manufacturers in the wake of the coronavirus spread appears to be putting pressure on their liquidity. On Tuesday, the credit outlook of three companies for straight bonds was revised to “negative,” according to three credit rating agencies -

IMF slashes growth outlook by 6.3% to an unprecedented minus 3.3%; S. Korea to be less affected

Despite the government‘s bond-buying initiative aimed at shoring up liquidity, South Korea’s corporate bond market is rattled by changes in credit outlooks that reflect lingering uncertainties on falling oil prices and the COVID-19 pandemic. On Monday, Hanwha Solutions’ corporate bonds meant to raise 210 billion won were undersubscribed by institutional investors. Absent in the bidding was the vehicle dubbed the “bond market stabilization fund,” a state commitment

COVID-19, falling global oil prices dampen export prices

South Korean conglomerates increased spending on research and development despite falling sales last year, according to a report Tuesday. The combined R&D spending of 208 conglomerates last year came in at 53.5 trillion won ($44 billion), up 7.8 percent from a year earlier, according to a report on the nation’s large businesses released by corporate tracker CEOScore. The companies’ combined annual revenue, on the other hand, dropped 0.8 percent to 1,709.7 trillion won durin

South Korean stocks rebounded 1.72 percent higher Tuesday as investor sentiment was buoyed by hopes the global coronavirus outbreak is peaking and better-than-expected Chinese data. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 31.32 points to close at 1,857.08. Trading volume was heavy at 872 million shares worth 9.8 trillion won ($8.1 billion), with gainers far outpacing losers 757 to 106. The country reported 27 new case