South Korea’s internet banking services continued to grow in 2019, with the number of users and daily transactions climbing to new highs, central bank data showed. 　The number of internet and mobile banking users came to about 159.2 million as of end-2019, up 8.6 percent from a year before, according to the data from the Bank of Korea. 　The figure is the simple sum of all registered users at 18 internet and mobile banking service providers in the country, meaning the same person may

South Korea's exports fell sharply from a year earlier in the first 10 days of April amid the economic fallout from the new coronavirus, customs data showed Monday. The country's outbound shipments came to $12.2 billion in the April 1-10 period, down 18.6 percent from the same period a year earlier, according to the data from the Korea Customs Service. The daily average exports during the cited period also slipped 18.6 percent on-year. The data came amid growing concerns that the coronavir

Cash withdrawn from financial accounts on rise for household expenses, investment

Despite lingering volatility, South Korea’s main bourse Kospi is expected to recover starting from the second half of this year if the novel coronavirus comes under control globally and that sense of stability boosts consumption demand on the back of policy efforts, research heads of brokerages in Seoul said Sunday. “As pent-up demand sparks and corporate earnings increase with the government’s liquidity support, stock markets will gradually rise from the second half,”

South Korea’s central bank is awaiting government signoff on an emergency program that would extend loans to nonbanking institutions, sources said Sunday, as both monetary and fiscal authorities aim to further funnel liquidity into the markets to counter the effects of the novel coronavirus. “We are currently preparing to launch an emergency lending program as swiftly as possible,” a Bank of Korea official said. The program -- which is expected to mirror actions taken by t

Foreign investors held a record amount of state bonds and monetary stabilization debts amid increased uncertainties stemming from the outbreak of the new coronavirus, data showed Sunday. According to the data compiled by the Financial Supervisory Service, foreign investors held a combined 134.1 trillion won ($111 billion) worth of state bonds and other listed debts as of Thursday, up 1.08 trillion won from the end of last month. The reading marks the largest ever since the financial watchdog

Banking group seals W2.34tr deal to add life insurer to nonbanking portfolio

The amount of unemployment benefits handed out in February surpassed the 800 billion won ($660 million) mark for the first time in February, according to data compiled by the Korea Employment Information Service on Saturday. The amount of subsidies given to the unemployed in February reached 808.3 billion won, up 28 percent on-year. The sharp increase came even before the novel coronavirus hit the nation in earnest in March, reflecting the sluggish domestic job market in recent months. Of 1

Kim Jung-ju, founder of South Korea’s largest game company Nexon, has invested in Canadian high-end outwear brand Moose Knuckles, seeking new opportunities in the non-gaming sector. Kim, who now serves as chief of Nexon’s holding company NXC, took over 23.9 percent stake of the Canadian garment manufacturer for 64.2 billion won ($53 million). Moose Knuckles is one of the top three high-end winter jacket brands, along with Nobis and Canada Goose. Their winter luxury parkas cost

KDB, IBK, KB Kookmin accredited to start business in ASEAN state

South Korean shares ended higher for the second straight session Friday on improved investor sentiment over the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.46 points, or 1.33 percent, to 1,860.67. Huh Jae-hwan, a strategist at Eugene Investment Co., said the US Federal Reserve's provision of liquidity programs that also i

Attention is centered on what is poised to become the only initial public offering deal in April, as investors are hinging on a change in market tides. Starting Monday, Sencoretech -- a Seoul-based engineering firm dedicated to manufacturing steel structure -- will go on a two-day institutional investor tranche to confirm the IPO price, estimated to be at least 27.16 billion won ($22.35 million). Samsung Securities is a lead underwriter for the IPO on the development bourse Kosdaq. This comes

South Korea’s midcap buyout fund VIG Partners said Friday it plans to acquire the nation’s leading funeral service firm Preedlife. While neither the acquisition price nor the amount of stake were disclosed, the transaction is expected to close in the third quarter of 2020. This comes amid the private equity firm’s move to carry out a bolt-on strategy, under which its existing portfolio firms Jounlife and Preedlife will be combined to become the biggest funeral goods and servi

South Korean shares traded lower late Friday morning as investors attempted to cash in recent gains amid a lack of upside momentum. The benchmark Korea Composite Stock Price Index shed 9.52 points, or 0.52 percent, to 1,826.69 as of 11:15 a.m. The main index opened higher, tracking overnight gains on Wall Street on the back of the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus. US stocks rose after the US Federal Reserve unveiled program

Shinhan Card said Thursday it has launched a facial recognition-based payment system that replaces the use of plastic cards for purchases. Branded as Shinhan Face Pay, the new payment system is the first service of its kind here, the local credit card issuer said. To authorize payment, customers take a photo of their faces and a kiosk then matches their facial information with the one registered in advance at Shinhan Bank’s local branches. “As long as customers register their ph