South Korea's jobless rate fell in February and job creations rose by more  than 400,000 for the third straight month, with the outbreak of the new coronavirus dealing a harsh blow to some sectors, such as the retail and wholesale segment, data showed Wednesday. The unemployment rate fell 0.6 percentage point to 4.1 percent last month, and the number of employed people reached 26.83 million, according to the data compiled by Statistics Korea. South Korea added 492,000 jobs in the month.

Global rating agency Fitch Ratings Inc. said Tuesday the global memory chip market will suffer a limited risk of supply disruptions in the short term from the spreading coronavirus outbreak. The memory semiconductor market is likely to continue to recover as weakening demand for memory chips used in smartphones and PCs will be offset by stronger demand for those used in servers, Fitch said in a statement.  "This is because the industry's manufacturing facilities are highly automated

Despite the National Pension Service’s efforts to actively interfere in the management decisions of scores of domestic companies as a major shareholder, it is likely to leave Hyosung Group untouched. The NPS has yet to change the shareholding purpose of Hyosung Corp., holding firm of the family-controlled conglomerate, to “general investing” from “nonengagement investing,” which would otherwise have allowed it to have a say in issues related to executive salaries

South Korea vowed Tuesday to tighten regulations on stock short selling to stabilize the market amid increased volatility caused by the spread of the new coronavirus, and also the sudden drop in global oil prices. “As a market stabilizing action, (the government) will alleviate the requisites for (designating) overheated short selling and expand the transaction ban period (for these stocks),” Deputy Prime Minister and Finance Minister Hong Nam-ki was quoted as saying in a minist

Young South Korean students' spending on private education spiked to a 10-year high in 2019, data from the Ministry of Education and Statistics Korea showed Tuesday, reflecting undiminished parental enthusiasm for their children's academic achievements. Elementary, middle and high school students spent 20.99 trillion won ($17.6 billion) on private education last year, up 7.8 percent from the previous year's 19.48 trillion won and marking the largest amount since 2009, when 21.6 trillion won wa

Will cash transfer to citizens for tackling COVID-19 get Korea’s economy back on track?

Shinhan Card said Tuesday it is poised to buy parts of Hyundai Capital’s assets related to its long-term car rental services for around 500 billion won ($417.3 million). The assets will be composed of vehicles under the South Korean carmaker -- Hyundai, Kia and Genesis -- which Hyundai Capital rents to consumers, as well as rental consumers. The final acquisition price will differ depending on shareholder approval. The two companies signed the deal Monday for the transaction scheduled

  South Korea's financial authorities said Tuesday they will tighten regulations on stock short selling as part of market stabilization measures amid increased fluctuations sparked by the outbreak of the new coronavirus and a slide in global oil prices. Finance Minister Hong Nam-ki said the government will temporarily ease its requirements for the designation of certain shares subject to a possible ban on short selling. The decision came in a meeting of economy-related ministers and offi

The head of South Korea's Woori Financial Group has sought a court injunction against the financial watchdog's recent reprimand over improper selling of derivatives-linked products, people familiar with the issue said Monday. Woori Financial Group Chairman Sohn Tae-sung filed for the injunction with the Seoul Administrative Court. He also filed a separate lawsuit calling for the nullification of the disciplinary action by the Financial Supervisory Service, they said. Woori Financial Group said

Stock market sees largest drop in 17 months, 3-year Treasurys yield tumbles below 1% for first time

Government vows ‘zero tolerance’ for mask hoarders after grace period

Korean chemical materials manufacturers Kolon Industries and SKC have sold their stakes in SKC Kolon PI, a polyimide film maker, for some 300 billion won ($250 million) in a bid to acquire seed funding to nurture new businesses, according to the two companies on Monday. Kosdaq-listed SKC Kolon PI is a joint venture established by Kolon Industries and SKC in 2008. It is the world’s largest polyimide film company, with 30 percent market share in the sector. PI film is utilized in variou

South Korean construction company Daelim Industrial has completed the takeover of Carliflex, a chemical business unit of Kraton, a US firm that produces specialty polymers and chemical products derived from pine wood pulping byproducts. Through the acquisition, worth $530 million, Daelim has gained Carliflex’s operations and workforce overseas, in the US, Germany, Belgium, Japan and Singapore. “The production technology for high-performance butadiene-based rubber that the compa

The Bank of Korea said Monday that it had appointed Lee Hwan-seok, the incumbent head of its research department, as its new deputy governor, a senior post within the central bank that had been vacant for nearly two months. Lee, 55, joined the BOK in 1991 and built his career in its policy departments, including research and monetary policy, the bank said. He also served as monetary policy board secretariat within the bank’s planning and coordination department and chief of staff withi

Corporate bond sales in South Korea surged in February as firms rushed to secure funds amid low rates and greater uncertainty, data showed Monday. South Korean companies floated 12.3 trillion won ($10.2 billion) worth of bonds last month, up 5.5 trillion won from the previous month, according to the data from the Korea Financial Investment Association. The amount was far larger than a forecast of 6.5 trillion won for the month's estimated demand for corporate debt sales. The association said