Chairman to retain leadership despite conviction on some of the accusations against him

South Korea's finance ministry said Wednesday it will make efforts to minimize possible economic fallout from the spread of the China coronavirus amid worries that it could hurt local consumption.Vice Finance Minister Kim Yong-beom made the remarks at a meeting with senior financial officials earlier in the day, the ministry said in a statement. South Korea's financial markets are seeing volatility rise amid jitters over the virus, which emerged in the central Chinese city of Wuhan late last mon

The South Korean economy expanded at the slowest pace in a decade in 2019, largely weighed down by an extended slump in outbound shipments amid a lengthy trade row between the United States and China, the central bank said Wednesday.South Korea's gross domestic product expanded 2 percent in 2019 from a year earlier, according to advance data from the Bank of Korea.The figure marks the slowest on-year growth since 2009, when Asia's fourth-largest economy expanded 0.7 percent in the aftermath of t

South Korea's finance minister voiced hope on Tuesday that the nation's exports are likely to post a monthly gain next month.Finance Minister Hong Nam-ki made the remarks as exports fell 0.2 percent in the first 20 days of January, marking the lowest rate of decline in a year, as outbound shipments of semiconductors rebounded.January exports are unlikely to rebound due to fewer working days later this month, Hong said, as the Lunar New Year holiday begins on Friday.Last year, the Lunar New Year

Younger leaders tasked with improving profits, accelerating digital transition

A majority of corporate honchos attending the annual World Economic Forum in Davos, Switzerland, have given the thumbs down to global economic growth this year, a survey by global accounting and consulting firm PricewaterhouseCoopers showed Tuesday.Over 50 percent of the corporate leaders have lowered their forecast for this year’s global economic growth pace, amid lingering uncertainties such as excessive regulations and the prolonged US-China trade war.The survey conducted between Septem

Lingering uncertainties due to cyclical risk across emerging markets in Asia are leaving long-term prospects for South Korea’s equity market unclear, despite its recent buoyance in the technology sector, an analyst at global asset management firm AllianceBernstein said Tuesday. “The technology-led revival in earnings will benefit Kospi earnings-per-share growth in 2020, but there is cyclicality to those earnings, so the outlook for 2021 remains unclear,” David Wong, senior inve

South Korea will test-run a financial data exchange platform in March, enabling users to sell and purchase such data conveniently, the nation’s top financial regulator said Tuesday, in a move seen as an effort to accelerate digital transformation. According to the policymaking Financial Services Commission, the data will be uploaded to the platform by providers including financial and public institutions, insurance companies and mobile operators. It will then be purchased by buyers such as

Hana Financial Group will take over The-K Non-Life Insurance, the insurer affiliated with the Korea Teachers Credit Union, in a move to expand its nonbanking business portfolio.The banking group, in a directors’ meeting held Monday, decided to acquire a 70 percent stake in the insurer for an estimated 70 billion won ($60 million), officials said Tuesday. Hana Financial was the only bidder.Considering the relatively low selling price and the lack of competitors, Hana’s takeover of the

Foreign currency deposits held by banks in South Korea rose sharply from a month earlier in December, central bank data showed Tuesday, apparently on the weakening of the US greenback that prompted both individuals and firms to boost their dollar holdings.The outstanding foreign currency deposits here came to $79.44 billion as of end-December, up $4.57 billion from a month before, according to the data from the Bank of Korea.The increase marks a turnaround from a $3.67 billion drop in November.F

Banks in South Korea will likely expand their lending to local companies, especially small and medium-sized enterprises in the first quarter but tighten their rules on loans to local households, a central bank poll showed Tuesday.In a quarterly survey conducted by the Bank of Korea, the index measuring the banks' overall attitude toward fresh loans came to 4 for the January-March period, compared with negative 5 for the previous quarter.The rise comes amid expectations for better conditions for

South Korea's exports fell 0.2 percent in the first 20 days of January, marking the lowest rate of decline in a year, as outbound shipments of semiconductors rebounded, data showed Tuesday.The country's exports stood at $25.7 billion in the January 1-20 period, down $40 million from the same period last year, according to the Korea Customs Service.The rate of decline was also much less than the 2 percent fall in the December 1-20 period last year, the data showed.By product, exports of semicondu

The number of active security accounts in South Korea is nearing 30 million amid growing stock trading activities focused on overseas markets, according to data from the Korea Financial Investment Association on Monday.As of Thursday, the number of active equity accounts was around 29.4 million. It is expected to soon reach 30 million, considering its fast growth, the self-regulatory financial organization said.Active security accounts are those with depository assets of 100,000 won ($86.4) and

Seoul’s famed shopping district ranks 9th worldwide, 1 notch down from previous year

Finance minister foresees economic recovery on back of improvement in external factor and new momentum from regional collaboration