Among South Korean banks, KEB Hana Bank received the most sanctions or penalty fines by overseas financial regulators in the last five years, data compiled and released by a lawmaker showed Monday. According to the data released by a Bareunmirae Party lawmaker, foreign governments imposed sanctions or penalties on overseas branches or subsidiaries of local lenders from January 2015 to June this year on 59 occasions. Of the banks, KEB Hana -- one of the big four commercial banks here -- was invol

South Korea's industrial output advanced for the second straight month last month on the back of a rise in the service sector, government data showed Monday.The data compiled by Statistics Korea showed the country's overall industrial output rose 0.5 percent in August from a month earlier.Production in the mining, manufacturing, gas and electricity industries fell 1.4 percent last month from a month earlier due mainly to decreased output in cars. Meanwhile, the output of the service sector incre

Outstanding loans to household sector up 49% in 5 years

South Korea’s wealthy are picking real estate as their best long-term investment option amid the widespread bearish sentiments, a report released by a major financial group showed Sunday. The report, based on a survey conducted by a think tank under KB Financial Group, involved 400 South Korean high net worth individuals or investors with assets of more than 1 billion won ($833,000). Of the total respondents, only 10 percent said they seek to expand the scope and size of their asset portfo

The chief of South Korea’s central bank recognized the country’s challenges in achieving its modest 2.2 percent economic growth pace target for this year, but denied the possibility of deflation.While vowing to maintain the current monetary easing policy moves, he also stressed the need to stay “data dependent,” refraining from asserting the economic outlook for the second half and next year.“As major economies further ease their monetary policies, the concerns on g

South Korea ranked 20th out of 53 countries surveyed by German insurer Allianz Group in terms of per capita financial assets last year, according to its report on Sunday.According to the recently released Allianz Global Wealth Report, Koreans' financial assets stood at an average of 39 million won ($33,000) per person in 2018, slightly up from a year earlier. Last year, the United States topped the list with per capita financial assets of 240 million won, followed by Switzerland with per capita

South Korean shares are expected to remain in a tight range next week as investors take to the sidelines amid ongoing political uncertainties in the United States, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,049.93 points on Friday, down from 2,091.52 points a week earlier. The index started strong on Monday as investors were buoyed by hopes on the upcoming US-China trade talks.The index then dropped by more than 1 percent on Wednesday, ending a run of

South Korea's trade terms continued to decline in August amid a continued drop in exports, central bank data showed Friday.The terms of trade index for products came to 89.94 in the month, down 4.6 percent from the same month last year, according to the data from the Bank of Korea .The reading marks 21 consecutive months of decline in the index. The trade terms index measures the amount of imports a country can purchase for each unit of exports. A reading below 100 means import prices are higher

S. Korea's overseas direct investment reached a record high in the second quarter, thanks to a rise in spending on chip-making facilities in China, government data showed Friday.Investments made by South Korean companies came to $15 billion in the April-June period, up 13.3 percent from a year earlier, according to the data compiled by the Ministry of Economy and Finance.The quarterly figure is the highest since 1981, when the government began to release data on overseas investments made by Sout

South Korean stocks opened lower on Friday, tracking overnight losses on Wall Street following a potential impeachment probe into US President Donald Trump.The benchmark Korea Composite Stock Price Index slid 10.95 points, or 0.53 percent, to 2,063.57 in the first 15 minutes of trading. On the Seoul bourse, top market cap Samsung Electronics plunged 1.52 percent, and No. 2 chipmaker SK hynix nosedived 2.76 percent. LG Display shed 0.75 percent. Financials also got off to a weak start. Shinhan Fi

South Korea plans to sell 6.1 trillion won ($5 billion) in state bonds next month, the finance ministry said Thursday.The government will issue 1.2 trillion won in bonds with a maturity of three years and 1.2 trillion won in five-year bonds, according to the Ministry of Economy and Finance. It also intends to sell 1.4 trillion won in bonds with a maturity of 10 years and 500 billion won in 20-year Treasurys, while floating 1.4 trillion won and 400 billion won in bonds with a maturity of 30 years

Lending rates on fresh bank loans dropped to new lows in August, central bank data showed Thursday, hinting at a further increase in the country's already record-high household borrowing.The average interest rate on fresh loans extended to households came to 2.92 percent in the month, down 0.20 percentage point from 3.12 percent the previous month, according to the data from the Bank of Korea. The average rate on fresh corporate loans also dropped by 0.20 percentage point to 3.32 percent over th

South Korea's financial stability worsened slightly in August due to a rise in household and corporate debt in the face of an economic slowdown, a central bank report showed Thursday.The country's financial stability index came to 8.3 at the end of last month, breaching the 8-point mark for the first time since early 2016, according to the Bank of Korea.The 8-point mark is the lower boundary for a warning, while an index of over 22 means the country may be in a financial crisis, according to the

South Korean pension funds net purchased nearly 2.5 trillion won ($2.2 billion) worth of stocks in companies listed on the benchmark Kospi this month as of Tuesday, Korea Exchange data showed Wednesday.Analysts say the move was fueled mainly by the state-run National Pension Service’s efforts to balance out its investment in domestic stocks in its asset portfolio amid a bear market. According to the KRX, institutional investors net purchased nearly 2.6 trillion won worth of Kospi shares fr

The Asian Development Bank has slashed its growth outlook for South Korea this year to 2.1 percent, the bank said in a report released Wednesday.The latest outlook marks a sharp drop from April's 2.5 percent forecast.The bank cited the country's poor economic performance and adverse external factors that apparently include the US-China trade dispute.    The ADB also lowered its 2020 growth outlook for South Korea to 2.4 percent from the previous 2.5 percent.The South Korean econom