GENEVA -- Global trade growth is expected to be lower in 2019 than it was last year, the World Trade Organization forecast on Tuesday, citing widespread “tensions” and economic uncertainty. The WTO had in its preliminary estimates predicted a 3.7 percent expansion of trade for this year, but has revised that down to 2.6 percent, marking a decline on the three-percent growth recorded in 2018. “The fact that we don‘t have great news today should surprise no one who has

South Korea was No. 1 among states in the Asia-Pacific region in the utilization of digital finance such as online shopping and internet banking, data showed Tuesday.But it also showed a sharp digital divide, with relatively large differences according to age and income. According to the Asian Digital Transformation Index report published by the Economic Intelligence Unit and MasterCard, Seoul’s portion of customers with no experience online shopping stood at 24 percent. The figure was sec

The South Korean branches of foreign banks here saw their net profit last year grow 27.4 percent from the previous year, on the back of robust interest income, according to tracking data from the Financial Supervisory Service released Tuesday.The 38 global banks operating here, such as HSBC Bank, raised 867.3 billion won ($764 million) in 2018, marking a 27.4 percent increase from 186.6 billion won recorded the previous year, the data showed. During this time frame, their interest-led incom

South Korea's consumer prices rose at the slowest pace in nearly 20 years in March on a drop in petrochemical products and a stabilization of prices of vegetables, government data showed Tuesday.The consumer price index rose 0.4 last month from a year earlier, marking the third straight month that the consumer price index has hovered below 1 percent, according to the data compiled by Statistics Korea. The March figure marks the lowest increase since July 1999, when the country's consumer prices

The Bank of Korea has selected two domestic asset management companies to manage its foreign exchange holdings and make stock market investments in advanced economies, officials said Monday.The local AMCs will join two foreign firms which have being managing BOK’s FX holdings so far. The central bank however did not name the two firms that have been selected, in accordance with industry practices. “We will sign a consignment contract by April and put $150 million in a trust for each

SEJONG -- South Korea is in negotiations for four different free trade agreements involving 19 countries.The four are talks on a joint agreement with China and Japan (2 countries); with China, Japan, India, Australia, New Zealand and the 10-member Association of Southeast Asian Nations (15); with Ecuador (1); and with Israel (1).As a developed process, Korea has signed a preliminary pact with five Central American countries -- Honduras, El Salvador, Nicaragua, Costa Rica and Panama -- which made

Financial Services Commission selects 19 fintech services for ‘priority review’

KB Financial Group chief Yoon Jong-kyoo called for greater business expansion in the Chinese market, during talks at the Boao Forum, market watchers said Sunday.　The chairman outlined his goals at the CEO conference of the gathering on Friday, in Hainan Island. Both South Korean and Chinese government officials and business representatives attended the conference. 　Choi Jong-ku, head of the Financial Services Commission, and Korea Investment Corp, CEO Choi Hee-am were present along with some 25

Non-interest related earnings made up just 12 percent of profits generated by local banks in 2018, much below the global average, a local think tank said Sunday.　The latest findings clearly showed the high degree of dependence on interest and the need to diversify the business portfolios of lenders, the report by Korea Institute of Finance said. 　It said that out of the 45.8 trillion won (US$40.3 billion) in total profits reported by banks, non-interest earnings stood at 5.5 trillion won. 　By le

Despite the voluntary departure of the Kumho Asiana chairman last week, the main creditors of the conglomerate, which owns South Korea’s second-largest air carrier Asiana Airlines, have demanded that it sell off its high-value assets and draw up a solid loan repayment plan to improve liquidity.　The demands were pushed by Asiana Airlines’ main creditors, including the state-run Korea Development Bank, as a condition for their continued support in normalizing the airline’s financ

South Korea sold $187 million worth of foreign currencies during the second half of last year in an effort to stabilize the market, the central bank said Friday.The Bank of Korea posted the related information on its website, explaining that the transactions were made in response to sudden fluctuations that could negatively effect the economy.The Korean won remained in the 1,000-1,150 won range against the US dollar during the given six months, data showed. In May last year, the government annou

The number of South Korean firms that have delayed the filing of their annual reports this year nearly doubled compared to last year, data released by the nation’s main bourse operator showed Friday, in a phenomenon sparked by the reinforced external audit act. According to the Korea Exchange, seven Kospi- and Kosdaq-listed firms recently requested to extend the deadline for the filing of annual reports by one week to April 8, citing their failure to receive auditors’ opinions on the

South Korea's industrial output edged down 1.9 percent in February from a month earlier due in part to decreased production of cars and the service sector, government data showed Friday.The figure was the biggest decline since March 2013, when industrial output fell 2.1 percent.The data compiled by Statistics Korea showed the output of cars went down 3.2 percent in February from a month earlier, while production in the service sector declined 1.1 percent on-month. Retail sales fell 0.5 percent i

SEJONG -- South Korea and Uzbekistan agreed Thursday to push for a joint study on forging a free trade agreement to further boost bilateral economic ties, South Korea's finance ministry said.The agreement was reached in talks between Hong Nam-ki, the minister of economy and finance, and his Uzbek counterpart, Deputy Prime Minister Elyor Ganiev. Hong also doubles as deputy prime minister for economic affairs."We should ponder over what the demands of both sides are and how to produce a win-w

SEJONG -- Three major global rating firms have been relatively pessimistic on the outlook for South Korea’s economic growth this year, compared to projections from the Finance Ministry and the Bank of Korea.The rating firms -- Fitch Ratings, Standard & Poor’s and Moody’s Investors Service -- have estimated that the growth of gross domestic product this year will stay under 2.6 percent, the figure projected by the central bank. The Finance Ministry has forecast that the econ