South Korean stocks are expected to make a modest upswing next week following relief rallies in recent sessions amid optimism over decent corporate performances this year, analysts said Saturday.    The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,177.73 points Friday, up 3.35 percent from a week earlier, to reach its highest point since Oct. 10, 2018.     The index started the week on a shaky note as investors took a breather on concern

The chief of the state-run Industrial Bank of Korea urged its employees at home and abroad to embrace client-centric innovation as a key mission for 2019 during a companywide event to share the bank’s management strategy and vision for the year, held Friday.　“The year 2019 will determine which banks survive the infinite competition and also determine a new order for the finance sector for the next 10 years,” said IBK Chairman and CEO Kim Do-jin during a companywide event in Chu

South Korea's consumer sentiment rose for the second month in a row in January as hopes are high for the government's economic stimulus measures for the new year, a central bank poll showed Friday.The composite consumer sentiment index for this month stood at 97.5, up 0.6 point from a month earlier, according to the Bank of Korea. A reading below the long-term average of 100 means pessimists outnumber optimists.Last month, the index gained 1.2 points from a nearly two-year low of 95.7. The BOK s

Central bank maintains wait-and-see approach amid uncertainties

The South Korean central bank on Thursday held its policy rate steady for January amid rising uncertainties at home and abroad.In the first monetary policy board meeting of the year, the Bank of Korea voted to freeze the base rate at 1.75 percent, following a quarter percentage point hike made in November. The BOK decided to take a wait-and-see stance from the beginning of the year as a slowdown in the world economy and the on-going US-China trade dispute weighed heavily on Asia's fourth-largest

Land prices in South Korea rose nearly 4.6 percent in 2018 from a year earlier, the fastest clip in 12 years, government data showed Thursday.The country's land prices increased 4.58 percent on-year last year, compared with a 3.88 percent gain in 2017, according to the Ministry of Land, Infrastructure and Transport.The figure represents the largest on-year increase since the 5.61 percent expansion recorded in 2006.Land prices in Seoul and the adjacent Gyeonggi Province expanded 5.14 percent, up

Sales of Lotto tickets in South Korea reached an all-time high in 2018 at 3.97 trillion won ($3.5 billion), up 4.4 percent from the previous year, the Korea Lottery Commission said. But the growth rate was less than 6.5 percent in 2017 and 9.5 percent in 2016, due to a lack of new sales outlets.The previous record was in 2003, when 3.82 trillion won worth of Lotto tickets were sold on a buying frenzy sparked by a winner who took home a record prize of 40.7 billion won in April of the same y

Financial institutions including Kyobo Life Insurance, SBI Holdings and Kiwoom Savings Bank are mulling jumping into South Korea’s internet-only bank business amid the state’s efforts to foster the sector, reports said Wednesday. The companies attended a briefing session Wednesday, co-hosted by the Financial Services Commission and Financial Supervisory Service to discuss the formation of the country’s third internet-only bank. The institutions admitted they had been eyeing the

Deputy PM unveils SOC budget spending plan to boost struggling domestic economy

The government will provide financial support for overseas construction and plant orders to shore up exports that are showing signs of weakening, Finance Minister Hong Nam-ki said Wednesday. Global trade disputes and China's economic slowdown are casting a shadow on South Korea's export-reliant economy. Exports dropped 14.6 percent on-year in the first 20 days of January.  "The government will actively offer financial support for firms to significantly increase their orders for oversea

By Steve BriceThe fourth quarter of 2018 was the second-worst quarter for global stocks since the 2008 financial crisis. No major equity market was spared. A benchmark of global stocks dropped 13 percent during the quarter, and 11 percent in all of last year, recording its biggest annual loss in a decade, as investors were spooked by the US Federal Reserve’s interest rate hikes amid slowing global growth and corporate earnings. What can we learn from the latest market tantrum and how do we

GNI likely to have surpassed $31,000 per capita last year for the first time

Prospects of the launch of a new online-only bank in South Korea were dampened this week, as major information and communication technology companies retracted their intentions to enter the banking business.Naver and Interpark -- two major Korean ICT firms widely expected to participate -- each recently confirmed they will not be seeking a permit to operate an internet-only bank here.E-commerce operator Interpark said it decided against joining the internet banking business to “focus on it

The head of the financial watchdog on Tuesday called for credit card firms to focus on their risk management processes this year, as global trade wars and market volatility further weigh on the nation's economy. Yoon Suk-heun, governor of the Financial Supervisory Service, made the remarks at a meeting with chief executives of credit card firms earlier in the day.  "This year will be the most difficult year amid a global economic slowdown, trade pressures and household debt," Yoon

The South Korean economy grew at the slowest pace in six years in 2018 as shrinking corporate investment weighed heavily on Asia's fourth-largest economy, central bank data showed Tuesday.The nation's economy expanded 2.7 percent on-year in 2018, slowing down from 3.1 percent the previous year, according to the advance estimate by the Bank of Korea. It is the most sluggish on-year growth since 2012, when the country pulled off 2.3 percent.But it met the BOK's earlier growth forecast of 2.7 perce