The ratio of household debt to gross domestic product in South Korea increased at the second fastest pace in the world last year, only outranked by China, despite the Seoul government’s tightened lending rules, data showed Wednesday. According to data compiled by the Bank for International Settlements, Seoul’s household debt accounted for 96 percent of the GDP at the end of the second quarter in 2018, up 2.4 percentage points from the previous year. The growth rate marked the se

South Korean stocks are expected to show high volatility next week as pessimism over a global slowdown will dominate investors' sentiment here, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,010.25 points on Friday, down 30.79 points, or 1.5 percent, from a week earlier. On Wednesday, the first day of trading of 2019, the stock market experienced a more than 30-point plunge as China-originated growth concerns swept the world.Next day, KOSPI surrendered th

The European Commission has informed the World Trade Organization of its decision to adopt a 25-percent duty on imports of steel into the European Union above a certain level from Feb. 2, the foreign ministry said Friday.In the notice to the WTO, the EC said steel imports below 105 percent of volumes recorded during the 2015-2017 period will be exempt from tariffs through 2021. But steel imports exceeding 105 percent will be slapped with a 25-percent duty, the Ministry of Foreign Affairs said in

Within this month the renewed calculation method for the legal minimum wage will be finalized, Deputy Prime Minister and Finance Minister Hong Nam-ki said Friday.“The government will announce its draft next week and confirm the final plan within January,” said the fiscal policymaker in a meeting of economic officials held at Seoul Government Complex. The government had recently gestured at partly adjusting the legal wage system, embracing the market’s backlash against the drast

Philip Morris Korea Director Kim Byung-chul (left) poses for a photo during an initiation ceremony on Thursday in Seoul for the Community Chest of Korea’s Honor Society, an exclusive club for individuals who have donated at least 100 million won. Kim became the 2,027th member with his latest donation, which will be used to help medically vulnerable social groups, prevent the spread of poverty and reinforce environmental protection projects, the company said.   Credit:PMK

South Korea’s foreign exchange reserves reached a record high level in December, amid a weakening US dollar trend, the central bank said Friday.The total amount of foreign currency holdings stood at $403.69 billion as of the end of December, up $710 million from the previous month, according to the Bank of Korea. This renewed an earlier record of $403 billion observed in September. The appreciation of nondollar currencies when converted into the greenback was largely attributable to the la

South Korea’s top-tier stock market Kospi closed below the 2,000 mark on Thursday, marking a two-year low, pulled down by foreign investors’ stock dumping and heightened fears of an economic slowdown, illustrated by Apple’s pessimistic revenue outlook. The main bourse index closed at 1,993.7, down 16.3 points, or 0.81 percent, from the previous session’s close. It had fluctuated above and below the 2,000 mark throughout the day, after its first dip under at 9:59 a.m. 

South Korea’s top five banks have set out to compete for increased profitability in 2019 as they gain new momentum with group-wide reforms, executive reshuffles, structural realignment as well as strategic mergers and acquisitions.　KB Financial Group, which has been Korea’s most profitable bank since 2017, will concentrate on defending its leading status in the industry by continuing to post stable profits and boosting its share value.This was evident in KB Financial Group Chairman Y

President Moon Jae-in’s chief policy adviser held a closed-door meeting with South Korean conglomerate executives late last year, the presidential office confirmed Thursday, in what appeared to be the government’s attempt to address mounting concerns over the country’s economic outlook. According to Cheong Wa Dae, Kim Soo-hyun, presidential chief of staff for policy, met with senior officials at family-controlled conglomerates in late 2018. The meeting was reportedly held at a

SEJONG - During his 2017 presidential campaign, candidate Moon Jae-in promised to create 800,000 jobs if elected. His employment pledge is estimated to have appealed to many voters, including among the youth.The Moon administration has reportedly poured about 54 trillion won ($48.2 billion) in taxpayer money, involving a supplementary budget and stabilization fund, into the employment-related segment over the past 20 months. But the result at the present stage falls far short of the stated goal,

Softbank Ventures Korea, the local venture capital arm of Japan’s Softbank Group, has rebranded itself to build a presence across Asia, the firm said Thursday. Now Softbank Ventures Asia, the company plans to open offices and hire investment professionals in Singapore and Shanghai. It currently operates out of Seoul, Beijing, San Francisco, and Tel Aviv.  Upon being launched in 2000, the company initially focused on tech venture investments in South Korea, but soon turned its attentio

New foreign direct investment pledged to South Korea rose to the highest level ever last year, led by rising interest in the nation's high-tech industries and startups in emerging sectors, government data showed Thursday.South Korea received $26.9 billion worth of FDI commitments in 2018, up 17.2 percent from a year earlier, according to the Ministry of Trade, Industry and Energy. It was the fourth consecutive year to surpass the $20 billion mark.  The actual investment made by foreign comp

South Korea’s top-tier stock market Kospi dipped below the 2,000-point barrier on Thursday, according to Korea Exchange, pulled down by foreign investors’ stock dumping. The benchmark index hit 1,999.93 at around 9:59 a.m. The last time the figure fell lower than the 2,000 mark was on Oct. 30. The main bourse opened at 2,011.81, which was 1.81 points higher than the previous day’s close. But it sharply dipped below 2,000 within an hour.By Jung Min-kyung (mkjung@heraldcorp.

The finance ministry said Wednesday that it filed a complaint against a former junior official for leaking secrets, which he claimed was whistleblowing aimed at serving the interest of the public. The Ministry of Economy and Finance took legal action against Shin Jae-min on charges of divulging official secrets and violating the public records management act. The prosecution did not immediately say when it will begin its probe into the case. The ministry's move came after the 33-y

The Ministry of Economy and Finance said Wednesday it will level criminal charges against a former official for making public remarks accusing the Moon Jae-in government of forcing bond issuance and interfering in corporate personnel affairs.But the high-profile figures who were directly mentioned in the accusation -- including former Finance Minister Kim Dong-yeon -- have continued their silence amid the snowballing controversy.“The ministry will submit a bill of indictment against former