South Korean consumers’ card transactions in the third quarter this year jumped 14.5 percent on-year, while consumer card payments soared 11.9 percent, partly on the back of a 10-day holiday early in September and the rise in car purchases on the domestic market, data showed Wednesday.Consumers made nearly 4.5 billion card transactions, accounting for over 90 percent of all debit and credit card transactions in the third quarter, according to an estimate from the Credit Finance Association

A South Korean think tank on Wednesday revised up its growth outlook for Asia's fourth-largest economy this year to 3.1 percent, up 0.1 percentage point from its previous estimate in July.The upward revision by the Korea Institute of Finance is higher than growth outlooks estimated by the Korean government, the Bank of Korea and the International Monetary Fund.Last month, the BOK raised its growth outlook for the country's GDP to 3 percent for 2017, up 0.2 percentage point from its earlier estim

Nearly two-thirds of South Korea's top 30 conglomerates have been dissolved or dropped out of the standings since the 1997 Asian financial crisis, a market tracker said Wednesday.According to corporate tracker CEO Score, 19 family-controlled conglomerates, called chaebol here, disappeared altogether from the list with the remainder maintaining their status or being split up.Out of the 19 chaebol, 11 business groups -- including Daewoo, Ssangyong, Dongah, Kohap -- were dissolved in the wake of th

South Korea moved up to fourth place in this year's business environment survey, thanks to high scores in legal settlements and electricity supply, a report by the World Bank showed Tuesday.According to the organization's "Doing Business 2018" report, which is based on an annual survey, the country's ranking represents a one-notch gain from its standing a year earlier.For this year, the World Bank analyzed 190 countries' business environments by breaking them down into 10 broad categor

The daily turnover of South Korea's stock market spiked more than 33 percent on-year in October thanks mainly to the market's recent bull run, the bourse operator said Wednesday.The combined shares traded on the main Korea Composite Stock Price Index and tech-heavy KOSDAQ markets averaged slightly over 10 trillion won ($8.93 billion) last month, up 33.4 percent from a year earlier, according to the Korea Exchange.The amount was also up 14.1 percent from the previous month. It marks the first tim

The average salary of South Korean workers ranked mid to low among major economies last year with its growth rate over the past six years also hovering below their median, a report said Wednesday.According to the report from Rep. Park Kwang-on of the ruling Democratic Party, South Korean wage workers earned an average $29,125 in 2016, the 23rd highest among the 34 member nations of the Organization for Economic Cooperation and Development, excluding Turkey.Switzerland topped the list with an ave

South Korea's consumer prices rose at the slowest pace in 10 months in October as high-flying food prices slowed down, government data showed Wednesday.The consumer price index advanced 1.8 percent last month from a year earlier, down 0.3 percentage point from a month earlier, according to the data compiled by Statistics Korea.It is the lowest figure since December last year when it posted 1.3 percent. Also, the October number returned to below the 2 percent level for the first time since June.C

South Korea's exports jumped 7.1 percent in October from a year earlier on the back of strong demand for semiconductors, ships and petrochemical products, government data showed Wednesday.Outbound shipments came to $45 billion for October, up from $41.9 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service.It marked the 12th consecutive month that exports have grown, despite shorter working days in October. South Ko

South Korea’s sole market operator, the Korea Exchange, announced Tuesday that Jung Ji-won, chief executive officer of Korea Securities Finance Corp., will take the helm of the firm starting Thursday. The KRX also announced Won Jong-seok, chief executive officer and director of Shinyoung Securities, will become a non-executive director starting Thursday.Jung and Won will serve for three years.The KRX experienced a monthlong leadership vacuum, after former chairman Jeong Chan-woo left the K

While business outlook by companies in such countries as the US and China continue to be robust this year, South Korea’s business outlook remains weak, hovering below the benchmark for 18th consecutive month, a report by the Korea Economic Research Institute said Tuesday.The business survey sentiment for November remained dim at 96.5 for November, mainly due to an unbalanced growth in exports and sluggish domestic demand.An index below 100 means pessimists outnumber optimists.

US President Donald Trump may step up pressure to renegotiate the free trade deal with South Korea during his state visit here next week, Seoul's trade minister said Tuesday."There's a possibility that Trump will mention the need to cut the US trade deficit (with South Korea)," Trade Minister Kim Hyun-chong said during a parliamentary audit, ahead of Trump's visit scheduled on Nov. 7-8.When asked whether Trump may touch on specific sectors, such as auto and steel, Kim said: "We ar

The announcement Tuesday from Seoul and Beijing that they will try to put their relations back on track raised hopes among local businesses that have relied on Chinese consumers to generate growth.Chinese tourists had fueled the growth of local industries, from retailers to duty-free shops, airlines and the food sector.Last year, before the diplomatic crisis erupted in earnest between the two neighboring countries, 8.06 million, or 46.8 percent, of the 17.2 million foreign travelers who came to

Brokerages in South Korea have commercialized blockchain technology to build a more secured infrastructure to benefit both users and the firms, according to the Korea Financial Investment Association Tuesday.This marked the first time in the world that financial investment firms have offered customers a decentralized platform for authentication, Kofia Chairman Hwang Young-key said in an opening speech. Through the service dubbed “Chain ID,” based on the Kofia-led consortium’s o

South Korean stocks extended their gains to a third day to finish at a fresh all-time high Tuesday, as investors scooped up market heavyweights, such as Samsung Electronics and automakers, market analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 21.50 points, or 0.86 percent, to close at 2,523.43.Trade volume was moderate at 310 million shares worth 7.61 trillion won ($6.79 billion), with gainers outnumbering losers 459 to 333.The local

South Korean companies are stepping up campaigns to promote their products and brand awareness as the countdown begins in earnest for the Pyeongchang Olympics. Chip giant Samsung Electronics Co. and top carmaker Hyundai Motor Co. are leading others by offering customers an opportunity to try their advanced technologies. Samsung Electronics has recently given visitors the chance to experience the thrill of ski jumping and participate in the Olympic torch relay through virtual reality and augmente