South Korea's foreign exchange reserves hit a record high in August due to a hike in the value of non-dollar currencies when converted into the US greenback, central bank data showed Tuesday.As of the end of August, the country's foreign exchange reserves came to $384.84 billion, up $1.08 billion from the previous month, the Bank of Korea said in a statement.Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fun

South Korea's credit unions, or member-owned financial cooperatives, saw their combined net profit fall 1.3 percent on year for the first half of this year, due to a rise in loan-loss provisions, data showed Tuesday. The combined net profit of 2,258 credit unions, including Nonghyup and Suhyup banks, stood at 1.21 trillion won ($1.06 billion) for the January-June period, down 16.1 billion won from a year earlier, according to the data by the Financial Supervisory Service. Their combined loan-los

Kakao Bank, South Korea's second Internet-only bank, implemented a 500 billion won ($441.9 million) capital increase on Tuesday as a part of a refinancing plan to bolster its lending business. Kakao Bank, launched in late July with paid-in capital of 300 billion won, has attracted about three million accounts and extended loans worth 1.4 trillion won as of Aug. 27. The capital hike was made by issuing 100 million new shares worth 5,000 won each.Major shareholders of Kakao Bank, including Korea I

South Korean stocks opened higher Tuesday after suffering a sharp decline in the previous session following Pyongyang's nuclear provocations. The benchmark Korea Composite Stock Price Index gained 6.74 points, or 0.29 percent, to 2,336.39 in the first 15 minutes of trading.On Sunday, Pyongyang claimed it successfully conducted a test of a hydrogen bomb that can be loaded on an intercontinental ballistic missile. Tech shares led the recovery, with top cap Samsung Electronics advancing 0.13 p

South Korea's current account surplus narrowed in July from a year earlier due to an increased deficit in the services balance, central bank data showed Tuesday.The country's current account surplus reached $7.26 billion in July, compared with a surplus of $8.41 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents the 65th straight month of the balance being in the black. The current account is the biggest measure of cross-border trade.The BOK at

South Korea's economic growth ranking among major advanced and emerging economies plunged 10 spots in the second quarter from three months earlier as its recovery lost ground, data showed Tuesday.Asia's fourth-largest economy expanded 0.6 percent on-quarter in the April-June period, compared with a 1.1 percent expansion for the first quarter, according to the data from the Organization for Economic Cooperation and Development.It was the 18th-highest on-quarter gain among 27 OECD member nations w

South Korea has faced no new import restrictions or related investigations by foreign countries for the past two months in a positive sign for the export-driven economy, data showed Tuesday.No South Korean products were subjected to fresh import regulations in the form of anti-dumping duties, countervailing duties, safeguards or a combination of them during the July-August period, according to the data from the Korea International Trade Association .Since reporting zero cases, the number of impo

Following North Korea’s nuclear weapons test Sunday, sales of silver bars soared by 10 times on Monday, according to the Korea Gold Exchange.Silver bars are in high demand among middle-class investors seeking an affordable alternative to gold bars as a safety haven currency during times of geopolitical uncertainty.KGE said sales of 1-kilogram gold bars numbered 194 on Monday morning alone, rising sharply from daily sales of 20 on average.A 1-kilogram silver bar was trading at around 840,00

Markets in South Korea took a downturn Monday in the wake of the most powerful nuclear bomb test by North Korea on Sunday, drawing a mixed forecast on the aftereffect from local analysts.The main bourse index Kospi closed at 2,329.65, down 1.19 percent, while the tech-heavy secondary Kosdaq tumbled 1.68 percent to 650.89. 　 Market bellwether Samsung Electronics‘ stock price fluctuated, starting 2.02 percent lower in the opening and closing at 0.95 percent lower.Of the Kospi-listed top 20 p

Amid continued ambiguity regarding the fate of the Korea-US Free Trade Agreement, some industry experts are predicting high odds that US President Donald Trump may actually terminate the trade deal, following North Korea’s escalating threats, which are adding tension to the political and economic climate between South Korea and the US. 　“While some people view Trump’s threats as being bluffs, in my expert opinion, Trump deciding to back out of the Korea-US Free Trade Agreement

South Korean companies struggling with restraints on their businesses in China are likely to come under more pressure with the deployment of additional launchers of a US anti-missile battery here set to begin as early as this week.Beijing seems unlikely to ease its stance on the issue in the wake of North Korea’s sixth and most powerful nuclear test Sunday.China began to take retaliatory measures in July last year when Seoul agreed to deploy the US missile shield known as the Terminal High

Finance Ministry, supervisors focus on keeping up nation’s credit standing amid geopolitical risks

A recent set of surveys by Gallup Korea showed the public remains largely split on the Moon Jae-in government’s drive to suspend construction of nuclear reactors as part of its new energy plan.The government-led committee has also set out to conduct its own survey through a consortium of research firms to collect a wide range of public opinion before reaching a final decision on Shin-Kori reactors 5 and 6.

South Korean stocks sank by more than 1 percent Monday as the escalating geopolitical tension following Pyongyang's nuclear test soured investor sentiment, analysts said. The Korean won sharply fell against the US dollar.The benchmark Korea Composite Stock Price Index dropped 28.04 points, or 1.19 percent, to 2,329.65. Trade volume was low at 244 million shares worth 4.32 trillion won ($3.81 billion), with losers far outnumbering gainers at 715 to 124.On Sunday, North Korea claimed it had succes

Purchases made through mobile devices in South Korea hit a fresh record high in July as smartphones are widening their presence in the world's most wired country, government data showed Monday.Mobile transactions through smartphones and tablets reached a record 4.01 trillion won ($3.6 billion) in July, up 35.1 percent from a year earlier, according to data from Statistics Korea.The total amount of mobile transactions accounted for an all-time high of 62 percent of all online purchases made in Ju