Kakao Bank solidified its position as South Korea’s leading direct bank in its first month of operation, data showed Thursday, although concerns persist over customer service scams and loopholes in authentication. As of Wednesday, Kakao Bank, the second online-only bank to open in Korea following K bank, attracted some 2.9 million bank accounts, through which customers made deposits and savings worth a combined 1.8 trillion won ($1.6 billion) and took out loans worth 1.3 trillion won. Thes

South Korean stocks ended higher Thursday as institutions turned to net buyers. The won closed higher against the dollar. The benchmark Korea Composite Price Index rose 9.44 points, or 0.40 percent, to close at 2,375.84. Trade volume was moderate at 290.54 million shares worth 4.59 trillion won ($4.07 billion), with gainers outnumbering losers 428 to 372.Institutional investors bought a net 120 billion won. Foreigners bought stocks worth 14 billion won, extending their buying to a third straight

South Koreans’ use of cards overseas hit a record high in the second quarter of this year amounting to $4.18 billion, up 20.6 percent from a year earlier, according to the Bank of Korea on Thursday. It marked a 4 percent increase from the preceding quarter.Some 6.11 million South Koreans traveled abroad in the second quarter, according to government data, down from 6.51 million from January through March. In comparison, card spending by foreign visitors here reached $1.87 billion in the sa

Loans extended to local businesses rose slightly in the April-June period from a quarter earlier on increased operating expenses and facility investments, central bank data showed Thursday.Outstanding corporate loans came to 1,016 trillion won ($900 billion) in the second quarter, up 1.4 percent from the preceding three months, according to data from the Bank of Korea.Compared with a year earlier, the second quarter figure marked a 4.7 percent gain. In terms of where the money was spent, loans e

The ratio of South Korea's short-term foreign debt to its foreign reserves hit the highest level in more than a year in the second quarter, central bank data showed Thursday.The country's short-term external debt -- with a maturity of one year or less -- totaled $117.3 billion as of the end of June, up $1.9 billion from three months earlier, according to the data by the Bank of Korea. The end-June figure accounted for 28.8 percent of the country's total external debt, the highest percentage sinc

South Korea's finance chief said Thursday that the government will increase spending on job creation by more than 10 percent in 2018 as part of its efforts to help raise income levels of ordinary people."The government will set aside some 12 percent more money to boost employment in next year's budget and increase the minimum wage to guarantee people proper income," Finance Minister Kim Dong-yeon said in a minister-level policy meeting in Seoul. "The move is aimed at cementing hou

South Korean stocks extended gains late Thursday morning as foreigners and institutions scooped up market heavyweights. The won rose against the dollar. The benchmark Korea Composite Stock Price Index was up 13.36 points, or 0.56 percent, to 2,379.76 as of 11:20 a.m.Institutions and foreigners bought a combined 140 billion won ($124 million), offsetting net selling worth 156 billion won by individuals.  A tight range is widely expected this week ahead of the US Federal Reserve's annual econ

LG Chem Ltd., South Korea's top chemical firm, soared to a 52-week high on Thursday on solid earnings and hopes for its burgeoning battery business, industry sources said.LG Chem traded at 377,500 won ($345) on the Seoul bourse as of 10:05 a.m., up 3.14 percent from the previous session's close and becoming the seventh most valued firm on the local stock market, and bypassing Internet portal operator Naver and Samsung C&T, the de facto holding firm of Samsung Group.Over the past two months,

The South Korean government will expand health insurance benefits for pregnant women, the government said Thursday, in an effort to better tackle the country's chronic low birthrate.The Ministry of Health and Welfare said those who had given birth in the past 60 days will be able to benefit from changes to the national health insurance policy starting next month. So far, only pregnant women have been covered.Also, the ministry and the National Health Insurance Corporation will provide an additio

South Korean stocks opened higher Thursday helped by foreign buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 5.52 points, or 0.23 percent, to 2,371.92 in the first 15 minutes of trading.Analysts expected the Seoul stock market to move in a tight range this week ahead of the US Federal Reserve's annual economic policy symposium in Jackson Hole, Wyoming. Large-cap stocks traded mixed across the board, with leading steelmaker POSCO rising

Gold-related funds in South Korea have posted stellar returns over the past month, data showed Thursday, as geopolitical risks chilled the stock market and stoked investors' flight to safety.Those funds posted an average return of 3.49 percent in the month to Wednesday, the top performer among local investment funds worth 1 billion won ($880,000) or more, according to the data from financial information provider FnGuide.Comparable yields were 2.31 percent for exchange traded funds focused on ove

Overseas card spending by South Koreans hit a record high in the second quarter despite a decline in the number of people going overseas, the central bank said Thursday.In the April-June period, overseas card spending amounted to $4.18 billion, up 20.6 percent from a year earlier, according to the Bank of Korea. From a quarter earlier, the Q2 tally marked a 4-percent increase.Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit cards. The hike

South Korea's finance chief said Wednesday that the government will examine steps to ease regulations to help offset the negative side effects of a looming corporate tax hike.Finance Minister Kim Dong-yeon made the comments during a session of the Special Committee on Budget and Accounts in parliament when asked about the possible fallout from more taxes on employment and growth.Still, Kim did not elaborate on deregulations. South Korea has been pushing to lift or ease unnecessary business restr

Short-selling in Korean stock markets is widely vilified and picked as the culprit behind market disruption

Concerns are growing that local businesses may be compelled to move production abroad, as policies pursued by President Moon Jae-in’s government add significantly to their cost burdens.Measures taken or considered by the new administration since Moon took office in May are expected to make companies shoulder up to 40 trillion won ($35.4 billion) in additional costs next year alone, analysts say.Many businesses will find it hard to absorb increasing labor costs as minimum wages continue to