South Korea's public sector net lending hit a record high last year, thanks to a robust gain in tax revenues and lower oil prices, data showed Wednesday. Net lending, which refers to total revenue minus total expenditures, came to 43.9 trillion won ($38.4 billion) in 2016, compared with 32.9 trillion won from a year earlier, according to preliminary data from the Bank of Korea.It was the highest annual net lending since the central bank began compiling statistics on the public sector account. La

Kim Kyung-min, 27, was not aware of a pilot project by the Bank of Korea to reduce the use of coins until she was told by The Korea Herald.“Things would be convenient if I were able to receive change directly through my bank account,” Kim said, adding that carrying coins “can sometimes be a hassle.” Dubbed “Coinless Society,” the BOK’s project has got a lukewarm response from the public during its two months of operation. The project encourages users to

South Korean shares extended losses late Wednesday morning as foreigners dumped stocks on profit taking. The won traded lower against the dollar.  The benchmark Korea Composite Stock Price Index fell 12.58 points, or 0.53 percent, to 2,356.65 as of 11:20 a.m. Foreigners and institutional investors offloaded a combined 182 billion won ($159 million) worth of stocks. But individuals bought a net 163 billion won worth of stocks.  Large-cap stocks were mostly trading lower. Market bel

South Korea's exports jumped 24.4 percent in the first 20 days of June from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Wednesday.Total outbound shipments reached $31.9 billion in the June 1-20 period, up from $25.7 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service. The increase was led by a 111.4 percent on-year surge in exports of vessels and a 51.1 percent gain in semiconductors.Exports to

The exports of South Korean functional foods to China have grown at an annual rate of 41 percent for the past four years, with their market share doubling over the cited period, a report showed Wednesday.According to the report compiled by the Korea International Trade Association, a total of $90 million worth of South Korean health functional foods were shipped to China in 2016. This made up 6.2 percent of China's imported health functional food market. The US came in first with 23.4 percent, f

South Korean nonbank financial institutions' lending to smaller firms surged nearly 10 trillion won ($8.8 billion) in the first four months of the year amid tighter government control on household loans, data showed Wednesday.Nonbank lenders' outstanding loans to small and medium enterprises came to 90.7 trillion won as of the end of April, up 9.9 trillion won from the end of last year, according to according to the data from the Bank of Korea.  It marks the first time in history that the a

South Korean stocks opened lower Wednesday, tracking overnight losses on Wall Street. The won fell against the dollar.The benchmark Korea Composite Stock Price Index fell 13.73 points, or 0.58 percent, to 2,355.50. On Tuesday (local time), the Dow Jones industrial average moved down 0.29 percent to end at 21,467.14, while the tech-heavy Nasdaq Composite also declined 0.82 percent to 6,188.03.Analysts expected the addition of China blue-chip stocks to MSCI's emerging markets index from next year

Acting head of Korea‘s IP agency hails global efforts in creating cost-effective, user-friendly international patent environment

South Korean stocks ended lower on Tuesday as institutions went on profit taking, but top cap Samsung Electronics and second most-valued SK hynix surged to fresh record highs, aided by heavy foreign buying. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 1.67 points, or 0.07 percent, to close at 2,369.23. Trade volume was moderate at 346.16 million shares worth 6.67 trillion won, with decliners outnumbering advancers 618 to 199.Institutional investo

The likelihood of a capital outflow from South Korea is low even if the interest rate gap between Korea and the US is reversed, as the local currency is expected to remain strong, an analyst said Tuesday. Kim Jae-chil, a researcher at the Korea Capital Market Institute, said volatility in the local foreign exchange market will likely be limited due to various conditions. South Korea's sovereign bonds are also attractive for investors in Europe, where several central banks slashed interest rates

The naming of a new member of the Bank of Korea’s monetary policy committee has been delayed, leaving the central bank without a tie-breaking vote in the upcoming rate-setting meeting in July.Jang Byung-wha, senior deputy governor at the BOK and a member of the bank’s seven-member board, is to finish his three-year term as board member Saturday this week. The deputy governor is appointed by the president, based on the recommendation by the BOK governor. However, BOK Gov. Lee Ju-yeol

South Korean companies are urged to redouble efforts to expand into Africa's rapidly growing consumer goods markets to secure a new growth driver, a state-run trade promotion agency said Tuesday.In a report, the Korea Trade-Investment Promotion Agency said domestic trading companies need to forge ties with African sales networks and online shopping malls to develop localized products and promote them to woo local customers.  "The African population, currently at 1.2 billion, will likel

A majority of South Korean exporters expect their business conditions to improve in the third quarter from three months earlier thanks to a global economic recovery, a poll showed Tuesday.The Korea International Trade Association said its export business survey index of 833 exporting companies reached 116.6 for the July-September period, up from 106 for the current quarter.It marks the second consecutive quarter that the EBSI has exceeded the benchmark 100 level. A reading above 100 means optimi

South Korea's current account surplus dropped slightly in 2016 from a year earlier due mainly to decreased exports, data by the central bank showed Tuesday.The current account surplus came to $98.68 billion in 2016, compared with $105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea.By country, South Korea's current account surplus with the United States fell to $31.15 billion in 2016 from $33.03 billion a year earlier. The 2016 figure marked the lowest