South Korea's household debt growth, already the highest among emerging markets, increased at a slower pace in the first quarter of this year, thanks to government measures to curb lending, the nation's top financial regulator said Thursday. Household debt, which stood at 1,344 trillion won ($1.17 trillion) at the end of last year, has been cited as one of the key vulnerabilities facing Asia's fourth-largest economy as a mountain of debts threatens to choke off consumer spending.  "Loo

The Bank of Korea on Thursday launched a pilot program with major distribution giants to push forward its long-term goal of creating a coinless society in Korea by 2020.By partnering convenience store chains, department stores and supermarkets nationwide, the BOK is encouraging consumers to use their change from purchases for electronic prepayments. Participating store operators include CU, 7-Eleven, With Me, E-mart and Lotte Mart.For instance, the change that results from a purchase at a CU sto

The volatility in the dollar-won exchange rates slightly increased in the first quarter from the previous three-month period as the US greenback weakened this year, central bank data showed Thursday.The average daily variation, showing the change from the previous session's closing price, came to 5.7 won in the January-March period, up from 4.9 won in the previous quarter, according to the Bank of Korea.The increased fluctuation in the dollar-won exchange rates came as the dollar has weakened si

South Korean stocks turned higher late Wednesday as foreigners and institutions went bargain hunting.The won fell against the US dollar.  The benchmark Korea Composite Stock Price Index advanced 8.75 points, or 0.41 percent, to 2,147.15 as of 11:20 a.m.Foreign and institutional investors bought a combined 114.84 billion won ($100.56 million) worth of stocks, while individuals sold stocks valued at 108.99 billion won, keeping the KOSPI from rebounding further.  The KOSPI ended in negati

China Ocean Resources Co., a Hong Kong-based deep-sea fisheries company, is on the verge of being delisted from the South Korean stock market due to its false financial disclosures. If China Ocean Resources is dropped, it will become the latest Chinese firm that is booted from the local bourse after grappling with lower valuations and a lack of investor confidence.A total of 22 Chinese companies were allowed to trade their shares on the Korean stock market since 2007, but seven Chinese firms hav

South Korea's exports of cosmetics continued their upside mode in the first three months of the year on strong global demand, the latest customs data showed Thursday.Outbound shipments of South Korea-made beauty products were valued at $935 million in the January-March period, up 32.1 percent from a year earlier, according to the data compiled by the Korea Customs Service.Exports to China rose 26.7 percent on-year to $337 million over the three-month period, despite Beijing's recent movement to

South Korean stocks opened lower Thursday, tracking losses on Wall Street, ahead of major companies' first-quarter earnings releases. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 1.65 points, or 0.08 percent, to 2,136.75 in the first 15 minutes of trading.Investors took to the sidelines as major companies such as Samsung Electronics and Hyundai Motor are set to announce their first-quarter earnings results later this month, analysts said.  T

South Korean stocks closed lower Wednesday as foreigners offloaded stocks on profit-taking in the face of overnight losses on Wall Street. The won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 10.06 points, or 0.47 percent, to close at 2,138.40. Trade volume was moderate at 337.71 million shares worth 4.71 trillion won ($4.1 billion), with decliners outnumbering advancers 412 to 376.Foreign investors sold 238.11 billion won worth of shares, offsetting net purchase

South Korea's financial watchdog on Wednesday unveiled a set of new regulations on the acquisition of a savings bank by a consumer credit service company in a bid to improve transparency.Under the new rules, a consumer credit service firm is required to present a plan to shut down its retail lending business if it applies to acquire a savings bank in South Korea, according to the Financial Supervisory Service.The new rules also ban a major shareholder from owning a majority stake in more than th

The International Monetary Fund raised its forecast for South Korea’s economic growth this year to 2.7 percent, driven by signs of a turnaround in the global economy.The latest forecast is up 0.1 percentage point from the 2.6 percent growth the agency estimated in its G-20 Surveillance Note in March.It is also higher than the Korean government and the central bank’s 2.6 percent projection.For 2018, it maintained its earlier prediction of 2.8 percent.The organization also projected ro

South Korean investment firm Samsung Asset Management announced Wednesday that it would build a $480 million worth private equity designed to fund infrastructure, by teaming up with the Australian investment company IFM Investors. The fund is slated to be earmarked by four Korean institutional investors, but a target for injection has yet to be chosen, according to the deal sealed in Seoul on Wednesday. The Seoul-based investment arm under the nation’s largest conglomerate will m

South Korea's finance minister will attend international meetings of the world's top economic policymakers later this week to discuss ways to improve international policy coordination, his office in Sejong said Wednesday.Finance Minister Yoo Il-ho, who doubles as the deputy prime minister for economic affairs, will attend the Group of 20 Finance Ministers and Central Bank Governors meeting to be held in Washington on Thursday and Friday, according to the Ministry of Strategy and Finance. The G-2

Woori Bank, a major South Korean commercial lender, said Wednesday its first-quarter net profit shot up 43.8 percent from a year earlier due mainly to decreased loan-loss provisions.Net profit jumped to 637.5 billion won ($559 million) in the January-March period on a consolidated basis, compared with 443.3 billion won a year earlier, the lender said in a statement.The bank attributed the rise in net profit to decreased loan-loss provisions, increased noninterest income, and a cut in costs throu

Debate is heating up here on the wisdom of increasing fiscal spending to help boost Korea’s sluggish economy that is expected to grow below 3 percent for three consecutive years in 2017.The issue came to the fore again last week when presidential front-runner Moon Jae-in said in a press conference on his economic policies that he would sharply expand government outlay if he won the May 9 election.Specifically, he pledged to raise the annual increase rate of government expenditure to 7 perc

South Korean stocks widened losses in late Wednesday trading as foreigners and institutions offloaded stocks. The won rose against the US dollar.  The benchmark Korea Composite Stock Price Index dropped 10.58 points, or 0.49 percent, to 2,137.88 as of 11:20 a.m.Foreign and institutional investors offloaded a combined 60 billion won ($52.7 million) worth of stocks on profit-taking.Individuals bought stocks valued at 62 billion won, keeping the KOSPI from falling further.  The KOSPI ende