WGBI inclusion to draw in $56b foreign funds; Prolonged short selling ban remains challenge

South Korea’s financial sector, including banks, brokerage houses and insurers, spent a staggering 2.4 trillion won ($1.78 billion) on entertaining clients over the past five years, data showed Tuesday. From 2019 through the first half of this year, banks, brokerages and insurance companies spent 957.8 billion won, 1.13 trillion won and 308.5 billion won, respectively, on entertainment expenses, according to Financial Supervisory Service data submitted to Rep. Kim Hyun-jung of the main opp

South Korea racked up a current account surplus for the fourth consecutive month in August, driven by robust exports, central bank data showed Tuesday. The country's current account surplus reached $6.6 billion in August, marking a surplus for the fourth consecutive month, according to data compiled by the Bank of Korea. The August surplus was smaller than the previous month's $8.97 billion. The country's goods account racked up a $6.59 billion surplus in August following an $8.33

South Korea's media regulator is set to look into TikTok over a potential violation of the nation's personal data protection law, an official at the regulator said Monday. TikTok is accused of automatically requiring its users to receive advertisements, instead of letting users give their consent to receive such content under the Korean law, according to industry sources. The Korea Communications Commission suspects that TikTok may be violating the Act on Promotion of Information and C

South Korea's foreign reserves increased for the third straight month in September on the back of the increased value of non-US dollar assets and investment gains, central bank data showed Monday. The country's foreign reserves had come to $419.97 billion as of end-September, up $4.05 billion from the previous month, according to the data from the Bank of Korea. The central bank attributed the increase to a rise in the converted value of non-dollar assets amid the weak greenback and in

Some 8,000 visitors join two-day event, themed on financial freedom

Over 60 percent of South Korea's automotive exports during most of 2024 have been shipped to North America, according to industry data, raising concerns about the need for more balanced global export strategies. The combined exports of the five South Korean automotive firms — Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors — totaled 1,857,111 units during the January-August period. Of those, 61.4 percent, or 1,140,073 units, were shipped to North America, mar

Despite clear signs of slowing inflation, market sentiment remains mixed regarding whether South Korea's central bank will follow the US Federal Reserve to pivot toward lowering rates this month. Statistics Korea reported that the consumer price index — a key measure of inflation — rose 1.6 percent on-year in September, down from 2 percent in August, marking the lowest level since February 2021, when it recorded a 1.4 percent increase. The last time the index fell below the 2 pe

A tender offer by private equity firm MBK Partners to gain a controlling stake in Korea Zinc Inc., the world's biggest zinc smelter, is set to expire Friday, with all eyes on how the smelter's stock would perform, some analysts said. MBK, in cooperation with Young Poong Corp., the largest shareholder of Korea Zinc, raised its original tender offer price for Korea Zinc last week to 750,000 won ($567) per share from 660,000 won. In a rare counteroffer this week, Korea Zinc Chairman Choi

South Korea's consumer prices slowed to the lowest level in 3 1/2 years in September, falling below 2 percent for the first time since early 2021, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 1.6 percent on-year last month, compared with a 2 percent increase a month earlier, according to the data from Statistics Korea. September's figure marked the lowest level since February 2021, when consumer prices grew 1.4 percent. The figure last came to the 1 percent ra

South Korea's exports extended on-year gains to the 12th straight month in September, data showed Tuesday, on the back of robust shipments of chips. Outbound shipments rose 7.5 percent on-year to $58.7 billion last month, according to data compiled by the Ministry of Trade, Industry and Energy. Imports added 2.2 percent on-year to $52.1 billion, resulting in a trade surplus of $6.66 billion. South Korea has maintained a trade surplus for 16 consecutive months. By sector, exports of semicond

South Korean and Slovakian business leaders gathered in Seoul to deepen industrial cooperation, focusing on nuclear power plants and defense industries, according to a Korean business group on Monday. On the occasion of Slovak Prime Minister Robert Fico's state visit to Korea, the Federation of Korean Industries hosted a roundtable with businesspeople from the two countries to discuss ways for Korean firms to expand their footings in the central European country. Slovak Deputy Prime Minis

South Korea's industrial output increased for the first time in four months last month on the rising production in the auto and semiconductor sectors, data showed Monday. Retail sales, a gauge of private spending, also rose by the most in 18 months in August, but facility investment ended two months of on-month growth and fell markedly, according to the data compiled by Statistics Korea. Industrial output advanced 1.2 percent on-month in August, the first increase since April. The figure fe

Banks' household loans inch down amid tightening efforts Despite banks' move to tighten household lending, home-backed loans fell a mere 5 percent on-month in September from a record high level a month earlier, data showed Sunday. The daily average amount of new mortgages extended by five major lenders came to 301.8 billion won ($230.1 million) in Sept. 1-26, down 16 percent from the daily average logged in August, according to data from the banks. Excluding the three-day Chuseok holid

Credit card loans have risen sharply to reach an all-time high this year as banks have tightened lending and small businesses have suffered financial difficulties amid weak domestic demand, officials said. Loans extended by eight major credit card firms reached 44.67 trillion won ($34.05 billion) during the first eight months of 2024, surpassing the total amount for all of 2023, which stood at 41.55 trillion won, according to data from the Financial Supervisory Service and released by Rep. Kang