The issuance of asset-backed securities (ABS) in South Korea plunged over 30 percent on-year in the third quarter of this year due to a decline in sales of mortgage-backed securities, data showed Tuesday. The value of ABS issued in the third quarter stood at 12.8 trillion won ($10.8 billion), down 31.5 percent from a year earlier, according to the data from the Financial Supervisory Service (FSS). ABS refers to securities structured with mortgages, auto loans, credit-card receivables and stud

Gas prices in South Korea have continued to rise as oil prices hit a seven-year high amid the global economic recovery, data showed Monday. The average gasoline price nationwide stood at 1,724.7 won ($1.45) per liter Monday, marking the highest since December 2014, according to the data compiled by the state-run Korea National Oil Corp. (KNOC). The gas price in Seoul topped the 1,800 won-level per liter in the day, the data showed. Market watchers said the gas prices may climb further as glob

South Korea plans to decide whether to join a mega Asia-Pacific free trade agreement involving 11 nations as early as this month in an effort to diversify its export portfolio, the country's finance minister has said. Finance Minister Hong Nam-ki made the remarks during his meeting with reporters Thursday (local time) in Washington, D.C. after attending the Group of 20 meeting of finance ministers and central bank governors. South Korea has been "actively" reviewing the joining of th

The word “metaverse,” a portmanteau of the prefix “meta” (meaning beyond) and “universe,” is typically used to refer to a communal and interactive cyberspace where content, commerce and networking exist with increasing permeability with the real world. With new technical capability and accelerated cultural shift to online due to the COVID-19 crisis, the metaverse is creating innovation that transcends time and space in all areas of industry and society. In par

South Korea’s Finance Minister Hong Nam-ki voiced concerns about the US’ request that Korean chipmakers share information about their supply chains, during his meeting with US Treasury Secretary Janet Yellen in Washington on Thursday, Eastern time. Hong said, “We do admire the US government’s attempt to resolve global competition to secure a foothold for supply chains,” but at the same time relayed Korean chipmakers’ concerns about sharing private information

South Korea’s monetary policy chief on Friday denied that the central bank’s latest rate hike was aimed at boosting the government’s real estate measures, which have failed to cool down the nation’s heated property market. In a parliamentary audit held Friday, Lee refuted rumors that the Bank of Korea’s first pandemic-era rate hike carried out in August, was a move pressured by the government. The latest rate hike by 25 basis points to 0.75 percent ended more th

The real estate investment trust (REIT) unit of major bank holding firm NH Financial Group Inc. said Friday it is seeking to get listed on the South Korean main stock market in November. NH All One REIT said it began its initial public offering (IPO) process as its registration statement, which was filed with the country's financial watchdog late last month, came into effect. The company said it is planning to sell 28.1 million shares and raise 140.5 billion won ($119 million), with its IPO pr

WASHINGTON -- South Korea's finance minister on Thursday voiced concerns about the US's request for Korean chipmakers to share information on their supply chains. Finance Minister Hong Nam-ki relayed Korean chipmakers' concerns about Washington's request during his meeting with US Treasury Secretary Janet Yellen in Washington D.C., according to his ministry. The meeting was held to discuss bilateral and global economic issues, including global supply chain disruptions. It marked their first ga

South Korea's exports of automobiles fell more than 20 percent last month, ending eight months of on-year growth, amid the extended global supply shortage of automotive chips and fewer working days, data showed Friday. Outbound shipments of automobiles reached 151,689 units in September, down 20.7 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also marked a 6.1 percent on-year decrease to $3.56 billion, the

The Bank of Korea will continue adjusting its accommodative monetary policy and determine the timing of another rate hike in a way that could ease "financial imbalances" caused in part by rising household debt, Gov. Lee Ju-yeol said Friday. Lee made the remarks days after the central bank kept its policy rate unchanged at 0.75 percent for October but hinted at the possibility of an additional rate increase before the end of this year to rein in inflation and household debt. "Fin

South Korea plans to resume discount coupon programs aimed at boosting private spending as the country is preparing to move into a phase of "living with COVID-19" in early November, a senior government official said Friday. Except for food delivery via apps, the country suspended the coupon programs for sports, accommodations, tourism, cultural performances, and railway and bus service due to the resurgence of virus cases. The government earlier said the resumption will depend on the

South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul‘s trade ministry said.　 Trade Minister Yeo Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The CEPA is a type of free trade agreement that emphasize

High oil, dollar prices to aggravate burden for debt-saddled households

The implementation of the new global digital tax regime will lead to a small increase in tax revenue for the South Korean government, the country’s finance minister said Thursday. The two-pillar tax proposal on taxing the digital economy and ushering in a global minimum tax rate, spearheaded by the Organization for Economic Cooperation and Development, was endorsed by 136 countries Friday. Pillar one aims to reallocate some tax revenue from where multinationals post profit to where the

Facing renewed state drive to curb debts, shares in Kakao Bank also fall 40% from its peak in Aug.