Consumer financing firms in South Korea saw their combined net profit jump 50 percent on-year in the first half, supported by strong gains from stock rallies and a modest gain in interest income, data showed Thursday. The combined net profit of 114 credit-specialized financial firms stood at 1.99 trillion won ($1.69 billion) in the first half, compared with a profit of 1.33 trillion won a year earlier, according to the data by the Financial Supervisory Service (FSS). Their interest income ro

South Korea‘s tax chief met his counterparts in Denmark and Hungary to strengthen cooperation with the European agencies, and discuss future of electronic tax administration system in the post-pandemic era, officials said Wednesday. National Tax Service Commissioner Kim Dae-ji held a bilateral meeting with Merete Agergaard, chief of Danish tax agency in Copenhagen and a separate meeting in Budapest with his Hungarian counterpart Vagujhelyi Ferenc during his trip earlier this month. Meet

South Korean companies saw their profitability grow in the second quarter, with their sales improving despite the fallout of the COVID-19 pandemic, central bank data showed Wednesday. The ratio of operating profit to sales of firms in the country reached 7.4 percent in the second quarter, up from 5.2 percent tallied a year ago, according to the data from the Bank of Korea (BOK). At the same time, the pretax net profit margin of South Korean companies rose on-year to 8.2 percent from 4.6 percent.

A majority of South Korean exporting companies expect international freight rates to continue their uptrend till the first half of 2022, a poll showed Wednesday. The survey of 1,000 exporters, taken by the Federation of Korean Industries, showed 7 out of 10 firms forecasting freight rates to keep rising at least until June next year. The companies also expect freight rates to surge 23.8 percent on-year in the second half of this year following a 30.9 percent on-year jump in the first half. Some

This is the second installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed. For someone who came from an isolated and repressive state like North Korea, starting a business of his or her own in a free but competitive market is a mere dream. No matter how great their ideas are, a lack of business network, insufficient funds and im

South Koreans aged between 15 and 29 who were unemployed, not engaged in schooling or housework, and were not seeking jobs increased some 35 percent on-year, data showed Tuesday. As of May, 96,000 were classified as those “not in education, employment, or training” or “NEET,” data compiled by Yonhap News Agency showed. The figure increased 35.8 percent or 25,000 on-year from 71,000 the previous year. They were among a group of 278,000 people within the same age range who

Samsung Group on Tuesday promised to create 30,000 new youth jobs in South Korea in three years by expanding its corporate social responsibility initiatives (CSR), the government said. The plan to create 10,000 new youth jobs annually for three consecutive years was revealed during a partnership announcement event between Samsung Group and the prime minister's office (PMO) on the government's youth job and education support program titled Youth Hope ON held in Seoul, according to the PMO. The ev

Foreign currency deposits at banks in South Korea gained in August from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday. Residents' outstanding foreign currency-denominated deposits stood at $92.6 billion as of end-August, up $470 million from the previous month, according to the Bank of Korea (BOK). The country's foreign exchange deposits swung to an upturn for the first time in five months. In July, they were down $910 million from June. Residents in

South Korea said Tuesday it plans to implement or launch negotiations for a set of new free trade agreements (FTAs) with trading counterparts from Southeast Asia and Latin America this year, as part of efforts to reduce its reliance on major economies. The country plans to officially sign the pending FTA with Cambodia in October, seven months after completing related negotiations, according to the Ministry of Trade, Industry and Energy. The ministry said the deal is set to help South Korean fi

South Korea's export prices rose in August, marking the ninth straight monthly gain amid a strong recovery in exports, central bank data showed Tuesday. The country's export price index, in terms of the local currency, rose 1 percent in August from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the ninth consecutive month of an on-month rise. In July, the index rose 3.5 percent on-month. From a year earlier, the index jumped 18.6 perce

The fast-paced aging of South Korea’s population is likely to undermine the fiscal health of Asia’s fourth-largest economy in the long run amid soaring debt, credit ratings agency Fitch Ratings said Monday. The aging population, coupled with a declining fertility rate of fewer than one child per woman, could leave Korea exposed to higher risks as rising government spending could become a less effective means of boosting nationwide productivity. Fitch urged Korea to carry out midt

Finance Minister Hong Nam-ki on Monday raised the need to strengthen the monitoring of the property market as the latest rate hike and the talks of US tapering could increase market volatility. The minister also called for ways to encourage the private sector to take part in the government's efforts to increase the home supply. "There is a need to strengthen the monitoring of the housing market due to changes in real estate market conditions," Hong told a meeting with senior government

The COVID-19 pandemic slashed South Korea's 2021-22 potential growth rate by 0.2 percentage point to 2 percent, the Bank of Korea (BOK) said Monday. South Korea's potential growth rate, which refers to the maximum possible rate an economy can grow without triggering inflation, has been on a steady decline due to a shrinking working-age population and mounting household debts. But the pandemic prompted the nation's potential growth rate to further decline as it dealt a heavy blow to small merchan

The amount of payments made electronically hit a record high in the first half of this year, central bank data showed Monday, as the COVID-19 pandemic prompted more people to engage in contact-free commerce. The daily average amount of electronic financial transactions came to 863.5 billion won ($738 million) in the January-June period, up 12.8 percent from six months earlier, according to the data from the Bank of Korea (BOK). The reading marked the highest amount since the central bank started

South Korea on Monday proposed a new pact on digital trade with Southeast Asia to cope with the changing global business environment and forge deeper economic ties with the region. Trade Minister Yeo Han-koo held a virtual meeting of economic ministers with his ASEAN counterparts to share opinions on various issues, covering trade and the environment, according to the Ministry of Trade, Industry and Energy. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Th