South Korean brokerage firms saw their combined net profit surge 113.2 percent on quarter in the first quarter, thanks to a stock rally that helped them earn higher commission fees, data showed Thursday. The combined net profit of 57 brokerages stood at 2.98 trillion won ($2.7 billion) in the first quarter, compared with a profit of 1.58 trillion won a quarter ago, according to the data from the Financial Supervisory Service. The combined brokerage fees stood at 4.54 trillion won in the first

Online shopping in South Korea increased 25.2 percent in April from a year earlier as more people used e-commerce shopping platforms amid a non-contact consumption trend caused by the pandemic, data showed Thursday. The value of online shopping transactions stood at 15.1 trillion won ($13.6 billion) in April, up from 12.1 trillion won the previous year, according to the data from Statistics Korea. The April reading slightly fell from a 15.9 trillion-won on-year gain in March, but the use of on

South Korea said Thursday it plans to stockpile more natural gas to maintain a stable supply of the resource amid uncertainties in the global price. Under the draft plan, the state-run Korea Gas Corp. will reserve nine days worth of gas to cope with potential disruptions in imports, compared with the previous guideline of seven days, according to the Ministry of Trade, Industry and Energy. The ministry said the revision is also aimed at better preparing for unexpected cold waves, which may lea

South Korea's government ministries and state agencies have requested a 6.3 percent hike in their budgets for next year as they seek to cope with post-pandemic economic recovery and implement key policy projects, the finance ministry said Thursday. Their budget proposals amount to a combined 593.2 trillion won ($533.7 billion), up 35.2 trillion won from the previous year, according to the Ministry of Economy and Finance. Requests for budget spending in the health, social welfare and environmen

Finance Minister Hong Nam-ki on Thursday voiced "deep" concerns about one-sided expectations that housing prices will likely continue to rise in the second half. The minister said housing prices may stabilize as the government has a strong commitment to curbing high-flying home prices. "Market players need to be vigilant against one-sided anticipation for the housing market," Hong said at a pan-government meeting on the property market. He also cited talks of an early tape

South Korea's dependency on Japanese materials and parts plumbed an all-time low this year in the wake of Tokyo's control on exports of key products, government data showed Thursday. Imports of Japanese materials and parts came to $9.69 billion in the January-April period, accounting for 15 percent of South Korea's overall imports of those goods, according to the data from the industry and trade ministry. The proportion was down 1.1 percentage points from the same period a year earlier and the

South Korea's foreign reserves rose to a record high in May as the US dollar's weakness improved the value of non-dollar assets, central bank data showed Thursday. The nation's foreign reserves came to $456.4 billion as of end-May, up $4.15 billion from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion. The FX re

Amid growing inflation fear and prices climbing, central bank under pressure for rate hike by end of year

The ruling Democratic Party is considering a new round of COVID-19 emergency cash handouts for all nationals before the Chuseok holiday as social distancing rules have continued to weigh on the local economy, according to party officials Wednesday. “Another round of universal COVID-19 response stimulus checks backed by a second extra budget is urgently needed,” said Yun Ho-jung, the ruling Democratic Party floor leader.  “(The party) will kick off a review of fiscal stra

South Korea's consumer prices grew at the fastest pace in more than nine years in May on higher prices of farm and oil products, data showed Wednesday, underscoring that inflationary pressure is building up amid an economic recovery from the pandemic-caused slump. The consumer price index rose 2.6 percent on-year in May, faster than a 2.3 percent on-year gain the previous month, according to the data compiled by Statistics Korea. It marked the fastest on-year increase since April 2012, when th

Over 10% growth seen in Apgujeong, Banpo since Jan. 1

South Korean banks saw their financial health improve in the first quarter from three months earlier as they recorded high net profits and raised capital amid the COVID-19 pandemic, data showed Tuesday. The average capital adequacy ratio of 16 commercial and state-run banks stood at 15.34 percent as of end-March, up 0.34 percentage point from the end of last year, according to the data from the Financial Supervisory Service (FSS). A key barometer of financial soundness, the ratio measures the

South Korea's exports jumped 45.6 percent on-year in May to extend their gains to a seventh consecutive month due to strong demand for chips amid the global economic recovery, underscoring a rebound from the pandemic-caused slump, data showed Tuesday. Outbound shipments came to $50.7 billion last month, compared with $34.8 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports rose 37.9 percent to $47.8 billion, resulting in a trade surplu

The growth rate of South Korea's consumer prices for May is estimated to have remained high due largely to last year's low base, a senior government official said Tuesday, amid concerns about growing inflationary pressure. First Vice Finance Minister Lee Eog-weon said the growth of consumer inflation is likely to surpass 2 percent in the second quarter, but annual inflation is not likely to top the central bank's target of 2 percent. He said the government will unveil a set of measures to help

Loans extended by insurance companies in South Korea rose 7 percent on-year in the first quarter, led by gains in home-backed lending and corporate loans, the financial watchdog said Tuesday. Insurers' outstanding loans totaled 255.1 trillion won ($229 billion) as of end-March, compared with 238.4 trillion won the previous year, according to the Financial Supervisory Service (FSS). Their loans to households rose 3.6 trillion won on-year to 124.9 trillion won as of end-March, as the extension