Leveraged cryptocurrency trading by individuals in South Korea threatens the nation’s financial system, Bank of Korea Gov. Lee Ju-yeol said Thursday. Given the price volatility of virtual assets, increased trading in such assets leaves Korea’s financial system subject to instability, Lee said in a press conference after a monetary policy committee meeting. “An excessive level of leveraged cryptocurrency trading puts households at risk of financial damages considering the in

South Korea’s top financial regulator said Thursday it will host a special session ahead of the upcoming P4G Seoul Summit to discuss the finance industry’s role in the global fight against climate change. The event will be held virtually on Saturday at 8 p.m. under the theme of “Role of Finance in Post COVID-19 Green Recovery,” convened by Financial Services Commission Chairman Eun Sung-soo, Environment Minister Han Jeoung-ae, Korea Development Bank Chairman Lee Dong-gul

Retail sales in South Korea shot up 13.7 percent on-year in April on the back of an economic recovery amid the prolonged COVID-19 pandemic, data showed Thursday. The combined sales of 25 major offline and online retailers reached 12.3 trillion won (US$11 billion) last month, up from 10.8 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores jumped 11.2 percent over the cited period as consumers, less wary of the pan

South Korea's central bank on Thursday sharply raised its 2021 growth outlook to 4 percent, while holding its benchmark policy rate unchanged at a record low of 0.5 percent, amid a strong rebound in exports. Buoyed by signs of a robust recovery in exports, the Bank of Korea (BOK) raised its growth outlook to 4 percent for this year, and to 3 percent for next year. The BOK's February forecast was that South Korea's economy would grow 3 percent this year. BOK Gov. Lee Ju-yeol said the pace of e

South Korea's exports are expected to rise a whopping 47.5 percent on-year in May on the back of the global economic recovery, which led to higher demand for chips and automobiles, a poll showed Thursday. Outbound shipments are estimated at US$51.3 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on eight brokerage houses. Imports are estimated to rise 39.8 percent over the period to $48.4 billion, resulting in

The government will spend some 1 trillion won ($894.8 million) on building a mega database to collect medical information of 1 million people in a bid to foster the biohealth industry as a new growth engine, officials said Wednesday. “In response to the rapidly changing biotechnology industry environment, we will provide all-round support, such as R&D intensive investment in core technologies, including new drugs and innovative medical devices; commercialization support; expansion of

The chief of the National Tax Service of South Korea has approached Indonesia in hopes of revitalizing the mutual agreement procedure and advance pricing arrangement between the two countries to prevent double taxation and ease uncertainties for trading firms, according to the tax agency Wednesday. NTS Commissioner Kim Dae-ji visited Jakarta on Tuesday to meet with Indonesia’s tax authority, Commissioner Suryo Utomo. During the meeting, they discussed ways to maintain close interaction an

The South Korean government said Wednesday it will expand financial support for domestic companies in green sectors to make inroads into the global market, in partnership with the Green Climate Fund. Launched in late 2010, the South Korea-based United Nations climate fund aims to channel money from industrialized nations to developing countries to help them tackle climate change-related problems. Finance Minister Hong Nam-ki and Yannick Glemarec, executive director of the GCF, agreed to inc

The Bank of Korea (BOK) may raise its 2021 growth forecast to some 4 percent this week as exports showed signs of a strong recovery amid an aggressive fiscal stimulus, economists said Wednesday. The BOK is widely expected to freeze its key rate at a record low of 0.5 percent at Thursday's monetary policy meeting, but market observers will closely monitor the central bank's revised growth outlook. The BOK's February forecast was that South Korea's economy would grow 3 percent this year. So

Large companies in South Korea cut their workforce nearly 1 percent in 2020 from a year earlier in the wake of the coronavirus pandemic, a corporate tracker said Wednesday. According to CEO Score, 309 out of the country's top 500 corporations had a combined headcount of 1,203,835 as of the end of March, down 0.8 percent or 9,756 from end-December 2019. The number of their regular workers declined 1 percent to around 1.13 million over the cited period, with that of irregular employees edging up

South Korean manufacturers' business sentiment fell for June, marking the first on-month decline since January, as chip shortages cost automakers, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 97 for June down from 98 for May, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. Hyundai Motor

South Korea's household credit grew at a slower pace in the first quarter, as banks tightened rules on loans, central bank data showed Tuesday. Household credit reached a record high of 1,765 trillion won ($1.56 trillion) as of March, up 37.6 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial institutions, including commercial lenders and mutual sav

Exports of South Korean bigger companies declined 7.3 percent last year from a year earlier amid the pandemic, led by a fall in shipments of petrochemicals, data showed Tuesday. Overseas shipments by the country's conglomerates were valued at $322.5 billion last year, compared with $347.7 billion the previous year, according to Statistics Korea and the Korea Customs Service. The decline was led by the manufacturing sector, the backbone of the country's economy, the data showed. Exports of larg

South Korea's corporate direct financing inched up 2 percent in April from the previous month due largely to a rise in bond sales, data showed Tuesday. Local companies raised a combined 24.9 trillion won ($22.1 billion) by selling stocks and bonds last month, up 492.7 billion won from the previous month, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales declined 96 percent on-month to 250.4 billion won in April due to the previous month's high base. In

South Korea's consumer sentiment rose to the highest level in almost three years in May as the country's economy is on a recovery path, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 105.2 for May, up 3 points from the previous month, according to the data from the Bank of Korea (BOK). It marked the highest level since June 2018, when the sentiment index came to 106.3. The latest reading also represented the fifth straight month of on-month gain. A