South Korea's money supply grew at the fastest pace in nearly 11 years in July as household and corporate lending grew amid a long streak of low rates and the new coronavirus outbreak, central bank data showed Friday. The country's M2 stood at 3,092.8 trillion won ($2.6 trillion) as of end-July, up 10.1 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It accelerated from a 9.9 percent on-year gain in June and marked the fastest on-year rise since 10.5 p

Daewoo Shipbuilding & Marine Engineering Co. said Friday that it will nurture digital technology workforces to improve the management and production procedure of its shipyards. A program to be run by the software education center of Korea Advanced Institute of Science and Technology (KAIST) will train experts of ship-related digital technologies, the shipbuilder said in an emailed statement. This program will help innovate management and improve productivity in the shipbuilding industry

South Korea's consumption has shown signs of slowing down due to a recent resurgence of new coronavirus infections, but the pace of decline in exports eased, the finance ministry said Friday. In a monthly economic report, called the "Green Book," the Ministry of Economy and Finance also flagged the economy's continuing uncertainty stemming from the virus resurgence. "South Korea's indicators of domestic consumption took a turn for the worse because of a resurgence of COVID-19

South Korea's exports fell 0.2 percent on-year in the first 10 days of September amid the economic fallout from the new coronavirus, customs data showed Friday. The nation's outbound shipments stood at $14.9 billion in the Sept. 1-10 period, compared with $15 billion a year ago, according to the data from the Korea Customs Service. The daily average exports during the 10-day period dropped 11.9 percent. The coronavirus pandemic has disrupted trade and halted production around the globe, wi

The state-run Korea Development Bank (KDB) said Thursday its chairman Lee Dong-gull has been named to lead the South Korean policy lender for another three years. Lee's second term, which is set to begin on Friday, comes amid a series of stalled corporate sell-off deals, including how to normalize Asiana Airlines Inc. Major property developer HDC Hyundai Development Co. had sought to acquire the country's second-biggest airline, but the 2.5 trillion-won ($2.1 billion) deal appears likely to c

Minus yield indicates Korea’s credibility among global investors: minister

Power plant builder Doosan Heavy Industries & Construction Co. said Thursday it has signed a preliminary deal with the Korea National Oil Corp. (KNOC) to develop a floating offshore wind farm. Under the deal, Doosan Heavy will provide floating wind turbines, while the state-run oil company will work on the overall procedures to build the floating offshore wind farm in the East Sea, the power plant builder said. In July, the government said it plans to start building the floating offshor

SEJONG -- A fourth supplementary budget worth 7.8 trillion won ($6.6 billion) is mainly aimed at helping small merchants and self-employed people cushion the economic impact of a recent resurgence of the new coronavirus. The additional fiscal boost came less than a month after health authorities tightened social distancing rules to contain a new wave of contagion, amid growing concerns that the nation's economic slump may be deeper than expected. Presiding over an emergency economic council m

Kakao Games, the game developing unit of South Korean mobile giant Kakao, made a strong market debut Thursday, trading at more than double the initial public offering (IPO) price. As of 10:10 a.m., Kakao Games traded at 48,000 won ($40.49), twice the IPO price, and instantly surged by the daily permissible limit of 30 percent to 62,400 won per share. Its market capitalization stood at 4.6 trillion won, the fifth largest on the secondary, tech-laden KOSDAQ market. The game publisher raised s

SEJONG -- South Korea plans to sell 10-year dollar and 5-year euro bonds this year as part of its currency stabilization bond scheme, the finance ministry said Wednesday. The value of the bond sale and the yields will be decided later, depending on market situation, the Ministry of Economy and Finance said in a statement. Six financial firms, including BNP Paribas, Citigroup and JP Morgan, will arrange the planned sale of bonds, according to the statement. (Yonhap)

Hancom Group, South Korea's leading office software developer, said Wednesday it has acquired a local firm as part of efforts to tap deeper into the aerospace and drone businesses. Hancom took over InSpace Co., which develops satellite ground station solutions and drone technologies. The group did not reveal the value of the deal. Hancom said it plans to combine its internet of Things (IoT) and autonomous driving solutions with InSpace's drone technology to launch a drone service platform an

SEJONG -- South Korea's vice finance minister on Wednesday hailed a multibillion-dollar order won by Samsung Electronics Co. to supply fifth-generation (5G) network equipment to Verizon Communications of the United States. The deal showed how South Korea's industrial sectors navigate through global technology rivalries, Vice Finance Minister Kim Yong-beom said in a meeting with experts, according to the ministry. Companies must step up their investment into new technologies, including next-g

Job market continues to bleed amid the coronavirus pandemic; officials paint bleaker picture for this month

More than 230,000 people in South Korea have entered a draw to buy Samsung Electronics Co.'s limited edition of the Galaxy Z Fold 2, company officials said Wednesday, as the South Korean tech giant tries to boost sales of its foldable devices. Those selected from the two-day online draw for a chance to purchase the Galaxy Z Fold 2 Thom Browne Edition will receive the product from Sept. 25. Only 5,000 units of the Galaxy Z Fold 2 Thom Browne Edition will be released globally. Industry insiders

Bond sales in South Korea dropped more than 7 percent in August from the previous month amid rising interest rates, data showed Wednesday. The value of bonds issued in the country came to 67.7 trillion won ($56.9 billion) last month, down 7.2 percent from a month earlier, according to the data from the Korea Financial Investment Association. Sales of state bonds climbed 6.8 percent, but the issuance of financial and corporate bonds sank 10 percent and 33.9 percent, respectively. The decline