South Korean oil refiners' earnings are unlikely to bounce back in the second quarter of the year following record losses three months earlier, industry sources said Tuesday. Pounded by the triple whammy of the coronavirus pandemic, tumbling oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players posted a combined operating loss of 4.38 trillion won ($3.57 billion) in the January-March period. The first-quarter red ink represented their worst quarte

The outstanding amount of government and state-backed bonds increased by a combined 78.3 trillion won from the end of last year to a record high of 1,098.4 trillion won ($900 billion), data showed Monday, with the accelerating growth rate spurring concerns. Outstanding sovereign bonds increased by 65.7 trillion won to 753.5 trillion won and special bonds gained 12.6 trillion won to 344.9 trillion won, respectively, from the end of last year to Friday, data from the Korea Financial Investment

South Korea’s monthly spending for supporting unemployed workers hit another all-time high in April, as the fallout from the novel coronavirus is hampering efforts to remedy the damage done to the job market, data showed Monday. In April, when Korea’s virus spread peaked, the amount of unemployment benefits came to 993.3 billion won ($814.3 million), up 35 percent on-year, according to preliminary data from the Labor Ministry. This extended the record streak for the third consecuti

South Korea on Monday opened its first exchange for financial data, the financial regulator said, in a move that could boost the data-driven economy. The exchange will serve as a key platform for buyers and sellers of financial, telecommunication and corporate data. It is meant to facilitate financial big data, according to the Financial Services Commission. "The government will ensure that the financial data exchange will take root as an innovative infrastructure of financial companie

Korean Air Lines Co. will decide this week on whether to sell 1 trillion won ($820 million) worth of stocks as part of self-help measures amid the growing coronavirus impact on the airline sector, industry sources said Monday. Korean Air plans to hold a board meeting Wednesday to determine the exact size and the schedule of the rights issue, an airline official told Yonhap News Agency over the phone. Shareholders of the country's biggest carrier will be given the rights to buy the stocks to

An online application for the government's emergency coronavirus relief funds to all households began on Monday morning. The Ministry of the Interior and Safety said nine local credit card companies started receiving online applications through their websites or mobile phone applications. The application is available, first, for those who wish to receive the financial aid in the forms of credit or debit card points, which is scheduled to arrive two days after the application. For the first w

South Korea's exports sank 46.3 percent on-year in the first 10 days of May amid the shock from the coronavirus pandemic, customs data showed Monday. The nation's outbound shipments stood at $6.9 billion in the May 1-10 period, compared with $12.5 billion for the same period last year, according to the data from the Korea Customs Service. The daily average exports during the 10-day period slipped 30.2 percent on-year. The data came amid growing concerns that the coronavirus pandemic is denti

Foreign investors have ramped up their investment in South Korean bonds this year amid the country's relatively favorable economic conditions, data showed Monday. Offshore investors held 140.9 trillion won ($115 billion) worth of listed government and corporate bonds as of end-April, up 17 trillion won from the end of last year, according to the data from the Financial Supervisory Service. It marks the first time that foreigners' holdings of South Korean bonds have surpassed the 140 trillion-

South Korea’s national debt per capita stood at 14.83 million won ($12,145) as of Saturday, data from the National Assembly showed Sunday, feeding concerns that the growing figure may take a toll on the nation’s economy amid sluggish growth projections. National debt held by Asia’s fourth-largest economy stood at 769.18 trillion won in the same period, according to the data provided in the form of a debt clock on the website of the parliament’s budget office. It has

Credit card issurers will start receiving registrations of relief subsidies on Monday under governmental guidelines that could expand payment transaction volume by 10 trillion won ($8.2 billion). The news comes along with the central government’s move to distribute 14.3 trillion won among Korean citizens to help them fight the fallout from the coronavirus. Of the total, around 10 trillion won is expected to be spent via credit cards, according to market observers. Taking subsidies via cr

South Korea will save more than 300 billion won ($246 million) in 2021-2024 by aborting or merging state-subsidized projects, the Ministry of Economy and Finance said Friday. “We have made a rigorous assessment this year as an effective fiscal operation has become more crucial than ever in order to overcome the fallout of COVID-19,” said Vice Finance Minister Koo Yun-cheol in a state subsidy management committee meeting at Seoul Government Complex. Later in the day, Koo was name

Korean exports of novel coronavirus test kits jumped a whopping 835 percent in April from the previous month, as a result of growing global demand, customs data showed Thursday. According to the Korea Customs Service, test kits valued at $201.23 million were exported last month, as compared to $24.1 million worth of shipments a month earlier. Demand for made-in-Korea test kits is growing due to their accuracy and speed. The number of export destinations has increased rapidly, reaching 33 in F

South Korea is seeking to reshape its economy in the post COVID-19 era by invigorating the convergence of new and old industries and creating more jobs, through its latest economic stimulus measures dubbed the “Korean New Deal,” the government said Thursday. Borrowing the policy concept from the New Deal -- a Great Depression-era set of government projects in the US in the 1930s -- Korea’s Finance Ministry pledged large-scale investments and a systemic overhaul for the packag

South Korea’s current account surplus reached an 11-month high in March, despite falling exports due to the novel coronavirus pandemic as the service account deficit sharply declined, data showed Thursday.  According to preliminary data from the Bank of Korea, the nation’s current account surplus hit a record high of $6.23 billion in March, up $1.19 billion from a year earlier.  The current account refers to the difference between the value of exports and imports. Compos

South Korea will provide 1.5 trillion won ($1.2 billion) in special subsidies to irregular workers who lost their income or suffered crucial blows amid the COVID-19 quarantines, the finance minister said Thursday. The move came in line with the government’s struggles to sustain the nation’s job market amid an economy that is set to contract this year. “Seeking to enhance the employment safety net for neglected underprivileged workers, (the government) will execute a 1.5 tril