South Korea's top economic official on Monday called for vigilance against potential volatility in the local financial market over heightened tensions between North Korea and the United States."The impact of (North Korean threats) on the financial and foreign exchange market is now expanding to the global level. A small shock will highly likely intensify market volatility,"Finance Minister Kim Dong-yeon said in a policy meeting in Seoul."The government will not let its guard down

Loans extended by savings banks, insurers and other nonbanking institutions hit a record high in the first six months of the year, South Korea's central bank said Monday.The data compiled by the Bank of Korea showed that outstanding loans extended by nonbanking financial companies reached 763.6 trillion won ($671 billion) as of end-June, the highest since 1993 when the central bank began to compile related data. It marks a 5.4 percent, or 39.1 trillion won, rise from the end of last year.It is w

President Moon Jae-in has championed job creation and increased household income as a way to put South Korea on the path of sustainable economic growth that can benefit all people.Moon has vowed to create 810,000 "quality" jobs in the public sector during his single five-year term in office that ends in 2022.Last month, the National Assembly, despite some objections, passed the 11.03 trillion-won ($9.8 billion) supplementary budget bill that aims to create 2,575 central government jobs

South Korea's corporate watchdog said Sunday that it will introduce a punitive damages system to the local distribution industry as part of its efforts to root out unfair business practices and strengthen consumer protection.The Fair Trade Commission said it will revise related laws to impose punitive damages of up to three times the actual damage from business practices such as an unfair payment cutback of supplied goods and returns that occur between large shopping mall operators and small sho

Escalating geopolitical risks surrounding North Korea's nuclear and ballistic missile programs have caused gold prices to soar in South Korea and led to a surge in trade in the precious metal, the local exchange said Sunday.According to the Korea Exchange, a gram of gold changed hands at 47,210 won ($41.20) on Friday, the highest level since April 20, when speculation of a crisis on the peninsula swirled.Last week alone, gold prices jumped 3.18 percent from the previous week, marking the first t

Sales of gold bars, regarded as a safe haven for investors, are increasing in South Korea amid escalating tension with North Korea, industry sources said Saturday.The Korea Gold Exchange, a local trader, said the average daily sales of 100-gram gold bars reached 250 units since Wednesday, rising sharply from 50 units on average.  Industry watchers said the demand for smaller gold bars is increasing as they are easier to carry compared to kilo-level products. A 10-gram gold bar is currently

The governor of South Korea's central bank said Thursday that he has been closely watching North Korea risks as Pyongyang and Washington traded harsh rhetoric.BOK Gov. Lee Ju-yeol said he remained alert on economic and financial fallout the latest standoff over North Korea's nuclear and missile program could have on Asia's fourth-largest economy.Lee made the comments in an opening ceremony of an exhibition of old books at Seoul National University.  Escalating tensions between North Korea a

Asiana Airlines Inc. said Thursday its losses widened in the second quarter from a year earlier due to foreign currency-related losses.Net loss reached 74.7 billion won ($65.3 million) in the April-June period, compared to a loss of 26.7 billion won a year earlier, the company said in a statement. Operating income, on the other hand, surged 49 percent on-year to reach 42.8 billion won, with sales rising 8.5 percent to 1.49 trillion won over the cited period. The operating income and sales for th

Retail sales on the southern island of Jeju fell in the second quarter for the first time ever on a Sino-Korean row over the deployment of a US missile defense shield, government data showed Thursday.According to the data by Statistics Korea, retail sales on Jeju declined 3.2 percent in the April-June period from a year earlier.It represents the first on-year decline since the statistical agency started compiling related data in the first quarter of 2010.The agency attributed the decline to a pl

South Korea's antitrust watchdog said Thursday that it has imposed a combined 796 million won ($699,000) in fines on two local electronics part suppliers for rigging bids for public railway construction projects.The two companies -- Yookyung Control Co. and Hyukshin Engineering Co. -- allegedly colluded to participate in five bids to supply electronic interlocking equipment arranged by state-run Korea Railroad Corp., according to the Fair Trade Commission. Interlocking equipment is a railway sig

South Korea's central bank said Thursday that it has decided to extend 4.6 trillion won ($4 billion) to small and medium-sized firms through commercial lenders in the latest move to boost potential growth numbers.The monetary policy board of the Bank of Korea said 3.6 trillion won will be provided to small and medium enterprises that are seeking to find new growth drivers and contribute to job creation.The decision comes as Asia's fourth-largest economy has been struggling to prop up growth and

A total of 378 imported commercial vehicles, mostly trucks, were sold in South Korea last month, down 11.1 percent from the previous month, industry data showed Thursday.According to the data compiled by the Korea Automobile Importers and Distributors Association, Volvo topped the list with a total of 137 trucks sold, followed by 105 vehicles from MAN, 83 from Scania, 40 from Mercedes-Benz and 13 from Iveco.By type, bodybuilders accounted for 180 vehicles, followed by 131 tractors, 62 cargo truc

South Korea's auto exports continued to grow for six months in a row in July on rising demand from North America and Europe, government data showed Thursday.The total value of vehicles shipped overseas reached $3.65 billion last month, up 7.5 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.The figure has remained in positive terrain since February when it rebounded to a 5.3-percent rise from a 4.8-percent fall in the previous month.Total

South Korea's fiscal spending is expected to rise by about 3 trillion won ($2.63 billion) annually over the next five decades due to its rapid population aging and low birthrate, a report said Thursday.Asia's fourth-largest economy is estimated to fork up an additional 2.8 trillion won per year between 2016 and 2065 due to the country's demographic change, according to the report published by the Bank of Korea.The report is based on 2009-2013 data from the Organization for Economic Cooperation a

South Korea's national tax revenue continued to rise in the first six months of the year amid a steady pace of growth in Asia's fourth-largest economy, the finance ministry said Thursday.The government collected 137.9 trillion won ($121.2 billion) in taxes in the January-June period, up 12.3 trillion won from a year earlier, according to the Ministry of Strategy and Finance.It accounts for some 54.9 percent of the tax revenue of 251.1 trillion won earmarked for 2017, including some 11 trillion w