South Korea's fiscal deficit increased 22.2 trillion won ($16.9 billion) in the first six months of this year from a year ago as the government revved up spending to tackle the fallout of the pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 101.9 trillion won in the January-June period, larger than a shortfall of 79.7 trillion won a year earlier, according to the finance ministry. The increased defici

Samsung Life Science Fund has invested $15 million in US biotech Senda Biosciences in efforts to foster core technology of next-generation biopharmaceuticals, Samsung Biologics said Wednesday. Senda Biosciences is a therapeutics platform company specialized in programming to the cell by using the code from natural nanoparticles. The US biotech’s platform includes a messenger RNA engine and the first-ever atlas of nature-derived programmable systems at the molecular level and across all k

A South Korean bank’s rejection of a foreign customer’s request to open a new bank account due to the person’s full name being deemed “too long” is “discriminatory,” the state rights watchdog said Monday. A foreign resident here, whose name was withheld, filed a petition with the National Human Rights Commission of Korea after a request to open a personal business account was rejected at a local bank branch in July last year, a document released by the

South Korea's money supply grew for the third straight month in June on increased deposits amid rising interest rates, central bank data showed Thursday. The country's M2, a key gauge of the money supply, stood at 3,709.3 trillion won ($2.85 trillion) on average in June, up 12 trillion won, or 0.3 percent, from the previous month, according to the preliminary data from the Bank of Korea (BOK). The money supply rose for the third straight month in June after posting the first contractio

KB Financial Group said Monday that its wine collection using its character design won the Red Dot Award for Brands and Communication Design. The character design, which the firm created to boost its image as a friendly bank open to ordinary Koreans, is aimed at raising domestic wine sales amid the pandemic when small business owners face greater economic challenges, the firm added. “We are grateful for the award because we feel acknowledged for our efforts to help those most in need,&r

Customer requests to reevaluate credit scores rise, but acceptance rates fall

South Korea's foreign reserves increased for the first time in five months in July, thanks to increased operation profits and expanded deposits in foreign currency, central bank data showed Wednesday. The country's foreign reserves came to $438.61 billion as of end-July, up $330 million from the previous month, according to the data provided by the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund re

Beneath the fun facade, new content depicts underlying fears and horrors of individual investors

Ethereum founding member says crypto winter likely to continue; warns of market hype, system that still lacks regulatory oversight

Major financial groups in South Korea have seen their assets almost double over the past decade on the back of their push for business expansion, data showed Wednesday. The country's eight financial groups had 3,221.7 trillion won ($2.46 trillion) as of the end of 2021, up 95 percent from 2012, according to the data from corporate tracker CEO Score. The eight financial groups are KB, Shinhan, Hana, Woori, NH Nonghyup, Mirae Asset, Meritz and Korea Investment Holdings. In particular, their o

JB Financial Group, a Jeonju-based financial holding company, said Thursday it has renamed its subsidiary Mega Investment to JB Investment. The finance company inked a deal to take over Mega Investment from South Korean online educational service provider MegaStudy in May for 48 billion won ($36.5 million). The deal was signed as part of the regional bank’s efforts in diversifying its business portfolio, said JB Financial Group. The newly named JB Investment is a venture investment firm

Prosecutors raided local cryptocurrency exchanges on Wednesday as part of an investigation into a fraud case in connection with the collapse of Terraform Labs’ digital coins, TerraUSD and Luna, officials said. A team of investigators from the Seoul Southern District Prosecutors Office began seizing transaction records and other material from Upbit and other local exchanges around 5 p.m., they said. Investors in TerraUSD and Luna filed complaints against Terraform Labs’ CEO Do Kwon

Real estate firm Colliers Seoul head paints brighter future for pandemic-hit shopping mecca, citing expected return of Chinese tourists

South Korea’s three internet-only banks so far amassed 30 million combined users

South Korea’s top court on Thursday cleared Shinhan Financial Group Chairman Cho Yong-byoung of unethical hiring charges, putting an end to a four-year legal battle and allowing a possible third term for Cho. The Supreme Court upheld the Seoul High Court’s decision in November last year to side with Cho on allegations that he had exercised his influence by accepting hiring requests from lawmakers and company executives to recruit their children from 2013 to 2016 while he was CEO of