South Korea's foreign exchange reserves hit a record high in August due to a hike in the value of non-dollar currencies when converted into the US greenback, central bank data showed Tuesday.As of the end of August, the country's foreign exchange reserves came to $384.84 billion, up $1.08 billion from the previous month, the Bank of Korea said in a statement.Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fun

South Korea's credit unions, or member-owned financial cooperatives, saw their combined net profit fall 1.3 percent on year for the first half of this year, due to a rise in loan-loss provisions, data showed Tuesday. The combined net profit of 2,258 credit unions, including Nonghyup and Suhyup banks, stood at 1.21 trillion won ($1.06 billion) for the January-June period, down 16.1 billion won from a year earlier, according to the data by the Financial Supervisory Service. Their combined loan-los

South Korean President Moon Jae-in urged North Korea to immediately halt all its provocations Monday, saying his country will not tolerate anymore."President Moon said the country will not overlook any additional provocation from now while expressing his intention to take punitive measures under cooperation with the international community, including the most powerful sanctions and pressure, stressing the need for strong and practical measures that North Korea can feel keenly," the presidential

TASHKENT, Uzbekistan -- When South Korea take on Uzbekistan for a crucial World Cup qualifying match later Tuesday, they will count on their stars to shine and spark the stagnant attack.The match at Bunyodkor Stadium in Tashkent will kick off at 8 p.m. local time, or midnight Wednesday in Seoul. South Korea will qualify for their ninth consecutive FIFA World Cup with a victory.But anything less will complicate the picture, especially with both Uzbekistan and Syria sitting just two points back in

Prosecutors said Tuesday they indicted two international auto shipping companies for fixing bid prices for sea transportations of Korean-made automobiles. Japan-based Nippon Yusen Kabushiki Kaisha, also known as the Japan Mail Shipping Line, and the Seoul-based multinational EUKOR Car Carriers Inc. have been charged with colluding with a few other firms in setting the price and taking turns so that all of them could win the bidding at least once, according to the Seoul Central District Prosecuto

Kakao Bank, South Korea's second Internet-only bank, implemented a 500 billion won ($441.9 million) capital increase on Tuesday as a part of a refinancing plan to bolster its lending business. Kakao Bank, launched in late July with paid-in capital of 300 billion won, has attracted about three million accounts and extended loans worth 1.4 trillion won as of Aug. 27. The capital hike was made by issuing 100 million new shares worth 5,000 won each.Major shareholders of Kakao Bank, including Korea I

South Korea's ice cream sales have declined in the past few years in the face of fewer children and the growing popularity of alternatives, such as ice coffee and shaved ice, a report said Tuesday.Per capita annual consumption of ice cream fell to 58 servings in 2015 from 71 servings in 2013, according to the report written by the Ministry of Agriculture, Food and Rural Affairs.The report attributed the decrease to the drop in the number of kids, the main consumers of ice cream, and the drastic

South Koreans' awareness of mobile payment services ranks high among major advanced and emerging countries, a poll showed Tuesday, as many tech-savvy consumers turn to their smartphones for settlements.According to the survey of 18,180 consumers in 23 countries by global opinion research firm Ipsos, 64 percent of South Korean respondents said they are aware of a mobile payment service that they can use immediately.It is the fourth-highest figure among the surveyed countries. China tops the list

South Korean stocks opened higher Tuesday after suffering a sharp decline in the previous session following Pyongyang's nuclear provocations. The benchmark Korea Composite Stock Price Index gained 6.74 points, or 0.29 percent, to 2,336.39 in the first 15 minutes of trading.On Sunday, Pyongyang claimed it successfully conducted a test of a hydrogen bomb that can be loaded on an intercontinental ballistic missile. Tech shares led the recovery, with top cap Samsung Electronics advancing 0.13 p

South Korean President Moon Jae-in proposed Monday that the UN Security Council hold serious discussions about cutting off oil supplies to North Korea in the wake of its sixth nuclear test, his office said.Moon discussed the idea with his Russian counterpart, Vladimir Putin, during a phone call, Cheong Wa Dae said."It's time for the UN Security Council to seriously consider ways to block North Korea's sources of foreign currency, including a halt to oil supplies to the North and a ban on its exp

NEW YORK -- The United States urged the United Nations Security Council Monday to adopt the "strongest possible" sanctions against North Korea over its sixth and most powerful nuclear test.US Ambassador Nikki Haley made the appeal at an emergency meeting of the Security Council, which was convened in the wake of North Korea's test Sunday of what it said was an H-bomb that can fit atop an intercontinental ballistic missile."Enough is enough," she said. "The time has come to exhaust all of our dip

South Korea's current account surplus narrowed in July from a year earlier due to an increased deficit in the services balance, central bank data showed Tuesday.The country's current account surplus reached $7.26 billion in July, compared with a surplus of $8.41 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents the 65th straight month of the balance being in the black. The current account is the biggest measure of cross-border trade.The BOK at

South Korea's economic growth ranking among major advanced and emerging economies plunged 10 spots in the second quarter from three months earlier as its recovery lost ground, data showed Tuesday.Asia's fourth-largest economy expanded 0.6 percent on-quarter in the April-June period, compared with a 1.1 percent expansion for the first quarter, according to the data from the Organization for Economic Cooperation and Development.It was the 18th-highest on-quarter gain among 27 OECD member nations w

South Korean LPGA rookie sensation Park Sung-hyun rose to No. 2 in the latest women's world rankings announced Tuesday.Park moved up a spot to achieve a career high in ranking positions for the second straight week. She'd also gone up one spot to No. 3 the previous week.Park's rise gave South Korea the top two female golfers in the world, with Ryu So-yeon entrenched as the No. 1 for the 10th consecutive week.Park has won twice in her rookie season, most recently at the Canadian Pacific Women's O

South Korea has faced no new import restrictions or related investigations by foreign countries for the past two months in a positive sign for the export-driven economy, data showed Tuesday.No South Korean products were subjected to fresh import regulations in the form of anti-dumping duties, countervailing duties, safeguards or a combination of them during the July-August period, according to the data from the Korea International Trade Association .Since reporting zero cases, the number of impo