Foreigners turn net buyers of S. Korean stocks in October

Foreign investors turned net buyers of South Korean equities in October, driven by hopes of a global economic recovery from the coronavirus pandemic, the central bank said Thursday. Foreigners bought a net $1.38 billion worth of local stocks last month, compared with a net sale of $2.09 billion in September, according to the Bank of Korea (BOK). Offshore investors became net sellers of Korean bonds worth $230 million last month, it said. Meanwhile, volatility in South Korea's currency edged d

MarketNov. 12, 2020

Rice output at half-century low in 2020 on bad weather

South Korea's rice output fell to the lowest level in 52 years in 2020 as a record-long rainy season and typhoons in the summer hampered production, data showed Thursday. The country's rice production came to 3.51 million tons this year, down 6.4 percent from 3.74 million tons last year, according to the data compiled by Statistics Korea. It marked the lowest level since 1968, when South Korea produced 3.2 million tons of rice. It also marked the fourth straight year of the country's yearly r

EconomyNov. 12, 2020

Recovery in job market weakened by protracted pandemic: vice finance minister

South Korea's vice finance minister said Thursday that recovery momentum in the job market appears to be losing steam amid the protracted new coronavirus outbreak, after the country reported the largest job loss in six months in October. The number of employed people reached 27.09 million last month, 421,000 fewer than a year earlier and marking the sharpest on-year decline since April, according to data from the statistics agency. "The country has seen the labor market recover somewhat s

EconomyNov. 12, 2020

S. Korea becomes latest battleground for console wars

Video game giants Microsoft Corp. and Sony Interactive Entertainment Inc. are eyeing an unclaimed territory in their latest battle for global console supremacy: South Korea. South Korea is among the major markets for the launches this week of their new devices -- Microsoft's Xbox Series S and Series X and Sony's PlayStation 5 -- a departure from previous global rollouts when South Korean gamers had to wait months for new consoles. While the e-sports powerhouse is one of the largest video game

TechnologyNov. 12, 2020

Hyundai launches Sonata N Line in S. Korea

Hyundai Motor Co. on Thursday launched the Sonata N Line model in the domestic market to diversify its lineup. The Sonata N Line sedan comes with a 2.5-liter turbocharged gasoline engine and an eight-speed dual clutch transmission, the company said in a statement. It can reach 100 kilometers per hour in 6.5 seconds and is equipped with safety features, such as the lane keeping assist and front collision avoidance systems, it said. The model is priced at 30 million won-36 million won ($27,00

MobilityNov. 12, 2020

Doosan Heavy ties up with Korea Midland Power for overseas market

Doosan Heavy Industries & Construction Co., a South Korean power plant builder, said Thursday that it will cooperate with a local power company, Korea Midland Power Co., to tap into the overseas hydropower plant market. The two companies will aggressively expand their presence in the Southeast Asian hydropower plant market that is estimated to grow by 40 gigawatts by 2040, Doosan Heavy said in an emailed statement. Korea Midland Power has been operating two hydropower plants in Indonesia

IndustryNov. 12, 2020

S. Korea, Indonesia discuss stronger bilateral trade

South Korea and Indonesia on Thursday agreed to cooperate in overcoming the economic fallout from the new coronavirus pandemic by maintaining trade ties and improving the business environment. Industry Minister Sung Yun-mo met his Indonesian counterpart Bahlil Lahadalia in Seoul, sharing ideas on expanding trades and investment between the two nations, according to the Ministry of Trade, Industry, and Energy. The two also discussed improving the business environment for South Korean steel, che

EconomyNov. 12, 2020

Seoul stocks open lower on profit-taking, lockdown concerns

South Korean shares opened lower Thursday on profit-taking, after the benchmark index hit an over 2-year high the previous session over vaccine hopes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.48 points, or 0.34 percent, to 2,477.39 in the first 15 minutes of trading. Chip, auto and bio heavyweights retreated after a big advance the previous session amid toughened COVID-19 quarantine measures in major economies. Overnight, the Nasdaq Composite jumped 2.01 percent to 11,

MarketNov. 12, 2020

Banks' loan delinquency rate edges down in September

The delinquency rate for South Korean banks' won-denominated loans inched down in September from the previous month and remained stable, the financial watchdog said Thursday. The rate for bank loans more than 30 days overdue stood at 0.3 percent at the end of September, down 0.07 percentage point from August, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the bank loan delinquency rate was down 0.14 percentage point. The delinquency rate for corporate loan

EconomyNov. 12, 2020

S. Korea's export prices fall for 3rd consecutive month in October

South Korea's export prices fell for the third straight month in October as oil costs declined and the local currency gained against the US dollar, central bank data showed Thursday. The country's export price index, in terms of the local currency, dropped 2.6 percent in October from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the third consecutive month of on-month decline after the index rose for a third month in a row in July. Fro

EconomyNov. 12, 2020

Online credit card spending jumps 35% on pandemic in Sept.

Online credit card spending in South Korea spiked more than 35 percent in September as consumers avoided going out due to the spread of the novel coronavirus, data showed Thursday. Online and telemarketing credit card purchases came to 10.29 trillion won ($9.2 billion) in September, up 35.1 percent from a year earlier, according to the data from the Bank of Korea. It marks the first time for the monthly tally to surpass the 10 trillion won mark since December 2009 when the central bank began t

EconomyNov. 12, 2020

Renault Samsung CEO vows to maintain good relations with labor union

GAPYEONG, Gyeonggi Province -- Renault Samsung Motors CEO Dominique Signora stressed the importance of maintaining good labor relations Wednesday, following the reelection of a hardline union chief days before.  Speaking to reporters during a test-driving event for the revamped QM6, Signora also said his company would make utmost efforts to gain competitiveness in global sales, as exports are crucial for company sales.  The automaker decided to export the XM3, its compact sports util

MobilityNov. 11, 2020

Former deputy prime minister to head KTCU

Former Deputy Prime Minister and Education Minister Kim Sang-gon will take the top post of the Korea Teachers’ Credit Union, the institution said Wednesday. Effective Thursday, Kim will serve as chairman of the KTCU, the state-sponsored credit union dedicated to Korean teachers’ financial welfare and benefits. Kim was selected as the final candidate to head the KTCU on Friday and subsequently gained the approval of Education Minister Yoo Eun-hae. Kim will serve his three-year term

MarketNov. 11, 2020

South Korea’s stock market cap hits record high

Buttressed by investors’ optimism about Pfizer’s COVID-19 vaccine, as well as improved exports, South Korea’s market capitalization has logged 2,032.38 trillion won ($1,827 billion), data from the nation’s sole bourse operator showed Wednesday. It was the first time for the market value to cross the 2,030 trillion-won mark, while exceeding 2,000 trillion won in value was previously recorded only three times throughout history. The largest figure observed previously was 2

MarketNov. 11, 2020

At least W436b to evaporate from Optimus hedge fund scam: FSS

The Financial Supervisory Service said Wednesday that Optimus Asset Management, a local hedge fund house involved in an alleged fraud case, has incurred at least 436.3 billion won ($393 million) in financial losses that effectively went nowhere. The loss stems from the hedge fund manager’s botched real estate development project financing and failed investments in stocks and bonds, as well as its embezzlement and Ponzi scheme, according to the watchdog. The revelation comes as four month

MarketNov. 11, 2020

KDI cuts 2021 growth outlook, citing sluggish domestic recovery

South Korea’s economy will contract 1.1 percent this year amid the COVID-19 fallout and rebound to 3.1 percent growth in 2021, state-run think tank Korea Development Institute said Wednesday. In its latest revision, KDI maintained its outlook for this year at its previous September figure but cut the prospect for next year’s growth by 0.4 percentage point, citing the slower-than-expected recovery pace of the domestic market. “Our economy is expected to expand 3.1 percent (

EconomyNov. 11, 2020

Kakao Bank’s IPO plan picks up speed

South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources Wednesday. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the planned IPO and select underwriters. Holding a board meeting in September, the online bank decided to go public in the first half of next year. Launched in 2017, Kakao has been fast growing by a

MarketNov. 11, 2020

Ministers discuss steps to address housing crisis

Amid growing concerns over the soaring cost of housing offered through “jeonse” contracts, Deputy Prime Minister Hong Nam-ki held a closed-door meeting with other ministers and high-ranking government officials Wednesday to discuss measures to address housing issues. Jeonse is a unique form of rental agreement in South Korea where tenants pay a refundable lump-sum deposit in lieu of monthly rent. Among the participants were Minister of Land, Infrastructure and Transport Kim Hyun-mee

MarketNov. 11, 2020

S. Korea’s household debt surges at fast pace in Oct.

South Korea’s household debt extended by local banks surged at a rapid pace in October, gaining more than 10 trillion won ($9 billion) on-month, central bank data showed Wednesday, despite government vows to put a brake on the momentum. Outstanding bank loans extended to local households gained 10.6 trillion won on-month to 968.4 trillion won as of end-October, propelled by home-backed lending, according to the Bank of Korea. The gain is the highest for an October reading since

EconomyNov. 11, 2020

Seoul stocks at over 2-year high on vaccine hopes; Korean won at nearly 2-yr high

The South Korean stock market hit a more than 2-year high Wednesday, as investor sentiment improved on stronger exports and Pfizer's COVID-19 vaccine test results. The Korean won surged to a 23-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.04 points, or 1.35 percent, to close at 2,485.87 points, the highest closing since 2487.25 points on May 3, 2018, and extend its winning streak to an eighth day. Trading volume was high at about 1.3 billion

MarketNov. 11, 2020