S. Korea to sell 12.4tr won worth of Treasurys in November

SEJONG -- South Korea plans to sell 12.4 trillion won ($10.9 billion) in state bonds next month, the finance ministry said Thursday. The ministry will issue 2.9 trillion won in bonds with a maturity of three years and another 2.4 trillion won in five-year bonds in November, according to the Ministry of Economy and Finance. It also intends to sell 3 trillion won in bonds with a maturity of 10 years and 1 trillion won in 20-year Treasurys, while floating 3.1 trillion won in bonds with a maturity

Oct. 29, 2020

Smaller firms' business confidence gains for Nov.: poll

South Korean smaller firms' business outlook rose for the second consecutive month for November on loosened coronavirus curbs and a recovery in exports, a poll showed Thursday. The survey of 3,150 small and medium enterprises (SMEs) showed that the small business health index (SBHI) stood at 74 for the coming month, up 2.8 points from October. It marked the second consecutive month of increase. The index gained to 71.2 for October from 67.9 in September. Yet the November tally was still below

Oct. 29, 2020

Debt of self-employed rises 4.7% in 2018

SEJONG -- Debt held by the self-employed grew 4.7 percent in 2018, as their income fell amid the economic slowdown, raising concerns about their capacity to service debt, data showed Thursday. Average bank loans extended to a self-employed person amounted to 164 million won ($144,000) as of end-2018, compared with 156 million won a year ago, according to the data released by Statistics Korea. Banks have increased loans to the self-employed as the financial regulator is seeking to curb the gr

Oct. 29, 2020

BOK again extends special lending program amid pandemic

The Bank of Korea (BOK) said Thursday it will again extend a special loan scheme for financial institutions by three months to help them stem a possible funding squeeze amid the coronavirus pandemic. The central bank said its decision-making monetary policy board decided to extend the special loan facility, originally set to expire on Nov. 3, until Feb. 3. It marks the second extension since the program's inception in May. In August, the BOK extended the special loan program by three months.

Oct. 29, 2020

No. of South Korean rich surges twofold in decade

The number of rich people in South Korea has more than doubled in the past 10 years, a report showed Wednesday. According to the Korea Wealth Report 2020 released by KB Financial Group Research Institute, the number of people with financial assets worth more than 1 billion won ($884,000) reached 350,000 last year, up 9.6 percent on-year. The report defines a rich as a person holding financial assets worth more than 1 billion won. The number of Korean rich has been growing for nine years, wit

Oct. 28, 2020

Consumer sentiment sees highest rise in some 12 years in October

South Korea’s consumer sentiment improved significantly in October driven by rising optimism over the economic outlook and relaxed social distancing rules, central bank data showed Wednesday. The composite consumer sentiment index gained 12.2 points to 91.6 on-month, marking the greatest single month increase the gauge has seen in some 12 years, the Bank of Korea said. The index gained 20.2 points on-month to 93 in April 2009, when the country was reeling from the 2008 financial crisis.

Oct. 28, 2020

S. Korea's daily FX turnover falls in Q3 amid won's gain

The daily foreign exchange (FX) trading by banks in South Korea declined 4.7 percent in the third quarter from three months earlier amid the local currency's gain against the US dollar, central bank data showed Wednesday. The daily FX turnover came to an average $49.56 billion in the July-September period, down $2.46 billion from the second quarter, according to the data by the Bank of Korea (BOK). The drop came as an inflow of foreign investors' stock funds slowed amid the won's gain and FX d

Oct. 28, 2020

Childbirths in S. Korea slip 7.8% in August

SEJONG -- The number of babies born in South Korea slipped 7.8 percent in August from a year earlier, data showed Wednesday, in the latest sign underscoring the low birthrate that has plagued the nation for more than a decade. The data compiled by Statistics Korea showed that 22,472 babies were born in August, compared with 24,371 tallied in the same month of 2019. It marks the lowest number of newborns for any July since the statistics agency started compiling monthly data on newborns in 1981.

Oct. 28, 2020

Banks' lending rates rebound in 4 months in Sept.

South Korean banks' lending rates rebounded for the first time in four months in September amid rising market rates, central bank data showed Wednesday. The average interest rate charged on new bank loans came to 2.66 percent in September, up from 2.63 percent the previous month, according to preliminary data from the Bank of Korea (BOK). The tally marked the first rebound after banks' lending rates declined for the third straight month since June due to the impact of the central bank's policy

Oct. 28, 2020

FTA partners help S. Korea continue trade surplus amid virus

South Korea's free trade agreement (FTA) partners have played a key role in helping the country maintain its trade surplus and volume this year amid the coronavirus pandemic, government data showed Wednesday. Asia's fourth-largest economy registered a trade surplus of $40.4 billion with its FTA partners in the January-September period, according to the data from the Korea Customs Service. In contrast, South Korea posted a $12.8 billion trade deficit with non-FTA partners, resulting in an overa

Oct. 28, 2020

Exports of cleaning appliances soar amid virus outbreak

South Korea's exports of air purifiers and other home cleaning appliances spiked in the first nine months of the year amid the coronavirus pandemic, data showed Wednesday. Outbound shipments of air purifiers shot up nearly 60 percent on-year to $157 million in the January-September period, according to the data from the Korea Customs Service. Exports of dishwashers surged 22.5 percent to $169 million over the cited period, and those of clothes dryers rocketed 72 percent to $556 million. Export

Oct. 28, 2020

S. Korea, Russia to build stronger ties in hydrogen sector

South Korea and Russia vowed Wednesday to bolster their ties in the hydrogen industry as both countries seek to utilize more environment-friendly resources and break away from traditional fossil fuels. The consensus was reached in a videoconference between Deputy South Korean Trade Minister Park Ki-young and his Russian counterpart, Aleksandr Morozov, according to the Ministry of Trade, Industry and Energy. "There is great potential for cooperation between South Korea and Russia, which ca

Oct. 28, 2020

S-Oil Q3 net down 41.3% on decreased cracking margins

S-Oil Corp., a major oil refiner in South Korea, said Wednesday its third-quarter net profit plunged 41.3 percent from a year earlier due to decreased cracking margins. S-Oil posted a net profit of 30.2 billion won ($26.7 million) in the July-September period, compared with a net profit of 51.5 billion won a year earlier, the company said in a regulatory filing. The company said decreased cracking margins caused by weak demand amid the coronavirus pandemic are to blame for the sharp decline i

Oct. 28, 2020

S. Korea aims to double number of research spin-off firms to 2,000 by 2025

South Korea said Wednesday it targets doubling the country's current number of companies to be spun off from research institutes to 2,000 by 2025 and creating over 6,000 new positions as part of its efforts to create more jobs. Under the new plan, South Korea seeks to foster the sector in line with its New Deal program designed to create 1.9 million jobs by spending 160 trillion won ($141.6 billion) by 2025. In 2005, South Korea introduced a policy to create such firms with an equity investme

Oct. 28, 2020

Corporate bond sales increase 12.9% in Sept.

South Korean companies' bond sales rose 12.9 percent in September from a month earlier and their share offerings jumped 49.1 percent, data showed Wednesday. Local businesses raised 16.47 trillion won ($14.6 billion) by selling bonds in September, up 1.88 trillion won from August, according to the data from the Financial Supervisory Service (FSS). Increased sales of debt by financial and nonfinancial companies led the overall rise, offsetting a fall of 409.3 billion won in the issuance of asset

Oct. 28, 2020

Consumer sentiment rises by most in nearly 12 years in Oct. amid eased virus curbs

South Korea's consumer sentiment rose by the most in nearly 12 years in October as the economic outlook improved amid relaxed social distancing measures, central bank data showed Wednesday. The composite consumer sentiment index (CCSI) came in at 91.6 for October, up 12.2 points from 79.4 recorded for September, according to the Bank of Korea (BOK). The reading marks the largest on-month increase since April 2009 when the index rose by 20.2 points. It also marks the highest mark since Februar

Oct. 28, 2020

FSC chief stresses consumer protection, digital transition in COVID era

Financial Services Commission Chairman Eun Sung-soo on Tuesday stressed the importance of consumer protection in the coronavirus era amid surging financial investment activities by retail investors taking advantage of ultralow interest rates. “Consumer protection is more important than ever as retail investors have increasingly invested in high-profit financial products amid the low interest rate environment triggered by the COVID-19 pandemic,” said Financial Services Commission C

Oct. 27, 2020

S. Korea’s economy returns to growth in Q3 due to improved exports

The South Korean economy in the July-September period marked the first quarterly expansion since the COVID-19 outbreak, reflecting the recent rebound in exports, central bank data showed Tuesday. While the government displayed some optimism over the latest turnaround, monetary authorities continued their wait-and-see approach, citing uncertainties such as the imminent US presidential election and the apparent coronavirus flare-up in Europe. The country’s real gross domestic product for

Oct. 27, 2020

Doosan Mobility Innovation to break into overseas drone market

Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs for drones, said Tuesday it will make inroads overseas to expand its presence in the power cable-checking system. To that end, DMI signed a preliminary deal with the Korea Electric Power Research Institute (KEPRI), a R&D subsidiary of the state-run Korea Electric Power Corp. (KEPCO), the company said. Under the deal, both sides plan to share their patent technologies and sales networks, and KEPRI's automated p

Oct. 27, 2020

Corporate land ownership in S. Korea on steady rise

Corporate ownership of land in South Korea has been on a steady rise in recent years amid rising criticism of conglomerates' real estate investment, government data showed Tuesday. South Korean companies owned 6.953 square kilometers of land in 2019, up 1.7 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. It represents 11.3 percent of the country's total land area, up from a 10.1 percent share in 2012. Corporate land ownership had bee

Oct. 27, 2020