S. Korea opens financial data exchange

South Korea on Monday opened its first exchange for financial data, the financial regulator said, in a move that could boost the data-driven economy. The exchange will serve as a key platform for buyers and sellers of financial, telecommunication and corporate data. It is meant to facilitate financial big data, according to the Financial Services Commission. "The government will ensure that the financial data exchange will take root as an innovative infrastructure of financial companie

May 11, 2020

Korean Air to decide on W1tr stock offerings this week: sources

Korean Air Lines Co. will decide this week on whether to sell 1 trillion won ($820 million) worth of stocks as part of self-help measures amid the growing coronavirus impact on the airline sector, industry sources said Monday. Korean Air plans to hold a board meeting Wednesday to determine the exact size and the schedule of the rights issue, an airline official told Yonhap News Agency over the phone. Shareholders of the country's biggest carrier will be given the rights to buy the stocks to

May 11, 2020

Online applications for virus relief money begin

An online application for the government's emergency coronavirus relief funds to all households began on Monday morning. The Ministry of the Interior and Safety said nine local credit card companies started receiving online applications through their websites or mobile phone applications. The application is available, first, for those who wish to receive the financial aid in the forms of credit or debit card points, which is scheduled to arrive two days after the application. For the first w

May 11, 2020

S. Korea's May 1-10 exports dip 46.3% as pandemic cripples global demand

South Korea's exports sank 46.3 percent on-year in the first 10 days of May amid the shock from the coronavirus pandemic, customs data showed Monday. The nation's outbound shipments stood at $6.9 billion in the May 1-10 period, compared with $12.5 billion for the same period last year, according to the data from the Korea Customs Service. The daily average exports during the 10-day period slipped 30.2 percent on-year. The data came amid growing concerns that the coronavirus pandemic is denti

May 11, 2020

Foreigners jack up Korean bond exposure this year

Foreign investors have ramped up their investment in South Korean bonds this year amid the country's relatively favorable economic conditions, data showed Monday. Offshore investors held 140.9 trillion won ($115 billion) worth of listed government and corporate bonds as of end-April, up 17 trillion won from the end of last year, according to the data from the Financial Supervisory Service. It marks the first time that foreigners' holdings of South Korean bonds have surpassed the 140 trillion-

May 11, 2020

Per capita national debt nears W15m

South Korea’s national debt per capita stood at 14.83 million won ($12,145) as of Saturday, data from the National Assembly showed Sunday, feeding concerns that the growing figure may take a toll on the nation’s economy amid sluggish growth projections. National debt held by Asia’s fourth-largest economy stood at 769.18 trillion won in the same period, according to the data provided in the form of a debt clock on the website of the parliament’s budget office. It has

May 10, 2020

Subsidy registrations via credit cards start Monday

Credit card issurers will start receiving registrations of relief subsidies on Monday under governmental guidelines that could expand payment transaction volume by 10 trillion won ($8.2 billion). The news comes along with the central government’s move to distribute 14.3 trillion won among Korean citizens to help them fight the fallout from the coronavirus. Of the total, around 10 trillion won is expected to be spent via credit cards, according to market observers. Taking subsidies via cr

May 10, 2020

S. Korea to tighten expenses to finance COVID-19 countermeasures

South Korea will save more than 300 billion won ($246 million) in 2021-2024 by aborting or merging state-subsidized projects, the Ministry of Economy and Finance said Friday. “We have made a rigorous assessment this year as an effective fiscal operation has become more crucial than ever in order to overcome the fallout of COVID-19,” said Vice Finance Minister Koo Yun-cheol in a state subsidy management committee meeting at Seoul Government Complex. Later in the day, Koo was name

May 8, 2020

COVID-19 test kit exports jump 835% in April

Korean exports of novel coronavirus test kits jumped a whopping 835 percent in April from the previous month, as a result of growing global demand, customs data showed Thursday. According to the Korea Customs Service, test kits valued at $201.23 million were exported last month, as compared to $24.1 million worth of shipments a month earlier. Demand for made-in-Korea test kits is growing due to their accuracy and speed. The number of export destinations has increased rapidly, reaching 33 in F

May 8, 2020

‘Korean New Deal’ aims to revive economy through digitalization

South Korea is seeking to reshape its economy in the post COVID-19 era by invigorating the convergence of new and old industries and creating more jobs, through its latest economic stimulus measures dubbed the “Korean New Deal,” the government said Thursday. Borrowing the policy concept from the New Deal -- a Great Depression-era set of government projects in the US in the 1930s -- Korea’s Finance Ministry pledged large-scale investments and a systemic overhaul for the packag

May 7, 2020

S. Korea’s current account surplus widens in March

South Korea’s current account surplus reached an 11-month high in March, despite falling exports due to the novel coronavirus pandemic as the service account deficit sharply declined, data showed Thursday.  According to preliminary data from the Bank of Korea, the nation’s current account surplus hit a record high of $6.23 billion in March, up $1.19 billion from a year earlier.  The current account refers to the difference between the value of exports and imports. Compos

May 7, 2020

S. Korea to pay out W1.5tr subsidy to workers hit by COVID-19

South Korea will provide 1.5 trillion won ($1.2 billion) in special subsidies to irregular workers who lost their income or suffered crucial blows amid the COVID-19 quarantines, the finance minister said Thursday. The move came in line with the government’s struggles to sustain the nation’s job market amid an economy that is set to contract this year. “Seeking to enhance the employment safety net for neglected underprivileged workers, (the government) will execute a 1.5 tril

May 7, 2020

Average monthly household spending stands at W2.45m in 2019

SEJONG -- South Korean households spent an average of 2.45 million won ($2,003) per month in 2019, data showed Thursday. In 2018, South Korean households spent an average 2.53 million won, but an annual comparison may be inappropriate because Statistics Korea changed its method of compiling the data last year, the statistics agency said. Expenditures on food and nonalcoholic beverages came to 333,000 won last year, accounting for 13.5 percent of the total, according to the data. The data a

May 7, 2020

Four out of 10 Koreans suffer pay cut amid pandemic

Over 40 percent of workers in South Korea have suffered a wage cut due to changes in their working conditions sparked by the coronavirus pandemic, a survey showed Wednesday.  According to the survey conducted by Incruit, a job search website, some 42 percent of respondents said their paychecks were reduced after January when the novel coronavirus started to hit the country. Reasons for pay cuts varied, with some saying they were forced to take unpaid leave and others suffering wage freeze

May 7, 2020

S. Korea to offer W1.5tr in subsidies to temporary workers affected by coronavirus

SEJONG -- South Korea will provide 1.5 trillion won ($1.2 billion) in subsidies to temporary workers who lost their jobs due to the coronavirus pandemic, Finance Minister Hong Nam-ki said Thursday. The move is the government's latest measure to protect the nation's job market as the pandemic is expected to force an economic contraction this year. Temporary or freelance workers who lost their jobs will be eligible for the subsidies, and they will receive a total of 1.5 million won each, Hong s

May 7, 2020

S. Korea's current account surplus widens in March on investment gains

South Korea's current account surplus widened from a year earlier in March as a sharp increase in primary income helped offset a slight drop in its goods account surplus, central bank data showed Thursday. The country's current account surplus came to $6.23 billion in the month, compared with a $5.04 billion surplus the same month last year, according to preliminary data from the Bank of Korea (BOK). South Korea has posted a current account surplus for 11 consecutive months. Its goods accoun

May 7, 2020

Ministries told to cut discretionary spending by 10% for 2021 budget

The Ministry of Economy and Finance on Wednesday asked all government ministries to cut discretionary spending by 10 percent in their requests for next year’s budget. The government aims to use the money saved to invest in new projects that could reinvigorate the economy amid signs of an economic downturn brought on by the latest coronavirus pandemic, according to the Finance Ministry. A task force formed of vice ministers and ranking officials will be launched to map out a strategic b

May 6, 2020

BOK offers additional $1.33b to banks via US currency swap

The Bank of Korea (BOK) said Wednesday it will deliver an additional $1.33 billion to local banks under its bilateral currency swap arrangement with the US Fed that is designed to help stabilize the local foreign exchange market. The BOK held its sixth online auction to provide FX liquidity earlier in the day, but bids undershot the target amount of $4 billion. The central bank said it will temporarily suspend its online bids, noting the shortfall in bids may indicate abundant liquidity in th

May 6, 2020

Exports of foodstuffs up 3.8% through April amid pandemic

South Korea's exports of agricultural and meat products increased 3.8 percent in the first four months of 2020 from a year earlier, data showed Wednesday, on the back of rising demand for processed foodstuffs around the globe amid the new coronavirus pandemic. Outbound shipments of such goods reached $2.38 billion during the January-April period, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. "Amid the lockdowns around the globe, shipments of snac

May 6, 2020

Gold funds shine, but oil ETFs lose big on coronavirus

Gold funds in South Korea have shined over the past three months on investors' flight to safety amid the coronavirus pandemic, but oil funds have fared dismally on tumbling crude prices, a market tracker said Wednesday. The three-month average return of 12 local gold funds with assets of 1 billion won ($816,000) or more came to 10.22 percent as of last Wednesday, according to FnGuide. The figure far outperformed the median return rate of minus 12.16 percent for domestic stock funds over the t

May 6, 2020