South Korea ranked high in first-quarter economic growth among major advanced and emerging economies as its economy got a boost from recovering exports and investment, data showed Thursday. Asia's fourth-largest economy expanded 0.9 percent on-quarter in the January-March period from three months earlier, a quarterly increase of 0.4 percentage point in the fourth quarter of last year, according ...

South Korean banks saw their financial health improve slightly in the first-quarter of this year, helped by less exposure to risky assets, the financial regulator said Thursday. The average capital adequacy ratio of 17 commercial and state-run banks stood at 15.14 percent as of end-March, up 0.33 percentage point from the previous quarter, according to the Financial Supervisory Service. A key b...

South Korea's consumer prices continued their upbeat mode to touch the 2 percent level in May on high-flying oil and livestock prices, government data showed Thursday. The country's consumer price index gained 2 percent last month from a year earlier, slightly up from the previous month's 1.9 percent rise, according to the data compiled by Statistics Korea. Consumer prices have been hovering ar...

South Korea's central bank should maintain the current monetary easing policy to support growth, a member of the Bank of Korea's monetary policy board said Wednesday. Koh Seung-beom made the case during a luncheon meeting with reporters at the BOK headquarters in central Seoul, noting the recovery of domestic demand is not strong yet. He also said he does not believe a US rate hike could trigge...

The use and the amount of money traded via smartphone banking apps has continues to surge becoming a major transaction platform, the Bank of Korea’s data showed. As of the first quarter this year, an average of 94.12 million transactions were made through smartphone banking, up 7.3 percent from the previous quarter, accounting for up 61 percent of all internet banking. Daily transactions averag...

South Korea’s tech-heavy stock market hit this year’s record high for two consecutive days, topping the 650 mark for the first time in more than seven months on Wednesday. The benchmark Korean Securities Dealers Automated Quotations closed at 652.04, up 0.46 percent from the previous trading day Tuesday, when it closed at 649.06. The index for the second-tier market had not surpassed 650 mark s...

Mirae Asset Daewoo on Wednesday denied recent reports that the company is considering taking over SK Securities. A report on the previous day said that the company would push forward several takeovers to expand its equities and develop itself into a mega investment bank. It also predicted that SK Securities is the leading candidate as there were rumors that Mirae Asset Daewoo Chairman Park Hyeo...

Deloitte Anjin has named its new CEO Lee Jung-hee, who has been managing partner in Deloitte Tax group since 2010, the accounting firm said Wednesday. Lee will take the helm starting Thursday. The career accountant, known for his expertise as a corporate tax adviser for multinational companies, is expected to serve a 3-year term. Lee was nominated as a sole candidate for the chief executive in ...

Following the ouster of former President Park Geun-hye and the election of President Moon Jae-in, some foreign investors in Korea have heaved a sigh of relief in anticipation that the country’s economic instability during the turbulent political times will finally begin to normalize. Foreign-invested firms make up 20.9 percent of the nation’s total exports and 5.7 percent of jobs. Of these firms...

KB Savings Bank will launch a simplified authorizing service next month, allowing users to access smartphone banking services without certificate verification or other security media. The service will enable customers who have downloaded KB Savings Bank’s smartphone application to open new bank accounts and utilize financial services with their personal identification numbers only. It can be us...

South Korea’s manufacturing sentiment inched down in May from the previous month, the first decline in nine months, as producers were psychologically pressured from reduced business days with more holidays in May, the Bank of Korea said Wednesday. The business survey index in the manufacturing sector dropped to 82 in May from 81 in April. The index remained low at 71-72 from August to December b...

Confusion is growing over the implementation of a merit pay system at public organizations in the country, as President Moon Jae-in and his aides are pushing to repeal the measure introduced under previous administrations. During his campaign for the May 9 presidential election, Moon pledged to immediately abolish the performance-based wage system if he became president. Kim Jin-pyo, head of a ...

Investment by South Korean institutional investors into foreign bonds and stocks hit a record high at the end of March this year, official data showed Wednesday. The data suggested that appetite by South Korean insurers, brokerages and asset management firms for riskier assets in foreign countries improved amid record-low interest rates at home. The total holdings of foreign bonds and stocks by...

South Korea's exports to the group of Southeast Asian countries more than doubled over the last decade as commerce and investment increased following the implementation of a free trade deal, government data showed Wednesday. Outbound shipments to the 10 member countries of the Association of Southeast Asian Nations reached US$74.52 billion in 2016, compared with $32.1 billion in 2006, according ...

South Korean shares traded higher late Wednesday morning as foreign and institutional buyers scooped up big cap stocks amid a massive selling spree by individuals. The benchmark Korea Composite Stock Price Index added 9.42 points, or 0.4 percent, to 2,353.10 as of 11:20 a.m. The index opened lower on losses in market heavyweights, including market bellwether Samsung Electronics. However, the lo...