The combined volume of loans extended by Japanese lenders operating here fell 5.4 percent on-month as of late June, data showed Tuesday. Meanwhile, loans taken out by local conglomerates accounted for more than half of the total volume, a report by the Financial Supervisory Service showed.According to the report submitted to a main opposition lawmaker, the volume of loans stood at 23.4 trillion won ($20 billion) as of late June, down 5.4 percent from 24.7 trillion won the previous month.  A

South Korean banks and brokerages are in hot water for selling high-risk derivatives-linked securities and related funds to their customers, mostly retail investors, allegedly without providing sufficient warnings or instructions. According to the watchdog Financial Supervisory Service on Monday, eight major financial institutions here sold a combined 822.4 billion ($678.8 million) worth of DLS and funds that use the high-risk product to 3,654 individual investors and 188 businesses as of Aug. 7

A shadow of global recession looms over key economies as major markets have been dealing with some of their worst days in recent weeks. This is sparking concerns that chances of recession may also be growing on home turf, in South Korea. Last week, the yields on US 10-year Treasurys fell below two-year yields for the first time since 2007 – a phenomenon known as an inverted yield curve. Investors and experts alike are regarding such trend with wariness -- every recession in the last 60 yea

An average of 1,000 counterfeit bills are spotted and seized annually in South Korea -- many of them via KEB Hana Bank’s anti-counterfeiting center. With 15 employees and technology worth 1.5 billion won ($1.3 million), the unit handles 37 currencies and is responsible for nearly 80 percent of all counterfeit bill detection in the country. Situated in the basement of a KEB Hana Bank branch office in Euljiro, central Seoul, the center scrutinizes banknotes worth about 12 billion won every d

South Korean consumers cut back their credit card spending on products sold by Japanese brands here by nearly 50 percent as of end-July, a report by the nation’s financial watchdog showed Thursday.According to the report released by an opposition lawmaker, the combined card spending plummeted to 4.9 billion won ($4 million) in the fourth week of July, from 10.2 billion won in the last week of June. On-year, the combined credit card spending on Japanese products sold in Korea, fell 48 perce

Japan’s decision to remove South Korea from its list of trusted export partners in late July brought the relations between the two neighboring countries to a new low. Tensions stemming from the bilateral trade row served as a stark reminder that old wounds run deep and both sides will always have to deal with their complicated histories marked by the 1910-45 Japanese colonial rule of Korea. But according to local experts, the latest dispute is also a sign of changing trade dynamics between

South Korea’s bourse operator Korea Exchange (KRX) said Tuesday it will introduce weekly options contracts based on the Kospi 200 index on Sept. 23, in a bid to boost the local derivatives market. The Kospi 200 options will be introduced every Thursday and expire a week later. The new product will contribute to the diversity of options contracts on Kospi 200, comprised of the largest listed common stocks traded on the nation’s main bourse and widely used as a benchmark, according to

South Korean tech giants Samsung Electronics and LG Electronics were among the companies that were granted the greatest number of patents in the US last year, falling within the top 10 and rubbing shoulders with IBM, Microsoft and General Electric, a report by a US patent association showed Monday. Samsung ranked No. 2 with 5,836 registered patents in the US, surpassed only by US IT giant IBM, which filed 9,088, according to the Intellectual Property Owners Association.  The Korean IT

Investors are flocking to high-risk leveraged and inverse exchange-traded funds in South Korea, resulting in an increase in the daily average trading volume.According to the stock market operator Korea Exchange, the combined daily average trading volume of leveraged and inverse ETFs from July 26 to Thursday amounted to nearly 1.3 trillion won ($1.1 billion). It is 81.3 percent higher compared to the corresponding figure of 701.7 billion won in June.  A leveraged ETF uses financial derivativ

South Korea’s financial authorities said Wednesday they plan to launch a consultative body by the end of the month to help local firms seeking mergers and acquisitions that could reduce the country’s dependency on imported materials from Japan. The plan is in line with the government’s contingency plans -- announced a few days ago in response to Japan’s decision to remove Korea from its list of trusted trade partners -- including financial support for firms eyeing a foray

South Korea’s benchmark Kospi dipped below the 1,900 mark for the first time in three years Tuesday, with risks stemming from the ongoing trade row between Seoul and Tokyo, the intensifying trade war between Washington and Beijing, and Pyongyang’s latest missile launches pushing the market down. The Kospi fell 1.51 percent from the previous trading to close at 1,917.5. It rebounded slightly after falling to 1,891.81 in the early trading hours. The 1,891.81 point marked the lowes

South Korea’s secondary bourse Kosdaq sank below the psychologically important 600-point threshold for the first time in 17 months on Monday, triggering the stock exchange to temporarily halt trading as investor sentiment plummeted due to the escalating trade spat between Seoul and Tokyo. The Korean won also traded at a three-year low against the US dollar, breaking its own significant 1,200-won mark. It closed at 1,215.30 won after hitting 1218.30 won at 10:40 a.m., marking its lowest lev

The ruling party, government and presidential office on Sunday vowed to add at least 1 trillion won ($833 million) to next year’s state budget, in an effort to expand fiscal space amid escalated trade tension with Japan.They also agreed to kick off a task force to promote the manufacturing competitiveness of local parts, components and equipment, to make up for the loss of Japanese imports.  “The government should swiftly execute the corresponding amount from the (recently appro

South Korea’s benchmark Kospi is projected to dip below the psychologically important 2,000 mark, if escalating trade tensions with Japan are prolonged, a report released by a local brokerage firm said Tuesday.Amid a lackluster stock market performance, Tokyo is expected to implement the decision to exclude South Korea from its whitelist of trusted export nations on Friday, which would bar Korea from receiving preferential treatment via simplified export procedures. “The local s

Woori Financial Group said Friday it has acquired Kukje Asset Trust, a local real estate trust company, in an effort to boost its nonbanking portfolio.The financial holding firm signed a stock purchase agreement to acquire a combined controlling stake of 65.7 percent from Kukje Asset Trust Chairman Yoo Jae-eun and his partners.  Woori said it has acquired the first batch of stock traded -- 44.5 percent -- and the remaining 21.27 percent will be acquired three years later, with Chairman Yoo

The South Korean government announced Thursday that it plans to raise the tax credit rate for corporate facility investment and research and development in an effort to stimulate the economy by lifting the tax burden on firms. The government’s announcement of its 2019 tax code revision bill, comes amid an escalating trade row between Korea and Japan, after Tokyo placed export restrictions on key materials needed for semiconductors and display screens, as well as a slew of pessimistic econo

South Korea’s individual investors chose Walt Disney stocks as their favorite foreign stock, a poll showed Wednesday.The survey, conducted by local brokerage Samsung Securities, involved 484 investors that participated in its foreign stocks seminar. About 20.9 percent of the respondents chose the media giant in a question asking which foreign stocks they would purchase before heading off to their summer holidays.Microsoft ranked No. 2 with 15.1 percent and Amazon No. 3 with 10.3 perce

Overseas investors have been on a buying spree of South Korean stocks this month, despite a dampening mood from the escalating Seoul-Tokyo trade row, data showed Tuesday. According to the Korea Exchange, foreign investors net purchased stocks on the benchmark Kospi worth nearly 1.8 trillion won ($1.5 billion) from July 1 to Tuesday. Separate data compiled by local brokerage Yuanta Securities showed that Korean stocks were the most popular among those categorized as emerging markets. Foreign inve

A growing number of South Koreans are changing their holiday destinations from Japan to other countries, with a major travel agency on Monday saying demand for tours fell nearly 50 percent, along with increasing booking cancellations. A boycott of Japanese products, fueled by Tokyo’s decision to curb exports of high-tech materials to Seoul, has spread to the tourism sector, causing Koreans to turn away from the popular travel destination. Since July 8, a daily average of 500 cons

Woori Financial Group said Monday that it recorded a net profit of nearly 1.8 trillion won ($1.53 billion) for the first half of the year, marking a new high.The figure comes as the result of combined first-quarter and second-quarter net profits this year. Its second-quarter net income increased 7.2 percent on-quarter to 610.3 billion won. An official at the firm explained that they improved their financial structure by expanding core deposits and boosting noninterest income business center