Former police chief summoned over alleged bribery

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Mortgage loans continue to soar in July

Mortgage loans extended by major South Korean banks continued to increase in July on the back of a recovery in the local housing market and a low rate trend, industry data showed Monday.The outstanding mortgage lending by seven commercial banks, including Kookmin Bank and Shinhan Bank, rea...

Updated : 2015.08.03 09:49

S. Korea's current account surplus hits new high in June

South Korea's current account surplus soared to a fresh record high in June as an increase in the surplus in the goods balance offset a widening service account deficit caused by the outbreak of Middle East Respiratory Syndrome, data showed Monday.The current account surplus reached US$12....

Updated : 2015.08.03 09:35

Top 10 conglomerates' overseas sales down 4.6 pct in 2014

South Korea's top 10 business groups' exports fell 4.6 percent on-year in 2014, data showed Sunday, with only three experiencing an increase in overseas sales.  The combined revenue from exports for the conglomerates came to 546.4 trillion won ($466 billion) last year, compared to 573.1 ...

Updated : 2015.08.02 10:44

N. Korea shifts entries of border-area howitzer bunkers northward

North Korea has moved the entrances to the military's howitzer bunkers in the border area to a northward direction from the south, making it more difficult for South Korea and the U.S. to curb the howitzer attacks in a war situation, a government source said Sunday.  "Changes have been d...

Updated : 2015.08.02 09:08

S. Korea's exports shrink for seventh consecutive month in July

South Korea's exports again shrank from a year earlier in July, posting an on-year drop for the seventh consecutive month, the government said Saturday.   The country's overall outbound shipments came to US$46.61 billion last month, down 3.3 percent from the same month last year, accordi...

Updated : 2015.08.01 10:33

Foreign banks cut Korea’s growth outlook to 2.6%

Global investment banks recently revised down their outlook on South Korea’s economic growth, despite the favorable financial indexes for exporters compared to earlier this year.According to the Korea Center for International Finance, the projection of 10 major IBs since June on the natio...

Updated : 2015.07.30 17:40

BOK hints at lowering inflation target band

South Korea's central bank said Thursday that downside pressure on consumer prices will persist on the demand side, hinting that it may possibly lower its three-year inflation target range."On the demand side, downside pressure will persist, with the output gap remaining in negative territ...

Updated : 2015.07.30 13:42

Offshore investors cut S. Korea's growth estimate: report

Global investment banks have lowered their growth forecasts for South Korea as it faces a double whammy of lethargic consumption and sluggish exports despite a series of rate cuts and plans to jack up fiscal spending, a report showed Thursday.The average growth estimate by 10 major investm...

Updated : 2015.07.30 09:50

Samsung Q2 net drops 8 pct on weak smartphone sales

Samsung Electronics Co. posted a near 8 percent drop in second-quarter net profit Thursday as its smartphone business remained sluggish on lackluster Galaxy S6 sales and harsh competition from Chinese...

Updated : 2015.07.30 09:05

LG Electronics Q2 net plunges on weak smartphone sales

LG Electronics Inc., South Korea's No. 2 tech giant, said Wednesday its second-quarter net profit tumbled 45 percent on-year due to lackluster sales of its flagship G4 smartphone and unfavorable currency rates.Net profit came to 226.4 billion won ($195.7 million) in the April-June period, ...

Updated : 2015.07.29 17:46

Real estate market thrives in Q2

Korea’s home transactions in the real estate market skyrocketed in the second quarter of this year on rising house rent fees and record-low loan rates, a state-run economic research institute said We...

Updated : 2015.07.29 16:59

Import settlements in euro, won up in Q2

The portion of the euro and the Korean won used to settle imports to South Korea both rose to a fresh high in the second quarter, central bank data showed Wednesday.The use of the euro accounted for 6.3 percent of all import settlements in the April-June period, the highest level since 6.3...

Updated : 2015.07.29 13:31

S. Korean steel firms face anti-dumping suit in U.S.

South Korean steelmakers have been sued by their rivals in the United States on anti-dumping charges, a trade association here said Wednesday. AK Steel and four other major U.S. steelmakers filed anti-dumping and countervailing duty petitions against South Korea and seven other countries, ...

Updated : 2015.07.29 11:38

Cabinet OKs casino cruise plan

A cruise vessel is docked at a port in this file photo. (Yonhap) Korean cruise vessels will be able to operate onboard casinos for foreign passengers when sailing overseas from as early as next year,...

Updated : 2015.07.28 18:30

Police say 41 phone fraud offenders arrested in China

South Korean police said Tuesday they have arrested 41 people in China for alleged telephone-based financial scams in rare cooperation with their Chinese counterparts.The Seoul Metropolitan Police Agency said they arrested 39 South Koreans and two ethnic Koreans in China for allegedly open...

Updated : 2015.07.28 17:48