Korean Air Lines Co.’s planned acquisition of rival Asiana Airlines Inc. and subsequent restructuring will lead to an annual profit of 300 billion won ($269.6 million), the head of the main creditor of Asiana said Monday. Lee Dong-gull, chairman of the state-run Korea Development Bank (KDB), offered the estimate in an interview with a local broadcaster, adding that the two carriers can brace for the post-pandemic era in two to three years if they push to restructure in a way that streamli

South Korea’s consumer sentiment rose for the second consecutive month in November, as the economic outlook improved amid relaxed social distancing measures, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.9 for November, up 6.3 points from 91.6 recorded for October, according to the Bank of Korea (BOK). The reading marks the second straight month of gains following a 12.2-point on-month rise in October. A reading below 100 means pessimist

Major South Korean companies saw their overseas sales inch up in the third quarter of the year despite the coronavirus pandemic, data showed Tuesday. Combined overseas sales of the country's top 100 firms by revenue totaled 181.9 trillion won ($164 billion) in the September-July period, up 1.6 percent from a year earlier, according to the data from the Federation of Korean Industries (FKI). The figure marks a 24.1 percent surge from three months earlier when their overseas sales tumbled nearly

In line with the digitalization of industries accelerated by the COVID-19 pandemic, the chief of the nation’s intellectual property office vowed Tuesday to “open an era of digital IP” via systemic upgrades. “In order to resolve key issues tied to protection of core values of the digital era, we will update laws that can bolster IP protection in the process of data manufacturing, transfer and utilization and address issues surrounding creative rights of inventions by art

South Korea's household credit grew at a faster clip in the third quarter compared to three months earlier, driven by a rise in banks' home-backed loans, central bank data showed Tuesday. Household credit reached a record high of 1,682.1 trillion won ($1.51 trillion) as of September, up 44.9 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial instit

The combined net profit of insurance firms in South Korea gained 6.1 percent on-year in the first nine months of this year, partly supported by fewer car accidents as people stayed home amid the coronavirus pandemic, data showed Tuesday. Life and non-life insurers saw their combined net profit increase by 319.5 billion won ($286.8 million) to 5.5 trillion won for the January-September period, according to data from the Financial Supervisory Service (FSS). In a statement, the FSS said profits

South Korea said Tuesday it will release its reserved grains into the market to cope with the reduced rice output after the long rainy season this year coupled with major typhoons. The country will release up to 370,000 tons of reserved rice, according to the Ministry of Agriculture, Food and Rural Affairs. The detailed amount will change depending on the market situation. The rice will be released after the harvest season in different phases to minimize potential fluctuations in the market.

More than seven in 10 South Korean exporting companies expect their overseas shipments to increase in 2021 from this year, a poll showed Tuesday. The survey of 801 exporters, taken by the Korea International Trade Association (KITA), showed 71.3 percent of the respondents anticipating an increase in their exports next year. The poll did not give reasons for their expectations for a hike in overseas shipments in the coming year. Exports of petroleum products are projected to climb 6 percent on

Combined order backlogs of South Korea's top five shipbuilders, led by Hyundai Heavy Industries Co., fell 22 percent in the first nine months of the year from the end of last year due to decreased new orders amid the coronavirus pandemic, industry sources said Tuesday. But their good financial health will prevent them from raking in orders at lower prices, according to Han Young-soo, an analyst at Samsung Securities Co. The shipbuilders have 38 trillion won ($34.2 billion) worth of order backl

Sales of imported commercial vehicles in South Korea jumped 21 percent last month from a year earlier on robust sales of Scania and Mercedes-Benz trucks, an industry association said Tuesday. The number of newly registered imported commercial vehicles rose to 474 units in October from 392 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Imported commercial vehicles currently account for a large share of the domestic commercial vehicle market

A recent surge in coronavirus infections at home and abroad is likely to come as a big draw on South Korean oil refiners already battered by the fallout from the pandemic, industry sources said Tuesday. Whipsawed by weak oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players posted a combined net loss of more than 5 trillion won ($4.5 billion) in the first half of the year. The situation didn't improve much in the third quarter despite rising demand

Spending on housing also soars amid jeonse shortage

South Korean brokerage houses expect the local stock market to continue its upturn to reach a new zenith in 2021 on expectations for an economic recovery, sources said Monday. Thirteen securities companies have forecast the upper-end target band for the benchmark Korea Composite Stock Price Index (KOSPI) to range from 2,630 to 3,000 in the coming year. The expected range surpasses the key stock index's all-time high of 2,568.54 and an intersession record of 2,607.10. Heungkuk Securities Co. h

South Korea's exports rose 11.1 percent on-year in the first 20 days of November, customs data showed Monday, raising cautious hopes of an economic recovery from the coronavirus pandemic. The country's outbound shipments stood at $31.3 billion in the Nov. 1-20 period, compared with $28.1 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports also increased 7.6 percent on-year in the Nov. 1-20 period, the data showed. Imports gained 1.3 percent on-year

Under the impact of the COVID-19 pandemic and ongoing trade disputes between nations, South Korea’s trade-reliant companies are going through a difficult time.  Struggling to survive in this hard time, often likened to the “barley hump,” they have made desperate efforts. The “barley hump,” is a Korean way of describing the lean season, known in some countries as the hunger gap, when the fall harvest runs out but barely anything in the fields is ready to eat