The outstanding loans extended to local companies and households here increased by a combined 75.4 trillion won ($73 billion) from February to April, when the economic risks stemming from the novel coronavirus pushed them to the brink, data showed Sunday. The figure has increased nearly triple on-year, rising from when businesses and households borrowed a combined 21.9 trillion won, according to data compiled by the Bank of Korea and the policymaking Financial Services Commission. The outstan

South Korea’s volume of short-term floating capital -- so-called “idle funds” -- surpassed 1,100 trillion won ($901 billion), hitting a record-high amid the prolonged COVID-19 crisis and the continued low rate trend, data showed Sunday. The volume of cash, demand deposits, money market funds and other types classified as idle funds reached 1,106.3 trillion won as of end-March, up by around 10 trillion won on-month, according to data compiled by the Bank of Korea and the Korea

No. of firms applying for listing quadruples in March-May

Japan has not responded to South Korea's renewed call to swiftly retract export restrictions imposed in a row over wartime forced labor, officials here said Sunday, as the deadline for an answer neared. Earlier this month, Seoul gave Tokyo until the end of May to lift the export curbs imposed in July last year on three key industrial materials in apparent retaliation over a row surrounding the wartime forced labor. Japan also removed South Korea from its list of trusted partners. "We ha

South Korean held 3.9 credit cards on average last year, data showed Sunday, as credit card holdings in the country continue to increase as more people use credit cards as their preferred payment method. There were 110.98 million credit cards in South Korea as of end-2019, up 5.92 million from a year earlier, according to the Credit Finance Association. South Korea's economically active population, or the number of people aged 15 years or older who are willing to work, held 3.9 credit cards

Seoul stocks ended slightly higher Friday, after South Korea's finance minister hinted at possible intervention in case of volatility in the local currency markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.06 points, or 0.05 percent, to close at 2,029.60. Trading volume was moderate at about 1.08 billion shares worth some 13.8 trillion won ($11.2 billion), with losers outnumbering gainers 461 to 384. Foreigners sold a net 204.

The South Korean music label behind K-pop sensation BTS has filed for a preliminary review for an initial public offering, according to the nation’s stock market operator Korea Exchange (KRX) on Friday. Founded in 2005 by music producer Bang Si-hyuk, Big Hit Entertainment houses BTS and other K-pop singers and bands, including Lee Hyun and Tomorrow X Together. Bang, who serves as the entertainment firm’s chairman, currently holds 45.1 percent stake, while mobile gaming firm Netma

SEJONG -- South Korea's finance minister said Friday the government will act boldly if volatility rises in the foreign exchange market. Finance Minister Hong Nam-ki said "herd behavior" has been seen recently in the foreign exchange market and speculative trading has caused some moves in the Korean currency, referring to a one-sided movement. "The government will act boldly with its market stabilization measures if herd behavior becomes excessive in the foreign exchange market,

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street amid rising Sino-American tensions over China's passing of a new national security law on Hong Kong. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 10.80 points, or 0.53 percent, to 2,017.74 in the first 15 minutes of trading. The fall was largely attributed to the latest development in the Sino-American dispute on China's passing of the new national security law that could severely restrict c

Big Hit Entertainment, the management agency of K-pop mega group BTS, has filed for a preliminary review to be listed, the bourse operator here said Thursday. NH Investment & Securities, Korea Investment & Securities and JP Morgan will handle the offer, according to the Korea Exchange (KRX). Big Hit, established in 2005, manages K-pop singers BTS, Tomorrow X Together and Lee Hyun. Founder and co-CEO Bang Si-hyuk currently holds a 45.1 percent stake in the label. In 2019, Big Hit lo

WeWork Korea has modified floor layouts of its offices as part of efforts to prevent COVID-19 infection, the company said Thursday. It has also installed more digital signage devices to notify members of the maximum number of people allowed in meeting rooms and to show the walking direction of one-way paths in hallways, it added. These are follow-up preventative measures taken since earlier this year as the company has been measuring body temperature across all locations along with a wide r

South Korean shares closed lower Thursday, snapping a three-day winning streak, on the largest number of daily infections of the new coronavirus in nearly two months. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.66 points, or 0.13 percent, to close at 2,028.54. Trading volume was high at about 1.15 billion shares worth some 14.2 trillion won ($11.5 billion), with losers outnumbering gainers 689 to 177. Foreigners bought a net 42.8 b