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Mon, May 29, 2017 | 09:20

Economy > Finance >

Moon to tackle soaring household debt

President Moon Jae-in and his key economic advisors will draw a comprehensive measure to tackle the country’s soaring household debt this week. The president urged his advisors to take this issue seriously last week when the Bank of Korea (BOK) reported that the debt reached nearly 1,360 trillion won in March, up 1.3 percent from December last year, a record high since the country began compiling the data in 2002. “We need to discuss ways to reduce the household debt,” he told his advisors last Thursday, as it is negatively affecting the livelihoods of the low-income earners.

Finance | 2017-05-28 16:17

Korea rebuts US currency report

The National Assembly Budget Office (NABO) has rebutted a foreign exchange report by the U.S. Department of Treasury foreign exchange report that Korea has kept its currency undervalued to “elevate” its current account surplus. NABO’s May online magazine edition of the Economic Trends & Issue said the country’s currency policy no longer affects its exports. Until 2011, currencies and exports had high correlations _ a weak won against the dollar enabled growth in exports.

Finance | 2017-05-28 16:15

KOSPI surges toward 2,355

Seoul stocks extended all-time highs for five consecutive trading days, Friday, on aggressive buying from foreign and institutional investors. The benchmark KOSPI closed at 2,355.30, up 0.53 percent or 12.37 points. Trading volume was moderate at 309.17 million shares worth 6.03 trillion won ($5.38 billion). The KOSPI touched as high as 2,364.80 during the session. The KOSDAQ closed at 646.01 points, up 0.46 percent or 2.99 points. The Korean won closed at 1,120.70 won against the U.S. dollar, down 4.20 won.

Finance | 2017-05-26 17:01

Consumer sentiment highest since Sewol tragedy

Korea’s overall consumer sentiment improved to the highest level since April 2014 on hopes of the new government’s economic policy, according to the central bank, Friday. The Bank of Korea (BOK) said the composite consumer sentiment index for May stood at 108 points, up 6.8 points from the previous month. It was the highest level in more than three years and the sharpest increase since August 2008. The country’s consumer sentiment index had gone down since April 2014, after the ferry Sewol sinking which killed more than 300 people.

Finance | 2017-05-26 15:20

Coupang typo triggers online door-buster

Workers at e-commerce company Coupang had a rough Friday morning. Hundreds of online customers ordered a 32-inch Samsung monitor mistakenly priced with one missing zero. Some Netizens criticized people who ordered the monitor when the price was obviously a mistake.

Finance | 2017-05-26 14:56

Seoul stocks continue to renew records

Seoul stocks extended gains for a fifth day to close at a new record high Thursday as foreign and institutional buyers supported the upward momentum. The benchmark KOSPI closed up 25.59 points, or 1.1 percent to reach an all-time high of 2,342.93. Trading volume stood at 365.86 million shares worth 6.20 trillion won ($5.55 billion), with advancers outnumbering losers 549 to 274.

Finance | 2017-05-25 18:25

Entrepreneurial ecosystem needed before job creation

President Moon Jae-in’s top priority during his administration is job creation for young adults. Kim Jin-pyo, head of the policy planning advisory panel for the president, said it seeks to ignite a “venture boom to create quality jobs.” However, industry sources say the new government needs to do more than just promote startups as a means to create jobs for the young. They do...

Finance | 2017-05-25 16:18

Mirae Asset Life's general illness policy enjoys popularity

Mirae Asset Life Insurance said Wednesday that its new general illness whole life policy is enjoying popularity, as clients approved of its wide coverage and estimated generous yield. According to the firm, the policy, Variable Health Whole Life Insurance II, has complemented existing whole life policies covering critical illnesses. Most of policies covering critical illnesse...

Finance | 2017-05-24 17:00

THAAD-hit stocks expected to rebound

Shares in cosmetics, tourism and car companies, among others that had been hit by a diplomatic row over the deployment of a U.S. anti-missile system here, are expected to post a rebound on improving investor sentiment, analysts said Tuesday. AmorePacific, Orion, Hana Tour and LG Household & Health Care stocks have recently bounced back on expectations the Moon Jae-in government might settle the dispute with the Chinese government. AmorePacific performed weak on Tuesday on profit-taking, correcting recent gains. The stock closed down 2.37 percent at 350,500 won. Hana Tour also lost 0.87 perce...

Finance | 2017-05-23 17:35

Private investing outfit for social benefits to debut

A committee for establishing a private outfit aimed at nurturing impact finance in Korea opened Tuesday, in a bid to guide finance to serve increased roles for the benefit of society. The Impact Finance Korea Establishment Committee held a press conference to announce its launch and said it will draw private capital to set up Impact Finance Korea (IFK). Impact finance, or imp...

Finance | 2017-05-23 17:10

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Park's impeachment