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  • Economy

    Expected BOK rate hike prompts concern over rising interest burdens on households, firms

    Expectations of imminent interest rate hikes by the Bank of Korea (BOK) are adding to pressure on households and businesses already struggling with rising borrowing costs, analysts said Sunday. Lending rates at major banks have continued to climb as BOK Gov. Shin Hyun-song struck a hawkish tone following a Monetary Policy Board meeting on May 28, reinforcing market expectations that the central bank could begin raising rates as early as July. According to banking industry data, fixed-rate mortgage loans offered by the country's five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — carried interest rates ranging from 4.39 percent to 7.33 percent as of Friday. The upper end of the range was up 0.33 percentage point from a month earlier, when rates stood between 4.4 percent and 7 percent. It marked the first time since October 2022 that the highest fixed mortgage rate among the five major lenders exceeded 7.3 percent. Personal credit loan rates have also moved higher. As of Friday, interest rates on personal credit loans for top-tier borrowers with one-year maturities ra

    2 MIN READBy Lee Hyo-jin
    Expected BOK rate hike prompts concern over rising interest burdens on households, firms
  • Policy

    Top policymakers vow stern action against speculative FX market activities as won weakens

    2 MIN READBy Yonhap
    Top policymakers vow stern action against speculative FX market activities as won weakens
  • Cryptocurrency

    Bithumb's bitcoin payout blunder results in $1.6 mil. compensation

    2 MIN READBy Lee Hyo-jin
    Bithumb's bitcoin payout blunder results in $1.6 mil. compensation
  • Economy

    S. Korean retail investors sell over $641 bil. in overseas stocks in 1st week of June

    1 MIN READBy Yonhap
    S. Korean retail investors sell over $641 bil. in overseas stocks in 1st week of June
  • Economy

    Seoul stocks, won hammered by massive foreign selling

    2 MIN READBy Park Han-sol
    Seoul stocks, won hammered by massive foreign selling
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Economy

Korean economy grows at faster pace in Q2 on robust private spending

A shopper selects vegetables at a market in Seoul, July 25. YonhapThe Korean economy grew at a faster pace in the second quarter than three months earlier as private spending picked up due to eased COVID-19 restrictions despite a fall in exports, the central bank said Tuesday.The country's gross domestic product (GDP), the broadest measure of economic performance, grew 0.7 percent on-quarter in the April-June period, accelerating from a 0.6 percent increase in the first quarter, according to an advance estimate from the Bank of Korea (BOK).The on-quarter growth picked up in the second quarter as consumer and government spending rose while exports lost steam. Asia's fourth-largest economy expanded 2.9 percent on-year in the second quarter.Consumer spending rose 3 percent on-quarter in the second quarter, as spending on semidurable goods and services, such as accommodations and restaurants, increased.On April 18, Korea lifted most COVID-19 restrictions, except the mask mandate, in a major step toward returning to pre-pandemic life.Government spending increased 1.1 percent due to increa

Jul 26, 2022
Korean economy grows at faster pace in Q2 on robust private spending
Economy

Women outnumber men when it comes to large-cap stock investments

gettyimagesbankBy Yoon Ja-youngWomen now outnumber men when it comes to investing in large-cap shares as an increasing number of women turn their eyes to stock investment, according to the latest data. Female investors also tend to reap bigger returns than male investors by sticking to long-term investments.According to Korea Securities Depository data submitted to Rep. Yun Ju-keyng of the governing People Power Party (PPP), female shareholders outnumbered males in nine out of the top 10 stocks in terms of market capitalization. Shinhan Financial Group was the only exception where male investors outnumbered females.The latest data reflects an overall increase in the number of female investors as well as their preference for large-cap stocks. The number of female investors has been increasing after the market crash triggered by the outbreak of the coronavirus pandemic. They joined a group of retail investors who banked on a stock market recovery and ended up accounting for 47 percent of stock investors last year, which contrasts with 42.6 percent in 2020. The number of female stock in

Jul 26, 2022By Yoon Ja-young
Women outnumber men when it comes to large-cap stock investments
Economy

China falls, US rises as Korea's export destinations

gettyimagesbankBy Anna J. ParkData show that the U.S. is increasing its weight in Korea's annual export volumes, while China has been declining. China's prolonged pandemic lockdowns are attributed as one of the main reasons, yet other complex factors, such as China's advances in manufacturing industries as well as the growing U.S-China trade conflict, are also estimated to have played a part in the trend.According to data compiled by the Korea International Trade Association (KITA), exports to China accounted for about 23.2 percent of Korea's entire export volume during the first half of this year. The figure is a decrease by 1.9 percentage points from the same period last year. In comparison, the U.S. took up 15.7 percent of Korea's export volume during this year's first half, which is a 0.4 percentage point increase year-on-year. When looking at last year's numbers, China accounted for 25.3 percent, or $162 billion out of Korea's annual export volume of $644 billion, which is a fall of 0.6 percentage points from 2020. During the same period, the weight of exports to the U.S. stood

Jul 25, 2022By Anna J. Park
China falls, US rises as Korea's export destinations
Cryptocurrency

Crypto exchanges lay low as prosecution escalates probe into Luna saga

The logo of Upbit is displayed in front of its headquarters in Seoul, July 20, when the prosecution launched an investigation into local crypto exchanges. Yonhap By Lee Min-hyungCryptocurrency exchanges here are keeping a low profile as the prosecution intensifies its investigation into their trading records on the ill-fated stablecoin Terra and its sister token Luna. The probe was targeted on Korea's seven main crypto exchanges including Upbit and Bithumb. The prosecution searched their headquarters for three days from July 20 to seize their trading records of the two controversial coins that saw their values plummet abruptly in May.Dumanu, the operator of the nation's largest exchange Upbit, is at the center of the investigation, as Dunamu & Partners ― the investment arm of Dunamu ― acquired 20 million Luna coins in 2018 and sold them all of them in February 2021. The company generated a profit of 130 billion won by trading Luna.But Dunamu and other exchanges argu

Jul 25, 2022By Lee Min-hyung
Crypto exchanges lay low as prosecution escalates probe into Luna saga
Cryptocurrency

FTX's reported acquisition of Bithumb boosts crypto stocks

The logo of Bithumb, the nation's second-largest crypto exchange, is seen in front of its customer service center in Seoul. Yonhap By Lee Min-hyungShares of Vidente, the largest shareholder of Bithumb, soared by around 30 percent Monday amid FTX's reported plan to take over the Korean crypto exchange operator.Vidente is the largest shareholder of Bithumb Holdings with a 34.22 percent stake. The company's stock closed with an eye-catching gain of 29.77 percent, or 2,730 won on the tech-heavy Kosdaq.The company can exercise its right to appoint Bithumb's board of directors. If FTX, a U.S.-based crypto exchange, possibly ends a race to acquire Korea's second-largest crypto exchange operator, Vidente is also forecast to receive massive financial benefits.Last week, an overseas news report said that FTX is “in advanced talks” to take over Bithumb.A spokesman at Bithumb declined to disclose more details.“We cannot confirm anything over the report or whether both sides are

Jul 25, 2022By Lee Min-hyung
FTX's reported acquisition of Bithumb boosts crypto stocks
Economy

Daily FX turnover hits record high in Q2 amid increased currency volatility

Getty Images BankThe daily foreign exchange (FX) trading by banks in South Korea hit a fresh high in the second quarter as volatility in the currency market heightened, central bank data showed Monday.The daily FX turnover, including trading of derivatives, came to an average of $65.59 billion in the April-June period, up 0.1 percent from $65.55 billion three months earlier, according to the data from the Bank of Korea (BOK).It marked the largest amount since 2008, when the central bank started compiling related data under revised rules.The rise was attributable to an increase in market volatility amid the prospect that the U.S. Federal Reserve could raise interest rates at a faster-than-expected clip to curb inflation. The won has slid more than 9 percent against the dollar so far this year.The increased FX turnover also came even as the country saw its trade volumes fall from three months earlier amid heightened external economic uncertainty.The value of South Korea's exports and imports reached the daily average of $5.27 billion last quarter, down from $5.39 billion in the first q

Jul 25, 2022
Daily FX turnover hits record high in Q2 amid increased currency volatility
Economy

OECD leading index for S. Korea dips for 13th month in June

People shop at a traditional market in Seoul, Sunday. YonhapA leading economic index for South Korea dropped for the 13th straight month in June, data showed Monday, amid soaring material costs and growing financial instability.The composite leading indicator (CLI) of economic activity for South Korea came to 98.87 for June, down from the previous month's 99.09, according to the data from the Organization for Economic Cooperation and Development (OECD).The index for South Korea had been contracting since May last year, when it rose to 101.95. Since January this year, it has remained below the benchmark 100, which separates expansion from contraction.The CLI gauges how an economy will fare six to nine months ahead, based on industrial output, gross domestic product, and housing and financial market conditions.Experts attributed the June drop mainly to a recent surge in import prices stemming from sky-high raw material costs and unstable financial markets due to rate hikes in major economies.It also comes amid growing concerns about a global economic recession, but a government officia

Jul 25, 2022
OECD leading index for S. Korea dips for 13th month in June
Economy

Yellen downplays US recession risk as economic reports loom

U.S. Department of the Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee during a hearing on Proposed Fiscal Year 2023 Budget on Capitol Hill in Washington, D.C., in this June 8 file photo. AP-YonhapU.S. Treasury Secretary Janet Yellen on Sunday said the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession.Yellen spoke on NBC's “Meet the Press” just before a slew of economic reports will be released this week that will shed light on an economy currently besieged by rampant inflation and threatened by higher interest rates. The data will cover sales of new homes, consumer confidence, incomes, spending, inflation, and overall output.The highest-profile report will likely be Thursday, when the Commerce Department will release its first estimate of the economy's output in the April-June quarter. Some economists forecast it may show a contraction for the second quarter in a row. The economy shrank 1.6% in the January-March quarter. Two straight negative readings is considered an informal definition of

Jul 25, 2022
Yellen downplays US recession risk as economic reports loom
Economy

Korea to be overtaken by Taiwan in per capita GDP rankings: report

gettyimagesbank By Yoon Ja-youngKorea's rise in economic status may be an illusion and it is likely to be overtaken by Taiwan in per capita gross domestic product (GDP) rankings this year, a report noted. Lee Tae-yeol, a senior research fellow at the Korea Insurance Research Institute (KIRI), noted in a report that the Korean economy is walking sideways in terms of both per capita GDP and global competitiveness.“The Korean economy surpassing or being on par with some major developed economies such as Spain and Italy is because of those countries' fall in rankings, rather than a rise of Korea,” he said in the report, noting that Korea's rise compared to some European countries is more of an illusion when considering Korea's stagnant economic condition. Lee cited economic outlook by the International Monetary Fund (IMF), according to which Korea is expected to surpass Italy in terms of per capita GDP this year after surpassing Spain in 2015.However, he points out that

Jul 25, 2022By Yoon Ja-young
Korea to be overtaken by Taiwan in per capita GDP rankings: report
Economy

What's Hong Kong's future as global financial hub?

A view of downtown Hong Kong / gettyimagesbank Industry expects city to maintain status thanks to role as entry point into ChinaBy Kim Bo-eunHONG KONG ― Hong Kong has been engulfed by a series of major events in recent years, which have continuously raised questions about the city's future as an international financial center.Months of intense protests took place in 2019 against a now-shelved extradition bill, which extended into 2020 as controversy continues over the Beijing-backed national security law. Hong Kong's electoral system also became subject to greater control by the mainland. The COVID-19 pandemic then unfolded, to which the city introduced relentless measures such as flight bans and weeks of mandatory hotel quarantine upon arrival.Hanscom Smith, the U.S.' outgoing consul general to Hong Kong, said earlier this month the policies of the governments of Beijing and Hong Kong have changed to the "detriment of Hong Kong's status as a financial hub.” "Attemp

Jul 25, 2022By Kim Bo-eun
What's Hong Kong's future as global financial hub?
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