Kumho Asiana Group made a final decision Monday to sell its flagship airline unit as part of its self-rescue plan.The decision to sell Asiana Airlines Co., the country's second-largest carrier, was made at a board of directors meeting of Kumho Industrial Co., Ltd., according to the group.
U.S. Secretary of State Mike Pompeo said on April. 8, 2019 that Washington will decide "in due course" whether to extend waivers for countries seeking to import oil from Iran.South Korea and seven other economies were granted temporary waivers in November after the U.S. withdrew from a 2015 nuclea
The government plans to submit an extra budget bill to the parliament later this month to cope with fine dust and boost the slowing economy and job creation, the finance minister said on Apr. 3, 2019.Hong Nam-ki, the minister of economy and finance, said in a meeting with officials in Seoul that the
South Korea sold a net US$187 million worth of foreign currencies to stabilize the market in the latter half of last year, the central bank said Friday.The Bank of Korea (BOK), which posted the information on its website, said the funds were used to deal with sudden sharp fluctuations that can negat
South Korea's industrial output edged down 1.9 percent in February from a month earlier due in part to decreased production of cars and the service sector, government data showed Friday. The data compiled by Statistics Korea showed the output of cars went down 3.2 percent in February from a mont
South Korea's state pension saw its dividend income from major listed firms jump nearly 20 percent on-year in 2018 as they returned more earnings to shareholders, data showed Monday. The national pension fund is estimated to have received 2.42 trillion won (US$2.13 billion) in 2018 dividends fro
Shinhan Financial Group Inc. said on Mar. 21, 2019 it has decided to break up its partnership with Viva Republica, the operator of the popular mobile payment app Toss, and not bid for South Korea's third Internet-only bank business.The two entities announced last month they would place a bid to
South Korea's imports of Iranian crude oil more than quadrupled in February from a month ago, nearing a level before U.S. sanctions on Tehran, government data showed Tuesday. Asia's fourth-largest economy imported US$476 million worth of crude from the Middle Eastern country last month, acco
Corporate retirement pension funds managed by South Korea's financial firms posted poor returns in 2018 amid low interest rates, market data showed Monday. Most of those retirement pension funds saw their yields hover below the 2 percent mark last year, with the best performer chalking up a retu
The head of the financial watchdog said Thursday he will continue to make efforts to keep household debt under control and make the country's financial system resilient against external shocks. Yoon Suk-heun, governor of the Financial Supervisory Service (FSS), told reporters that the FSS will p
South Korea's jobless rate rose to 4.7 percent in February despite the increased pace of hiring, government data showed Wednesday, in the latest sign of an economic slowdown in Asia's fourth-largest economy. The unemployment rate marked the highest level for any February since 2017, when the
South Korea's monthly current account surplus edged up in January from a year earlier on a decreased deficit in the services account despite sluggish goods exports, central bank data showed Friday. The country's current account surplus came to US$2.77 billion in January, slightly up from $2.
China's coal demand is expected to fall at a snail's pace over the next 20 years due to the country's preference for the cheap fossil fuel, a report said on Mar. 7, 2019.China's demand for coal is projected to reach 2.39 billion tons of coal equivalent (TCE) in 2040, about 13 percent
South Korea's foreign currency holdings fell slightly for the first time in four months in February on a strong U.S. dollar trend, central bank data showed on Mar. 6, 2019.The total value of the country's foreign exchange reserves came to US$404.67 billion as of end-February, down $840 milli
The South Korean economy grew by a six-year low of 2.7 percent last year due to sluggish corporate investment, but its per capita income surpassed US$30,000 for the first time, preliminary data by the central bank showed Tuesday. The revised 2018 reading by the Bank of Korea (BOK) is on par with its
South Korea said Monday it is maintaining round-the-clock tabs of financial markets and set to take necessary steps in case of volatility.The move came four days after the leaders of North Korea and the United States ended their high-stakes nuclear summit in Hanoi with no agreements being reached.St
South Korean shares are expected to trade in a limited range next week, with investors set to take a wait-and-see stance on key economic indexes, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,195.44 on Friday, down 1.57 percent from last week's close.
South Korea's exports moved down 11.1 percent in February from a year earlier, government data showed Friday, due to the falling global prices of chips coupled with the slowing Chinese economy.Outbound shipments came to US$39.56 billion for last month, down from the $44.52 billion posted a year
South Korean stocks closed lower on Feb. 28, 2019 following uncertainties over the U.S.-North Korea summit, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) plunged 39.35 points, or 1.76 percent, to 2,195.44. Trading volume was
Banks have agreed to fully open their payment systems to financial technology firms, the head of the financial regulator said Monday, in a move that will provide a level playing field for new players and increase competition in the financial industry. Choi Jong-ku, chairman of the Financial Services