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Won falls to almost year-low on Greek, Fed rate woes

The U.S. dollar approached its strongest level of the year against the Korean won Tuesday over aggravated uncertainty due to Greek woes.After gaining Monday, the greenback further climbed Tuesday to close at 1,130.2 won, up 3.7 won from the trading session before. This marked its highest s...

Updated : 2015.07.07 20:11

Household debt hits record high in May

By Chung Joo-wonSouth Korea’s household debt hit a record high in May, although its monthly growth rate has slowed considerably due to a sharp drop in household bank loans, the central bank reported ...

Updated : 2015.07.07 17:24

Finance minister urges quick approval of extra budget

Lawmakers should lose no time in passing a supplementary budget aimed at kick-starting the economy struggling with the fallout from the Middle East Respiratory Syndrome outbreak and slowing exports, the finance minister said Tuesday.The government on Monday submitted an 11.8 trillion won (...

Updated : 2015.07.07 16:56

Seoul shares fall 0.66 pct on losses in pharmaceuticals, cosmetics

South Korean stocks sank 0.66 percent Tuesday as investors dumped pharmaceutical and cosmetics shares on gloomy earnings outlooks, analysts said. The local currency lost ground against the U.S. greenback.The benchmark Korea Composite Stock Price Indexlost 13.64 points to close at 2,040.29....

Updated : 2015.07.07 16:52

Won-dollar rate draws near yearly high

The U.S. dollar approached the strongest level of the year versus the Korean won Tuesday over aggravated uncertainty due to Greek woes.Following its gain Monday, the greenback further climbed Tuesday to close at 1,130.2 won, up 3.7 won from a trading session before. This marked its hig...

Updated : 2015.07.07 15:55

Greek vote dents Korean won, stocks

South Korea’s financial market, like other emerging countries, was hit by Greek citizens’ rejection of a new bailout deal through a referendum over the weekend.Foreign investors dumped local shares and the Korean won lost ground against major currencies such as the U.S. dollar and the Ja...

Updated : 2015.07.06 21:59

KOSPI gains rank 10th among G20 nations in first half

By Chung Joo-wonKorea’s benchmark stock price index recorded the 10th biggest gain among the Group of 20 economies in the first half, up nine notches in six months, the Korea Exchange revealed Monday...

Updated : 2015.07.06 17:26

S. Korea drawing up contingency plan against potential Grexit

South Korea is working on contingency measures against possible increased volatility in financial markets as Greek people have turned down international creditors' austerity measures in a high-profile referendum, a high-ranking official said Monday.On Sunday, more than 60 percent of Greek ...

Updated : 2015.07.06 09:54

Mortgage growth hits 5-year high

The monthly increase of outstanding mortgages rose to its fastest pace in five years last month amid record-low interest rates, after the Bank of Korea cut its key rate to 1.75 percent on June 11.Korea’s seven largest commercial banks’ collective housing-collateralized loans swelled by 9...

Updated : 2015.07.05 22:33

Major banks in full-fledged restructuring

Major commercial banks are scaling back payrolls and closing down uncompetitive branches in the wake of weakening profits brought by low interest rates. While the industry’s full-scale restructuring is considered an inevitable measure to improve its manpower structure, concerns have also ...

Updated : 2015.07.05 21:09

Housing loan growth hits 5-year high

The monthly increase of outstanding mortgages rose to its highest point in five years last month amid record low interest rates.The Bank of Korea cut its key rate to a new record low of 1.75 percent on June 11.According to Korea’s seven largest banks, their collective housing-collateral...

Updated : 2015.07.05 15:45

U.S. hedge fund appeals court's refusal to stop Samsung merger

A U.S. hedge fund, opposing a proposed merger of two Samsung Group units, has filed an appeal against a Seoul court's dismissal of its request to block the deal, the latest in a series of legal rows unfolding against South Korea's top conglomerate over the high-profile merger. Elliott Ass...

Updated : 2015.07.03 21:56

Insurers may join complex financial centers: FSC

Financial consumers will be able to take out insurance at complex financial branches ― hybrid financial service centers that incorporate banking and securities operations.Regulators hope that such an...

Updated : 2015.07.03 18:22

Seoul pushes for W22tr stimulus

The government announced a 22 trillion won ($19.6 billion) stimulus package Friday, including an extra budget of about 12 trillion won.The Finance Ministry disclosed the expenditure plan designed to p...

Updated : 2015.07.03 16:41

AmorePacific chief becomes richest man in stock value in S. Korea

Suh Kyung-bae, chief of South Korea's top cosmetics maker AmorePacific Group, has become the country's richest man in stock value, overtaking former No. 1 Samsung Group Chairman Lee Kun-hee, market data showed Thursday.Stocks owned by Suh were valued at 12.8 trillion won (US$11.4 billion) ...

Updated : 2015.07.02 21:48