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Major financial groups post record profits in H1 despite economic slowdown, rate cuts
Four major financial holding companies in South Korea posted record earnings in the first half of this year despite economic uncertainties and declining interest rates, data showed Sunday. The combined net profit of KB Financial, Shinhan Financial, Hana Financial and Woori Financial totaled 10.33 trillion won ($7.47 billion) during the first six months of 2025, marking a 10.5 percent increase from the same period a year earlier, according to their regulatory filings. KB, Shinhan and Hana each po
July 27, 2025 -
Stimulus coupon applications top 57% in 4 days $3.8b already distributed
More than half of eligible recipients have applied for stimulus vouchers just four days after the launch of the nationwide program, the Ministry of the Interior and Safety said Friday. According to the ministry, 28.9 million people, or 57.1 percent of those eligible, including all Korean citizens and some foreign residents, had submitted applications by Thursday, with a total of 5.21 trillion won ($3.79 billion) in coupons distributed. In Incheon and Sejong, the application rates exceeded 60 per
July 25, 2025 -
Regulator says will take bolder steps on household loans if needed
South Korea's financial regulator said Friday it is ready, if necessary, to implement stronger curbs against soaring household debts as earlier measures have worked to rein in a steep increase in such loans this month. The Financial Services Commission said the growth of household loans this month slowed on the back of a string of measures unveiled late last month aimed at curbing a sharp rise in household loans. "We will closely monitor the trend of home-backed loan growth until it stabilizes a
July 25, 2025 -
Seoul's top trade officials press US for tariff relief in last-ditch talks
South Korea's top trade officials, including Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo, are holding relay talks with their counterparts in the US to reach a deal on tariff reductions. Industry Minister Kim Jung-kwan urged the US administration to ease tariffs on Korean goods in a meeting with US Commerce Secretary Howard Lutnick, according to the Ministry of Trade, Industry and Energy on Friday. The high-level talks lasted for roughly 80 minutes. During the meeting, Kim outl
July 25, 2025 -
Govt. to issue W140b in Treasury bonds for retail investors in August
The finance ministry said Friday it will issue 140 billion won ($102.06 million) in government bonds for individual investors next month. The issuance limits by maturity in August will remain unchanged from the previous month -- 90 billion won for five-year bonds, 40 billion won for 10-year bonds and 10 billion won for 20-year bonds, according to the Ministry of Finance and Economy. About 1.3 trillion won in Treasury bonds will be issued for retail investors throughout 2025, it added. (Yonhap)
July 25, 2025 -
Delinquency rate on bank loans up for 3rd month in May
The delinquency rate on loans extended by local banks rose for the third consecutive month in May due mainly to a rise in newly soured loans, data showed Friday. The delinquency rate on banks' won-denominated loans came to 0.64 percent in May, up 0.07 percentage point from the previous month, according to preliminary data from the Financial Supervisory Service. The amount of newly delinquent loans came to 3.5 trillion won ($2.56 billion) in the month, up from 2.9 trillion won in April. The amoun
July 25, 2025 -
Korea’s economy edges toward recovery, but tariff risks remain
The South Korean economy returned to growth in the second quarter of 2025, potentially indicating an end to over a year of sluggish growth, the country’s central bank announced Thursday. The rebound was driven primarily by gains in exports and a pickup in private consumption. The country's real gross domestic product — a key measure of economic growth — inched up 0.6 percent in the April-June period, marking a strong rebound from the 0.2 percent contraction in the previous three months, accordin
July 24, 2025 -
SK hynix Q2 operating profit tops W9tr for 1st time on AI chip boom
South Korean chipmaking giant SK hynix Inc. said Thursday its second-quarter operating profit surpassed 9 trillion won ($6.53 billion) for the first time, driven by booming demand for artificial intelligence chips, including high bandwidth memory. In a regulatory filing, the company reported an operating profit of a record 9.21 trillion won for the April-June period, up 68.5 percent from a year ago, setting a new quarterly record. Revenue jumped 35.4 percent on-year to 22.23 trillion won, while
July 24, 2025 -
S. Korea's economy grows 0.6% in Q2 on solid exports, consumption recovery: BOK
The South Korean economy grew 0.6 percent growth in the second quarter on the back of a recovery in private consumption and robust exports, central bank data showed Thursday. The country's real gross domestic product -- a key measure of economic growth -- rose 0.6 percent in the April–June period from the previous quarter, rebounding from an unexpected 0.2 percent contraction in the first quarter, according to preliminary data from the Bank of Korea. It exceeded the market expectation of a 0.5 p
July 24, 2025 -
Seoul eyes breakthrough as clock runs down in US tariff talks
With a looming US tariff deadline threatening Korean exports, top officials from Seoul will head to Washington this week for high-stakes trade talks aimed at averting major tariff blows to autos, steel and other key industries. South Korea and the US are set to hold a "2+2" meeting on trade and finance in Washington on Friday, the first under President Lee Jae Myung’s new Cabinet. Trade Minister Yeo Han-koo departed for the US on Tuesday to represent Seoul in the upcoming talks, where he will be
July 22, 2025 -
Vice minister reiterates efforts to minimize export risks amid US tariff uncertainties
The government will work to successfully conclude tariff negotiations with the United States to minimize risks for export companies, the first vice industry minister said Tuesday. "Our export companies are facing heightened uncertainties ahead of the imposition of US reciprocal tariffs on Aug. 1," First Vice Industry Minister Moon Shin-hak said in a meeting to review export trends. "During the remaining period, the government will make every effort to smoothly conclude tariff negotiations with t
July 22, 2025 -
Producer prices rise for 1st time in 3 months in June: BOK
South Korea's producer prices increased in June for the first time in three months, driven by rising prices of agricultural and livestock products, central bank data showed Tuesday. The producer price index, a major barometer of consumer inflation, added 0.1 percent in June from the previous month to 119.77, according to preliminary data from the Bank of Korea. It marked the first on-month growth since March as the index fell 0.2 percent in April and 0.4 percent in May. On a yearly basis, produc
July 22, 2025 -
Korea kicks off W14tr coupon program to spur spending
South Korea launched its stimulus coupon program on Monday, opening applications for the cash grants aimed at boosting domestic spending and reviving the sluggish economy. The Ministry of the Interior and Safety opened the first round of applications for the so-called "consumption coupons for livelihood recovery," the total budget for which weighs in at 13.9 trillion won ($10 billion). President Lee Jae Myung expressed confidence that the government’s stimulus coupon initiative would prove effec
July 21, 2025 -
New finance chief to visit US for urgent tariff talks
Seasoned bureaucrat Koo Yun-cheol was inaugurated as South Korea’s Deputy Prime Minister and Finance Minister on Monday, ending a three-month leadership vacuum at the ministry tasked with resolving US tariff talks, accelerating tax reforms and leading an AI-driven economic overhaul. As soon as Koo took office, his first official business trip was scheduled to the US, though the exact schedule was not released as of press time. The trip's place at the top of Koo's agenda highlights the urgency an
July 21, 2025 -
S. Korea's exports down 2.2 % in first 20 days of July amid US tariff concerns
South Korea's exports shrank 2.2 percent from a year earlier in the first 20 days of this month, data showed Monday, due in part to weaker shipments to the United States and China amid persistent uncertainties over US tariff policies. Outbound shipments reached $36.1 billion in the July 1-20 period, compared with $36.9 billion tallied over the same period last year, according to the data from the Korea Customs Service. Imports decreased 4.3 percent on-year to $35.6 billion during the period, res
July 21, 2025