BOK supplies W5.2tr in first round of ‘unlimited’ repo operations bid

Service, car prices dwindle while food prices surge amid quarantine

HDC Hyundai Development Co., a midsized South Korean builder, said Thursday it is "on track" to acquire Asiana Airlines Inc. despite a growing coronavirus impact on the airline industry. On Thursday, HDC Hyundai Development reiterated its plan to complete the overall process to acquire Asiana Airlines by the end of this month, dismissing speculation that it may have difficulties in taking over the company due to fallout from COVID-19. "There is no change in our acquisition pl

Standards for incoming relief fund payment to be finalized next week

South Korea’s top fiscal chief proposed more currency swap deals at a key G-20 meeting to help tackle the impending global economic recession, the Ministry of Economy and Finance said Wednesday. Deputy Prime Minister and Finance Minister Hong Nam-ki’s remarks were made during a virtual meeting of the G-20 finance ministers and central bank governors on Tuesday. According to the ministry, Hong also stressed the need for reforms of the International Monetary Fund framework to

The number of subscribers to the 5G mobile network in South Korea passed the 5 million mark in February, 10 months after its commercialization, government data showed Wednesday. Nearly 5.37 million South Koreans subscribed to the top-of-the-line wireless network as of end-February, up 8.1 percent from the previous month, according to the data compiled by the Ministry of Science and ICT. The nation's three mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- have been aggressively

South Korean individuals' investments into private equity funds declined for an eighth straight month in February following two major investment fiascos last year that undermined consumer trust, data showed Wednesday. Retail investors' monthly cash inflow into private equity funds came to 22.7 trillion won ($18.6 billion) in February, down 2.1 percent from a month ago, according to the Korea Financial Investment Association. After peaking at 27.3 trillion won in late June, the investment siz

Korean Air Lines Co., South Korea's national flag carrier, said Wednesday it will suspend flights on the Incheon-Washington route from mid-April due to the impact of the coronavirus. Korean Air plans to stop serving flights from Incheon to Washington, D.C., starting April 13, with the suspension scheduled to last through the end of this month, a company spokeswoman said over the phone. The company currently flies from Incheon to US cities such as Los Angeles, New York, San Francisco, Chicago

The global TV market is expected to contract for the first time in three years in 2020 due to the impact of the coronavirus pandemic, a report said Wednesday. In its latest market report, Omdia, formerly IHS Markit, predicted global TV shipments to decline 8.7 percent on-year to 203.5 million units this year. The projection is down from 9.7 percent from an estimate of 225 million units made at the start of the year. Global TV shipments fell to 217 million units in 2017 from 222 million a yea

Statistics office warns of further headwinds in Q2

The Bank of Korea (BOK) may further cut its policy rate to help minimize the economic fallout from the new coronavirus pandemic, BOK minutes showed Tuesday. The central bank delivered a surprise rate cut in an emergency meeting of its monetary policy board held March 16, slashing the policy rate by a half percentage point to a new record low of 0.75 percent. "A rate cut itself may not be expected to promote consumption and investment by easing travel restrictions, but it is expected to he

Amid plunging crude oil prices, the nation’s gasoline retail prices dipped below 1,400 won ($1.15) per liter, the lowest level in a year, industry data showed Tuesday.  As of March 30, nearly 12,000 gas stations here are selling gasoline at 1,398 won per liter on average, the lowest since April last year when the South Korean government cut the fuel tax, according to the Korea National Oil Corp.’s oil information provider Opinet.  The weekly gasoline prices also continu

Lending rates on fresh loans extended by banks in South Korea continued to drop from a month earlier in February, central bank data showed Tuesday. The average interest rate on all new bank loans came to 3.08 percent in the month, down 11 basis points from 3.19 percent tallied in January, according to the data from the Bank of Korea (BOK). The rate on all outstanding loans came to 3.35 percent, down 0.03 percentage point over the cited period. The rate on fresh loans has been on a decline sin

South Korea's central bank said Tuesday that it slightly reduced the portion of US dollar-denominated assets in its overall foreign assets from a year earlier in 2019. As of end-2019, dollar-denominated holdings accounted for 69.1 percent of overall foreign assets held by the Bank of Korea (BOK), the central bank said in its annual report. The reading marks a 0.7 percentage point drop from a year earlier. "The portion of US dollar-denominated assets slightly fell due to a rise in the por

The Bank of Korea (BOK) offered $8.72 billion to banks Tuesday in its first round of dollar lending using a currency swap line with the United States Federal Reserve in a bid to stabilize the currency market. The central bank held a 30-minute online auction to provide local banks and other financial institutions with $800 million in seven-day debt and $7.92 billion in 84-day loans. Bids undershot the BOK target of $2 billion in seven-day debt and $8 billion in 84-day loans, which the central