The rebidding to lease out the remaining duty-free store license for Incheon International Airport's new passenger terminal fell through again due to a lack of tenders, the transportation hub operator said Friday.The license bidding to run an apparel and accessories store in the second terminal failed for the sixth time with Shinsegae DF as the only company taking part in the auction, according to Incheon International Airport Corp. (IIAC). Incheon airport, lying west of Seoul, is South Korea's

June 16, 2017

Finance Minister Kim Dong-yeon held talks on Thursday with Jin Liqun, president of a Chinese-led regional lender, during which the two sides agreed to step up cooperation, officials said. The talks between Kim and Jin were held a day before the annual meeting of the Asian Infrastructure Investment Bank (AIIB) in South Korea's southern island of Jeju.  During the meeting, Kim told Jin that South Korea wants to develop "strategic cooperation" with the AIIB, Kim's ministry said in a

June 15, 2017

Lee Dong-geol, chairman and CEO of the Korea Development BankI extend my warm congratulations to the 2017 Asian Infrastructure Investment Bank Annual Meeting to be held in Jeju from Friday to Sunday. Under the theme of sustainable infrastructure, the meeting will be an opportunity for all participants to engage in finding solutions for the balanced development and shared growth of Asia, and draw the attention of the world to the immense infrastructure potential of the region. As one of Korea&rsq

June 15, 2017

June 15, 2017

South Korea’s stock markets dipped Thursday after the US Federal Reserve on Wednesday decided to raise its benchmark interest rate by 0.25 percent and shrink its balance sheet. The benchmark indexes -- the Korea Composite Stock Price Index and Korean Securities Dealers Automated Quotations -- sank along with other Asian markets in Tokyo, Hong Kong and Shanghai. The Kospi closed at 2,361.65, down 0.46 percent, compared to Wednesday, while the Kosdaq slid 0.26 percent in closing from a day e

June 15, 2017

K bank has drawn 520 billion won ($463.1 million) in deposits in total within less than three months since its launch, surpassing its annual goal, according to news reports Thursday. K bank, South Korea‘s first online-only lender, reportedly exceeded its earlier goal by the end of 2017 on Tuesday, after kicking off the customer service on April 3. It had aimed to attract 500 billion won in customer deposit and lend 400 billion won. As of the end of May, K bank extended some 410 billion won

June 15, 2017

South Korean stocks finished lower Thursday as institutional investors dumped major large cap shares to lock in recent gains, following the US rate hike, analysts said. The Korean won lost ground against the US dollar.The benchmark Korea Composite Stock Price Index lost 10.99 points, or 0.46 percent, to close at 2,361.65. Trade volume was moderate at 333.18 million shares worth 5.78 trillion won ($5.14 billion), with losers far outnumbering gainers 555 to 236.The local stock market had opened a

June 15, 2017

South Korea, China and Southeast Asian countries appear to be open to adopting new ways of payment involving devices such as smartphones, wearables and other connected devices for greater convenience, said global card payment company Visa on Thursday.International internet-based market research firm YouGov conducted a survey on 10,500 adults from 13 countries in the Asia-Pacific region to find out their receptivity to new payment technologies. Eighty-seven percent of the respondents from Korea s

June 15, 2017

The Asian Infrastructure Investment Bank, a China-backed multilateral development bank, aims to put the quality of projects ahead of quantity, the bank’s head said.Since launching with 57 signatory countries in January, 2016, the AIIB saw its members increase to 77 and the bank invest in 13 projects worth $2.1 billion as of the end of May. “We anticipate our 2017 investments to be between $2 and $2.5 billion, but our focus remains on quality projects not just quantity,” AIIB Pr

June 15, 2017

South Korean stocks traded lower late Wednesday morning as institutions offloaded large-cap tech stocks in an apparent move to lock in profits, analysts said.The benchmark Korea Composite Stock Price Index lost 13.27 points, or 0.56 percent, to 2,359.06 as of 11:20 a.m. Most large caps traded mixed with tech shares bolstering the market.Market kingpin Samsung Electronics added 0.31 percent after opening higher. SK hynix, a major chipmaker, meanwhile, was up 1.35 percent.The local currency was tr

June 15, 2017

Foreign currency deposits held by banks operating in South Korea rose in May as exporters increased their deposits of dollar-denominated earnings, central bank data showed Thursday.Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $69.94 billion in May, up $2.55 billion from a month earlier, the Bank of Korea said in a statement. Broken down, foreign currency deposits held by domestic lenders came to $59.87 billion in May, up from 57.98 billion in April. Th

June 15, 2017

South Korean stocks opened mildly higher Thursday, largely helped by bullish tech large caps, analysts said.The benchmark Korea Composite Stock Price Index inched up 1.05 points, or 0.04 percent, to reach 2,373.69 in the first 15 minutes of trading. Large-cap stocks on the bourse were mixed across the board, with tech shares pushing up the market.Market behemoth Samsung Electronics gained 1.6 percent, and global chipmaker SK hynix advanced 1.35 percent.The local currency was trading at 1,11

June 15, 2017

The growth of household loans continued to surge at a slower pace in May compared to the previous year, data showed Wednesday.The volume of household loans increased by 10 trillion won ($8.9 billion) in May this year, according to data from the Financial Services Commission. In the same month last year, the volume had risen by 11.9 trillion won.Among household loans in May, those extended by commercial lenders and trust banks surged 6.3 trillion won. Loans by nonbanking lenders saw their increas

June 14, 2017

The US business lobby in South Korea floated the idea Wednesday that Asia's fourth-largest economy should create a "Buy American Fund" ahead of crucial summit talks between leaders set for later this month.President Moon Jae-in is scheduled to hold his first summit with US President Donald Trump in Washington, a meeting that could set the tone of bilateral relations going forward. The American Chamber of Commerce said if Moon announces a $10 billion "Buy American Fund” meant

June 14, 2017

South Korean stocks ended mildly lower Wednesday as investors took a wait-and-see stance to check the results of the US Federal Reserve's policy rate-setting meeting, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index lost 2.06 points, or 0.09 percent, to close at 2,372.64. Trade volume was moderate at 386 million shares worth 6.63 trillion won ($5.89 billion), with losers slightly outnumbering gainers 418 to 407.Institutional investors and f

June 14, 2017

Financial authorities said Wednesday the credit card commission charged on small merchants will be cut from August to help ease the financial burdens of mom-and-pop stores. The commission rate for small merchants with annual revenue of 500 million won ($444,168) or less will be reduced by 0.64 percentage point to 1.3 percent, the Financial Services Commission said in a statement.  Currently, credit card firms charge small merchants with annual revenue of 300 million won or less a commission

June 14, 2017

South Korean stocks traded lower late Wednesday morning as institutions offloaded large-cap stocks in an apparent move to lock in profits, analysts said.The benchmark Korea Composite Stock Price Index lost 5.26 points, or 0.22 percent, to 2,069.44 as of 11:20 a.m.The Seoul index had opened higher on Wall Street gains. On Tuesday (local time), the S&P 500 increased 2.45 percent to finish at a record-high and the Dow Jones industrial average was up 0.44 percent. The Nasdaq Composite Index also

June 14, 2017

Foreign investors remained net buyers of South Korean stocks for the sixth straight month in May, with their holdings of local stocks hitting a new high, data showed Wednesday. Offshore investors were also net buyers of South Korean bonds in the past five months, according to the data by the Financial Supervisory Service.  Foreign investors snapped up a net 2.1 trillion won ($1.8 billion) worth of South Korean stocks last month. Foreigners held a total of 581.2 trillion won worth of South K

June 14, 2017