South Korean stocks opened higher Monday, as investors seek to buy oversold stocks after the key index's three straight days of losses. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.03 points, or 0.49 percent, to 2,984.71 in the first 15 minutes of trading. Stocks rose on institutional buying, led by bio and tech stocks. Market bellwether Samsung Electronics Co. added 0.57 percent to 70,200 won, No. 2 chipmaker SK hynix Inc. increased 1.46 percent to 104,500 won, and top aut

Choi Shin-won, CEO and chairman of SK Networks Co., has stepped down from his post, the company said Monday, amid an ongoing trial against him over embezzlement and other charges. The resignation came six months after Choi, a son of the late founder of South Korea's No. 3 conglomerate SK Group, was indicted, and he has been standing trial for alleged embezzlement of some 223.5 billion won ($190.3 million) and breach of trust and other charges. Choi has denied any wrongdoing. "As of Oct. 2

South Korea kicked off its annual nationwide shopping event Monday in the latest effort to boost private spending amid the prolonged pandemic. The Ministry of Trade, Industry and Energy said 2,053 companies will offer big bargains both online and in stores during the Korea Sale Festa -- the Korean equivalent of Black Friday -- that will run through Nov. 15. This year's run is the largest since the event was launched in 2016, according to the ministry. The central and 17 local governments also

South Korea's consumer prices are estimated to have grown more than 3 percent for the first time in nearly 10 years in October due to last year's low base and surging oil prices, a poll showed Monday. The country's consumer inflation is projected to have risen 3.2 percent in October from a year earlier, accelerating from a 2.5 percent on-year gain in September, according to the poll on six brokerage houses. If the forecast is right, the inflation rate will stay in the 3 percent range for the f

South Korea's exports spiked 24 percent in October from a year earlier to reach the second-largest monthly figure of $55.55 billion on the back of strong global demand for chips and petroproducts, data showed Monday. Outbound shipment is just shy of the record monthly figure of $55.83 billion reported the previous month, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the 12th straight month that the country's exports have extended gains. Imports surged

Soaring international raw material costs are feared to eat into South Korean companies' earnings and drive up consumer prices down the road, a report showed Monday. Stung by fast-rising oil and other material prices, the operating margin of local companies is expected to reach 3.4 percent this year, down 1.8 percentage points from the average 5.2 percent between 2015 and 2019, according to the report from the Korea Economic Research Institute (KERI). The operating margin of large businesses is

South Korean small merchants' business confidence took a turn for the better for November on hopes that relaxed anti-coronavirus restrictions may boost their sales, a poll showed Monday. The Small Enterprise and Market Service said its business survey index (BSI) for small merchants came to a 10-month high of 87.6 this month, up 9.5 points from the previous month. November marks the third straight month that the small merchants' BSI has climbed from the prior month. Despite the increase that

President Moon Jae-in said Monday that Pope Francis stated his intention to visit North Korea during their meeting at the Vatican last week. Moon and the pope met Friday on the sidelines of the Group of 20 summit in Rome. Moon said at the meeting that a papal visit to North Korea would foster peace on the Korean Peninsula and the pope responded positively, according to Cheong Wa Dae. "Pope Francis prayed as always for peace on the Korean Peninsula and stated his intention to visit North K

GLASGOW, Scotland -- President Moon Jae-in arrived in Britain on Sunday for a UN summit on climate change where he is expected to urge the world to urgently tackle the climate crisis and highlight South Korea's role in combating climate change. The UN summit, also known as the COP26 summit, is set to bring together more than 100 heads of state, including Moon, US. President Joe Biden and British Prime Minister Boris Johnson, in Glasgow, Scotland's biggest city.  World leaders are expec

ROME -- South Korean President Moon Jae-in asked the outgoing German Chancellor Angela Merkel to pay attention to peace efforts on the Korean Peninsula and bilateral relations between the two countries after she steps down. Moon and Merkel, who will soon step down after 16 years in office, met one-on-one on the sidelines of the G-20 summit in the Italian capital. Moon thanked Merkel for her efforts to improve bilateral relations since 2005, saying that bilateral ties between South Korea and Ge

“The taxation system has tilted toward the rich, and away from the middle class, in the last ten years. It is dramatic, and I don’t think it’s appreciated. And I think it should be addressed.” So said the billionaire investor Warren Buffett 18 years ago. He illustrated his claim by surveying his office staff: Although he was then the world’s second-richest person, he was paying a lower percentage of his income in taxes than his receptionist was. Since then, econom

President Moon Jae-in on Sunday pledged that South Korea will compete the phaseout of coal-fired power generation by 2050 and contribute to achieving carbon neutrality on a global level.  Moon made the remarks as the leaders of the Group of 20 countries gathered for the second day of the Rome summit, their first in-person gathering since the COVID-19 pandemic, with attention focused on whether they will reach a meaningful agreement on how to fight global warming.  "In line with

South Korea and the United States have been discussing the latter's nuclear policy review on "various occasions," a Seoul official said Sunday, amid reports that Washington is mulling a policy shift feared to weaken military deterrence. The Financial Times reported Saturday that US allies have been lobbying President Joe Biden not to alter America's policy on the use of nuclear weapons, amid speculation he is considering a "no-first-use" approach that critics say could embol