Global investment banks predict that South Korea's central bank will slash the benchmark interest rate once again within this year amid unfavorable economic conditions, a survey showed Friday.Some expect the Bank of Korea to lower the rate a few more times before July next year, as the slump of Asia's fourth-largest economy persists, according to the report by the Korea Center for International Finance. The BOK cut the policy rate to a record low of 1.25 percent in June but kept it unchanged in

South Korean shares opened higher on Friday, thanks to a rebound in global oil prices and bullish sentiment in U.S. stock markets.The benchmark Korea Composite Stock Price Index rose 6.98 points, or 0.34 percent, to 2,055.78 in the first 15 minutes of trading.Most large caps traded mixed with market kingpin Samsung Electronics gaining 0.32 percent. Major chipmaker SK hynix declined 0.72 percent. Top automaker Hyundai Motor edged up 0.74 percent, and top steelmaker POSCO rose 1.86 percent.Naver,

South Korea has disclosed information on hundreds of its official development assistance projects to an international aid transparency agency, the Seoul government said Wednesday.The disclosure to the International Aid Transparency Initiative was part of Seoul's efforts to enhance transparency in the implementation of its overseas aid programs, officials at the Office for Government Policy Coordination under the Prime Minister's Office said. It marked the first time for an Asian IATI member to r

South Korean stocks rose slightly on Thursday on the back of gains in tech stocks, extending its winning streak for a sixth consecutive session and hitting fresh yearly highs, despite a renewed slump in global oil prices. The benchmark Korea Composite Stock Price Index rose 4.16 points, or 0.2 percent, to close at 2,048.80. Trade volume was moderate at 342 million shares worth 4.42 trillion won ($4 billion), with losers outnumbering gainers 419 to 370.Trading was choppy. The market opened slight

Korea’s tech-heavy stock market Kosdaq rose to a new high in its market capitalization on a strong foreign appetite for Korean biotech firms, experts said Thursday. According to Korea Exchange, the aggregate market cap of the secondary exchange came in at 216.7 trillion won at Wednesday’s close, the largest ever since its creation in 1996. It was 7.5 percent larger compared to a year earlier. The composite Kosdaq index closed at 707.46 points, up 3.7 percent from the previous year. The combined

South Korea's overseas direct investment expanded 21.6 percent in the first six months of the year from a year earlier on a sharp rise in purchases of real estate overseas, government data showed Thursday.The country's overseas direct investment came to $21.75 billion in the January-June period, compared with $17.89 billion tallied in the same period last year, according to the data compiled by the Ministry of Strategy and Finance.Investments by financial institutions, including insurers, soared

The state-run Korea Development Bank inked a memorandum of understanding with the State Bank of India, the country’s largest commercial lender, this week to form a business partnership, KDB officials said Thursday.Under the memorandum, a Korea Desk will be installed in the Indian government-invested SBI and mutual cooperation in syndicated loans and trade finance business will be strengthened, according to the officials. KDB chairman Lee Dong-geol (second from left, front row) and his SBI counte

South Korea's exports of information and communication technology products fell 6.6 percent in July from a year earlier due largely to decreased shipments of flat displays and mobile phones, government data showed Thursday.ICT exports reached $13.02 billion last month, down from $13.93 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.It marked the 10th consecutive on-year decline since October last year.Exports of ICT goods accounted for 31.7 perce

South Korean shares opened lower Thursday, retreating from fresh yearly highs a day earlier, as the market came under pressure over a renewed slump in global oil prices. The benchmark Korea Composite Stock Price Index fell 5.42 points, or 0.27 percent, to 2,039.22 in the first 15 minutes of trading.The Bank of Korea is set to hold a rate-setting meeting, with many analysts expected the central bank to keep its key interest rate unchanged. Most large caps were in negative territory with market ki

The nation’s top financial regulator on Wednesday refuted criticism on its exclusion of Daewoo Shipbuilding and Marine Engineering from the latest credit screening process, adding that the ailing company is not exempted from government monitoring and remains a big problem. “The financial authority is well aware of the fact that DSME is a company in need of intense corporate restructuring and it is already under one of the toughest self-correcting plans,” said Yim Jong-yong, tge chairman of the F

Money supply in South Korea grew more than 7 percent on-year in June, largely due to a rise in household debt, the central bank said Wednesday.The nation's "M2" totaled 2,335.5 trillion won ($2,135.4 billion) for the month, up 7.2 percent from a year earlier, according to the Bank of Korea. It marks a 0.7-percent rise from May.M2 is a measure of money supply counting the currency in circulation, including bank debentures and deposits with a maturity of less than two years, along with stock inves

South Korea's tax revenue increased by nearly 20 trillion won ($18.2 billion) in the first six months of the year on an increase in corporate and value-added taxes, the government said Wednesday.In the January-June period, the government collected 125.6 trillion won, up from 106.6 trillion won tallied over the same period last year, according to the Ministry of Strategy and Finance.The six-month tally represents 56.3 percent of the government's annual target of 222.9 trillion won.Corporate tax g