Finance Minister Choi Sang-mok vowed Monday to enhance market monitoring and to swiftly respond to excessive volatility under contingency plans amid weaker growth data and global uncertainties, his office said. Choi made the remarks during an economy-related ministers' meeting in Seoul after the gross domestic product expanded 0.1 percent on-quarter in the July-September period, lower than market expectations. "The government will pay extra attention to signs of economic uncertainties

The finance ministry said Monday that the government will utilize foreign exchange equalization funds and other resources available while slashing local subsidies to deal with the expected massive tax revenue shortfall this year. The government is projected to collect 337.7 trillion won ($253.41 billion) in taxes in 2024, an 8.1 percent, or 29.6 trillion won, fall from its forecast made in the 2024 budget planning due mainly to weak corporate activities amid an economic slowdown last year, accor

South Korean stocks started higher Monday on gains from semiconductor and battery shares. The benchmark Korea Composite Stock Price Index rose 14.75 points, or 0.57 percent, to 2,598.02 in the first 15 minutes of trading. Market bellwether Samsung Electronics added 1.61 percent, and its chipmaking rival SK hynix gained 0.75 percent. Leading EV battery maker LG Energy Solution increased 0.86 percent, while Posco Future M surged 3.74 percent. Top carmaker Hyundai Motor went up 0.67 percent, and it

Blackpink’s Rose is making waves with her latest single, “APT,” a collaboration with American singer-songwriter Bruno Mars, which is not only topping global music charts around the world but also boosting related stock prices. South Korea’s leading soju maker, HiteJinro, saw its stock price climb by 6 percent to 21,200 won ($15.26) on Thursday, marking its biggest gain since February. Trading volume surged past one million shares -- over eight times the previous day&rsquo

Seoul shares closed slightly higher Friday on retail buying amid waning bets on the Federal Reserve's rate cuts. The Korean won fell to the lowest point in almost four months against the US dollar. The benchmark Korea Composite Stock Price Index rose 2.24 points, or 0.09 percent, to 2,583.27. The main index has fallen 0.4 percent this week. Trade volume was moderate at 454.58 million shares worth 10.14 trillion won ($7.3 billion), with losers outpacing gainers 617 to 258. Institutions and i

Seoul shares opened higher Friday following tech gains on Wall Street, although investors remained concerned about a potential slower pace of the Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index rose 25.4 points, or 0.98 percent, to 2,606.43 in the first 15 minutes of trading. Overnight, US stocks ended mixed. The Dow Jones Industrial Average fell 0.33 percent to 42,374.36, while the tech-heavy Nasdaq Composite rose 0.76 percent to 18,415.49. In Seoul, tech stock

KB Financial Group reported record third-quarter profits driven by increased interest revenues from expanded loans while announcing a plan to enhance shareholder returns linked to its financial stability. The group posted a net profit of 1.61 trillion won ($1.17 billion), a 17.5 percent on-year increase, marking its best performance for the third quarter to date. Cumulatively, the year-to-date net profit reached 4.4 trillion won, up 0.4 percent from the previous year. However, compared to the

South Korea’s gross domestic product per capita is projected to continue its lead over Japan and Taiwan in 2024, according to International Monetary Fund data. In its “World Economic Outlook,” released on Monday, the IMF forecasted Korea's GDP per capita to rise this year to $36,132, which would be an increase of 1.6 percent from last year’s $35,563. The figure for Japan is expected to decline from last year by 3.1 percent to $32,859, while Taiwan is forecast to reco

Seoul shares closed lower Thursday on tech losses amid concerns over weak economic growth and diminishing expectations for Federal Reserve rate cuts. The Korean won, however, snapped its 8-day losing streak against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 18.59 points, or 0.7 percent, to close at 2,581.03. Trade volume was moderate, with 336.43 million shares worth 9.47 trillion won ($6.9 billion) changing hands, and losers outnumbering gainers 613 to 256. Institutio

South Korea’s economy has grown by 0.1 percent in the third quarter from the prior quarter, undershooting forecasts by big margins due to unexpectedly slowed exports, according to preliminary data from the Bank of Korea on Thursday. The country's real gross domestic product -- a key measure of economic growth -- expanded 0.1 percent on-quarter in the July-September period, missing the 0.5 increase forecast by the central bank in August. This is a red flag for Asia’s fourth-large

Shares of Korea Zinc, the world’s largest zinc smelter, jumped almost 30 percent on Thursday amid speculation that the prolonged power struggle between the current management and the MBK Partners-Young Poong coalition could push the share price up further in the coming weeks. The shares of Korea Zinc closed at 1.13 million won ($825), up 262,000 won or 29.91 percent from the previous day, hitting the upper circuit limit. The uptick comes after the tender offer of the current management clo

Seoul shares opened lower Thursday, tracking losses on Wall Street amid concerns over a slower pace of the US Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index fell 8.92 points, or 0.34 percent, to 2,590.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.96 percent to 42,514.95, while the tech-heavy Nasdaq Composite declined 1.6 percent to 18,276.65. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics

By Choi Jae-bong, Vice Commissioner of National Tax Service Nestled in the southeastern corner of France lies the small sovereign state of Monaco, a tranquil city-state renowned for actress Grace Kelly and Formula 1 racing. However, in 1962, this peaceful city-state found itself at the center of a tense standoff along its borders due to a conflict over taxation between French tax authorities and taxpayers. Taking advantage of the fact that Monaco has no income tax, many French taxpayers sought

Seoul shares closed higher Wednesday on tech and auto gains amid concerns over a possible slower pace in the Federal Reserve's rate cuts. The Korean won continued to slip against the US dollar. The benchmark Korea Composite Stock Price Index rose 28.92 points, or 1.1 percent, to close at 2,599.62. Trade volume was moderate at 345.96 million shares worth 9.25 trillion won ($6.7 billion), with gainers outpacing losers 448 to 408. Institutions and foreigners bought a combined 510 billion won w

Finance Minister Choi Sang-mok has said South Korea will maintain close communication with global investors to ensure the country's successful debut in a key global government bond index managed by FTSE Russell. Choi made the remark during his meeting in New York with representatives from major U.S. investment companies on Tuesday, noting that South Korea's inclusion in the World Government Bond Index reflects global recognition of its efforts to improve the investment environment. &qu