Iranian funds worth an estimated $6 billion, frozen in bank accounts in Korea, have been released, following the US and Iran's tentative agreement to engage in a prisoner swap in exchange for Tehran's access to the blocked funds. All of Iran’s frozen funds in Korea have been unblocked, Central Bank of Iran Gov. Mohammad Reza Farzin said through a post written in Persian on social platform X on Saturday. The central bank chief wrote that $7 billion in Iranian assets in Korea have

From left: Future For Youth Foundation Chairman Lee Hoon-kyu, Financial Supervisory Service Gov. Lee Bok-hyun, a student representative, Hana Financial Group Chairman Ham Young-joo and SK Telecom Vice President Um Jong-hwan pose for a picture to kick off fintech talent nurturing program Hana Digital Power On in Seoul, Thursday. Marking its second year, the program, launched by Hana Financial Group, awards teams for developing tech solutions for the financial sector. Other participating companies

EcoPro, South Korea's leading producer of secondary battery materials, will be added to the Morgan Stanley Capital International Korea Index, alongside three other domestic companies. A total of four Korean companies' stocks -- EcoPro, Hanwha Ocean, JYP Entertainment, and Hanmi Semiconductor -- made the listing for MSCI Korean Index, according to the results of the MSCI August Index Review released Thursday. Meanwhile, two companies -- CJ Group and E-mart -- have been removed from th

South Korean stocks opened marginally higher Friday as investor sentiment was buoyed by moderate US consumer price data. The benchmark Korea Composite Stock Price Index rose 12.23 points, or 0.47 percent, to 2,613.79 in the first 15 minutes of trading. The US July consumer price index rose 3.2 percent, slower than the market expectation of a 3.3 percent rise. On Wall Street, stocks finished slightly higher, with the Dow Jones Industrial Average increasing 0.15 percent and the Nasdaq Composite ad

South Korea's exports fell 15.3 percent on-year in the first 10 days of August on weak chip and petroleum exports, data showed Friday. The country's outbound shipments reached $13.2 billion in the Aug. 1-10 period, compared with $15.6 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports plunged 30.5 percent on-year to $16.2 billion during the period, resulting in a trade deficit of $3 billion. By sector, exports of semiconductors moved down 18.1

The Chinese government has decided to allow group tours to South Korea after a six-year hiatus instigated by diplomatic bickering between Seoul and Beijing, as well as the COVID-19 pandemic. China's Ministry of Culture and Tourism on Thursday said it would lift restrictions on its nationals to travel in groups to 78 countries around the world, including Korea, the United States and Japan. The ban on Chinese group tours to Korea was removed for the first time since it was put in place as

South Korean stocks closed a tad lower Thursday as investors remained cautious ahead of the release of US consumer price index data that would influence the Fed's rate-setting decision. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 3.56 points, or 0.14 percent, to 2,601.56. Trading volume was moderate at 560.4 million shares worth 11.2 trillion won ($8.5 billion), with winners outpacing losers 486 to 393. Offshore invest

South Korea's fiscal deficit narrowed on-year over the first six months of 2023, data showed Thursday, amid lower revenue and expenditures. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 83 trillion won ($63.9 billion) through June, compared with 101.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. South Korea's tax revenue came to 178.5 trillion won during the cited period, down 39.7 t

South Korean stocks got off to a weak start Thursday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index fell 11.42 points, or 0.44 percent, to 2,593.7 in the first 15 minutes of trading. The Dow Jones Industrial Average declined 0.54 percent and the Nasdaq Composite dropped 1.2 percent as investors were cautious ahead of the release of the US consumer price index, slated for Thursday. In Seoul, most big-cap shares declined across the board. Market bellweth

South Korea said Thursday the latest executive order limiting US investment in some Chinese technology sectors is expected to have only a limited impact on South Korean companies. On Wednesday, the White House vowed to restrict investment in "countries of concern" in certain technology sectors that could pose threats to its national security while adding only China, including Hong Kong and Macau, to the list. The areas include "sensitive technologies and products in the semiconduc

South Korean stocks finished more than 1 percent higher Wednesday, snapping the five-day losing streak on hopes that the Federal Reserve's further rate hikes could be over. The Korean won stayed unchanged against the US greenback. The benchmark Korea Composite Stock Price Index added 31.14 points, or 1.21 percent, to 2,605.12, marking the first daily gain since Aug. 2. Trading volume was slim at 460.8 million shares worth 10.2 trillion won ($7.75 billion), with winners beating losers 563 to

South Korea's industry ministry said Wednesday it will proactively cope with France's new subsidy policy for electric vehicles, amid concerns the move may weigh down automobile exports. The move came as France plans to apply a score system that tracks the carbon footprint of the manufacturing process of EVs, which is set to be implemented in January 2024, followed by a six-month grace period, according to the Ministry of Trade, Industry and Energy. France plans to receive opinions on t

South Korea's agricultural ministry said Wednesday it plans to expand the size of the pet industry to 15 trillion won ($11.47 billion) by 2027 amid the growing number of households with dogs or cats. The target marks a sharp rise from just 8 trillion won tallied in 2022, according to the Ministry of Agriculture, Food and Rural Affairs. The number of households with dogs or cats came to 6.02 million last year, rising sharply from just 3.64 million in 2012. "To address the evolving marke

South Korea's finance minister said Wednesday the country will spare no efforts to support exports amid signs they are recovering. "Despite some volatility every month, exports are showing signs of improvement," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. South Korea's exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for the second straight month.

South Korean stocks opened a tad higher Wednesday, led by gains in large-cap shares of techs and chemicals despite losses on Wall Street. The benchmark Korea Composite Stock Price Index climbed 16.83 points, or 0.65 percent, to 2,590.81 in the first 15 minutes of trading. On Wall Street, all three major US stock indexes finished lower Tuesday as credit rating agency Moody's downgraded 10 small- and mid-sized US lenders. The Dow Jones Industrial Average lost 0.45 percent, and the tech-savvy