One-on-one meetings of top finance policymakers resume as two countries thaw ties

South Korean stocks fell for the third day in a row Thursday, as investors digested US Federal Reserve Chair Jerome Powell's hawkish remarks reaffirming more interest rate hikes ahead. The local currency dipped against the US dollar. The benchmark Korea Composite Stock Price Index sank 14.17 points, or 0.55 percent, to close at 2,550.02. Trading volume was moderate at 591.9 million shares worth 8.65 trillion won ($6.56 billion), with decliners far outnumbering gainers 737 to 161. "Befo

Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, has been leading the growth of next-generation technology with its experience in blockchain. The firm has been a pioneer in digital assets, introducing new technologies for lucrative investments. The operator joined hands with entertainment agency Hybe, the K-pop company behind boy band BTS, to launch Levvels, a joint venture that develops and launches non-fungible tokens based on the intellectual property of artists und

Standard Chartered Bank Korea said Thursday that it is offering a promotion for new clients signing up for its Jaeil EZ account, promising first-time customers interest rates of up to 3.6 percent per year, even for just one day of deposit. The promotion, which launched on June 20 and runs until July 7, offers every new client 3,000 won ($2.28) worth of Naver Pay points, a points reward program of the country's largest portal. Customers need to agree to receiving mobile newsletters and mobil

South Korea seeks to attract 100 trillion won ($76.55 billion) of investment in the country's free economic zones and create 450,000 jobs there by 2032 to make them global hubs of advanced industries and businesses, the industry ministry said Thursday. Under the draft of the comprehensive 10-year development plan, the government aims to attract the investment from domestic and foreign entities in key leading sectors and build smart, eco-friendly international cities in cooperation with muni

South Korean stocks edged higher shortly after starting a tad lower Thursday, as investors were little fazed by US Federal Reserve Chair Jerome Powell's remarks reaffirming the interest rate hike campaign is not over. The benchmark Korea Composite Stock Price Index gained 8.82 points, or 0.34 percent, to 2,573.01 in the first 15 minutes of trading. Speaking at a European Central Bank forum in Portugal on Wednesday, Powell reiterated that the Fed will further raise its interest rates this ye

South Korea's business sentiment slightly fell for July amid continued uncertainties over the economy and monetary tightening here and abroad, a central bank poll showed Thursday. Local companies' business sentiment index for July came to 75, down from 76 tallied for the previous month, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists. The worsened o

South Korean stocks closed 0.67 percent lower Wednesday, led by foreign selling, as sound US economic data adding justification for the Federal Reserve's interest rate hikes dampened investor sentiment. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index slid 17.20 points to finish at 2,564.19. Trading volume was moderate at 477.4 million shares worth 8.66 trillion won ($6.62 billion), with decliners outpacing gainers 502 to 366. "The s

Most finance-related businesses adopt 'international age'

Retail sales in South Korea rose 5.7 percent on-year in May as consumers celebrated holidays amid the lifting of COVID-19 restrictions, the industry ministry said Wednesday. The combined sales of 25 major offline and online retailers came to 15 trillion won ($11.5 billion) last month, compared with 14.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The on-year increase came after people resumed outdoor activities as they returned to pr

South Korean stocks opened nearly flat Wednesday, as global recession woes eased after better-than-expected US economic data. The benchmark Korea Composite Stock Price Index rose 2.15 points, or 0.08 percent, to 2,583.54 in the first 15 minutes of trading. US consumer confidence jumped unexpectedly to a near 18-month high in June. Orders of durable manufactured goods increased last month, and new home sales sharply rose to an over-one-year high in May. Investors have their eye on what US Federal

South Korea's consumer sentiment hit the highest in 13 months in June, as post-pandemic activities gathered pace and inflation eased, central bank data showed Wednesday. The composite consumer sentiment index stood at 100.7 in June, up from 98 the previous month, marking the fourth consecutive month of rise, according to the survey from the Bank of Korea. Also, the June reading is the highest since 102.9 in May last year. A reading above 100 means optimists outnumber pessimists. The central

South Korea's finance minister said Wednesday the country's second-half economic policy will primarily focus on revitalizing exports and investment, along with further stabilizing prices. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting with economy-related ministers, as South Korea plans to announce the country's economic policy for the July-December period next week. "Over the first half, inflation has clearly slowed, and the job market has rema

Eyes on whether minimum wage for 2024 will surpass 10,000 won

South Korean stocks closed almost flat Tuesday, as tech blue-chips pared earlier losses, with eyes on what US Federal Reserve Chair Jerome Powell will say about monetary policy at a forum this week. The benchmark Korea Composite Stock Price Index slipped 0.81 points, or 0.03 percent, to finish at 2,581.39. Trading volume was moderate at 528.7 million shares worth 8.36 trillion won ($6.42 billion) with gainers outnumbering decliners 437 to 430. "Powell's remarks due later this week coul