South Korea's exports rose 5.3 percent on-year in the first 20 days of June, although shipments of semiconductors remained sluggish, data showed Wednesday. The country's outbound shipments reached $32.9 billion in the June 1-20 period, compared with $31.2 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 11.2 percent on-year to $34.5 billion during the period, resulting in a trade deficit of $1.6 billion. In May, South Korea's overa

South Korean stocks opened lower Wednesday, tracking Wall Street losses overnight as investors awaited the US Federal Reserve chairman's congressional testimony. The benchmark Korea Composite Stock Price Index slid 6.04 points, or 0.23 percent, to 2,598.87 in the first 15 minutes of trading. Overnight, all three major US equity indexes ended in negative territory, as a recent market rally paused ahead of Fed Chair Jerome Powell's congressional testimony slated for Wednesday and Thursda

South Korea's producer prices declined for the second consecutive month in May as a fall in the prices of industrial goods led the overall decline, offsetting a gain in the prices of agricultural products and utilities, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, fell 0.3 percent in May from a month earlier, following a 0.1 percent on-month dip in April, according to the data from the Bank of Korea. From a year earlier, the index ro

South Korea's state power firm said Wednesday it would freeze electricity rates for the third quarter in a move to ease the burdens on people following two consecutive quarters of hikes. The planned freeze came as the government jacked up electricity rates by 5.3 percent on-year for the second quarter, or by 8 won per kWh, following a 13.1 won increase per kWh in the first quarter due to high global energy costs and the mounting losses of the Korea Electric Power Corp. KEPCO decided to fix

Korean Air, Asiana merger result likely to come out in Q3

Deteriorating fiscal health pulls down national competitiveness ranking to 28th

South Korean stocks slid for the second day in a row Tuesday, as the smaller-than-expected rate cut by China's central bank dampened market sentiment. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index slipped 4.59 points, or 0.18 percent, to close at 2,604.91. Trade volume was moderate at 712.8 million shares worth 10.7 trillion won ($8.35 billion), with decliners outstripping gainers 545 to 325. "The markets had their eyes on whether B

South Korea's overseas direct investment dipped 41.6 percent in the first quarter of 2023 from a year earlier, data showed Tuesday, led by the manufacturing and property sectors. The value of overseas investments by South Korean companies reached $16.49 billion, down 41.6 percent from a year earlier, according to the data compiled by the Ministry of Economy and Finance. The ministry attributed the decrease to a base effect, considering major investment projects rolled out in the semiconduct

South Korean steelmakers asked the government Tuesday to persuade the European Union to allow domestic carbon emission calculation methods for a longer period of time ahead of the full implementation of its new carbon border tax. The EU announced the new carbon-pricing system of the Carbon Border Adjustment Mechanism, which calls for levying an import charge on steel, cement, electricity, fertilizer, aluminum and other related items equivalent to their carbon emissions from production. The regul

South Korean stocks started lower Tuesday, as investors awaited the Chinese central bank's rate decision and its next monetary policy steps. The benchmark Korea Composite Stock Price Index slid 10.18 points, or 0.39 percent, to 2,599.32 in the first 15 minutes of trading. The People's Bank of China is expected to cut its benchmark loan prime rate later in the day amid sluggish growth. Investors are hoping to see Beijing roll out fresh stimulus to boost demand. Market observers will als

South Korea plans to open a foreign currency account for the country's low-interest loan projects for developing nations, the finance ministry said Tuesday, eliminating the need for unnecessary foreign exchange conversion procedures. The revision, passed by the Cabinet, will allow the government to deposit the Economic Development Cooperation Fund in foreign currencies directly into private banks, according to the Ministry of Economy and Finance. The move came as the current fund for the pr

South Korea's finance minister said Tuesday the government is committed to building a favorable business environment by revamping regulations and offering tax cuts as he asked local firms to proactively roll out investments. Finance Minister Choo Kyung-ho made the remark during a meeting with officials from the Federation of Korean Industries, one of South Korea's biggest business lobbies that speaks for large companies, according to the Ministry of Economy and Finance. "In genera

Core inflation remains stubborn, following high service rates

South Korean stocks retreated Monday, weighed down by hard-line comments from some US Federal Reserve policymakers advocating more interest rate hikes. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index slid 16.29 points, or 0.62 percent, to close at 2,609.5. Trading volume was moderate at 711.1 million shares worth 10.95 trillion won ($8.54 billion), with gainers outpacing decliners 466 to 401. "The Fed officials with those comments are o

South Korean stocks opened lower Monday, as some US Federal Reserve officials' comments backing additional rate hikes sapped hopes for an end to its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index fell 12.6 points, or 0.48 percent, to 2,613.19 in the first 15 minutes of trading. Fed Gov. Christopher Waller on Friday said the core inflation was not coming down like he expected. Richmond Fed President Thomas Barkin advocated more rate hikes, citing persistent i