South Korea's consumer prices are expected to grow at a 2 percent level around June or July, the finance minister said Sunday, amid signs of eased inflationary pressures. "In general, consumer prices are gradually finding stability," Finance Minister Choo Kyung-ho said during a program aired by KBS. "I think the inflation will hit the 2 percent level this month or the following one." Consumer prices, a key gauge of inflation, rose 3.3 percent in May from a year earlier,

South Koreans' combined purchase of the Japanese currency at local banks jumped nearly fivefold in May from a year earlier, data showed Sunday, as more people took advantage of a weaker yen. The amount of Japanese currency sold at the country's four major banks came to 30.16 billion yen ($213 million) in May, soaring from 6.28 billion yen tallied a year earlier, according to the market data. The increase apparently came as more people took advantage of the weak yen in recent weeks, whi

South Korea's finance ministry said Friday that 18 state-run companies were rated "lackluster" or below during its annual management assessment, noting it plans to order such firms to cut bonuses and take corresponding measures. Under the comprehensive performance evaluation of 130 state-run companies, which divides them into six tiers, 14 were labeled "lackluster," according to the Ministry of Economy and Finance. The other four, including the Korea Railroad Corporation

South Korea's finance ministry said Friday that Asia's No. 4 economy has recently experienced weaker inflationary pressure, although it continued to suffer an economic slowdown. "Recently, the South Korean economy saw its price hikes continue to lose steam. The economic slowdown lingered due to exports and the manufacturing sector," the Ministry of Economy and Finance said in a report. The growth of South Korea's consumer prices slowed for the fourth consecutive month in

South Korea's economic strategy for the second half is set to focus on solidifying people's livelihoods and seeking a rebound, the finance ministry said Friday. The remark was made in light of the Ministry of Economy and Finance's ongoing efforts to prepare a report on the economic policy direction for the upcoming July-December period, which is set to be released in the near future. "Amid the lingering uncertainties in the global economy, exports and the manufacturing indust

South Korean stocks opened higher Friday, after US economic data pointing to solid consumer demand and softening inflation boosted hopes for an early end to the Federal Reserve's aggressive interest rate hikes. The benchmark Korea Composite Stock Price Index rose 5.4 points, or 0.21 percent, to 2,613.94 in the first 15 minutes of trading. Wall Street rallied Thursday as optimism grew that the Fed would loosen its grip on interest rate hikes after the latest economic data showed a stronger-t

Amid the increasing trend for high-net-worth individuals to migrate to other countries, more than 800 Korean millionaires, which is double the amount compared to last year, are expected to migrate to foreign countries in 2023, a report said. According to a report released by English residence and citizenship investment advisory firm Henley & Partners, Korea's net outflow of high-net-worth individuals, or HNWIs, is estimated to jump from 400 to 800 in 2023. The number marks Korea as the

South Korean stocks fell for the second straight day Thursday, as investors digested the US Federal Reserve's first pause in its aggressive rate hikes in more than a year and its signal that the borrowing rates will likely rise more. The local currency inched down against the US dollar. The benchmark Korea Composite Stock Price Index slid 10.54 points, or 0.4 percent, to 2,608.54. Trading volume was moderate at 571.7 million shares worth 11.3 trillion won ($8.82 billion), with decliners out

US Fed foregoes interest rate increase in June meeting, signals two more rises on the way

Outbound container shipping costs for major destinations, including the United States and the European Union, rose in May from a month earlier, data showed Thursday. The average rate for a 40-foot container from Asia's fourth-largest economy to the US east coast came to 4.95 million won ($3,877), up 3 percent from a month earlier, according to the data from the Korea Customs Service. It marked the first time in 13 months for the rate to rise on-month, the agency said. Rates for the US west

South Korea's fiscal deficit expanded in the first four months of 2023 from a year earlier amid economic uncertainties, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 45.5 trillion won in the January-April period, larger than a shortfall of 37.9 trillion won a year earlier, according to the finance ministry. South Korea's tax revenue came to 134 trillion won during the cited period, down 33.9 trillion wo

South Korea and Ecuador on Thursday discussed ways to expedite the establishment of a bilateral free trade deal to boost trade and investment and to deepen industry ties, Seoul's trade ministry said. Negotiations are underway between the two sides for the Strategic Economic Cooperation Agreement, a type of free trade pact, with nine rounds of talks having been held since 2016. On Thursday, Trade Minister Ahn Duk-geun met with his Ecuadorian counterpart, Julio Jose Prado, in Seoul and discus

South Korean stocks opened higher Thursday, as investors digested the US Federal Reserve's pause in raising the interest rates and its signal that there still will be more rate hikes in the coming months. The benchmark Korea Composite Stock Price Index gained 12.08 points, or 0.46 percent, to 2,631.16 in the first 15 minutes of trading. The Fed held the interest rates steady in the range of 5.00 percent to 5.25 percent in its policy meeting Wednesday, the first such pause in the series of r

South Korean stocks finished lower Wednesday as investors awaited the outcome of the Federal Reserve's rate-setting meeting. The Korean won fell against the US greenback. The benchmark Korea Composite Stock Price Index lost 18.87 points, or 0.72 percent, to close at 2,619.08. Trading volume was high at 644 million shares worth 12.9 trillion won ($10.1 billion), with the number of decliners sharply outnumbering gainers 659 to 237. Institutions dumped a net 127.8 billion won worth of local sh

South Korea's exports of information and communication technology products dropped for the 11th consecutive month in May on a lingering economic slowdown and waning demand for semiconductors, government data showed Wednesday. Outbound shipments of ICT products came to $14.5 billion last month, down 28.5 percent from $20.2 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. The monthly ICT exports have been on the decline since July last year. The count