South Korea will terminate the cut in the consumption tax on passenger cars starting next month, the finance ministry said Thursday, in an apparent move to make up for a recent decrease in tax revenue. In July 2018, the government slashed the auto consumption tax to 3.5 percent from 5 percent and had extended the measure in an effort to boost domestic demand amid the COVID-19 pandemic. The tax cut is supposed to expire at the end of June and the government decided not to extend it anymore "

Seoul shares opened lower Thursday as investors await key US inflation data and the Federal Reserve's rate decision next week. The benchmark Korea Composite Stock Price Index ticked down 11.02 points, or 0.42 percent, to 2,604.58 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, as recent market rally, driven by an artificial intelligence boom, paused. The Dow Jones Industrial Average added 0.27 percent, while the S&P 500 shed 0.38 percent and the Nasdaq Composite

KB Financial Group said Wednesday that Chairman Yoon Jong-kyoo stressed the role of finance in achieving a net-zero transition at a meeting of the Asia-Pacific Advisory Board of the Glasgow Financial Alliance for Net Zero, or GFANZ, held in Singapore on Monday. The GFANZ is an alliance of over 550 financial institutions from 50 countries. Established in April 2021, the coalition aims to promote a net-zero economy and tackle climate change. Its Asian advisory committee was also set up in June las

South Korean stocks closed nearly flat Wednesday as investors remained cautious ahead of big events next week. The local currency rose to a near two-month high against the US greenback. The benchmark Korea Composite Stock Price Index rose 0.19 point, or 0.01 percent, to close at 2,615.60. Trading volume was slim at 525.8 million shares worth 9.93 trillion won ($7.62 billion), with losers slightly outpacing gainers 439 to 422. Institutions scooped up a net 348.97 billion won worth of local shares

South Korea plans to lift a set of industrial regulations to try to induce combined private investment worth 300 billion won ($231 million), the finance ministry said Wednesday. The plan, the fifth of its kind, will lift hurdles for five investment projects, including construction of production lines, according to the Ministry of Economy and Finance. "South Korea's exports have experienced a recent decline, primarily attributed to the deteriorating IT sector and weak business sentiment

South Korea asked for Azerbaijan's support Wednesday for its companies seeking to take part in major energy and other industry projects in the European nation, the industry ministry said. Deputy Trade Minister Jeong Dae-jin made the request during their joint economic commission meeting in Seoul on the day, as the two nations explored ways to enhance bilateral economic and industry cooperation, according to the Ministry of Trade, Industry and Energy. South Korean companies are pushing to pa

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, with investors awaiting key US inflation data and the Federal Reserve's rate decision next week. The benchmark Korea Composite Stock Price Index rose 10.05 points, or 0.38 percent, to 2,625.46 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.03 percent to 33,573.28, and the Nasdaq Composite gained 0.36 percent to 13,276.42. US consumer prices for May, set to be released next

Over 70 percent of those who own lavish penthouses at Signiel Seoul – an upscale residence located throughout the 42nd to 71st floors of Korea’s tallest building, Lotte World Tower – were revealed to be corporations, according to a news report by the Herald Business on Monday. The Signiel Seoul, which was completed in April of 2017, has a total of 223 housing units, including seven penthouses and 11 duplex-type sub-penthouses. Based on real estate registrations, the Herald Busi

Turnover of South Korea's main and secondary bourses dropped sharply last month as investor sentiment was dampened by a recent Ponzi scheme that has rocked the local financial market, data showed Tuesday. The average daily turnover of the main Kospi and tech-heavy Kosdaq markets stood at 18 trillion won ($13.8 billion) in May, down 31.7 percent from the previous month's 26.4 trillion won, according to the data from the Korea Stock Exchange. The average daily transactions of the Kospi m

Seoul shares ended higher Monday amid hopes that the US Federal Reserve may not raise interest rates this month due to signs of slackening in the US labor market. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.05 points, or 0.54 percent, to close at 2,615.41. The main index continued to close at above 2,600 after surpassing the 2,600 level on Friday for the first time since June 9, 2022. Trading volume was moderate at 537.16 million sha

Sales of imported vehicles in South Korea fell 9.2 percent last month from a year earlier due mainly to lack of supplies in some brands, an industry association said Monday. The number of newly registered imported vehicles came to 21,339 units in May, down from 23,512 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were BMW's 520 sedan, Lexus' ES300h sedan, and Mercedes-Benz's E 35

Seoul shares opened higher Monday, tracking Wall Street gains, as investors expect the US Federal Reserve will not raise interest rates this month due to signs of US labor market slackening. The benchmark Korea Composite Stock Price Index rose 13.34 points, or 0.51 percent, to 2,614.70 in the first 15 minutes of trading. On June 2, the Dow Jones Industrial Average jumped 2.1 percent to 33,762.76, and the Nasdaq Composite gained 1 percent to 13,240.77. The May US jobs report cemented bets for the

South Korea's foreign reserves fell in May as the dollar's ascent cut the conversion value of holdings in other currencies, central bank data showed Monday. The country's foreign reserves came to $420.98 billion as of end-May, down $5.7 billion from the previous month, according to the data from the Bank of Korea. The dollar's rise last month boosted the converted value of holdings denominated in other currencies, the Bank of Korea explained. The dollar index that gauges the

Market value of top 4 K-pop agencies soar to some combined W20tr

Shinhan Card looks to expand its business in Kazakhstan through its affiliate Shinhan Finance, joining hands with the local automobile dealership industry and stepping up its digital transformation efforts. Since its founding in November 2014, Shinhan Finance, Shinhan Card's subsidiary in Kazakhstan, has been focusing on microfinance products such as auto loans and credit loans. Shinhan Card CEO Moon Dong-kwon, who took office earlier this year, recently visited Kazakhstan to meet with th