South Korea was not considering planning a supplementary budget, its finance minister has said, despite a looming decline in this year's tax income. "We are not mulling a supplementary budget at this point," Finance Minister Choo Kyung-ho said during a meeting with reporters in Washington on Thursday (U.S. time), where he attended the G20 Finance Ministers and Central Bank Governors' meeting. The comment came as South Korea's tax income declined 15.7 trillion won ($12 billion) as of Fe

WASHINGTON -- South Korean Finance Minister Choo Kyung-ho has said he will meet with his Japanese counterpart, Shunichi Suzuki, next month, the first meeting between the finance ministers of the two neighbors in nearly seven years in the latest sign of a thaw in diplomatic relations. The agreement was made in Washington where the two attended the G20 Finance Ministers and Central Bank Governors' meeting, Choo said last Thursday. "Since the two leaders initiated a watershed moment (for

Bank of Korea Gov. Rhee Chang-yong underlined that is “too early” to discuss a rate cut, issuing a warning on growing expectations that the central bank may start to cut its base rate soon. With the BOK deciding to hold the rate at 3.5 percent for a second consecutive time on Tuesday, market expectations have grown that the rate hike cycle has ended and a pivot on the BOK’s rate stance could come within the year. Rhee, however, drew a line, saying it is premature to discuss a

South Korean stocks opened higher Friday as the latest US economic data raised hopes the Federal Reserve will scale back its hawkish interest rate hikes. The benchmark Korea Composite Stock Price Index rose 11 points, or 0.43 percent, to 2,572.66 in the first 15 minutes of trading. All three major US stock indexes rallied Thursday after the producer prices slowed more than expected in March from a year earlier. Jobless claims last week rose more than expected, showing that the Fed's efforts

The South Korean economy continues to face uncertainties amid global price hikes but conditions are expected to improve from the second half of the year, the country's finance minister said Thursday. Choo Kyung-ho, who is double-hatted as deputy prime minister, also said the country will work to keep prices down. Economic conditions for South Korea "are believed to gradually show signs of improvement," Choo told reporters. The South Korean finance minister is currently on a trip t

　Investors are buying more gold as prices rise to an all-time high. 　According to the banking industry, gold bars sold at KB Kookmin, Hana, Woori and NH Nonghyup from April 3-6 stood at 2.49 billion won ($1.89 million). 　Gold bar sales at the four major banks increased from 1.98 billion won in January to 3.29 billion won in February and 3.95 billion won in March. 　Gold prices have risen as investors kept an eye on safe assets due to instability in global financial markets.

South Korea's main stock market closed higher to extend its winning streak to a fifth day Thursday amid the US Federal Reserve's warning of a recession later this year. The local currency rose sharply against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index gained 11.02 points, or 0.43 percent, to 2,561.66, managing to extend the winning streak for five straight sessions. Trading volume was high at 826.7 million shares worth 11.7 trillion won ($8.93

South Korea’s securities and asset management firms are racing to capture a bigger piece of the Outsourced Chief Investment Officer market as they expect that more firms and institutional funds will entrust the management of their cash reserves to them. “Institutional investors and private companies used to manage their own investment through an in-house finance team, but once they see an increased amount of cash hoarding, they tend to outsource because it requires complex and prof

Seoul stocks closed almost flat Wednesday as investors await the release of US inflation data later this week. The Korean won declined against the dollar. After choppy trading, the benchmark Korea Composite Stock Price Index closed up 2.78 points, or 0.11 percent, to 2,550.64. Institutional and retail investors were net sellers and sold off a combined 234.9 billion won ($176.9 million), while foreigners snapped up a net 212.8 billion won. The main index moved between gains and losses, as investo

Market sees end of rate hike cycle; central bank warns against ‘excessively’ dovish market expectation

Global investors have hailed South Korea's latest efforts to revamp its financial regulations, such as the extension of trading hours, pointing out they will help the country attract more investment, the finance ministry said Wednesday. The assessment came during Finance Minister Choo Kyung-ho's meetings with representatives from major US investors, including Blackstone, the Bank of New York Mellon, and Goldman Sachs, earlier this week in New York on Monday and Tuesday, according to th

South Korean stocks got off to a good start Wednesday as investors wait for the release of US inflation data that will offer them more insights into the Federal Reserve's monetary tightening policy path. The benchmark Korea Composite Stock Price Index rose 9.12 points, or 0.36 percent, to trade at 2,556.98 in the first 15 minutes of trading. The main index closed 1.42 percent higher on Tuesday, after the Bank of Korea kept its policy rate unchanged at 3.5 percent on concerns over an economi

State-run Industrial Bank of Korea aims to double its overseas profits in the next three years by establishing entities in Vietnam and Poland, its president said Tuesday. “We will expand our (global) network ... such as converting the Vietnam branch into an entity and setting up a new entity in Poland to support small- and mid-sized firms entering overseas markets,” IBK President and CEO Kim Sung-tae said during a press conference held to mark his first 100 days in office. By 2025,

South Korean stocks rose by almost 1.5 percent to close up for a third consecutive session Tuesday, driven by bullish chemicals and auto shares, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 35.78 points, or 1.42 percent, to close at 2,547.86. Trading volume was high at 756.6 million shares worth 13.9 trillion won ($10.5 billion), with gainers outs