Limited impact expected on Korean chipmakers after years of localization efforts

Seoul stocks closed slightly lower Thursday amid concerns that global investment bank Credit Suisse's fiasco may worsen and possibly harm the global financial sector. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 1.81 points, or 0.08 percent, to close at 2,377.91 points. Trading volume was moderate at about 314 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 670 to 220. Institutions sold a net 3

Amid changing social norms, more Koreans tie the knot at older age

KB Financial Group has signed a memorandum of understanding with the Korea Chamber of Commerce and Industry jointly to provide special loans for small and medium-sized enterprises making environmental, social and corporate governance efforts. KB Financial Group Vice Chairman Yang Jong-hee and Woo Tae-hee, executive vice chairman of the KCCI, gathered at the KCCI headquarters in Seoul on Thursday to sign the memorandum. "Based on this MOU, KB Financial Group plans to provide various and ex

Seoul stocks opened sharply lower Thursday on worries that global investment bank Credit Suisse's fiasco may spread to other financial institutions. The benchmark Korea Composite Stock Price Index shed 24.03 points, or 1.01 percent, to 2,355.69 points in the first 15 minutes of trading. Investors remained worried that Swiss-based Credit Suisse, hit by scandals and losing confidence from investors, may face further uncertainties down the road. On Wednesday, Seoul stocks rebounded from the af

US Fed likely to hold back on rate hikes due to escalating volatility, giving room for BOK to keep its base rate unchanged

South Korean stocks opened higher Wednesday as concerns eased over the collapse of US banks, which jolted the global financial market this week. The benchmark Korea Composite Stock Price Index rose 29.14 points, or 1.24 percent, to 2,378.11 points in the first 15 minutes of trading. On Tuesday, the key stock index closed down nearly 3 percent, the biggest daily loss this year, amid lingering uncertainties about the fallout from the collapse of two US banks. US stocks also rebounded from their tr

South Korea's monthly job additions slowed for the ninth consecutive month in February, data showed Wednesday, amid forecasts the job recovery will lose steam this year amid the economic slowdown. The number of employed people came to 27.71 million in February, up around 312,000 from a year earlier, according to the data compiled by Statistics Korea. Excluding those aged 60 and above, however, the figure moved down 101,000 over the period. The February figure marked a decrease from 411,000

Choo assesses effects of SVB bankruptcy to be ‘limited’ in Korea, local financial market remains ‘stable overall’

Seoul stocks opened sharply lower Tuesday as investors weigh the fallout from the collapse of two US banks and uncertainties over the Federal Reserve's monetary tightening. The benchmark Korea Composite Stock Price Index shed 36.51 points, or 1.51 percent, to 2,374.09 in the first 15 minutes of trading. The failures of Silicon Valley Bank, the largest shutdown of a US bank since the 2008 financial crisis, and the New York-based Signature Bank fanned sell-offs by foreign and institutional in

Global credit appraiser Fitch Ratings said Monday it has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook, while suggesting an economic growth of 1.2 percent this year. Fitch's rating for South Korea has been AA-, the fourth-highest level on the agency's table, since September 2012. "Korea's rating balances robust external finances, resilient macroeconomic performance and a dynamic export sector against geopolitical risks related to Nort

Financial minister and central bank deputy governor believe the US lender bankruptcy will not be a repeat of the 2008 financial crisis

Despite rate hikes, investor bets big on stable returns of middle-market properties in US

The Bank of Korea said Monday that it will closely monitor any impact of last week's collapse of a US tech startup-focused lender on domestic financial market and economic conditions, though it dismissed worries that the issue could turn into a systemic risk. On Friday, US banking regulators shut down Silicon Valley Bank and took control of its customer deposits in the largest failure of a US bank since the 2008 financial crisis. It was followed by the collapse of another US bank, Signature

Seoul stocks opened slightly lower Monday, as investors brace for the fallout from the Silicon Valley Bank's collapse amid woes over the Federal Reserve's monetary tightening. The benchmark Korea Composite Stock Price Index shed 3.79 points, or 0.16 percent, to 2,390.8 points in the first 15 minutes of trading. The market got off to a lackluster start after the Dow Jones Industrial Average closed down 1.07 percent Friday, with the tech-laden Nasdaq Composite declining 1.76 percent. Las