South Korea's exports fell 16.2 percent on-year in the first 10 days of March, data showed Monday, due to sluggish shipments of chips. The country's outbound shipments stood at $15.8 billion in the March 1-10 period, compared with $18.8 billion a year earlier, according to the data from the Korea Customs Service. Imports advanced 2.7 percent on-year to $20.8 billion during the cited period, resulting in a trade deficit of $4.9 billion. In February, the country's outbound shipments

After monthlong feud, Kakao, Hybe, SM agree to join hands for growth of K-pop

Seoul stocks opened lower Friday, following overnight Wall Street losses amid growing fears over faster rate hikes by the Federal Reserve. The benchmark Korea Composite Stock Price Index shed 25.35 points, or 1.05 percent, to 2,393.74 in the first 15 minutes of trading. Overnight, Wall Street closed sharply down after jobless claims showed that the US labor market is still resilient, casting uncertainty over the Federal Reserve's rate hike path. The S&P fell 1.85 percent, the Dow Jones

South Korea posted the largest ever current account deficit in January as exports sharply dwindled amid growing worries over a global economic recession, central bank data showed Friday. The country's current account shortfall came to $4.52 billion in January, swinging from a surplus of $2.68 billion a month earlier, according to the preliminary data from the Bank of Korea (BOK). It marked the largest monthly current account deficit since relevant data started to be compiled in January 1980

Seoul stocks closed lower for a second straight session Thursday on heavy sell-offs by foreign investors and renewed fears the Federal Reserve will accelerate its pace of rate increases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index closed down 12.82 points, or 0.53 percent, to 2,419.09. Trading volume was moderate at 465.3 million shares worth 10.2 trillion ($7.7 billion), with decliners outnumbering gainers 478 to 396. The market got off to a strong

Seoul stocks opened higher Thursday amid woes over faster rate hikes by the Federal Reserve. The benchmark Korea Composite Stock Price Index added 7.79 points, or 0.32 percent, to 2,439.7 in the first 16 minutes of trading. After his hawkish stance a day before, Fed Chair Jerome Powell said Wednesday that no decision has been made on the pace of the Fed's rate hikes. US stocks wavered, with Wall Street's three main stock indexes closing mixed, as traders tried to assess Powell's c

Korean won weakens against dollar following Powell’s remarks forecasting further rate hikes

South Korea plans to speed up spending the employment-related budget in the first half of 2023 amid signs of a slowdown in the job market, the finance minister said Wednesday. The remark came after Asia's No. 4 economy reported the largest number of job additions in more than 20 years in 2022 at around 820,000, while the figure is expected to rise at a narrower margin of just 100,000 on-year in 2023 amid economic uncertainties and the country's falling population. "Considering the

South Korean stocks opened sharply lower Wednesday on renewed fears over further sharp rate hikes after the Fed chief's hawkish comments. The benchmark Korea Composite Stock Price Index was down 28.76 points, or 1.17 percent, to 2,434.59 in the first 15 minutes of trading. Federal Reserve Chair Jerome Powell cautioned Tuesday that "The ultimate level of interest rates is likely to be higher than previously anticipated," considering that the latest economic data suggests inflation

A year after W50b merger, KB Valbury Sekuritas bets big to lure digital-savvy young customers

Mastern America, the US arm of Mastern Investment Management, said Tuesday it has signed a strategic alliance agreement with New York-based property tech firm Koriny to expand its presence in US middle market properties. Under the partnership, Mastern hopes to offer investors a chance to invest in the US middle market, which refers to a market for office, retail, industrial properties with a market value below about 100 billion won ($77 million). Koriny, which has its Korean office in Yeouido, w

South Korean stocks opened lower Tuesday, trailing behind lackluster trading on Wall Street, as investors brace for Federal Reserve Chair Jerome Powell's testimony this week. The benchmark Korea Composite Stock Price Index was down 1.9 points, or 0.08 percent, to 2,460.72 points in the first 15 minutes of trading. Federal Reserve Bank of San Francisco President Mary Daly said Saturday that "there is more work to do" in the Fed's ongoing fight against inflation, suggesting t

Seoul stocks closed over 1 percent higher Monday to extend their winning streak to a fourth day on advances in chips, batteries and tech, as the US Federal Reserve may slow down its monetary tightening. The local currency rose against the US dollar for the fourth session. The benchmark Korea Composite Stock Price Index rose 30.55 points, or 1.26 percent, to a close at 2,462.62 points. Trading volume was moderate at 411 million shares worth 9.63 trillion won ($7.4 billion), with losers outnumberi

Consumer prices up 4.8% on-year in February; public utility charges hit new high

Sales of imported vehicles in South Korea rose 11 percent last month from a year earlier on improved supplies and new models, an industry association said Monday. The number of newly registered foreign vehicles stood at 21,622 units last month, up from 19,454 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. "Some brands' vehicle supplies and their launches of new models helped boost sales last month," KAIDA Vice Chairman Jung Yoo