South Korea's tax revenue grew 50.2 trillion won ($39.7 billion) in the first 11 months of 2022 from a year earlier, data showed Friday, on the back of improved corporate earnings. Tax revenue amounted to 373.6 trillion won in the January-November period, compared with 323.4 trillion won tallied the previous year, according to the Ministry of Economy and Finance. In November, the government collected 18 trillion won in taxes, up 2 trillion won from a year earlier. The ministry attributed th

South Korea's consumer prices grew at the fastest pace in more than two decades in 2022, government data showed Friday, as the country felt the pinch of soaring prices of raw materials and energy sources following the Russia-Ukraine war. Consumer prices rose 5.1 percent on-year in 2022, accelerating from a 2.5 percent gain in 2021, according to the data compiled by Statistics Korea. It marked the steepest on-year rise since 1998, when consumer inflation spiked 7.5 percent in the wake of the

South Korean stocks ended the year 2022 sharply down, marking the first annual loss in four years on global monetary tightening and economic recession woes. On Thursday, the last trading session of this year, the benchmark Korea Composite Stock Price Index closed at 2,236.40 points, down 1.93 percent from a day earlier. This represented a 24.9 percent for all of this year. The Kospi got off to a strong start in this year's first session on Jan. 3, higher at 2,988.77 points, but it had bee

Seoul stocks closed at a two-month low Thursday, the last trading day of the year, amid concerns that China's reopening could lead to a global economic slowdown. The Korean won advanced for a fourth consecutive session against the US dollar. The benchmark Korea Composite Stock Price Index shed 44.05 points, or 1.93 percent, to close at 2,236.4 points. Trading volume was moderate at about 353.2 million shares worth some 5.9 trillion won ($4.7 billion). Losers outnumbered gainers 791 to 112.

Seoul shares were off to a weak start Thursday, as investors took cues from overnight declines on Wall Street. The benchmark Korea Composite Stock Price Index dropped 10.62 points, or 0.47 percent, to 2,269.83 points in the first 15 minutes of trading, as the market heads for the last trading day of 2022. Overnight, major indices on Wall Street sharply fell, weighed down by losses in tech and concerns that the end of China's zero-COVID policy could lead to a global rise in cases and potenti

Seoul shares opened nearly 2 percent lower Wednesday on a decline in US stocks overnight. The benchmark Korea Composite Stock Price Index dropped 40.75 points, or 1.75 percent, to 2,292.04 points in the first 15 minutes of trading, marking the first time in two months that the Kospi stayed below the 2,300 mark. Overnight, major US stock indexes closed lower on the beginning of the holiday-shortened trading week, as investors wait for the upcoming release of the Federal Reserve's meeting min

Corporate direct financing in South Korea expanded in November thanks to an increase in rights offering on the stock markets, data showed Wednesday. Local companies raised a combined 10.22 trillion won ($8.05 billion) by selling stocks and bonds last month, up 16.3 percent from a month earlier, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks or other financial institutions

Woori Financial Group's drive to strengthen its non-banking business invites speculations for potential acquisition

The US dollar's recent downward move will likely continue for the time being, but its value could bounce back next year when global recession woes arise, the foreign reserve management team of South Korea's central bank said Tuesday. The dollar has recently been under downward pressure after gaining marked ground against major currencies thanks to aggressive monetary tightening in the United States. The Korean won has also rebounded recently after tumbling through the 1,400 mark in Sep

The benchmark Korea Composite Stock Price Index rose 17.51 points, or 0.76 percent, to 2,334.65 points in the first 15 minutes of trading. Investors have remained watchful over the US Fed's next policy direction as its Chair Jerome Powell recently reiterated the Fed will keep an aggressive monetary tightening mode for the time being despite eased inflation pressure. Wall Street was closed Monday for the Christmas holiday. In Seoul, large caps traded higher across the board. Market bellwet

Lowering profitability, growing debt coupled with rate hikes weigh down prospects for Korean businesses next year: KCCI

South Korean stocks closed slightly higher Monday after a choppy session, backed by institutional buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 3.45 points, or 0.15 percent, to close at 2,317.14 points. Trading volume was relatively low at about 408 million shares worth some 5.1 trillion won ($4 billion), with the last trading session of 2022 slated for Thursday. Losers outnumbered gainers 483 to 375. Institutions bought a net 661 billio

South Korea's customs agency said Monday it has started permitting imports of full-body sex dolls, three years after the country's top court ruled they are not "obscene materials." The Korea Customs Service had been allowing imports of sex dolls that depict particular human body parts, but not life-size dolls, since July. The agency, however, said dolls depicting minors -- based on height, weight, and face -- will still not be permitted. Those resembling a specific person wil

South Korea plans to reduce some 4 percent of jobs at state-run organizations by 2025, the finance ministry said Monday, in line with efforts to tighten its belt amid the economic slump. Under the plan, the country will eliminate 17,230 jobs at public organizations, according to the Ministry of Economy and Finance. It marks the first job cut scheme for such institutions since 2009. A separate batch of 4,788 workers will be reassigned with new duties over the period, it added. The ministry said t

South Korean stocks opened slightly lower Monday as investors took to the sidelines amid the recession woes. The benchmark Korea Composite Stock Price Index had slipped 1.68 points, or 0.07 percent, to 2,312.01 points as of 9:15 a.m. Stocks got off to another muted start, with the KOSPI retreating every session since Dec. 15, except for last Thursday, amid a pessimistic economic outlook for 2023 and monetary tightening moves in major economies. In Seoul, top cap Samsung Electronics traded flat,