The US Federal Reserve's latest interest rate hike was in line with market expectations, but uncertainty still remains high over high inflation and an economic downturn, Seoul's finance chief said Thursday. Finance Minister Choo Kyung-ho made the remarks during an emergency macroeconomic meeting with Bank of Korea Govt. Rhee Chang-yong and top financial regulators after the Fed slowed the pace of its rate hike to a half-point Wednesday (US time) from its previous 75 basis point increas

South Korean stocks finished over 1 percent higher Wednesday as a slowdown in US inflation boosted hope for the Federal Reserve's less aggressive monetary tightening. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 1.13 point, or 26.85 percent, to close at 2,399.25, ending a two-day winning streak. Trading volume was light at 402.37 million shares worth 5.59 trillion won ($4.31 billion), with gainers outstripping decliners 632 to 226. The

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Shinsegae Group Chief Lee Myeong-hee’s Hannam-dong residence maintained its position as the most expensive house in Korea for eight consecutive years, government data showed Wednesday. The 2,862-square-meter mansion located in Yongsan, central Seoul, was valued at 28.03 billion won ($21.59 million) for 2023, as assessed by the Land Ministry, down 9.8 percent from this year. The 10 most expensive houses in Korea all saw a depreciation in value, but none moved in rank. The government reports

South Korean stocks opened higher Wednesday on cooler-than-expected inflation data in the United States. The benchmark Korea Composite Stock Price Index added 20.06 points, or 0.85 percent, to 2,392.46 in the first 15 minutes of trading. Overnight, US shares finished higher after the consumer price index for November rose 0.1 percent from the previous month and 7.1 percent on-year, while economists forecast a 0.3 percent on-month increase and a 7.3 percent on-year rise. The cooler-than-expected

The Asian Development Bank on Wednesday lowered its outlook for South Korea's growth for next year, citing the slowing global economy and soaring energy prices. In its report on next year's world economy, the Manila-based bank said South Korea's gross domestic product is expected to grow 1.5 percent in 2023, lower than its September forecast of a 2.3 percent rise. The latest outlook is below a 1.8 percent gain estimated by the Organization for Economic Cooperation and Development

South Korea added jobs for the 21st straight month in November, but the growth continued to slow for the sixth month in a row amid concerns over an economic recession, government data showed Wednesday, The number of employed people stood at 28.4 million last month, up some 626,000 from a year earlier, according to the data from Statistics Korea. It marked the highest growth for any November since the agency adopted the current research methods in 1999. The November figure, however, marked a slig

South Korea's finance minister said Wednesday the government will put its priority on combating inflation and creating jobs, while taking preemptive measures to cope with economic risks next year. "The South Korean economy is facing challenging situations at home and abroad. Difficulties are likely to further escalate in the first half of 2023," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. "Inflation has passed its peak, and the upward

Companies with higher involvement of foreigners and small investors are more likely to release more detailed corporate governance reports, demonstrating more transparency, the Korea Exchange said Tuesday. The Korea Exchange, the nation's sole bourse operator, released an analysis on the corporate governance reports of companies listed on the local stock market. As companies with assets between 1 trillion and 2 trillion won ($767 million to $1.53 billion) were required to release corporate

South Korean stocks finished almost unchanged Tuesday as investors remain cautious ahead of the US Federal Reserve's interest rate-setting meeting and the release of key inflation data. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 0.62 point, or 0.03 percent, to close at 2,372.40. Trading volume was a bit light at 438.75 million shares worth 6.39 trillion won ($4.90 billion), with decliners outstripping gainers 436 to 416. The market op

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  SEJONG -- South Korea's finance ministry on Tuesday renewed its call for corporate tax reform that centers on simplifying the taxation bracket and cutting taxes for large-sized firms amid the simmering tensions at the parliament over the bill's passage.   The government and the ruling People Power Party have been pushing to lower the maximum tax rate to 22 percent to attract more investment in South Korea, while the main opposition demands to keep the current rate of 25 percent for e

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street, with the US Federal Reserve's upcoming interest rate-setting meeting in focus. The benchmark Korea Composite Stock Price Index added 9.36 points, or 0.39 percent, to 2,382.38 in the first 15 minutes of trading. Overnight, US shares finished higher following last week's deep losses. The Dow Jones Industrial Average jumped 1.58 percent, and the tech-heavy Nasdaq Composite rose 1.26 percent. The Federal Re

South Korean stocks finished lower Monday as investors remained cautious about the United States' monetary policy direction ahead of a rate-setting meeting amid deepening recession fears. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 16.02 points, or 0.67 percent, to close at 2,373.02. Trading volume was a bit light at 489.54 million shares worth 5.72 trillion won ($4.37 billion), with decliners outstripping gainers 486 to 363. Instituti