The Bank of Korea returned to its second outsized rate hike since July as a surging US dollar and higher import bills chip away at efforts to curb persistent inflation. The central bank raised its policy rate to a 10-year high of 3 percent by 50 basis points on Wednesday -- an increase that is twice the usual size and marks a break from the August guidance that supported a gradual 25 basis point hike until this year’s last round of a rate-setting meeting in November. “We need to step

South Korean stocks opened lower Wednesday as investors awaited the Bank of Korea (BOK)'s decision on the policy rate later in the day amid woes over a global economic recession. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.74 points, or 0.35 percent, to 2,184.33 in the first 15 minutes of trading. South Korea's central bank will decide on whether to deliver another outsized rate hike to combat inflation. The BOK has been lifting its policy rate since August last year

The chief of South Korea's trade lobby group has called for the United States to allow at least a three-year delay in the implementation of a new US law on tax credits for electric vehicle buyers seen as a disadvantage to Korean automakers. Koo Ja-yeol, chair of the Korea International Trade Association (KITA), delivered the message when he met with US Sen. Jon Ossoff of Georgia and Pat Wilson, the commissioner of the Georgia Department of Economic Development in the southeastern US state,

SEJONG -- The International Monetary Fund on Tuesday suggested a gloomy prediction for the 2023 economy of the world as well as South Korea, citing protracted downside risks such as high inflation and cheap currencies against the US dollar. In its World Economic Outlook, the US-based organization revised its forecast on the 2023 gross domestic product growth of global economy down to 2.7 percent, from its earlier suggestion of 2.9 percent. It also slashed its outlook on Korea by 0.1 percentage

South Korean stocks tumbled nearly 2 percent on Tuesday as investors sold off tech, auto and other stocks amid concerns that monetary tightening and geopolitical risks could tip the global economy into a recession. The Korean won also ended sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 40.77 points, or 1.83 percent, to end at 2,192.07. Trading volume was moderate at 846.31 million shares worth 7.75 trillion won ($5.42 billion), with losers far

The head of South Korea’s financial watchdog pledged Tuesday that he will complete an inspection into the troubled funds and products that led to investors suffering hefty losses in recent years. The vow follows public criticism that the Financial Supervisory Service failed to screen and prevent fiascos including Ponzi schemes carried out by hedge funds and local financial institutions in recent years. The FSS has yet to decide on the reimbursement plans regarding the troubled 2019 German

South Korean officials held a meeting with domestic car and battery makers Tuesday to discuss responses to the Inflation Reduction Act (IRA), as Washington sought public input on its implementation amid concerns over its discriminatory features, the industry ministry said. The IRA, signed by US President Joe Biden in August, excludes electric vehicles assembled outside of North America from tax incentives, sparking concerns that Hyundai Motor Co. and Kia Corp. will lose ground in the US market a

South Korea's customs agency said Tuesday it has detected 256.7 billion won ($179.6 million) worth of imported items disguised as being locally produced through September this year. The amount marks a 35 percent rise from the same period a year earlier, according to the Korea Customs Service. Among the major items were optical instruments, with their value reaching 115.8 billion, followed by machines with 60.8 billion won and auto parts with 8.7 percent. Home appliances also took up 6.7 bil

South Korean stocks opened sharply lower Tuesday as investors unloaded tech, auto and other issues amid worries that monetary tightening and geopolitical risks could tip the global economy into a recession. The benchmark Korea Composite Stock Price Index (KOSPI) lost 48.12 points, or 2.16 percent, to 2,184.72 in the first 15 minutes of trading. In Seoul, most shares opened sharply lower, with tech and auto issues suffering heavy downswings. Market bellwether Samsung Electronics tumbled 3.56 perc

South Korea's exports slipped 20.2 percent on-year in the first 10 days of October due mainly to sluggish overseas sales of chips, data showed Tuesday. The country's outbound shipments stood at $11.8 billion in the Oct. 1-10 period, compared with $14.8 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 11.3 percent on-year to $15.6 billion during the cited period, resulting in a trade deficit of $3.8 billion. The decline also came as th

SEJONG -- More than 80 percent of all apartment purchases by foreigners over the past seven years were made by US and Chinese nationals, an opposition party lawmaker said on Monday. According to relevant documents, which were handed over to Rep. Yang Kyung-sook of the Democratic Party of Korea from both the Land Ministry and the Korea Real Estate Board, foreigners bought 29,792 apartments in the local property market between January 2015 and August 2022. Of them, Chinese nationals bought

Naver, Kakao among 343 firms listed on Kospi, Kosdaq that saw their share values halve in past year

Some 381,000 households would be unable to repay their loans even if they liquidated everything they have including their homes, as of December last year, Bank of Korea data showed Monday. The report -- revealed by Rep. Kang Jun-hyeon of the main opposition Democratic Party of Korea as part of the annual parliamentary audit -- said “riskier borrowers” account for 3.2 percent of the entire loan group, with their loan volume making up 6.2 percent of the total at 69.4 trillion won ($48.

Some 380,000 households in South Korea were found to be at high risk of financial default due to excessive debt burdens, a central bank report showed Monday. According to the Bank of Korea (BOK) report submitted to Rep. Kang Joon-hyun of the main opposition Democratic Party, the number of households at high risk in terms of financial liabilities reached 381,000 as of the end of last year. The BOK defines such high-risk households as those that are unable to pay back their loans even through disp

Eating out costs rise 9 percent, highest increase since 1992