Bank of Korea Gov. Rhee Chang-yong expresses skepticism on long-term effects of possible currency swap deal with US

South Korean stocks closed lower Friday, ending a three-day winning streak amid lingering concerns over the Federal Reserve's aggressive monetary tightening and a global economic recession. After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI) shed 5.02 points, or 0.22 percent, to end at 2,232.84. Trading volume was a bit slim at 402.26 million shares worth 6.96 trillion won (US$4.75 billion), with losers outpacing gainers 487 to 370. Institutional investors sold a

Apple Pay will start its Korean services next month or at least early December, according to recently leaked documents stating terms and conditions for Hyundai Card customers. The screen captures of digital documents labeled “terms and conditions” in Korean said that “the purpose of this document is to regulate the conditions and procedures of the rights between our customers and the company, obligations and responsibility and more for the usage of Apple Pay services provided

South Korea's central bank said Friday it will maintain its position to raise interest rates going forward to combat inflation that is expected to stay in the 5-6 percent range "for a considerable period of time." In a report submitted to lawmakers for a parliamentary audit, the Bank of Korea (BOK) voiced concerns a sharp slide of the local currency against the US dollar will likely apply upward pressure on prices. "It is of urgent need to keep a lid on inflation expectations

South Korea posted a current account deficit for the first time in four months in August as exports grew at a slower pace and import bills continued to mount amid high crude oil and raw material prices, central bank data showed Friday. The country's current account shortfall came to $3.05 billion in August, a sharp turnaround from a surplus of a revised $790 million tallied a month earlier, according to the preliminary data from the Bank of Korea (BOK). This marked the first time in four mo

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street amid lingering concerns over the Federal Reserve's monetary tightening policy. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.42 points, or 0.64 percent, to 2,223.44 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average shed 1.15 percent, and the tech-heavy Nasdaq Composite went down 0.68 percent, as investors await a jobs report for September due Friday (US time), wh

SEJONG -- South Korea’s economic policymakers are likely to adopt another round of contingency plans to minimize possible instability in consumer prices, as the OPEC+ has decided to curb oil production. The oil cartel’s decision comes after some local policymakers and market insiders claimed that Korea’s inflation was considered to have peaked in July, when consumer price growth posted 6.3 percent. At a meeting in Vienna on Wednesday, the OPEC+ publicized its plan to reduce c

South Korean stocks made solid gains Thursday as investors picked up big-cap tech shares on hopes for a recovery in a semiconductor industry cycle. The benchmark Korea Composite Stock Price Index (KOSPI) added 22.64 points, or 1.02 percent, to end at 2,237.86, extending its winning streak to a third consecutive session. Trading volume was moderate at 631.62 million shares worth 6.67 trillion won ($4.75 billion), with gainers outpacing losers 776 to 118. Foreigners bought shares worth 252.05 bill

South Korea’s foreign exchange reserves shrank by nearly $20 billion in September, the biggest monthly decline in 14 years, as authorities double down on efforts to prop up the quickly depreciating won that is now at a 13-year low against the US dollar. According to Bank of Korea data on Thursday, the reserves stood at $416.77 billion at the end of September, down $19.66 billion from $436.43 billion in August. That is the largest monthly dip since October 2008, when reserves fell by $27.4

South Korea’s top financial regulator said Thursday that it is actively considering to disclose the identity of illegal short sellers amid growing criticism that the practice has been disrupting the local stock market. The remark comes amid growing anger from retail investors that have been witnessing the value of their stock investments dropping sharply in recent months. Many are blaming illegal short selling, claiming that they are the victims in a market vulnerable to such practices by

South Korean stocks opened higher Thursday despite overnight US losses, on the back of solid gains in big-cap tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 18.93 points, or 0.85 percent, to 2,234.15 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average shed 0.14 percent, and the tech-heavy Nasdaq Composite went down 0.25 percent, following strong gains of the previous two sessions. Some expect a softer tone from the Federal Reserve on moneta

South Korea's foreign reserves shrank at the fastest pace in about 14 years last month as authorities unloaded dollars to stall the local currency's excessive slide against the greenback, central bank data showed Thursday. The Bank of Korea (BOK), however, dismissed worries that the country's foreign reserves might not be sufficient enough to defend the won down the road and brace for a financial crisis. The country's foreign reserves had stood at $416.77 billion as of end-Se

South Korea has spent nearly 68.5 billion won ($48.1 million) in total to fight and settle investor-state dispute settlements since 2013,#including its battle with US-based private equity firm Lone Star, data showed Wednesday. The majority of the money was spent to hire overseas attorneys or pay compensation in a total of 10 cases overseen by the US-based International Center for Settlement of Investment Disputes and other dispute settlement bodies, data from the Ministry of Justice, National T

South Korea’s consumer prices eased in September for a second straight month, but the annual price increase is expected to stay as high as three times what the Bank of Korea sees as acceptable, the central bank said Wednesday, sharply increasing expectations of another 50 basis point rate hike next week. According to Statistics Korea data on Wednesday, the September consumer price index rose 5.6 percent from the same month a year earlier, down from 5.7 percent in August, when it slowed for

Foreign direct investment (FDI) pledges to South Korea rose 18.2 percent on-year during the first nine months of this year on the solid growth in investment in such advanced sectors as chips and batteries, the industry ministry said Wednesday. The country received $21.52 billion worth of FDI commitments during the January-September period, compared with $18.21 billion logged a year earlier, according to the data by the Ministry of Trade, Industry and Energy. It marked the highest amount ever for