South Korea was ranked ninth among countries with trade surpluses with the United States in the first half of the year, as Asia's fourth-largest economy recorded strong on-year growth in shipments to the US during the period, US government data showed Sunday. According to the Department of Commerce, South Korea's trade surplus with the US during the January-June period amounted to $21.67 billion, up 86.9 percent from a year ago. The trade surplus grew as South Korean shipments to the U

SEJONG -- South Korea will push for the abolishment of law provisions, which stipulate criminal punishment on businesses despite meager rule-violations, as part of effort to promote wider scale corporate activities and vitalize foreign investments. Before seeking criminal punishment, the government will issue administrative sanctions in the first stage, the Finance Ministry and the Justice Ministry said during a meeting for revamping regulations in Daegu on Friday. According to the two ministr

　South Korea’s deputy finance policymaker was identified as the civil servant with the highest-value personal assets in the country, including shares worth some 20 billion won ($15 million) in a family business, a government ethics committee said Friday. 　Financial Services Commission Vice Chairman Kim So-young’s net assets – including real estate, stocks and savings -- amounted to a total of 29.2 billion won, making him the “richest” civil servant in the Yoon Suk

South Korea plans to take measures to stabilize the foreign exchange market in a timely manner if market volatility increases, driven by herd behavior or speculative bets in the currency market, a senior government official said Friday. The government will also buy back Treasury bonds and take steps to help curb a rise in bond yields, when needed, if the bond market shows jitters amid global rate hike drives, according to First Vice Finance Minister Bang Ki-sun. The finance ministry said the Sou

South Korea's stock market opened higher Friday as investors awaited the gathering of central bankers in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.82 points, or 0.4 percent, to trade at 2,487.08 as of 9:15 a.m. Investors will be closely looking for the clue into the pace and the scale of the US central bank's monetary tightening plan at the meeting in Jackson Hole, Wyoming, slated for Friday (US time), where Federal Reserve Chair Jerome Powell is

The Bank of Korea returned to its usual 25 basis point rate hike Thursday, half the historic size seen in July, while slashing its growth forecast for the year amid the persistent inflation forcing the central bank to back a raise for a fourth time in a row for the first time. The unanimous decision reached by all seven board members comes as the country fights inflation at an almost 24-year high. In July, prices jumped 6.3 percent on-year. The policy rate now stands at 2.5 percent, up fro

Industry Ministry says WTO complaint over anti-inflation act is last resort

South Korea is watching closely a verdict set to be delivered by an international dispute settlement body for a decadelong dispute between the government and US private equity firm Lone Star next week. The International Center for Settlement of Investment Disputes’ verdict on Aug. 31 will come almost 10 years after Lone Star filed a suit against the Korean government in November 2012, seeking $4.68 billion in compensation. Lone Star claimed that the financial authorities here botched its

South Korea’s KB Financial Group on Thursday launched its new premium private banking and asset management brand to better cater to its wealthy clients. “KB Gold & Wise the First” plans to adopt a “Credit Suisse-like” model in which private bankers and asset managers from KB Kookmin Bank and KB Securities and experts from areas such as investment, tax, real estate and trusts are brought together as a single team for their clients, according to the firm. Clie

South Korean stocks finished higher Thursday as investors gained clarity on the Bank of Korea's monetary tightening. The Korean won also gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 29.81 points, or 1.22 percent, to close at 2,477.26, keeping the two-day winning streak. Trading volume was moderate at 410.32 million shares worth 7.06 trillion won ($5.29 billion), with gainers far outpacing decliners 708 to 150. Institutions and foreign investors, c

South Korea's stock market opened higher Thursday as investors brace for yet another rate increase by the Bank of Korea (BOK). The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.02 points, or 0.45 percent, to trade at 2,458.47 as of 9:15 a.m. The BOK is widely expected to raise its policy rate by 0.25 percentage point to 2.5 percent at a policy meeting later in the day. The central bank delivered an unprecedented 0.5 percentage-point rate hike last month to tackle inflation. It

South Korea's producer prices increased for the seventh straight month in July as electricity and transportation service bills rose, raising worries that it could add to upward pressure on already-high inflation, central bank data showed Thursday. The producer price index, a major barometer of consumer inflation, stood at 120.47 last month, up 0.3 percent from the previous month, according to the preliminary data from the Bank of Korea (BOK). Compared with a year earlier, the index jumped 9

Amid soaring food costs, prices of ramen, Koreans’ most favored instant food and a common low-cost meal option, are set for an increase next month, in another blow to customers already grappling with persistent inflation. Koreans consumed the most instant noodles per capita in the world in 2020. Nongshim, a leading South Korean ramen maker, said Wednesday that it was raising prices for instant noodles and snacks, effective Sept. 15, by an average of 11.3 percent and 5.7 percent, respectiv

Lotte Chemical has emerged as the sole bidder in the sale of South Korea’s second-largest copper foil manufacturer Iljin Materials, according to a local report Wednesday. Global private equity fund operators and foreign strategic investors have pulled out during the bidding process due to Iljin Materials’ high prices and rate hikes, leaving Lotte Chemical as the only bidder, the Herald Business said in an exclusive report, citing investment bank sources. Lotte Chemical on Monday c

South Korean stocks finished higher Wednesday, after five consecutive sessions of losses, as investors bought oversold issues. The Korean won also gained ground against the US dollar for the first time in seven sessions. The Korea Composite Stock Price Index (KOSPI) added 12.11 points, or 0.5 percent, to close at 2,447.45, breaking the five-day losing streak. Trading volume was moderate at 407.61 million shares worth 7.93 trillion won ($5.91 billion), with gainers outpacing decliners 575 to 275.