South Korean stocks advanced for the fifth consecutive session Friday as investors speculated that a second consecutive quarterly contraction in the US economy may prod the US Federal Reserve to take rate hikes that are less aggressive than previously expected. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 16.23 points, or 0.67 percent, from the previous session to close at 2,451.5 points. The figure is up 2.44 percent from a week ago. T

SEJONG -- The Yoon Suk-yeol administration on Friday unveiled a policy scaling back payrolls at 350 public firms nationwide next year, as part of its effort to raise overall productivity and eradicate negligent management of some state-run agencies. It also plans to revamp the wage payment structure for workers in the public agency sector, by slashing taxpayer funding injected from the central government for operation of their businesses. This marks the first time that the government has cut p

South Korea on Friday unveiled guidelines to overhaul operations of public firms in a bid to improve their productivity and prevent lax management amid a sharp rise in personnel and debt. The guidelines called for a total of 350 public firms to reduce their non-core business and lower the maximum number of employees for 2023, according to the finance ministry. Public firms should also sell non-essential assets and cut business costs by more than 10 percent in the second half. Large welfare benef

Credit card spending in South Korea jumped in the second quarter, buoyed by eased antivirus measures, data showed Friday. Spending made with credit, debit and prepaid cards came to 280.7 trillion won ($216.2 billion) in the April-June period, up 14.8 percent from a year earlier, according to the data compiled by the Credit Finance Association (CREFIA). During the cited period, the number of approved card settlements climbed 11.4 percent on-year to 6.61 billion cases. "The eased COVID-19 cur

South Korea's tax revenue increased 36.5 trillion won ($28 billion) in the first half from a year earlier as the economic recovery boosted the collection of corporate and income taxes, the finance ministry said Friday. Tax revenue amounted to 218.3 trillion won in the January-June period, compared with 181.7 trillion won the previous year, according to the ministry. In June alone, tax revenue rose 1.7 trillion won on-year to 21.7 trillion won. South Korea has continued to post a surplus of

Exports of South Korean-made passenger cars expanded 2.5 percent in the first half of the year, thanks mainly to brisk overseas demand for green cars, data showed Friday. Local carmakers shipped passenger cars worth a combined $22.3 billion during the January-June period, up from $21.7 billion a year earlier, according to the data compiled by the Korea Customs Service (KCS). The number of exported units, however, decreased 2.7 percent on-year to 1.07 million. South Korea's imports of passen

South Korean stocks opened higher Friday, as investors speculated that a second consecutive quarterly contraction in the US economy may prod the US Federal Reserve to take rate hikes that are less aggressive than previously expected. The benchmark Korea Composite Stock Price Index added 17.81 points, or 0.73 percent, to trade at 2,453.08 points in the first 15 minutes of trading. Stocks came off to a solid start after a 1.03 percent gain on the Dow Jones Industrial Average and a 1.08 percent adv

South Korea's industrial output rose in June from the previous month, but retail sales declined for the fourth straight month as high inflation and rising interest rates weighed on consumption, data showed Friday. Industrial output grew for the second straight month in June as it rose 0.6 percent on-month, following a 0.8 percent increase in May, according to the data from Statistics Korea. The June increase was led by robust production in the manufacturing sector, the backbone of the economy. M

South Korean stocks advanced for a fourth consecutive session Thursday as the chief of the US Federal Reserve has hinted at slowing the pace of its interest rate hikes down the road. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 19.74 points, or 0.82 percent, to close at 2,435.27 points, the highest figure since June 17. Trading volume was a bit heavy at 477.4 million shares worth some 9.01 trillion won ($6.93 billion), with gain

Won-dollar, stocks stabilize though US rate outpaces Korea’s

The Export-Import Bank of Korea said Thursday its executives, including its new CEO and heads of relevant departments, discussed credit support plans to help businesses tide over inflation, high interest rates and the weakening Korean won. Based on judgment that the unstable global supply of raw materials led to high prices, the “economic emergency task force” of Eximbank decided to increase the credit support for tackling the global supply chain crisis from the current 15 trillion

South Korean stocks opened higher Thursday as the US Federal Reserve raised its key interest rate by a widely expected 0.75 percentage point. The benchmark Korea Composite Stock Price Index added 16.88 points, or 0.7 percent, to trade at 2,432.1 points in the first 15 minutes of trading. Wrapping up a two-day meeting, the US central bank on Wednesday (US time) announced a three-quarters of a point rate increase to put its policy rate in a range of 2.25 to 2.5 percent, the highest level since 201

Corporate direct financing in South Korea decreased 6.7 percent on-year in the first half as bond sales plunged amid a sharp increase in market rates, data showed Thursday. Local companies raised a total of 114.5 trillion won ($87.1 billion) by selling stocks and bonds in the January-June period, down 8.24 trillion won tallied a year earlier, according to the data from the Financial Supervisory Service (FSS). Direct financing refers to raising funds directly from the stock and bond markets witho

South Koreans expect prices to rise at a record level in the next 12 months and the economy to underperform, a Bank of Korea survey showed Wednesday, as the export-led economy faces shrinking growth over poor exports. In a monthly survey of 2,500 households conducted July 11-18, consumers forecast inflation to average 4.7 percent, hitting its highest level since 2008 when the central bank began releasing the data. The all-time high, up from the previous 3.9 percent in June, also marked the lar

South Korean stocks advanced for a third straight session on Wednesday ahead of the US Federal Reserve's rate-decision meeting slated for later this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.57 points, or 0.11 percent, to close at 2,415.53 points. Trading volume was moderate at about 324 million shares worth some 6.9 trillion won (US$5.3 billion), with gainers outnumbering losers 492 to 336. Institutions sold a net 55