Ethereum founding member says crypto winter likely to continue; warns of market hype, system that still lacks regulatory oversight

The number of trading firms in South Korea touched a fresh all-time high in 2021 on brisk exports and imports, government data showed Wednesday. Asia's fourth-largest economy had 253,058 trading companies last year, up 4.1 percent from a year earlier, according to the data from the Korea Customs Service. The value of their trade also spiked 28.1 percent on-year to a new record of $1.23 trillion. The number of exporting companies shrank 2.5 percent on-year to 95,640, but the value of their e

South Korean stocks opened nearly flat Wednesday as investors took to the sidelines ahead of the US Federal Reserve's rate-decision meeting. The benchmark Korea Composite Stock Price Index slipped 0.81 point, or 0.03 percent, to trade at 2,412.15 points in the first 15 minutes of trading. The US Fed is set to announce the results of its two-day monetary meeting results Thursday (Korean time). Overnight, the US stock market closed lower. The Dow Jones Industrial Average fell 0.71 percent, an

Major financial groups in South Korea have seen their assets almost double over the past decade on the back of their push for business expansion, data showed Wednesday. The country's eight financial groups had 3,221.7 trillion won ($2.46 trillion) as of the end of 2021, up 95 percent from 2012, according to the data from corporate tracker CEO Score. The eight financial groups are KB, Shinhan, Hana, Woori, NH Nonghyup, Mirae Asset, Meritz and Korea Investment Holdings. In particular, their o

The issuance of asset-backed securities (ABSs) in South Korea shrank 32 percent on-year in the first half of this year due to decreased sales of mortgage-backed securities, data showed Wednesday. The ABS issued during the January-June period came to 24.1 trillion won ($18.4 billion), down 11.3 trillion won from a year earlier, according to the data from the Financial Supervisory Service. ABS refers to securities based on such assets as mortgages, auto loans, credit card receivables and student l

Expected inflation in South Korea hit a record high in July amid rising energy and commodity costs, while consumer sentiment fell to the lowest point in 21 months, central bank data showed Wednesday. Expected inflation, an index gauging 12-month consumer price gains, hit a 4.7 percent, the highest since 2008 when the central bank began compiling related data, according to the Bank of Korea (BOK). The July's expected inflation was up from the previous month's figure of 3.9 percent, the data showe

IMF cuts growth forecast of Asia‘s 4th-largest economy, worsening trade deficit fuels concerns

For 2023, it slashes from 2.9% to 2.1% in outlook

South Korea’s worsening trade deficit is raising concerns over a growth slowdown for the export-led economy, despite unexpected growth reported in the second quarter. The Bank of Korea said Tuesday that gross domestic product for April-June rose 0.7 percent on-quarter, higher than the 0.6 percent growth in the first quarter -- fueled by the government’s decision to scrap practically all COVID-19 restrictions. “Consumer spending pushed up growth in the second

South Korea’s top financial regulator is looking to allow banks to start trading cryptocurrencies, but experts are wary of whether the agency is as committed to protecting consumers along the way, saying it has so far shown little interest in pursuing it. The latest plan the Financial Services Commission revealed last Tuesday is part of its larger deregulation initiative to loosen rules that prevent banks from expanding into businesses the agency has not authorized, such as initial coin

Seoul shares ended higher Tuesday helped by tech and auto gains, with investors awaiting the Federal Reserve's rate decision and major firms' earnings results this week. The Korean won rose against the US dollar. The Korea Composite Stock Price Index rose 9.27 points, or 0.39 percent, to close at 2,412.96. Trading volume was moderate at 409.32 million shares worth 6.15 trillion won ($4.7 billion), with gainers outstripping losers 442 to 358. Institutions and foreigners bought a combine

The average jeonse price of apartments in Seoul this month fell for the first time in three years and three months as demand dropped due to increased lease renewals and rising interest rates while supply rose. Jeonse is a home rental system in Korea where a tenant pays a lump-sum deposit, instead of monthly rent, to a landlord. The deposit typically ranges between 60 to 80 percent of the unit‘s sale price, and is fully refunded at the end of the contract period. According to KB Kookmin

Seoul shares opened lower Tuesday as investors remain wary over a widely expected rate hike by the Federal Reserve this week to combat soaring inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.04 points, or 0.33 percent, to trade at 2,395.65 in the first 15 minutes of trading. The Fed is expected to raise borrowing costs by 0.75 percentage point, which would put the US benchmark rate in a range of 2.25-2.5 percent. Also, some major companies, including Samsung Electronics

The South Korean economy grew at a faster pace in the second quarter than three months earlier as private spending picked up due to eased COVID-19 restrictions despite a fall in exports, the central bank said Tuesday. The country's gross domestic product (GDP), the broadest measure of economic performance, grew 0.7 percent on-quarter in the April-June period, accelerating from a 0.6 percent increase in the first quarter, according to an advance estimate from the Bank of Korea (BOK). It mark

The higher people expect prices to soar, the worse a wage spiral becomes as rising living costs prompt bigger wages, with persistent inflation on the rise, the Bank of Korea said Monday in a report. “Prices and wages look like they have nothing to do with each other, but in the long run, data consistently shows they do,” the report said, referring to surging prices in Korea. Inflation hit a 24-year high of six percent in June, prompting the central bank to back its first-t