South Korea's dependence on Japanese materials and parts fell to an all-time low in the first half of this year, three years after Tokyo's control of exports of key materials bound for Seoul, data showed Wednesday. Imports of Japanese materials, parts and equipment came to US$20.07 billion during the January-June period, accounting for 15.4 percent of South Korea's overall purchase of those goods, according to the data from the Ministry of Trade, Industry and Energy. It is the low

US Treasury Secretary Janet Yellen said work-life balance plays a key role in shaping a work environment that is appealing to women, who she described as still underrepresented in workplaces, at a meeting with the Bank of Korea’s female workers held Tuesday in Seoul. “Work-life balance is a tremendous problem. I guess it’s a huge problem here, too,” Yellen said, describing having a family while working in challenging jobs as a hurdle for women pursuing a career. The meet

South Korean stocks snapped their two-day winning streak Tuesday, weighed down by concerns about rate hikes and slower economic growth. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 4.28 points, or 0.18 percent, to close at 2,370.97 points. Trading volume was relatively small at about 332 million shares worth some 6.3 trillion won ($4.8 billion), with gainers outnumbering losers 573 to 271. Institutions sold a net 145 billion won, wh

South Korea’s top financial regulator pledged Tuesday to review lowering the regulatory barriers that limit the industrial sector from owning banks, to accelerate digitalization of the economy and global growth. “The goal of our financial regulatory overhaul is to create a new field, so that leading global players like (K-pop band) BTS can be born in our financial industry,” Financial Services Commission Chairman Kim Joo-hyeon told a regulatory reform meeting. “We will

South Korea's youth employment rose sharply in May from a year earlier despite the coronavirus pandemic, government data showed Tuesday. The number of employed young people aged 15-29 reached 4.1 million in May, up 196,000 from a year earlier, according to the data released by Statistics Korea. Their employment rate came to 47.8 percent, up 3.4 percentage points from a year earlier. Of the country's youth population of 8.59 million, 51.5 percent were economically active in May, up 2.5

South Korea's top financial regulator said Tuesday it is necessary to ease a rule that restricts industrial businesses from owning banks, saying that such deregulation could generate mega players like BTS in the financial sector. The government restricts industrial capital from being used to purchase stakes in banks and financial institutions in a bid to make it hard for business owners to take advantage of them as private coffers. Under the rule, businesses can own up to a 4 percent stake

South Korean stocks opened lower Tuesday, tracking overnight falls on Wall Street amid concerns about rate hikes and slower economic growth. The benchmark Korea Composite Stock Price Index fell 12 points, or 0.51 percent, to trade at 2,363.25 points in the first 15 minutes of trading. Overnight, US stocks retreated on spreading concerns about the aggressive monetary tightening, fanned by Apple Inc.'s decision to narrow hiring and cut costs. The tech-heavy Nasdaq composite lost 0.81 percent,

South Korea’s top financial regulator said Monday that its plan to help low-income earners reduce their debt burdens does not encourage reckless investments in stocks or real estate, amid criticism that young Koreans who have made losses from such investments could repay debts with taxpayers’ money. “We’re not helping those who have had to cut their losses on stocks and cryptocurrencies to pay for loans (taken out for investment),” Kim Joo-hyun, chairman of the Fin

South Korean stocks soared nearly 2 percent higher Monday, as the US Federal Reserve will unlikely deliver a full-percentage point interest rate hike amid deepening concerns over an economic slowdown. The Korean won gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 44.27 points, or 1.90 percent, to close at 2,375.25. Trading volume was moderate at 318.99 million shares worth 6.99 trillion won ($5.31 billion), with gainers outstripping decliners 778 to 116. F

South Korea’s Kyobo Life Insurance and its second-largest shareholder -- a consortium led by Affinity Equity Partners -- are blaming each other for its recent failure to carry out an initial public offering. The blame game follows the nation’s sole bourse operator Korea Exchange’s decision on July 8 to reject an initial public offering by Kyobo, without citing a reason. Market watchers, however, cited Kyobo’s yearslong legal dispute with the consortium led by the Hong K

SEJONG -- The number of Koreans who are not engaged in any economic activities after being classified as seniors has surged almost 100 percent in two decades, state data showed Monday. According to Statistics Korea, the tally for economically inactive people due to old age reached a record-high of 2.48 million as of June. “Old age” refers to those aged 65 and over, according to stipulations from the United Nations. The figure was a surge by 96.8 percent, compared to 1.26 million po

South Koreans' transactions of foreign stocks fell sharply in the first half of the year from six months earlier on bearish overseas equity markets, with their bond trading edging up, data showed Monday. Local investors' transactions of overseas shares were valued at $167.99 billion in the January-June period, down 12 percent from the second half of 2021, according to the data from the Korea Securities Depository (KSD). The figure covers overseas stock purchases and sales made through

Seoul shares opened higher Monday tracking strong gains on Wall Street last week. The benchmark Korea Composite Stock Price Index rose 20.48 points, or 0.88 percent, to trade at 2,315.46 in the first 15 minutes of trading. On Friday, US shares closed sharply higher. The Dow Jones Industrial Average advanced 2.15 percent, and the tech-heavy Nasdaq composite rose 1.79 percent. In Seoul, most big-cap shares gathered ground, with carmakers and tech firms leading the upturn. Market bellwether Samsung

Won at 13-year-low on aggressive US Fed, safe-haven demand amid economic uncertainty

South Korea will push to exempt taxes on interest income and capital gains from foreigners' investment in government bonds and monetary stabilization bonds in a bid to help stabilize the debt market, the finance minister has said. Finance Minister Choo Kyung-ho made the remarks on the details of the government's planned tax code revision at a meeting with reporters Saturday (local time) in Bali on the sidelines of a Group of 20 (G-20) gathering of finance chiefs. "The government p