Government should restructure ‘zombie’ firms and set spending priorities straight, analysts say　

Kepco, LH, Korail included on the list

South Korean stocks plunged by almost 2 percent on Thursday to slump for a second straight session amid recession woes and dim outlook for the chipmaking sector. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 45.35 points, or 1.91 percent, to close at 2,332.64 points. Trading volume was moderate at about 506 million shares worth some 8.7 trillion won (US$6.7 billion), with losers outnumbering gainers 699 to 183. Institutional investor

South Korea’s top court on Thursday cleared Shinhan Financial Group Chairman Cho Yong-byoung of unethical hiring charges, putting an end to a four-year legal battle and allowing a possible third term for Cho. The Supreme Court upheld the Seoul High Court’s decision in November last year to side with Cho on allegations that he had exercised his influence by accepting hiring requests from lawmakers and company executives to recruit their children from 2013 to 2016 while he was CEO of

South Korea has collected around 34.8 trillion won ($26.72 billion) more in taxes during the first five months of this year compared with the previous year amid growth in employment and economic recovery, the finance ministry said Thursday. In May alone, the government's tax revenue rose 300 billion won from a year earlier to come to 28.7 trillion won, as the economic recovery boosted income and corporate taxes, the data showed. The tax revenue amounted to 196.6 trillion won in the January-

Representatives of South Korea's labor and management have agreed to set next year's minimum hourly wage at 9,620 won ($7.41) in a 5 percent increase from this year, officials said Thursday. The Minimum Wage Commission, which is composed of nine members each from labor, business and the general public, struck the agreement Wednesday night during a plenary session held at the government complex in Sejong. The new rate translates to a monthly wage of 2.02 million won. It will apply equal

South Korea's industrial output and facility investment rebounded in May from the previous month in the latest sign that Asia's fourth-largest economy maintains mild recovery momentum amid heightened external uncertainty, data showed Thursday. Industrial production rose 0.8 percent in May from the previous month, compared with a 0.9 percent on-month fall in April, according to the data from Statistics Korea. Compared with a year earlier, industrial output grew 7.1 percent. Facility inv

South Korea's business sentiment worsened for July amid deepening concerns over high raw materials prices and a global economic downturn, a central bank poll showed Thursday. The business sentiment index (BSI) for local companies came to 82 for July, down 5 points from the previous month, according to the survey by the Bank of Korea (BOK). The index measures corporate prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists. The figu

South Korean stocks opened lower Thursday as foreign sell-offs continued to weigh on the key stock index after the stock plunge the previous day. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.86 points, or 0.79 percent, to trade at 2,359.13 in the first 15 minutes of trading. Investors remained cautious after a near 2 percent fall on Wednesday, spooked by soaring inflation growth at home and weak economic sentiment data in the United States Investors' eyes are on China

KB Kookmin Bank, South Korea’s top lender said Wednesday that it will join other financial institutions in a $6.6 billion syndicated loan package to finance the John F. Kennedy International Airport’s Terminal One redevelopment project in New York. KB Kookmin will contribute $300 million of the $6.6 billion loan, alongside Japan’s Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp. and Dutch financial giant ING Bank. KB said the airport renovation financing project

South Korean stocks snapped their three-day winning streak Wednesday, as investors were spooked by overnight plunges on Wall Street caused by growing concerns about an economic recession. The Korean won tumbled against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 44.1 points, or 1.82 percent, to close at 2,377.99 points. Trading volume was moderate at about 411 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 511 to 336. I

SEJONG -- South Korea has recently carried out a senior-level promotion in the Czech Republic for its nuclear energy technologies in an attempt to win a reactor project in the European nation, the Energy Ministry said Wednesday. The core of promotion activities was Minister of Trade, Industry and Energy Lee Chang-yang’s meetings with Czech senior officials and political heavyweights in Prague on Tuesday.   In a meeting with his counterpart Jozef Sikela, Lee commented on details on Ko

Inflation expectations hit 10-year high ahead of BOK rate decision in July

Analysts cite high inflation, fears of recession and Russia-Ukraine war as negative factors that would continue to weigh on the Kospi in H2

Representatives of South Korea's labor and management have submitted amendments to their respective proposals for an increase in next year's minimum wage, only to confirm a wide gap, officials said Wednesday. Under the current law, the 27-member Minimum Wage Commission (MWC), a trilateral panel composed of nine representatives each from labor, management and the general public, has to complete its review on the new minimum wage by mid-July for a formal announcement by Aug. 5 every year