South Korea's exports fell 3.4 percent in the first 20 days of June from a year earlier due mainly to fewer working days, and its trade deficit widened on higher global energy costs, customs data showed Tuesday. The country's outbound shipments stood at $31.28 billion in the June 1-20 period, compared with $32.4 billion a year earlier, according to the data from the Korea Customs Service. The fall is attributable to fewer working days during the cited period due to holidays for the Jun

Seoul shares opened slightly higher Tuesday, after the market slipped by more than 2 percent the previous day on concerns that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) rose 2.62 points, or 0.11 percent, to 2,393.65 points in the first 15 minutes of trading. On Monday, the index slumped 2.04 percent to close at a fresh 19-month low of 2,391.03, weighed by tech heavyweights, including

South Korea's central bank said Tuesday it expected inflation to grow at a faster pace than previously anticipated and possibly hit the highest level in 14 years for this year as price pressures are mounting from rising demand and a tight supply. In an apparent forward guidance, Bank of Korea (BOK) Gov. Rhee Chang-yong said the central bank will carry out its monetary policy with a priority on price stability until inflation ends its upward trend, hinting that it will likely continue to raise it

The government on Tuesday vowed to relax regulations on loans for "jeonse" home rentals and to raise tax deduction rates for monthly rental contractors in a move to help ease financial burdens on tenants and stabilize the housing market. Under the Yoon Suk-yeol administration's first package of measures on the property market, the government also pledged to reform the presale price cap scheme imposed on private apartments and offer a tax cut to landlords who sell their homes after long

South Korea’s top financial watchdog said Monday that banks should step up efforts to protect self-employed and small business owners who are affected most by surging interest rates, at a meeting held with 17 local bank CEOs ahead of a rate decision by the Bank of Korea in July. “Rising interest rates and prices could push them into defaults and we have to be ready for that,” said Gov. Lee Bok-hyun, who was named to lead the Financial Supervisory Service two weeks ago. Th

Umbrellas and rain boots are on display at a discount chain in Seoul for customers preparing for the rainy season.

Government cites rapid decline in working-age population for removing age limits at workplace

South Korea has postponed its decision on the possible adjustment of electricity fees for the third quarter, the state-run Korea Electric Power Corp. (KEPCO) said Monday. KEPCO had planned to announce the government's decision Tuesday, a day after being informed by the government on electricity rates for the July-September period. But the government put off the decision, as "discussions among ministries concerned are still under way," KEPCO said in a release. KEPCO earlier called

South Korea is ready to take appropriate action in response to any one-sided movements in the local foreign exchange market, the country's top financial policymaker said Monday in his latest remark apparently aimed at easing growing market anxiety amid the US' aggressive monetary tightening and worries over global recession. "Relevant authorities will take action in an appropriate manner in case that there is a one-side movement in the market due to anxiety," Finance Minister

Samsung Electronics Co. said Monday it has reached a tentative deal to provide a high-end LED signage system to Inspire Entertainment Resort, an integrated resort under development by U.S. casino operator Mohegan Gaming & Entertainment (MGE), set to open next year in Incheon, 40 kilometers west of Seoul. Samsung said it has signed a memorandum of understanding with Inspire Integrated Resort Co., an Incheon-based MGE affiliate, and digital signage service company Hyundai Futurenet Co., to build t

South Korean insurance companies' loans to households grew at a slower pace in the first quarter of this year from three months earlier due to tougher lending rules, data showed Monday. Insurers' outstanding loans to households totaled 128.8 trillion won ($99.77 billion) as of the end of March, up 300 billion won from the previous quarter, according to the data from the Financial Supervisory Service. The figure was down from the on-quarter rise of 800 billion won in the fourth quarter of last ye

The aggregate value of Socially Responsible Investment bonds issued surpassed 200 trillion won for the first time, the Korea Exchange said. The total value of SRI bonds listed on the market stood at 200.2 trillion won as of June 10, marking a 154-fold increase from 1.3 trillion won in 2018 when an SRI bond was first listed. Also known as environmental, social and governance bonds, thematic and social contribution bonds or green, social and sustainable bonds, SRI bonds are used to fund eco-frie

A top financial regulator on Monday urged banks to beef up their loss-absorbing capabilities and make efforts for better management of foreign liquidity amid rising uncertainty at home and abroad from global monetary tightening and a possible economic recession. Lee Bok-hyun, chief of the Financial Supervisory Service (FSS), made the remark in his first meeting in Seoul with chiefs of major banks after taking office earlier this month. "Current economic conditions are showing signs of a com

LG Chem Ltd. said Monday it is building a hydrogen plant in South Korea to produce clean fuel for use in its key petrochemical processing in line with its long-term low carbon emission goals. The hydrogen plant, to be located in its Daesan complex, about 75 kilometers southwest of Seoul, will have an annual capacity of 50,000 tons by the second quarter of 2024, with the construction to start in the first half of 2023, the chemical company said in a release. It will be LG Chem's first plant

Seoul shares opened sharply lower Monday, as investors still were gripped by fears that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) lost 24.44 points, or 1 percent, to 2,416.49 points as of 9:20 a.m. Most local heavyweights dropped, still bracing for the impact of the US Fed's key rate hike last week, the largest increase since 1994. In Seoul, market bellwether Samsung Electronics