Seoul shares opened slightly higher Monday, led by gains in battery and steel shares. The benchmark Korea Composite Stock Price Index rose 0.05 percent, or 1.3 points, to 2,651.08 in the first 15 minutes of trading. Battery and steel shares led the overall gains, with industry leaders LG Energy Solution and Posco Holdings increasing 2.53 percent and 1.94 percent, respectively. Bio and internet service operators also added momentum. Samsung Biologics rose 0.91 percent, and top internet portal ope

South Korea's industrial output increased for the first time in four months last month on the rising production in the auto and semiconductor sectors, data showed Monday. Retail sales, a gauge of private spending, also rose by the most in 18 months in August, but facility investment ended two months of on-month growth and fell markedly, according to the data compiled by Statistics Korea. Industrial output advanced 1.2 percent on-month in August, the first increase since April. The figure fe

Banks' household loans inch down amid tightening efforts Despite banks' move to tighten household lending, home-backed loans fell a mere 5 percent on-month in September from a record high level a month earlier, data showed Sunday. The daily average amount of new mortgages extended by five major lenders came to 301.8 billion won ($230.1 million) in Sept. 1-26, down 16 percent from the daily average logged in August, according to data from the banks. Excluding the three-day Chuseok holid

Credit card loans have risen sharply to reach an all-time high this year as banks have tightened lending and small businesses have suffered financial difficulties amid weak domestic demand, officials said. Loans extended by eight major credit card firms reached 44.67 trillion won ($34.05 billion) during the first eight months of 2024, surpassing the total amount for all of 2023, which stood at 41.55 trillion won, according to data from the Financial Supervisory Service and released by Rep. Kang

Seoul shares closed lower Friday as investors took profit following strong gains in recent sessions despite overnight success on Wall Street. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 0.82 percent, or 21.79 points, to 2,649.78. Trading volume was moderate at 402.1 million shares worth 11.4 trillion won ($8.65 billion), with losers outnumbering winners 457 to 414. Institutions dumped a net 421.6 billion won worth of local shares, while

Seoul shares opened slightly higher Friday, as chip shares gained traction bolstered by overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 0.04 percent, or 1.03 points, to 2,672.6 in the first 15 minutes of trading. Overnight, major US indexes gained ground thanks to the surprise earnings result of Micron Technology lifting artificial intelligence-related shares. The Dow Jones Industrial Average rose 0.62 percent, the S&P 500 increased 0.4 percent, and the t

South Korea's business sentiment dipped for the third consecutive month in August amid dim prospects for the US economy and other major economies, a central bank poll showed Friday. Local companies' business sentiment index (BSI) stood at 91.2 this month, down from 95.1 the previous month following the 92.5 in July, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions. A reading below 100 means pessimists outnumber optimists. The

Seoul shares ended nearly 3 percent higher Thursday as tech stocks advanced, with hopes for additional rate cuts by the Federal Reserve lifting investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 2.9 percent, or 75.25 points, to 2,571.57. Trading volume was moderate at 317.46 million shares worth 11.4 trillion won ($8.6 billion), with gainers far outnumbering winners 747 to 140. Overnight, US stocks ended mixed. The Dow Jones Indu

The South Korean government is expected to see another significant shortfall in tax revenue this year, due mainly to the sluggish semiconductors industry and the real estate market slump, according to the Ministry of Economy and Finance on Thursday. The government is forecast to collect 337.7 trillion won ($254 billion) this year, 29.6 trillion won -- 8.1 percent -- less than the ministry's earlier forecast when planning the 2024 budget. This year’s projection is 6.4 trillion won unde

Egypt's Ambassador to Korea, Khaled Abdelrahman, highlighted the growing potential for collaboration between Egypt and South Korea, particularly in investment and tourism, during the second session of the Global Business Forum Wednesday. Hosted by The Korea Herald, the forum seeks to facilitate knowledge exchange and build networks among Korean business and academic leaders to address the challenges posed by technological advancements and societal shifts. The GBF commenced its sixth edition

Revision, effective in February next year, aims to boost lukewarm domestic carbon credit market

South Korea's financial system remains relatively stable, but rising household debt and home prices may increase potential financial instability, a central bank report showed. In its report on financial stability, the Bank of Korea said there are high expectations about monetary easing as household debts and home prices do not show signs of drastically slowing down. The central bank warned of high chances of financial imbalance growing due to a rise in home prices and household debts. The a

The country's top financial watchdog warned against illegal transactions of virtual assets, calling on cryptocurrency exchanges and other virtual asset firms to strictly follow rules. The warning came about two months after the country enacted the new Virtual Asset Users Protection Act, allowing the maximum penalty of life imprisonment for financial gains of more than 5 billion won ($3.75 million) through illegal transactions of virtual assets. "The financial government will continue t

Seoul shares opened higher, backed by a rally in tech shares, after a mixed close on Wall Street, on hopes for additional US rate cuts. The benchmark Korea Composite Stock Price Index rose 1.83 percent, or 47.60 points, to 2,643.92 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.7 percent to 41,914.75, but the tech-heavy Nasdaq Composite rose 0.04 percent to 18,082.21. On Wednesday, a Federal Reserve official said it will be appropriate for the US central b

The imported liquor market in South Korea is undergoing rapid changes. Wine and whiskey, which had gained popularity during the trends of drinking alone or at home, are seeing a decline, while beer is making a resurgence. Analysts suggest that the market, which experienced significant fluctuations due to external factors like COVID-19, is now entering a period of adjustment. According to data from the Korea Customs Service, whiskey imports fell 21 percent year-on-year to 6,624 tons in the seco