South Korea's industrial output fell for the third consecutive month in July due to sluggish production in the semiconductor and automobile sectors, data showed Friday. Industrial output decreased 0.4 percent on-month in July, following a 0.1 percent drop the previous month, according to data compiled by Statistics Korea. Compared with a year earlier, however, industrial output increased 2.7 percent in July, the data showed. "While industrial output has decreased for three consecutive

Savings banks in South Korea saw their combined net loss widen in the first half from a year earlier, due largely to a sharp increase in loan-loss reserves set aside for real estate project financing (PF) loans, data showed Friday. The banks posted a combined net loss of 380.4 billion ($284.5 million) in the January-June period, sharply up from a net loss of 96.5 billion won over the same period last year, according to the data from the Financial Supervisory Service. Their interest income came t

South Korean shares retreated more than 1 percent Thursday, led by chipmakers after an underwhelming earnings result by global artificial intelligence chip giant Nvidia. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 27.55 points, or 1.02 percent, to close at 2,662.28. Trade volume was moderate at 284.7 million shares worth 11.3 trillion won ($8.47 billion), with losers outnumbering winners 590 to 280. Institutions and foreign investors sol

The Korea Exchange, the country's sole bourse operator, has recently voiced alarm about excessive and speculative trading of biopharmaceutical stocks tied to the resurgence of COVID-19 and the spread of mpox. Retail investors' interests in pharmaceutical and biotech stocks have soared in recent weeks amid the country’s heightened caution against infectious diseases. Buoyed by short-term speculations, stock prices of some biopharmaceutical companies have experienced a sharp gain r

South Korean shares dropped more than 1 percent after opening Thursday, taking a cue from Wall Street losses prompted by an underwhelming earnings result by global artificial intelligence chip giant Nvidia. The benchmark Korea Composite Stock Price Index (Kospi) fell 31.62 points, or 1.18 percent, to 2,658.21 in the first 15 minutes of trading. Overnight in the United States, the Dow Jones Industrial Average fell 0.39 percent, with the S&P 500 losing 0.6 percent. The tech-heavy Nasdaq compos

Nearly 60 percent of big companies in South Korea have either not yet established a recruitment plan for the second half of the year or do not plan to hire at all, a poll showed Thursday. According to the survey carried out by polling agency Research & Research on the country's top 500 companies by sales from Aug. 5-19, 57.5 percent of responding firms said they have yet to come up with recruitment plans or don't plan to hire new college graduates during the remainder of the year.

South Korea’s economy is expected to stop growing and hit a negative mark in less than 40 yeares if a plunging birth rate and rapidly aging population continue, according to the Federation of Korean Industries on Wednesday. The FKI, a major economic organization, projected that the potential growth of Asia’s fourth-largest economy would sink to minus 0.1 percent in 2061 and afterward. However, the expansion of the labor supply could drive up the potential growth of Asia’s fourt

Korean investors complain about limited access ahead of Nvidia's earnings report this week

South Korean shares closed almost flat Wednesday ahead of US tech giant Nvidia's closely watched earnings announcement. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 0.58 points, or 0.02 percent, to close at 2,689.83. Trade volume was moderate at 276.4 million shares worth 10.4 trillion won ($7.77 billion). Losers, however, outnumbered winners 625 to 260. Institutions sold a net 33.9 billion won worth of shares, while individuals and f

The government plans to supply a record amount of 170,000 tons of high-demand foodstuffs and provide a discount worth 70 billion won ($52.63 million) for the upcoming Chuseok holiday, the finance ministry said Wednesday. These measures are part of a broader effort to support the livelihoods of the people and curb inflation ahead of the major traditional holiday. The plan also includes providing financial support to small and midsized companies and micro-business owners. According to the plan, th

South Korean shares opened slightly higher Wednesday, led by gains in tech, autos, and other blue chips. The benchmark Korea Composite Stock Price Index rose 1.38 points, or 0.05 percent, to 2,686.27 in the first 15 minutes of trading. Tech behemoth Samsung Electronics and chip rival SK hynix added 0.26 and 0.23 percent, respectively. Top automaker Hyundai Motor gained 1.21 percent, and its smaller affiliate Kia also rose 1.18 percent. Battery shares were mixed, with industry leader LG Energy So

South Korean shares closed lower Tuesday to extend their losing streak to a third day, taking a cue from overnight losses on Wall Street. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) shed 8.76 points, or 0.32 percent, to close at 2,689.25. Trade volume was light at 259.7 million shares worth 7.95 trillion won ($5.97 billion). Winners, however, outnumbered losers 434 to 423. Institutions bought a net 36.9 billion won worth of shares, while

Derrick Morgan, executive vice president of the US think tank Heritage Foundation, said he expected that economic cooperation between South Korea and the US would deepen, focusing on shipbuilding and semiconductors, if Donald Trump wins the 2024 US presidential race. “The US and the rest of the world is overly dependent on Taiwan for semiconductors. … The innovation coming out of Korea these days is amazing and should be applauded,” he said during an event hosted by the Kore

The Ministry of Economy and Finance has proposed a 677.4 trillion won ($509.2 billion) budget for next year, focusing on fiscal consolidation while bolstering public welfare and investing in strategic emerging industries. The budget, proposed by the finance ministry and endorsed by the Cabinet on Tuesday, represents a 3.2 percent hike from this year, reflecting the government's commitment to spending control and improved fiscal health. "Once known for its strong fiscal soundness, Korea

South Korean shares opened lower Tuesday, tracking an overnight tech slide on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) lost 11.74 points, or 0.44 percent, to 2,686.27 in the first 15 minutes of trading. Overnight, major US indexes closed mixed as the Dow Jones Industrial Average increased 0.16 percent, while the S&P 500 and tech-heavy Nasdaq composite fell 0.32 percent and 0.85 percent, respectively. Artificial intelligence chip giant Nvidia slid 2.25 percent ahea