The government will provide more subsidies to cargo truck drivers and others using diesel vehicles as part of efforts to ease their burden from rising fuel costs, the transport ministry said Monday. The average retail price of diesel in South Korea soared to over 2,000 won ($1.59) per liter last week, up from around 1,364 won in January, due to tight supply caused by the war in Ukraine. It also outstripped gasoline prices for the first time in 14 years. Under the revision to oil subsidy regulati

Seoul shares opened higher Monday as investors scooped up technology and other large-cap stocks on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.69 percent, to trade at 2,656.30 in the first 15 minutes of trading. Institutions bought a net 70 billion won ($56 million) worth of stocks, offsetting foreigners and individuals' stock selling valued at 72 billion won. Most large-cap stocks advanced across the board. Market bellwether Samsung Electronics Co

Prosecutors launch crackdown on failed cryptocurrencies, investigating signs of fraud, Ponzi scheme

Self-employed workers will likely bear the brunt of the Bank of Korea’s rate hike on Thursday, the fifth raise since August last year from the central bank’s record low of 0.5 percent amid persistent inflation, a credit ratings agency said Friday in a report. The self-employed in 2020 spent 46 percent of their annual income amid falling earnings to settle debt while households used 34 percent on average to do the same, according to Korea Investors Service. 

SEJONG -- The nation’s fiscal chief has expressed his willingness to enact drastic deregulations and introduce innovations into the financial services sector during the Yoon Suk-yeol administration. Deputy Prime Minister and Finance Minister Choo Kyung-ho said Friday that the government “would eliminate unnecessary and excessive regulations in the financial sector drastically, with the exception of (regulations) for financial soundness and protection of (financial) consumers.”

South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading. Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 percent, and the tech-heavy Nasdaq composite jumped 2.68 percent. In Seoul, large-cap shares gathered grou

The South Korean stock market ended lower Thursday over the gloomy outlook for inflation and concerns over aggressive monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 4.77 points, or 0.18 percent, to close at 2,612.45. Trading volume was light at 583.60 million shares worth 8.48 trillion won ($6.69 billion), with decliners outpacing gainers 422 to 395. Institutional investors sold a net 155.8 billion won, while retail and fore

South Korea’s annual inflation projected to see sharpest growth in nearly 14 years

South Korean stocks open higher Thursday, as the US central bank signaled room for flexibility in aggressive interest rates hike plans. The Korea Composite Stock Price Index (KOSPI) rose 16.21 points, or 0.62 percent, to trade at 2,633.43 in the first 15 minutes of trading. Overnight, US stocks closed higher after the US Federal Reserve released minutes of its May meeting, which showed support for a 50-basis point increase in key rates over the next couple of meetings to tame inflation. The minu

South Korea plans to announce a set of measures to tame inflationary pressure and stabilize people's livelihoods next week amid the prospect that the growth of consumer prices could top 5 percent, a senior government official said Thursday. The country faces the urgency to stabilize prices of food and other items closely linked to people's lives, according to First Vice Finance Minister Bang Ki-sun. "Some experts forecast consumer inflation could exceed 5 percent in May, accelerat

The Yoon Suk-yeol government is considering extending mortgage loan maturity terms for newlyweds and young Koreans aged 19-39 as part of efforts to follow through on a pledge to help young people acquire their homes, amid runaway housing prices in the Seoul metropolitan area. Under the new plan, young people would be able to repay their loan over 50 years, instead of 40 years, the longest repayment period currently offered to newlyweds and Koreans in that age group. “The 50-year loan sc

Seoul shares ended higher on Wednesday as investors remain cautious about surging inflation and a global economic slowdown. The South Korean won rose against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 11.35 points, or 0.44 percent, to 2,617.22. Trading volume was light at 698.94 million shares worth 8.2 trillion won ($6.5 billion), with gainers outpacing decliners 485 to 360. Institutions bought a net 507 billion won worth of stocks, offsetting foreig

Korbit, one of South Korea’s top four cryptocurrency exchanges, has decided to delist luna, the sister coin of controversial stablecoin terraUSD, on Wednesday, following in the steps of other top platforms such as Bithumb and Upbit. The decision comes a day after chiefs of major crypto exchanges here were criticized by lawmakers for their “uncoordinated” response towards the price fall fiasco of terraUSD and luna. The exchanges failed to coordinate when to delist luna, with

South Korea, the United States and 16 other countries on Wednesday launched an association meant to boost cooperation in the development of the hydrogen industry, Seoul's industry ministry said. The member countries of the Global Hydrogen Industrial Association Alliance shared the current status of their hydrogen industry and related policy measures at an inaugural meeting at a Seoul hotel. The South Korea-led alliance will set up a network and data hub in the hydrogen field to boost cooper

South Korea's consumption of gasoline and diesel sank more than 18 percent in April from a year earlier due to high international crude prices, data showed Wednesday. Asia's fourth-largest economy consumed a combined 17.4 million barrels of gas and diesel last month, down 18.3 percent from a year earlier, according to the data from the state-run Korea National Oil Corp. It was also down 5.8 percent from 18.4 million barrels the previous month. Gasoline and diesel consumption had been o