South Korean stocks closed largely unchanged Thursday as high-flying inflation is balanced against eased concerns over faster-than-expected rate hikes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.22 point, or 0.01 percent, to close at 2,716.71. Trading volume was moderate at around 650.95 million shares worth some 11.25 trillion won ($9.18 billion), with gainers outnumbering losers 540 to 307. Foreigners offloaded a combined net total

SEJONG -- South Korea is projected to see the portion of foreign population increase by 1.2 percentage points to 4.3 percent by 2040, state demographic data showed Thursday. The data also forecast that the portion of Korean seniors, aged 65 or over, will far outstrip that of elderly foreigners residing in the nation in 2040, suggesting that local people are aging faster than foreign residents. According to Statistics Korea, the number of foreigners posted 1.6 million as of 2022, which accounte

South Korea’s economic growth to fall short of 3 percent target this year

South Korea's tax revenue rose 1.4 trillion won ($1.1 billion) in February compared to a year earlier as the collection of income and corporate taxes increased amid the economic recovery, the finance ministry said Thursday. The government collected 20.3 trillion won in taxes in February, compared with 19 trillion won the previous year, according to the Ministry of Economy and Finance. The tally was lower than an on-year increase of 10.8 trillion won in January, when the government collected more

South Korea's import prices increased for the third straight month in March as prices of crude oil and other commodities rose, central bank data showed Thursday. The import price index rose 7.8 percent in March from a month earlier, according to the preliminary data from the Bank of Korea. The rise followed 4.4 percent and 4.6 percent rises in January and February, respectively. The rise came as the ongoing war in Ukraine has sent oil and other raw materials prices even higher. The BOK said

SEJONG -- Deputy Prime Minister and Finance Minister Hong Nam-ki apologized for failing to curb apartment prices, but said the government’s real estate measures have been consistent. “The government has pushed for real estate policies in a consistent manner under the three principles of increasing supply, protecting real demand and restraining speculative investment,” he said during a ministerial meeting on Wednesday. He said that he felt sorry about the situation in which &l

Wealthy Koreans in their 20s, 30s and 40s held an average asset of 6.6 billion won ($5.3 million) with a median annual income of 400 million won as of end-2021, a report showed Wednesday. The report dubbed 2022 Korean Wealth Report compiled by a think tank under Hana Bank was based on a survey of 1,952 Koreans above the age of 19 conducted in December last year. It categorized 708 respondents with personal assets over 1 billion won as “wealthy,” and of the group, 131 people aged bet

South Korea reported job additions for the 13th consecutive month in March, but job growth slowed from the previous month as employment in in-person services was hit by the upsurge in COVID-19 cases, data showed Wednesday. The number of employed people came to 27.75 million last month, up 831,000 from a year earlier, according to the data compiled by Statistics Korea. The number of employed people grew by the largest for any March since 2002, when it rose 864,000 on-year. But the March tally was

The transition committee working for President Yoon Suk-yeol said Tuesday that the incoming government will embrace nuclear power in its decarbonization efforts, signaling a major shift in energy policy the outgoing Moon Jae-in government had said has no place for nuclear power. Won Hee-ryong, chief policymaker setting out Yoon’s agenda, said Korea had seen more emissions and would see soaring electricity costs because of Moon’s push to phase out nuclear power, which makes up roughl

‘Ukraine war, global supply shortage and US rate hike could restrict 2022 GDP growth’

South Korean stocks ended lower Tuesday, as investors kept a wary eye on the US central bank's hawkish monetary tightening stance and China's economic slowdown amid its COVID-19 lockdown. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 26.34 points, or 0.98 percent, to close at 2,666.76 points. Trading volume was moderate at around 854.23 million shares worth some 9.54 trillion won ($7.72 billion), with losers outnumbering gainers 643 to

An economic surveillance organization in Asia on Tuesday maintained its 2022 growth outlook for the South Korean economy at 3 percent, citing improving private spending despite heightened external economic risks. The projection by the ASEAN+3 Macroeconomic Research Office (AMRO) remains unchanged from its January estimate and is in line with the 3 percent growth estimates by the Bank of Korea and the International Monetary Fund. The Singapore-based international organization forecast Asia's four

Market watchers are sharply divided over whether the Bank of Korea (BOK) will raise its key policy rate this week amid persistent worries over inflation that has been under growing upward pressure from surging oil and commodity prices, a poll showed Tuesday. The BOK is set to hold a rate-setting meeting Thursday. In February, the central bank froze its policy interest rate at 1.25 percent after hiking it by a combined 0.75 percentage point since August last year. According to the poll of 100 b

South Korean shares opened lower Tuesday as investors remain wary over the US central bank's hawkish monetary tightening stance and China's economic slowdown amid its COVID-19 lockdown. The benchmark Korea Composite Stock Price Index (KOSPI) lost 9.6 points, or 0.36 percent, to reach 2,683.5 as of 9:15 a.m. Investors fret over potential rapid rate hikes as the US Federal Reserve repeatedly signaled at an aggressive tightening policy to counter inflation. China's continued lockdown in Shanghai ov

South Korean stocks ended lower Monday, as investors were worried about the US central bank's aggressive monetary tightening and China's growth momentum amid high inflation and the protracted COVID-19 pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 7.29 points, or 0.27 percent, to close at 2,693.10 points. Trading volume was moderate at around 730.81 million shares worth some 8.71 trillion won ($7.06 billion), with losers outnumbe