Contract manufacturing giant Samsung Biologics has raised 3.2 trillion won ($2.6 billion) through issuing new shares, allowing the company to secure capital needed for the buyout of Samsung Bioepis’ stake and construction of its fourth plant, officials said Monday. According to the firm’s regulatory filing, some 2 trillion won out of the 3.2 trillion won will be used for buying out Biogen’s stake in Samsung Bioepis and cover expenses of building its fourth manufacturing plant

South Korea’s exports, which account for half of the nation’s economy, will likely weaken once the US Federal Reserve starts carrying out additional and steeper rate hikes, a think tank report showed Monday. The report came after minutes from the March Federal Open Market Committee meeting released last week indicated officials initially preferred a 50-basis-point rate hike, but instead settled on 25 points, considering the Ukraine crisis. The Fed raised the benchmark rate by 25 bas

Bond issuance in South Korea rose solidly in March from the previous month thanks largely to increased state debt sale, industry data showed Monday. The value of bonds sold in Asia's fourth-largest economy came to 71.3 trillion won ($58.1 billion) last month, up 4.7 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Sales of government bonds jumped by 8.9 trillion won to 28.9 trillion won in March, with those of special bonds rising by 971 b

South Korea's exports rose 3 percent in the first 10 days of April from a year earlier on the back of demand for chips and petroleum products, customs data showed Monday. The country's outbound shipments stood at $15.3 billion in the April 1-10 period, compared with $14.9 billion a year earlier, according to the data from the Korea Customs Service. Imports gained 12.8 percent on-year to $18.9 billion, resulting in a trade deficit of $3.52 billion during the cited period, the data showed. By s

President-elect Yoon Suk-yeol’s finance minister nominee said Sunday that he will seek parliamentary approval of an extra budget to support the self-employed and small businesses hit hardest by COVID-19, despite runaway inflation eating into many household budgets. Rep. Choo Kyung-ho, currently a two-term lawmaker of Yoon’s People Power Party, said inflation cannot be the reason to avoid increasing spending. “How we can manage to benefit from the extra budget while shielding

　Ssangbangwool Group, a South Korean underwear company, said Friday it has submitted a letter of intent (LOI) to buy the debt-ridden automaker SsangYong Motor. 　 　Ssangbangwool‘s bid came as a deal to buy SsangYong Motor by local electric bus and truck maker Edison Motors Co. collapsed late last month after its failure to meet the deadline to make the full payment for the proposed takeover. 　 　Ssangbangwool said it has submitted the LOI for the SsangYong takeover and selected accounting f

South Korea’s financial watchdog warned potential bidders for the debt-ridden SsangYong Motor on Thursday that authorities would pay close attention to possible signs of stock manipulation along the way. The warning follows after Mirae Corp. -- a local semiconductor equipment manufacturer and affiliate of the nation’s leading underwear maker Ssangbangwool -- sold over 6.47 million of its shares in entertainment company IOK, a SBW subsidiary, for 1.24 billion won ($10.1 million) on M

South Korea's top economic policymaker said Friday the government is "positively" considering joining a new US-proposed economic framework in the Indo-Pacific region. The United States is seeking to launch the Indo-Pacific Economic Framework (IPEF) to seek deeper cooperation with partner nations on a wide range of economic and trade issues, including digital trade and supply chains. The move is widely seen as aimed at countering China amid an intensifying Sino-US rivalry. "Discuss

South Korean shares opened higher Friday, as investors digested the US central bank's hawkish comments on monetary tightening. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.84 points, or 0.48 percent, to reach 2,708.70 as of 9:15 a.m. Overnight, the US stock market mostly rebounded as investors assessed the Federal Reserve's minutes of its March meeting, which hinted at more aggressive monetary tightening than had been originally expected. Overnight, the Dow Jones Industrial Av

South Korea posted a current account surplus for the 22nd straight month in February, but the surplus narrowed from a year earlier as soaring oil prices boosted import bills, central bank data showed Friday. The current account surplus reached $6.42 billion in February, down from $8.06 billion the previous year, according to the preliminary data from the Bank of Korea (BOK). The current account has remained in the black since May 2020 on the back of robust exports. But the surplus fell on-year

SEJONG -- Import prices of grain will likely continue to climb during the second quarter of the year amid deepening inflationary pressure worldwide, a state-funded agency predicted. According to the Korea Rural Economic Institute, the projection index for import prices for edible grain and fodder grain reached 158.5 and 163.1, respectively, in the period of April to June. This is a rise by 10.4 percent and 13.6 percent compared to a quarter earlier, under the assumption that the price level wa

Kakao Mobility Corp., South Korea's leading taxi-hailing firm, said Thursday that it will invest 50 billion won ($41 million) to support its business partners to spearhead shared growth. The investment is part of a 300 billion-won fund created by its parent firm, internet giant Kakao Corp., to support small business partners over the next five years. "Kakao Mobility aims to support the mobility ecosystem so that it can accomplish shared growth through the coexistence fund," Ryu Geung-s

South Korean shares opened lower Thursday, tracking overnight falls on Wall Street, as the US central bank hinted at faster rate hikes to curb inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 18.66 points, or 0.68 percent, to reach 2,716.37 as of 9:15 a.m. Overnight, the US stock market tumbled, after the Federal Reserve's minutes of its March meeting showed that the officials are considering raising rates by a half-percentage point, rather than the usual quarter-point, an

Private companies will take over from state firms in pursuing raw materials such as lithium, cobalt and nickel to better respond to supply shortages stemming from global political unrest, President-elect Yoon Suk-yeol’s transition committee said Wednesday. “The supply bottlenecks are getting worse because geopolitical unrest is taking place worldwide and supply chains are held hostage. Demand for raw materials is growing since more electric vehicles and renewable energy are using th

South Korean stocks ended lower Wednesday, as the US central bank's more hawkish stance on rate hikes sparked worries about a global economic slowdown amid uncertainties surrounding Ukraine and China's growth. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24.17 points, or 0.88 percent, to close at 2,735.03 points. Trading volume was moderate at around 1.29 billion shares worth some 10.85 trillion won (US$8.90 billion), with losers outnumbering ga