The head of the International Monetary Fund (IMF) on Wednesday hailed the nomination of a South Korean IMF official, Rhee Chang-yong, to be the head of South Korea's central bank, calling him an outstanding leader and champion of analytical rigor. IMF Managing Director Kristalina Georgieva said Rhee will step down as director of the Asia and Pacific Department (APD) early next month to be considered for his new role as governor of the Bank of Korea. "Since joining the Fund in February 2014,

South Korean shares opened lower Thursday, tracking overnight losses on Wall Street, led by declines in big-cap tech and auto shares, amid rising woes over inflation. The benchmark Korea Composite Stock Price Index (KOSPI) had shed 18.15 points, or 0.66 percent, to reach 2,716.90 as of 9:15 a.m. Overnight, the US stock market tumbled amid renewed concerns over rising energy prices and inflation. The Dow Jones Industrial Average fell 1.29 percent, and the Nasdaq composite dropped 1.23 percent. On

Corporate direct financing in South Korea plunged nearly 44 percent in February from the previous month due mainly to a base effect, data showed Thursday. Local companies raised a combined 15.5 trillion won ($12.7 billion) by selling stocks and bonds last month, down 43.7 percent from January, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financial institutions

Ahnlab founder Ahn Cheol-soo, the leader of the transition committee for President-elect Yoon Suk-yeol, saw his shares shoot up to a record high in 10 years on Wednesday on market expectations that he could be the prime minister when Yoon is sworn in on May 10. The stocks closed at 175,800 won ($144.76) Wednesday, breaking the previous intraday high of 167,200 won in January 2012. The net worth of the software mogul-turned-politician soared to 327 billion won. Ahn has a

South Korean stocks extended their winning streak to a second session Wednesday as institutional investors picked up large-cap steel and tech shares. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.05 points, or 0.92 percent, to close at 2,735.05 points. Trading volume was moderate at 870.73 million shares worth some 11.7 trillion won ($9.64 billion), with gainers outnumbering losers 529 to 300. Institutional investors bought a net 233.0

Wrapping up 8 years as central bank chief, Lee says timing of additional rate hikes more important than ever

Nomination intensifies power struggle as Yoon denies Cheong Wa Dae’s claim of having prior consultation on the matter

South Korea's overseas direct investment hit a record high last year as the global economy recovered from the fallout of the COVID-19 pandemic, data showed Wednesday. The value of investments made by South Korean companies reached $75.87 billion last year, up 32.8 percent from a year earlier, according to the data by the Ministry of Economy and Finance. It marked the highest since the government compiled related data in 1968. In the fourth quarter, the country's overseas direct investment jumped

South Korean shares got off to a strong start Wednesday, tracking overnight gains on Wall Street, led by institutional investors' purchase of big-cap shares. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.48 points, or 0.98 percent, to reach 2,736.48 as of 9:15 a.m. Overnight, the US stock market finished higher, as investors digested recent hawkish comments by Federal Reserve Chair Jerome Powell on rate hikes. The Dow Jones Industrial Average advanced 0.74 percent, and the Nasd

South Korea said Wednesday it plans to ease tax burdens on owners of a single home amid growing public discontent about the government's housing policy amid skyrocketing home prices in recent years. The measures -- which are set to be announced at 11 a.m. -- are meant to prevent the owners of one home from additionally shouldering the burden of paying real estate-related taxes. The government plans to let the owners of one home pay similar amounts of property-holding taxes to those of last yea

South Korea's producer prices grew for the second straight month in February, as high energy costs drove up the prices of factory-produced goods, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, stood at 114.82 in February, up 0.4 from a month earlier, according to the preliminary data from the Bank of Korea (BOK). It marked the second straight month that the index has risen following January's 1.1 percent on-month gain. From a year earlier,

The fate of Yongsan-gu, Seoul’s geographically central district set to see a changing landscape in years to come, is clouded again as the feud over whether to house a new presidential office there escalates between the outgoing and incoming presidents. President-elect Yoon Suk-yeol is rushing to relocate the presidential office to the Defense Ministry complex in Yongsan before taking office on May 10. This is to end what he calls the “imperial presidency” Cheong Wa Dae represe

SEJONG -- President-elect Yoon Suk-yeol’s transition team is scheduled to receive a policy briefing from the Ministry of Land, Infrastructure and Transport over real estate issues later this week, government officials said Tuesday. In line with Yoon’s earlier pledges to supply 2.5 million housing units nationwide for five years if elected, the Land Ministry’s report could possibly include the market situation in terms of conducting land development as well as deregulations on

South Korean stocks ended higher Tuesday on institutional buying, with investors eyeing the Ukraine war, surging energy prices, and inflationary risks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.95 points, or 0.9 percent, to close at 2,710 points. Trading volume was moderate at about 468.54 million shares worth some 8.4 trillion won ($6.9 billion), with gainers outnumbering losers 578 to 257. Institutional investors bought a net 284

Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, said Tuesday it has donated 1 billion won ($820,000) to the United Nations World Food Program in a bid to provide food aid for war-torn Ukraine. According to Dunamu, it is the first Korean company to donate to WFP’s emergency assistance program that gives local food and food vouchers to civilians affected by the conflict in Ukraine. The donated funds will provide one day’s worth of food for over 1.6 milli