The US central bank's decision to deliver its first rate hike since 2018 is expected to have a limited impact on South Korea's financial market as the move is in line with market expectations, a senior government official said Thursday. The Federal Reserve on Wednesday (local time) raised the federal funds rates by a quarter percentage point to 0.25-0.5 percent to fight high inflation, after freezing borrowing costs at near zero since March 2020 to cushion the fallout of the COVID-19 pandemic.

Major South Korean battery makers are showcasing their latest technologies and visions for future growth during an international battery exhibition in Seoul this week, the companies said Thursday. SK On Co., LG Energy Solution Ltd. and Samsung SDI Co. were among some 250 battery and battery parts manufacturers and automotive companies around the globe participating in the three-day InterBattery 2022, taking place in the Convention and Exhibition Center (COEX) through Saturday. The InterBattery

Finance Minister Hong Nam-ki said Thursday the government will step up its efforts to stabilize the foreign exchange market if the South Korean currency's slide against the U.S. dollar is deemed excessive. Hong's verbal intervention came as the Korean won has sharply weakened against the dollar because Russia's invasion of Ukraine prompted investors to chase safer assets. The Korean won fell to end at the 1,240 level against the greenback for the first time in nearly two years Monday. "If w

(From left) Lee Jane, president of the Korea Women Startup Forum, Kim Sang-kyung, chairperson of the Korea Network of Women in Finance, EU Ambassador to Korea Maria Castillo-Fernandez, Sohn Byung-doo, chairman and CEO of the Korea Exchange, Kwon Choon-taek, secretary-general of the UN Global Compact Network Korea, Lee Bok-sil, president of the Women Corporate Directors Korea, and British Ambassador to Korea Colin Crooks, participate in “Ring the Bell” event designed to raise business

Grain import prices surge 47% in only 2 years

South Korean stocks rebounded Wednesday on the back of a steep fall in oil prices, ending a three-day losing streak. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index closed up 37.70 points, or 1.44 percent, at 2,659.23 points. Trading volume was moderate at about 727 million shares worth some 9.2 trillion won ($7.4 billion), with gainers outnumbering losers 734 to 128. Institutions bought a net 365 billion won, while foreigners sold 133 billion won and r

Toss Bank, South Korea’s internet only bank, said Wednesday it will pay daily deposit interest to its customers for the first time in the banking industry. Toss Bank account owners can simply click on the “receive now” button to be paid with daily deposit interest, instead of receiving it monthly. With the service, users can withdraw their money including the deposit interest at any time they want. For instance, if customers deposit 1 million won ($805) into the account, the

South Korea's car exports expanded more than 5 percent in February on increased production capacity, despite a global shortage of automotive chips, data showed Wednesday. Outbound shipments of automobiles stood at 167,682 units last month, up 5.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, auto exports also increased 9.1 percent on-year to US$3.84 billion last month. Industry watchers attributed the solid gain in exports

Banks in South Korea saw their combined net profit surge about 40 percent in 2021 thanks to increased interest income from the central bank's rate hikes, data showed Wednesday. The combined net profit of 20 local banks came to 16.9 trillion won ($13.6 billion) in 2021, up 39.4 percent from 12.1 trillion won tallied a year earlier, according to the preliminary data from the Financial Supervisory Service (FSS). The rise stemmed mostly from increased interest income in line with the central bank'

South Korean airlines are set to sharply raise fuel surcharges on international routes in April due to soaring jet fuel prices, industry sources said Wednesday. Starting April 1, the surcharge for one-way tickets on international routes will range from 28,600 won ($23) to 211,900 won, depending on the routes, according to them. The planned increase will raise the surcharges to the highest Level 14 from the current Level 10, which ranges from 18,000 won to 138,200 won. In April 2021, rising jet f

South Korean stocks opened higher Wednesday, tracking overnight rallies on Wall Street that stemmed from a plunge in oil prices. The benchmark Korea Composite Stock Price Index (Kospi) rose 18.55 points, or 0.71 percent, to trade at 2,640.08 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite surged 2.92 percent and the Dow Jones Industrial Average advanced 1.8 percent, largely as oil prices dipped below $100 a barrel amid talks between Russia and Ukraine. Inves

The number of employed people in South Korea increased by more than 1 million on-year for the second straight month in February due to a low base effect and the economic recovery, data showed Wednesday. The number of employed people came to 27.4 million last month, up 1.04 million from a year earlier, according to the data compiled by Statistics Korea. The tally was lower than an on-year increase of 1.14 million in January, the largest in almost 22 years, but the number of employed people grew m

South Korea's import prices of grains have jumped nearly 50 percent over the past two years to a near nine-year high amid the prolonged coronavirus pandemic, data showed Wednesday. Prices of imported grains came to $386 per ton in February, up 26 percent from a year earlier and 47.4 percent from two years earlier, according to the data from the Korea Customs Service and industry sources. The February per-ton import price represented the highest level since it reached $388 in May 2013. Last month

Young Koreans born between 1980 and 1995, called “Gen MZ” to refer to both millennials and Generation Z, earned a little more but faced bigger debt in 2018 than people at the same age in 2000, the Bank of Korea said in a report. In 2018, Gen MZ -- aged between 23 and 38 -- earned 1.4 times more than what was earned by the same-age peers in 2000. But debts were 4.3 times greater in 2018 than 2000 among people who were identified as Gen MZ at the time. Meanwhile, &ldqu

Some sellers scrap house sale plans as they wait for new tax plan by new administration