South Korea's domestic demand is feared to lose steam amid the latest upsurge in COVID-19 cases and tighter antivirus measures, the finance ministry said Friday. Amid global inflation risks and supply chain disruptions, Asia's fourth-largest economy faces persisting uncertainty due to the spread of the omicron variant and major economies' move to accelerate monetary policy shifts, the ministry said in its monthly economic assessment report, called the Green Book. "The country's exports re

South Korea's overseas direct investment rose at the fastest pace in nearly five years in the third quarter amid the global economic recovery, data showed Friday. South Korean companies' overseas investments came to $17.01 billion in the July-September period, up 58.2 percent from the previous year, according to the data by the Ministry of Economy and Finance. It marked the fastest on-year gain since the fourth quarter of 2016, when it grew 58.3 percent. The third-quarter growth rate was also

South Korean stocks opened lower Friday, tracking an overnight stock plunge on Wall Street as investors digest the US Fed's recent monetary policy decision. The benchmark Korea Composite Stock Price Index (Kospi) declined 4.92 points, or 0.16 percent, to 3,001.49 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite shed 2.47 percent over the Fed's move to double the pace of its stimulus withdrawal and projections of three rate hikes next year. The Dow Jones Ind

SEJONG -- The local financial market will not face a high-level volatility despite the news that US monetary policymakers will accelerate their exit from quantitative-easing, Korea’s senior officials expected Thursday. At a meeting for macro economy and finance in Seoul, officials clarified that their prediction was based on Korea’s preemptive measures, involving hikes in the benchmark interest rate earlier this year. First Vice Finance Minister Lee Eog-weon said that the possibil

Integrating the world of finance and the virtual space of metaverse is currently the biggest challenge for the global finance sector, among other tasks in the path towards digital transformation, the chief strategist for Shinhan Financial Group’s digitalization said Wednesday. “The biggest issue at hand for the global finance sector is metaverse,” said Sunny Yi, chief digital officer of Shinhan Financial Group, at The Korea Herald’s Eurasian Economic & Cult

Central bank chief expresses concerns as consumer inflation is projected to hover in the 2 percent range next year

South Korean stocks advanced for a second straight session Thursday amid eased uncertainties from the FOMC meeting results. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 17.02 points, or 0.57 percent, to close at 3,006.41 points. Trading volume was moderate at about 397 million shares worth some 8.4 trillion won ($7.1 billion), with losers outnumbering gainers 416 to 406. Foreigners bought a net 183 billion won, while institutions sold

South Korean mobile realtor app operator Dabang said Thursday it has unveiled a contact-free signing service for real estate contracts, accelerating innovation in the country’s property technology industry. According to the property technology company, the mobile signing service, Dabang Sign, offers users the ability to sign real estate contracts via Dabang’s app. If landlords request to register their houses or apartments with Dabang Sign, the company’s inspection team chec

Expanding environmental, social and governance investment and building digital businesses make capitalism sustainable, the research chief of Mirae Asset Securities said Wednesday. “It’s all about quality, not quantity, when it comes to growth in capitalism. ESG offers a fresh perspective, while metaverse makes possible a digital world built on private property and a free market, which is the essence of capitalism,” said Seo Cheol-soo, head of research at South Korea’s la

South Korean construction companies' sales dropped on-year in 2020 for the first time in 21 years due to the coronavirus pandemic, government data showed Thursday. The combined top line of local builders reached 396.9 trillion won ($336 billion) last year, down 1.1 percent from the previous year, according to the data from Statistics Korea. It marks the first on-year decline since the 11.1 percent decrease recorded in 1999 in the wake of the country's foreign exchange crisis. Their domestic s

The income gap between the haves and have-nots in South Korea narrowed to a record low in 2020 on the back of the government's provision of emergency cash handouts amid the pandemic, data showed Thursday. The Gini coefficient measured with disposable income, a gauge of income inequality, came in at 0.331 last year, down from 0.339 the previous year, according to the data from Statistics Korea. A reading of zero means complete income equality, while higher numbers nearing one indicate a widenin

South Korean stocks opened steeply higher Thursday, backed by eased uncertainties from the FOMC meeting results. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.88 points, or 0.87 percent, to 3,015.27 points in the first 15 minutes of trading. Stocks advanced, largely as the FOMC results, particularly the Fed's stimulus withdrawal and interest rate hike, stayed within the market expectation. The Fed said it would double the speed of its tapering of bond purchasing program and

South Korea's top economic policymaker said Thursday the government plans to make efforts to help the country's economy grow in the early 3 percent range next year amid heightened economic uncertainty. Finance Minister Hong Nam-ki said the country plans to focus on boosting domestic demand and conducting fiscal spending in the fourth quarter to achieve the 4 percent range growth target for this year. The finance ministry plans to unveil its 2022 economic policy directions next week. Hong said

South Korea's $60 billion currency swap contract with the United States will expire as scheduled later this month as financial and economic situations at home and abroad remain stable, Seoul's central bank said Thursday. The Bank of Korea (BOK) and the US Federal Reserve signed the currency swap contract in March 2020 to ease financial anxiety caused by the coronavirus pandemic and had since extended the deal three times. It is set to expire on Dec. 31. "The temporary currency swap will e

The US Federal Reserve's announcement of plans to accelerate the tapering of its asset purchases is expected to have a limited impact on the South Korean financial market as the outcome was in line with market expectations, a senior government official said Thursday. After a two-day policy meeting, the Federal Reserve said Wednesday (US time) it will double the pace of tapering its bond purchases and likely end them in March. The US central bank signaled three rate hikes by the end of 2022 amid