South Korea's main stock index ended higher Wednesday, aided by technology stocks, but investors remain cautious ahead of the Federal Reserve's rate decision later in the global day. The Korean won fell against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.44 points, or 0.05 percent, to close at 2,989.39 points, snapping a three-session losing streak. Investors are waiting on cues from the two-day Fed's meeting, which ends Wednesday, to reorganize their p

South Korea’s top financial regulator on Wednesday told tech firms here that their financial services are to operate under and comply with existing financial regulations. The remark came amid concerns of tech giants Naver and Kakao’s fast-growing online and mobile financial services as related regulations on their customer protection and data use remain unclear. “Big Tech’s foray into the finance sector will be carried out under the same financial regulations and custom

More than 3 million Koreans still de facto jobless

South Korea's nuclear safety watchdog on Wednesday approved the restart of a nuclear reactor in the country's southwestern nuclear complex that was shut down for an inspection. The Nuclear Safety and Security Commission said it has given the go-ahead to restart the Wolsong No. 4, 700-megawatt reactor, in Gyeongju, 371 kilometers southeast of Seoul. The Wolsong No. 4 nuclear power reactor, which first started operations in 1999, has been shut down since Oct. 10 for regular maintenance. The com

Expanded use of robots has resulted in a "meaningful" decline in demand for human labor in the manufacturing industry while replacing mostly "routine" and "repetitive" jobs, a central bank report said Wednesday. The Bank of Korea's report was based on data related to introduction of robots in industries and the impact on employment from 2010-2019. It analyzed the net effect of the "displacement effect" in which robots replace workers and "productivit

South Korea's money supply grew in October on increased savings amid higher interest rates on deposits, central bank data showed Wednesday. The country's M2, a key gauge of the money supply, stood at 3,550.6 trillion won ($3 trillion) as of end-October, up 1.1 percent, or 38 trillion won, from a month earlier, according to the preliminary data from the Bank of Korea (BOK). The growth slightly quickened from the previous month's 0.5 percent gain. Compared with a year earlier, the money supply

South Korea's automobile exports fell nearly 5 percent in November from a year earlier due to a global shortage of automotive chips, data showed Wednesday. Outbound shipments of automobiles came to 178,994 units last month, down 4.7 percent from the same month a year earlier, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, however, exports advanced 3.3 percent to $4.12 billion in November, the largest monthly tally since April when the supply bottlene

Seoul shares opened lower Wednesday, tracking losses on Wall Street, as investors eyed the Federal Reserve's rate decision this week.  The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.40 points, or 0.3 percent, to 2,978.55 points in the first 15 minutes of trading. On Tuesday (US time), the Dow Jones Industrial Average dropped 0.3 percent to 35,544.18, while the tech-heavy Nasdaq composite slid 1.1 percent to 15,237.64. Investors are waiting on cues from the two-day Fed me

South Korea reported job additions for the ninth straight month in November in the latest sign the country's economic recovery has continued despite the latest upsurge in COVID-19 cases, data showed Wednesday. The number of employed people reached 27.79 million last month, 553,000 more than a year earlier, according to the data compiled by Statistics Korea. The reading was lower than an on-year increase of 652,000 in October. But the number of employed people has risen since March as Asia's fo

Busan started its campaign Tuesday to host the Expo 2030 world fair at a virtual meeting convened by the organizing body Bureau International des Expositions (BIE), Busan Metropolitan City said. Busan -- one of five cities including Rome, Moscow, Odessa and Riyadh to have submitted the bid -- was the first city to make its case online. The Busan mayor leading the Korean delegation proposed holding the fair under the theme: “The era of great change: Sailing toward a better future.”

South Korea’s KB Financial Group Chairman Yoon Jong-kyoo vowed to cooperate with ASEAN banks in achieving carbon neutrality at a leadership meeting of the UN-convened Net-Zero Banking Alliance, the firm said Tuesday. “As a representative of Asia in this meeting, KB will focus on spreading and supporting net-zero initiatives in ASEAN nations where we have a vast network of businesses,” Yoon said at the NZBA Steering Group Principals Meeting held via video conference on Monday.

South Korean stocks retreated for a third consecutive session Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 31.71 points, or 0.46 percent, to close at 2,987.95 points. Trading volume was moderate at about 566 million shares worth some 9.2 trillion won (US$7.8 billion), with losers outnumbering gainers 574 to 284. Foreigners

South Korea's exports of information and communication technology (ICT) products touched a new monthly high in November on brisk global demand for chips and displays, data showed Tuesday. Outbound shipments of ICT products reached $21.49 billion last month, up 30 percent from a year earlier, according to the data from the from the Ministry of Science and ICT. The November tally represents the largest-ever monthly amount and the 18th consecutive month of on-year gains since June last year. ICT

South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.8 points, or 0.46 percent, to 2,987.86 points in the first 15 minutes of trading. The KOSPI dropped below the 3,000-point level as investors weighed the possibility of the Fed quickening its stimulus withdrawal and making hawkish signals about adjusting its key interest rate. Overnigh

South Korea's import prices dropped for the first time in seven months in November as prices of oil and other raw materials declined, central bank data showed Tuesday. The import price index inched down 0.6 percent last month from a month earlier, according to the preliminary data from the Bank of Korea. This marked the first on-month decline in seven months The decline is blamed on a fall in international crude oil prices and other raw materials, including mining products. The central bank