The head of the financial regulator on Wednesday urged securities firms to change the way they do business, as well as where they invest, stressing the need for innovation to ensure growth. Lee Bok-hyun, chief of the Financial Supervisory Service, made the call in a meeting with the heads of 16 securities firms here. "The tasks aimed at developing our capital market that I have stressed must be discussed in a comprehensive manner, and must not be an issue of energy-consuming disputes betwee

South Korean stocks started higher Wednesday as Federal Reserve Chairman Jerome Powell's dovish comments eased rate woes. The benchmark Korea Composite Stock Price Index gained 11.84 points, or 0.43 percent, to 2,792.7 in the first 15 minutes of trading. Overnight, Wall Street closed higher as Powell said recent economic data represented "significant progress," boosting investor sentiment. The Dow Jones Industrial Average rose 0.41 percent, and the Nasdaq Composite gained 0.84 per

South Korea’s won-dollar trading on the first day with extended trading hours has gotten off to a smooth start with ample liquidity and no significant increase in volatility, the country’s financial authorities said Tuesday. Starting from Monday, Korea has extended won trading hours to make the currency more tradable and accessible to global investors. Dollar-won trading hours are changed to 9 a.m. to 2 a.m., compared to 9 a.m. to 3:30 p.m. earlier. Choi Sang-mok, Korea's depu

South Korean stocks fell sharply Tuesday ahead of key economic events in the United States later this week. The local currency traded weaker against the US dollar. The benchmark Korea Composite Stock Price Index fell 23.45 points, or 0.84 percent, to 2,780.86, ending a two-session winning streak. Trade volume was moderate at 532.3 million shares worth 11.5 trillion won ($8.28 billion), with decliners sharply outnumbering gainers 691 to 195. Foreigners and institutions sold a net 30 billion won a

Hana Bank’s foreign exchange trading room in Seoul, the largest in South Korea, completed its first extended trading session on Tuesday. Starting Monday, Korea extended its foreign currency trading hours, pushing the closing time from 3:30 p.m. to 2 a.m. the following day. This move is part of Korea’s strategy to enhance its financial market and attract more foreign capital, with won-dollar trading now available until 5 p.m. in London and 1 p.m. in New York. Additionally, foreign fin

South Korean stocks opened slightly lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index lost 7.76 points, or 0.28 percent, to 2,796.55 in the first 15 minutes of trading. Overnight, Wall Street closed slightly higher, while investors awaited US labor market data and the Federal Reserve minutes due later this week to seek clues about the interest rate outlook. The Dow Jones Industrial Average rose 0.13 percent, and the tech-heavy Nasdaq went up 0.

South Korea's consumer prices slowed to an 11-month low in June, though prices of fresh food items and petroleum products remained high, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.4 percent on-year last month, compared with a 2.7 percent on-year rise a month earlier, according to the data from Statistics Korea. It was the third consecutive month that the price decelerated and stayed below 3 percent, and June's figure marked the lowest level since July 2023,

A workers' union at Samsung Electronics in South Korea said on Monday it would launch a general strike until its demands for better pay and time off were met, warning of more damaging action against the country's most powerful conglomerate than its one-day walkout last month. The National Samsung Electronics Union, whose roughly 28,000 members make up over a fifth of the firm's workforce, is planning to begin the strike on July 8, asking the company for commitments such as improve

The amount of overdue business loans taken by self-employed business owners in South Korea surpassed 10 trillion won ($7.2 billion) for the first time ever in the first quarter of this year, marking the highest figure ever since the government started tallying the figure in 2009. Overdue business loans of self-employed business owners were an accumulated 10.8 trillion won as of late March, according to a report the Bank of Korea submitted to Rep. Yang Bu-nam of the main opposition Democratic Par

South Korean stocks finished a tad higher Monday as investors took a breather ahead of the release of the Fed minutes and the second-quarter earnings guidance of Samsung Electronics. The local currency fell against the US dollar on the first day of won-dollar transactions being extended until 2 a.m. The benchmark Korea Composite Stock Price Index added 6.49 points, or 0.23 percent, to 2,804.31. Trade volume was slim at 452.5 million shares worth 9.8 trillion won ($7.1 billion), with losers beati

US rises as top destination for exports, overtaking China

The record for the most expensive apartment ever sold in South Korea was broken in June, according to government data tracking real estate transactions. The country's new most expensive apartment is a 273.94-square-meter first-floor unit at Nine One Hannam in Yongsan-gu, central Seoul, which sold for 20 billion won ($14.5 million) on June 4. Nine One Hannam is known to be home to celebrities and business moguls, including RM and Jimin of K-pop group BTS and G-Dragon of Big Bang. Completed

South Korean stocks opened a tad higher Monday amid eased woes over US inflation and rising political uncertainties. The benchmark Korea Composite Stock Price Index added 0.95 point, or 0.03 percent, to 2,798.77 in the first 15 minutes of trading. Last week, US key inflation data of the personal consumption expenditures price index rose 0.1 percent on-month for May, meeting the market expectations. However, escalating uncertainties over the upcoming US presidential election weighed heavily on th

South Korea’s foreign exchange market will operate until 2 a.m. from Monday, while its crypto market is to enter a new phase with the enactment of the virtual asset user protection law this month, as part of new government measures to come into place in the latter half of this year. The Finance Ministry announced Sunday it has released a booklet on policy changes across the government's ministries for the second half of 2024. The booklet is available at the ministry’s website an

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