South Korea's exports have extended their gains to 11 consecutive months and set a record high level by rising 16.7 percent, data showed Friday, maintaining solid growth despite growing concerns over the spread of COVID-19 variants around the globe. Outbound shipments came to $55.8 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The monthly figure was the highest since South Korea started compiling such data in 1956. The previous record was $55.4

South Korean stocks opened lower Friday, tracking overnight Wall Street losses that stemmed from concerns of an early inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 7.19 points, or 0.23 percent, to 3,061.63 points in the first 15 minutes of trading. The key stock index slumped, following rallies by the US long-term Treasury yields, which fanned concerns that the Federal Reserve might hurry to taper its stimulus to reign in the pace of inflation. The Dow Jones Industrial

South Korean public financing institutions have played down the impact of liquefied natural gas on climate change, according to climate activist group Solutions for Our Climate on Thursday. Greenhouse gases are being emitted throughout the liquefied natural gas supply chain -- from extraction to liquefaction, transportation, regasification and consumption -- said the climate activists during an event held in Seoul. “The threat of greenhouse gas emission from the liquefied natural

The Bank of Korea (BOK) said Thursday its net selling and buying of the US dollar remained on par in the second quarter as part of its efforts to help ease fluctuations in the local currency market. In the first quarter, the BOK sold a net $103 million to stabilize the Korean currency's movement, compared with a net purchase of $11.5 billion three months earlier. The central bank began releasing such data in March 2019 to help boost the transparency of its market stabilization steps. A BOK offic

In comparison of 46 countries, Korea stays at 37th in Q2

South Korean stocks rebounded Thursday after a two-day loss, as investors bought oversold stocks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.55 points, or 0.28 percent, to close at 3,068.82 points. Trading volume was moderate at about 867 million shares worth some 14.5 trillion won ($12.2 billion), with gainers outnumbering losers 542 to 316. Foreigners bought a net 35 billion won, while institutions sold 225 billion won. Retail inve

South Korean game developer Gamevil said Thursday it will become the second-largest shareholder of Coinone by acquiring a 22 percent stake in the cryptocurrency exchange. During a board meeting Wednesday, the company, through its fully owned subsidiary Gamevil Plus, decided to buy 151,218 shares of the digital coin exchange for 53.9 billion won ($45.5 million). After the additional share purchase slated for January next year, Gamevil will hold a 38 percent stake in Coinone. 　 “The acq

More homegrown late-stage venture capital investing is crucial to spurring South Korean startups to be able to scale up and innovative for job creation and economic development, which will ultimately lead to a windfall for investors, head of Seoul-based unicorn Kurly said Thursday. “Once a startup achieves a scale-up at a certain point, the value it can create is immense,” Sophie Kim, founder and chief executive officer, said during KDB Nextround 500, a special investor relation eve

South Korea’s tax agency is probing suspected tax evasion involving hundreds of young people who allegedly acquired houses, commercial buildings and stocks through undue wealth transfers from their parents. The National Tax Service said Thursday that it had launched a probe into 446 people in their early 30s or younger, saying they had “seriously hampered fairness” in society by increasing their wealth in an improper manner. The youngest property owner under investigation was

South Korea will put forth its best efforts to curb the nation’s fast-growing household debt and roll out additional measures next month to do so, while allowing borrowers to take out loans within their repayment capabilities, the nation’s fiscal chief said Thursday. Deputy Prime Minister and Finance Minister Hong Nam-ki made the remark at a meeting of macroeconomic leaders here, where he was joined by Bank of Korea Gov. Lee Ju-yeol, recently appointed chief of the policymaking Fin

South Korean banks' lending rates rose in August as the Bank of Korea (BOK) delivered its first pandemic-era rate hike, central bank data showed Thursday. The average interest rate charged on new bank loans came to 2.87 percent in August, up 0.1 percentage point from the previous month, according to preliminary data from the BOK. The BOK cut the key interest rate to a record low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point in March to cushion

South Korean stocks opened lower Thursday as the bond yields in the United States remained high, raising concerns about an early inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 13.57 points, or 0.44 percent, to 3,046.7 points in the first 15 minutes of trading. The South Korean main index got off to a muted start after its US stock peers closed mixed. Overnight, the tech-heavy Nasdaq composite lost 0.24 percent, while the Dow Jones Industrial Average and the S&P 500 r

 South Korea's trade ministry said Tuesday it has agreed with Uruguay to make joint efforts to speed up negotiations for a free trade pact with a group of South American countries. Trade Minister Yeo Han-koo plans to meet his Uruguayan counterpart, Francisco Bustillo, virtually later in the day to discuss ways to expand economic ties, according to the Ministry of Trade, Industry and Energy. "Uruguay is one of the key partners for South Korea, as the two can make joint efforts to overco

Upbit, South Korea’s first cryptocurrency exchange to receive a green light from regulators, is gearing up to verify its massive number of users to fulfill the next important duty under the anti-money laundry act. Industry watchers believe Upbit’s user verification could take as long as three months due to its massive user base of 8.3 million and a public ID verification system operated by the Ministry of the Interior and Safety. The ministry’s identity verification system

South Korean stocks slumped for second straight day to lose more than 1 percent Wednesday morning amid concerns about spiking bond yields and the US debt ceiling. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) dipped 37.65 points, or 1.22 percent, to close at 3,060.27 points. Trading volume was moderate at about 812 million shares worth some 15 trillion won ($12.7 billion), with losers outnumbering gainers 676 to 215. Foreigners sold a net 659