South Korea's export prices rose in August, marking the ninth straight monthly gain amid a strong recovery in exports, central bank data showed Tuesday. The country's export price index, in terms of the local currency, rose 1 percent in August from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the ninth consecutive month of an on-month rise. In July, the index rose 3.5 percent on-month. From a year earlier, the index jumped 18.6 perce

Korea Development Bank’s Chairman Lee Dong-gull called on the government to take down the antitrust hurdles standing in the way of proposed mergers, which he said are crucial for businesses to survive. Lee leads the main creditor behind the business integration of Korea’s flagship air carriers Korean Air Lines and Asiana Airlines, as well as the integration of the world’s largest shipbuilders Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries -- both base

Toss Bank, which is poised to become the country’s third internet-only bank, attracted more than half a million subscribers to its pre-registration of their deposit accounts in just three days, the company said Monday. The online bank was able to draw attention from customers by offering an annual interest of 2 percent, higher than the average interest rate offered by commercial banks at less than 1 percent, as a marketing strategy. “We were able to confirm consumers’ demand

The fast-paced aging of South Korea’s population is likely to undermine the fiscal health of Asia’s fourth-largest economy in the long run amid soaring debt, credit ratings agency Fitch Ratings said Monday. The aging population, coupled with a declining fertility rate of fewer than one child per woman, could leave Korea exposed to higher risks as rising government spending could become a less effective means of boosting nationwide productivity. Fitch urged Korea to carry out midt

South Korean stocks edged up after choppy trading Monday as investors remained cautious after a fall on Wall Street last week amid concerns about rising inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.1 points, or 0.07 percent, to close at 3,127.86 points. Trading volume was moderate at about 718 million shares worth some 13.3 trillion won ($11.3 billion), with gainers outnumbering losers 579 to 286. Foreigners bought a net 139

South Korean crypto exchange Bithumb said it has joined hands with Bucket Studio, a local mobile content provider, to launch a commerce platform where customers can purchase products and services in bithumb cash. By incorporating Bithumb’s blockchain payment technology, the commerce platform, named Bithumb Live, will serve as a new online marketplace. Customers will watch a live show promoting a product -- similar to TV homeshopping -- and pay with its currency, bithumb cash, later on, o

Emergence of new businesses fueled by the pandemic appears to have contributed in generational shift in superrich club

Finance Minister Hong Nam-ki on Monday raised the need to strengthen the monitoring of the property market as the latest rate hike and the talks of US tapering could increase market volatility. The minister also called for ways to encourage the private sector to take part in the government's efforts to increase the home supply. "There is a need to strengthen the monitoring of the housing market due to changes in real estate market conditions," Hong told a meeting with senior government

The COVID-19 pandemic slashed South Korea's 2021-22 potential growth rate by 0.2 percentage point to 2 percent, the Bank of Korea (BOK) said Monday. South Korea's potential growth rate, which refers to the maximum possible rate an economy can grow without triggering inflation, has been on a steady decline due to a shrinking working-age population and mounting household debts. But the pandemic prompted the nation's potential growth rate to further decline as it dealt a heavy blow to small merchan

The amount of payments made electronically hit a record high in the first half of this year, central bank data showed Monday, as the COVID-19 pandemic prompted more people to engage in contact-free commerce. The daily average amount of electronic financial transactions came to 863.5 billion won ($738 million) in the January-June period, up 12.8 percent from six months earlier, according to the data from the Bank of Korea (BOK). The reading marked the highest amount since the central bank started

South Korea on Monday proposed a new pact on digital trade with Southeast Asia to cope with the changing global business environment and forge deeper economic ties with the region. Trade Minister Yeo Han-koo held a virtual meeting of economic ministers with his ASEAN counterparts to share opinions on various issues, covering trade and the environment, according to the Ministry of Trade, Industry and Energy. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Th

South Korea's exports rose 30.7 percent on-year in the first 10 days of September on the back of robust demand for petroleum products and autos, customs data showed Monday. The country's outbound shipments stood at $19.5 billion in the Sept. 1-10 period, compared with $14.9 billion a year earlier, according to the data from the Korea Customs Service. Imports soared 60.6 percent on-year to $21 billion, resulting in a trade deficit of $1.46 billion during the cited period, the data showed. By sect

South Korean stocks opened nearly flat Monday as investors braced for a fall on Wall Street last week amid concerns over rising inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.17 points, or 0.04 percent, to 3,124.59 points in the first 15 minutes of trading. Stocks got off to a slow start, following North Korean state media saying Monday the communist state had successfully test-fired a new type of long-range cruise missile over the weekend. Local stocks also came under

Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a fourth consecutive month, data showed Monday. Foreigners sold a net 7.81 trillion won ($6.68 billion) worth of local stocks in August, according to the data from the Financial Supervisory Service (FSS). British investors sold a net 1.3 trillion won of stocks last month, while investors from Switzerland net purchased 400 billion won worth of stocks, according to the FSS. As of end-August,

Amid the climate change response actions underway in South Korea, the nation’s state-run companies dedicated to fossil fuel energy resources are barely hanging on. The Korea Resources Corp., or Kores, merged into the newly established Mine Reclamation Corp., called Mireco, under new rules that took effect Friday. The birth of Mireco was foretold in 2018, when a task force within the Energy Ministry recommended that the debt-saddled Kores be restructured. Kores, considered a major culpri