Talks about the Federal Reserve's tapering of asset purchases have had limited impacts on South Korea's financial market, but the country will monitor the situation with "extra" vigilance, a senior government official said Tuesday. Fed Chairman Jerome Powell said in a Jackson Hole speech Friday (U.S. time) that the Fed may begin to taper bond purchases this year, but he took a cautious stance about an early tapering of asset buying or a hike in interest rates. First Vice Finance Mini

Home transactions in South Korea tumbled 37 percent in July amid government efforts to rein in soaring housing prices, government data showed Tuesday. The number of homes changing hands nationwide stood at 88,937 last month, down 37.1 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. The July reading was little changed from the 88,922 deals registered in the prior month. The number of home transactions in the South Korean capital of S

South Korea's industrial output decreased in July from the previous month in the latest sign that the country's economic recovery momentum slowed amid the fourth wave of the pandemic, data showed Tuesday. Industrial output fell 0.5 percent in July from the previous month, a turnaround from a 1.6 percent on-month gain in June, according to the data compiled by Statistics Korea. From a year earlier, it increased 4.7 percent. Retail sales, a gauge of private spending, declined 0.6 percent in July

Seoul-based buyout firm Hahn & Co. has filed a lawsuit against Namyang Dairy Products shareholders for failing to abide by a binding contract to sell their controlling shares to them, the nation’s second-largest private equity fund said Monday. The lawsuit, submitted to the Seoul Central District Court on Aug. 23, is meant to urge shareholders, including Namyang Dairy Chairman Hong Won-sik, to implement the sales deal signed on May 27 as planned, Hahn & Co. said in a statement.

A court ruling that nullified a penalty for Woori Financial Group Chairman and Chief Executive Officer Sohn Tae-seung signals clemency for other chiefs of banks and other financial institutions who have been blamed for their role in a series of private fund misselling scandals, industry sources said Monday. The ruling by the Seoul Administrative Court Friday was in favor of Sohn, rescinding a “reprimand” warning on the banking group chiefs by the Financial Supervisory Service. The

South Korea will ramp up spending on the next-generation automobile, chip and bio-health sectors next year in an effort to nurture homegrown companies into leading players in the global market, the finance minister said Monday. Under a budget proposal for the 2022 fiscal year drawn up by the government, spending on the “Big 3” industries will increase to 6.3 trillion won ($5.41 billion), up 43 percent from the amount allocated this year. The budget plan will be presented to the pa

South Korean stocks gained for a second consecutive session Monday as investors remained optimistic about the US Federal Reserve's cautious stance on withdrawing its ultra-easing monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 10.29 points, or 0.33 percent, to close at 3,144.19 points. Trading volume was moderate at about 595 million shares worth some 11.6 trillion won ($9.9 billion), with gainers outnumbering losers

South Korea’s national debt per person is expected to grow at a fast clip to reach 100 million won ($85,800) in 2038 as a result of government’s expansionary spending to keep its economic growth in line with an aging population, a study showed Monday. Illustrating 2038 as the year when a newborn this year graduates from high school, the Korea Economic Research Institute, a local think tank, warned that future generations will be placed with a heavy financial burden even before th

Standard Chartered said Monday it has launched a blockchain-based digital trade finance platform through a joint venture with Chinese supply chain financial technology firm Linklogis. The platform named Olea will be operated by the joint venture headquartered in Singapore, with a goal of bringing together “institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing." Amelia Ng, an official from SC Ventures, the fintec

South Korea's combined area of rice paddies moved up 0.8 percent on-year in 2021, data showed Monday, with the country expected to maintain a stable supply of the staple grain despite heavy rains. The combined size of rice paddies is estimated at 732,000 hectares -- slightly more than half the size of the US state of Connecticut -- compared with 726,000 hectares last year, according to the Ministry of Agriculture, Food and Rural Affairs. The producer price of rice per 20 kilograms came to 55,3

South Koreans' overseas card spending jumped 80 percent on-year in the second quarter as many nations eased lockdown rules following the COVID-19 pandemic, central bank data showed Monday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $3.37 billion in the April-June period, compared with $1.87 billion for the same period last year, according to the data from the Bank of Korea (BOK). Compared with three months earlier, overseas card sp

South Korea said Monday it has launched a new round of negotiations to clinch a free trade agreement with Mercosur, South America's leading trading bloc, as it aims to further expand its export portfolio. Asia's fourth-largest economy and Mercosur began a five-day virtual meeting that will run through Friday, according to the Ministry of Trade, Industry and Energy. Mercosur -- made up of Brazil, Argentina, Paraguay and Uruguay -- accounts for around 70 percent of the population in South Ameri

South Korea said Monday it will begin providing emergency relief funds to people in the bottom 88 percent income bracket next week in the latest move to help them cope with the fallout from the pandemic. The government will begin to provide up to 250,000 won ($215) per recipient on Sept. 6 as part of an 11 trillion-won cash handout program, according to the interior and finance ministries. The money must be spent by end-December. In July, the country drew up an extra budget of 34.9 trillion wo

South Korean stocks opened higher Monday as investors are relieved by the US Federal Reserve's cautious stance about withdrawing its ultra-easing monetary policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 16.7 points, or 0.53 percent, to trade at 3,150.6 points in the first 15 minutes of trading. The Kospi advanced, following Fed Chairman Jerome Powell's Friday address that the Fed could begin tapering its asset purchases this year, but that the move should be made separatel

South Korean firms are suffering from the triple whammy of rising raw material costs, a coronavirus resurgence and an interest rate hike, a poll showed Monday. The survey of 310 large and smaller companies, taken by the Korea Chamber of Commerce and Industry (KCCI), showed that 81.6 percent of the respondents to the poll, in which multiple choices were possible, cited an increase in raw material prices as their top concern. The resurgence of COVID-19 infections came next with 80.6 percent, fol