South Korean manufacturers' business sentiment rose for July mainly due to growing demand for semiconductors and electronic parts, central bank data showed Friday. The business sentiment index (BSI) for local manufacturers came to 99 for July, up from 97 for June, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. A modest recovery in exports and

Fueled by hopes of a fast economic recovery, South Korea’s benchmark Kospi topped the 3,280-point mark for the first time at Thursday’s closing. It also hit a new high during intraday trading, attempting to touch the 3,300-point threshold. Extending its winning streak to a third consecutive session, the Kospi gained 0.3 percent to close at 3,286.10, replacing the previous closing high of 3,278.68 set June 16. The key stock index once touched as high as 3,292.27 in the morning trade

South Korea’s top financial regulator said Thursday that it had granted approval to two regional banks -- Jeonbuk Bank and Daegu Bank -- to offer MyData services. It was a move to foster the burgeoning data-driven business segment, whereby the country’s major commercial banks have already begun procedures to launch related services.  The policymaking Financial Services Commission granted preliminary MyData licenses to six financial firms, officials said. The others are KB Cap

South Korean auto parts maker Hanon Systems’ overvaluation concern due to foreign clients‘ delay in production is being offset by acquisition talks, analysts said Thursday. This comes as a major shareholder of Hanon Systems, private equity firm Hahn & Co., is considering selling a controlling stake in the thermal management automotive supplier. Hahn & Co. has named Morgan Stanley and Evercore as the deal manager, six years after it took over control of the company with Hank

The chief of South Korea’s central bank said Thursday that its “interest rate normalization” will come at an “appropriate time” by the end of the year, setting a solid time frame for a policy shift for the first time. “The current pandemic-era monetary easing is extremely dovish compared with the state of the economy,” Bank of Korea Gov. Lee Ju-yeol said in a press briefing.　 Asia’s fourth-largest economy has been recovering at a faster-than-exp

The Bank of Korea (BOK) is ready to conduct its first post-pandemic rate hike "within this year" amid the economy's robust recovery from the COVID-19 pandemic, Gov. Lee Ju-yeol said Thursday. Lee has hinted that the BOK could exit from pandemic-era monetary easing if an economic recovery remains solid, but it is the first time that he mentioned the timing of a rate hike. "There is the need to orderly normalize monetary policy within this year," Lee told reporters. Lee a

South Korea's consumer sentiment increased for the sixth consecutive month in June, as exports showed signs of a strong recovery amid progress in COVID-19 vaccinations, central bank data showed Thursday. The composite consumer sentiment index (CCSI) came in at 110.3 for June, up 5.1 points from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. The latest reading marks the sixth on-month gain following a drop in

South Korea's top economic policymaker said Thursday the government plans to provide support to smaller firms, including assignments of foreign workers, as it seeks to make a soft landing for such companies implementing the 52-hour workweek. Starting July 1, the country will expand the shortened workweek scheme to companies with five to 49 workers without a grace period. Since July 2018, the country has enforced the 52-hour workweek system in a phase-in manner. The shorter workweek was devised

South Korea's benchmark stock index hit a new intraday high Thursday on hopes of a quick economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Tech gains led the KOSPI's advance despite lingering market concerns about how soon the US Federal Reserve would start tapering its accommodative policies. Overnight, the Dow Jones Industrial Average lost 0.21 percent as investors digest th

Amid continued rallies and a series of blockbuster initial public offerings, the value of South Korea’s stock market is anticipated to reach 3,000 trillion won ($2.65 trillion) soon, raising hope for the market’s advancement on par with other global players. According to Korea Exchange, the combined valuation of the local stock market stood at 2,719 trillion won -- 2,294 trillion won worth of main bourse Kospi market and 425 trillion won worth of tech-heavy Kosdaq market -- as of We

Ko Hyoung-kwon is the ambassador and permanent representative of Korea to the OECD. -- Ed. The 2021 OECD Ministerial Council Meeting, chaired by the United States with South Korea and Luxembourg as vice chairs, was held May 31-June 1 under the theme of “Shared Values: Building a Green and Inclusive Future.” The meeting, at which ministers from 38 member countries of the Organization for Economic Cooperation and Development shared their responses to COVID-19 and plans for a better

South Korean stocks advanced for the second consecutive day Wednesday as investor concerns of fast tapering was partially eased by the US Federal Reserve's comments that support its accommodative policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.31 points, or 0.38 percent, to close at 3,276.19 points. Trading volume was moderate at about 1 billion shares worth some 17.4 trillion won ($15.3 billion), with losers outnumbering gaine

Messenger app giant’s stocks hit record high as messenger adds business tools

South Korea is the fastest-growing property investment destination for Canadian investors among the Asia-Pacific countries, data showed Wednesday. Canadian investors’ real estate transactions in Korea from 2016 to 2020, excluding deals smaller than $10 million, came to $3.5 billion, according to data from market intelligence firm Real Capital Analytics. The figure was 12.4 times higher than it was during the previous five-year period, from 2011 to 2015, showing the sharpest uptrend among

Fintech company's valuation surges to W8.2tr in latest funding worth W460b