SEJONG -- South Korea's overseas direct investment tumbled 24 percent in the third quarter of the year as the coronavirus pandemic dented global investment flows, government data showed Friday.  The value of investments made by South Korean companies came to $10.77 billion in the July-September period, down 23.9 percent from a year earlier, according to the data from the Ministry of Economy and Finance. It marked the third consecutive quarterly decline. Overseas direct investment fell 4 p

South Korean stocks opened slightly higher Friday, tracking overnight gains on Wall Street amid hopes of a new US stimulus deal and the possible rollout of US biotech company Moderna's COVID-19 vaccine in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.65 points, or 0.06 percent, to 2,772.08 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.49 percent to reach a record high of 30,303.37 points, while the Nasdaq composite al

The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared to other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, reflect on changes being made, and explore ways to boost inclusion in the sector. -- Ed. The COVID-19 pandemic has been both an opportunity and a crisis for the world of financ

Financial regulator Financial Supervisory Service said Thursday that it has ordered online-only bank Kakao Bank to beef up its plans to deal with emergent situations, such as shortage of capital. The watchdog regularly assesses financial companies’ capital adequacy and risk management schemes, and it orders them to fix inefficient emergency measures if there is any. It was the first time for the online bank to be reviewed by the financial authority over its contingency plan. The nation&

South Korea's consumer prices are expected to grow at a faster pace in the next two years due to an economic recovery and rising rent, a central bank report said Thursday. South Korea's consumer inflation is forecast to reach 1 percent in 2021 and 1.5 percent the next year, according to the report from the Bank of Korea (BOK). The country's core inflation, excluding volatile food and energy prices, is projected to come to 1 percent and 1.3 percent in 2021 and 2022, respectively. The BOK said

South Korean stocks closed nearly flat Thursday as investors remained wary of spiking COVID-19 cases and looming virus restrictions. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.36 points, or 0.05 percent, to 2,770.43 points. Trading volume was moderate at about 998.4 million shares worth some 15.8 trillion won ($14.5 billion), with losers outnumbering gainers 493 to 352. Foreigners sold a net 301.1 billion won, and institutions off

South Korea’s outbound shipments of music albums and videos reached an all-time high this year, in the wake of growing popularity of K-pop acts worldwide, data showed Thursday. According to data from the Korea Customs Service, the export amounts surged by 94.9 percent on-year to $170 million for the January to November period. It was based on the export declaration data of physical CDs and DVDs. Records of online music downloads and streaming services were not included. Album exports so

Since July, average price up 28% in Sejong, 9% in Seoul

South Korean companies' sales declined at a slower pace in the third quarter than three months earlier as the manufacturing sector fared better amid improving exports, central bank data showed Thursday. Sales of local businesses fell 3.2 percent in the July-September period from a year earlier, slowing from a record 10.1 percent fall in the second quarter, according to the data from the Bank of Korea (BOK). The pace of a fall in corporate sales eased last quarter, but it marked the seventh con

South Korea plans to implement its economic policy next year to maintain economic recovery momentum and prepare for a post-pandemic era, the finance ministry said Thursday. The South Korean economy is expected to grow 3.2 percent next year, following this year's estimated contraction of 1.1 percent, the first contraction since the 1997-98 Asian financial crisis, according to the Ministry of Economy and Finance. The ministry's 2020 and 2021 growth outlooks are lower than its June projection of

The income gap between the haves and have-nots in South Korean narrowed to a fresh record low in 2019, as the bottom 20 percent income bracket saw their income rise due to state welfare support, data showed Thursday. The Gini coefficient measured with disposable income, a gauge of income inequality, came in at 0.339 last year, down from 0.345 the previous year, according to the data from Statistics Korea. A reading of zero means complete income equality, while higher numbers nearing one indica

South Korean stocks opened lower Thursday as the country is mulling implementing the strongest COVID-19 restrictions amid a recent surge in virus cases. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.73 points, or 0.24 percent, to 2,765.06 in the first 15 minutes of trading. On Wednesday, South Korea's daily new coronavirus cases hit a new high of 1,078, prompting authorities to consider adopting the highest level of social distancing measures, which would ban gatherings of 10

South Korea's domestic demand for steel is forecast to hit the lowest level in 11 years in 2020 due to the fallout from the coronavirus outbreak, a trade body said Thursday. The Korea Iron & Steel Association said domestic steel demand is likely to reach the 48 million-ton range this year, down around 8 percent from 53.2 million tons a year earlier, as manufacturing, construction and other key industries were stung by the COVID-19 pandemic. The figure is projected to be the lowest since th

WASHINGTON/SEOUL -- South Korea and the United States have agreed to extend a $60 billion bilateral currency swap agreement by another six months in an effort to help ease market uncertainties amid a global resurgence of coronavirus infections, the US Federal Reserve Board (FRB) said Wednesday. In late March, the Bank of Korea and the US Federal Reserve signed the bilateral currency swap facility to help ease financial market jitters caused by the pandemic. The swap agreement, which is se

South Korea’s National Pension Service is likely to log a 7 percent return on its investments this year, the nation’s welfare minister said Wednesday. “Investment environments seem to be on a recovery path with domestic and global economic indices improving and the (local) stock market hitting record highs recently,” said Park Neung-hoo, minister of health and welfare, who chairs the NPS’ asset management committee. “The fund operator will be able to ac