South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street ahead of the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.83 points, or 1.12 percent, to 2,325.99 in the first 15 minutes of trading. The index rose after a 1.46 percent rally the previous session, hoping that the stocks will advance after the US election on Wednesday (Washington time). The upcoming Federal Open Market Committee (FOMC) meeting also boosted investor

Despite the coronavirus pandemic, South Korea's exports to China fell at a slower rate than its overall overseas shipments in the first half thanks to brisk Chinese demand for consumer goods and electronics parts, a report showed Tuesday. South Korea's exports to the world's second-largest economy came to $61.4 billion in the January-June period, down 6.4 percent from a year earlier, according to the report from the Korea Trade-Investment Promotion Agency (KOTRA). The decline is much lower tha

South Korea's consumer prices grew at the slowest pace in four months in October due largely to one-off state subsidies for mobile phone bills, data showed Tuesday, underscoring the country's low inflationary pressure. The consumer price index inched up 0.1 percent on-year last month, sharply slowing from a 1 percent on-year gain in the previous month, according to the data from Statistics Korea. It marked the slowest on-year growth since June, when the price index stayed flat, and the fourth

President Moon Jae-in predicted Monday that South Korea’s economy will be able to return to a normal track in the first half of next year if the current trend of economic rebound from the new coronavirus pandemic continues in the fourth quarter. “When reviewing recent indicators, we can see that the economy is rapidly recovering by overcoming the recent difficulties,” Moon said during a weekly meeting with his senior Cheong Wa Dae aides. “If the trend of economic reboun

Korea Exchange Chairman Jung Ji-won has been recommended as the sole candidate to take the helm at the General Insurance Association of Korea, an organization that represents domestic general insurance firms, according to news reports Monday. After reviewing four candidates, who also included Meritz Fire & Marine Insurance CEO Kang Young-gu and former Financial Supervisory Commission Vice Chairman Yoo Kwan-woo, an eight-member committee under the insurance association chose Jung. The com

The average price for “jeonse,” one of the most common housing lease systems in Seoul, steeply increased, running counter to the government’s efforts to cool the heated real estate market and protect tenants. The average price of jeonse in the capital city rose by 7.5 percent from 510 million won ($449,000) in August to 536.7 million in October, according to KB Kookmin Bank’s real estate services platform Liiv On. Jeonse refers to a minimum two-year least contract wit

COVID-19 has rattled the economies around the world and Korea is no exception.　 In light of the prolonged crisis, however, South Korea, an IT powerhouse, is seeking a paradigm shift in its finance sector. To gauge the impact of the virus on the financial and investment sectors and to discuss how to rejuvenate the coronavirus-hit economy with innovative ideas and technology, The Korea Herald, South Korea’s largest English newspaper, holds its first finance forum on Wednesday in Seoul. Un

Seoul stocks rallied Monday ahead of the upcoming US presidential election and the Federal Open Market Committee (FOMC) meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.01 points, or 1.46 percent, to close at 2,300.16. Trading volume was moderate at about 665 million shares worth around 8.4 trillion won ($7.4 billion), with gainers outnumbering losers 683 to 165. Foreigners bought a net 49 billion won, and institutions purchas

Members of the bereaved Samsung ownership family are expected to see major net worth boosts, as the late Chairman Lee Kun-hee left behind massive amounts of stocks they -- including heir apparent Lee Jae-yong -- stand to inherit, data showed Monday. Late Chairman Lee’s personal fortune in the form of stocks -- subject to a handover to the families -- was worth a combined 17.7 trillion won ($15.6 billion) as of Thursday’s market closing, according to data from financial market infor

On-year basis, ‘unemployed or underemployed’ up 800,000

SEJONG -- South Korea's finance ministry said Monday it will allow people to exchange the Korean currency for foreign currency banknotes at convenience stores starting next year, as part of its efforts to ease regulations in the foreign exchange market. Under the move, people can ask banks to exchange the Korean won for foreign bills via smartphone applications, according to the Ministry of Economy and Finance. They can then get the foreign bills at automated teller machines in convenience s

South Korea's central bank will take measures to stabilize the financial markets in a timely manner when needed as the outcome of the US presidential election could increase market volatility, its head said Monday. Bank of Korea (BOK) Gov. Lee Ju-yeol said that volatility in the financial markets at home and aboard could increase, depending on the outcome of the US election, set for Tuesday, amid concerns about a resurgence in COVID-19 cases in Europe, according to the central bank. "The

South Korea's manufacturing activity entered an expansionary phase for the first time this year in October on increased new orders, a global market researcher said Monday. The purchasing managers' index (PMI) of the country's manufacturing sector stood at 51.2 last month, up 1.4 points from the previous month, according to a survey by IHS Markit. It represents the first time this year for South Korea's PMI, a key measure of factory activity in a country, to surpass the 50-point mark that separ

South Korea's exports of instant noodles and kimchi products rose sharply in the first nine months of the year on the back of rising demand for ready-to-eat meals and healthy foodstuffs amid the new coronavirus pandemic, data showed Monday. Outbound shipments of instant noodles jumped 36.3 percent on-year to $456 million during the January-September period, while those of kimchi jumped 38.5 percent to $109 million over the cited period, according to the data compiled by the Ministry of Agricult

Seoul stocks opened higher Monday ahead of the upcoming US presidential election and the Federal Open Market Committee (FOMC) meeting. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.37 points, or 0.33 percent, to reach 2,274.52 in the first 15 minutes of trading. Stocks got off to a strong start after the previous session's 2.56 percent plunge. Amid the global COVID-19 resurgence and the US election uncertainties, investors pinned hopes for a dovish signal from the FOMC, whic