South Korean stocks got off to a strong start Friday following an overnight rally on Wall Street. The benchmark Korea Composite Stock Price Index gained 20.45 points, or 0.77 percent, to 2,684.72 in the first 15 minutes of trading. In the United States, Nvidia's surprising earnings result pushed up the indexes to new highs, as the S&P 500 jumped 2.11 percent and the Dow Jones Industrial Average rose 1.18 percent. The tech-heavy Nasdaq Composite also vaulted 2.96 percent. In Seoul, semic

Exports of soju, distilled Korean liquor, topped $100 million for the first time in 10 years in 2023, data showed. According to the Korea Customs Service, outbound shipments of soju reached $101.4 million in 2023, an increase of 8.7 percent from 2022. The last time soju exports surpassed $100 million was in 2013. Soju is a distilled liquor made of ethyl alcohol and water, with the addition of sweeteners. An industry source said soju sold overseas had been mostly consumed by South Korean resident

Authorities say risks could increase but major fallout unlikely

South Korean stocks snapped a two-day losing streak Thursday on strong performance by chip heavyweights after Nvidia's better-than-expected fourth-quarter earnings. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 10.96 points, or 0.41 percent, to close at 2,664.27. Trade volume was moderate at 445.3 million shares worth 10.1 trillion won ($7.6 billion), with decliners beating gainers 509 to 348. Foreigners and institutions scooped up loc

The Export-Import Bank of Korea, or Eximbank, said Thursday it signed a memorandum of understanding with its German counterpart, KfW IPEX-Bank, pledging to cooperate in financing projects related to strategic technologies and supply chain networks. KfW IPEX-Bank is a specialist bank for export and project financing owned by Germany's main development bank Kreditanstalt fur Wiederaufbau, which translates as Credit Institute for Reconstruction. Eximbank Chairman Yoon Hee-sung met with Velibor

A court in Montenegro has ruled for the extradition of cryptocurrency entrepreneur Kwon Do-hyung, widely known as "crypto king" Do Kwon, to the United States, according to The Wall Street Journal. Despite Kwon's defense advocating for transfer to his home country of South Korea, the Montenegro court has rejected the plea. Both the US and South Korea have sought his extradition. Kwon's legal team now has a three-day window to challenge the decision, according to the court on Wednesday.

South Korea's central bank froze its key rate for the ninth straight session Thursday amid woes over slower-than-expected inflation moderation and high household debts and maintained its growth outlook for the year at 2.1 percent. In a widely expected decision, the monetary policy board of the Bank of Korea (BOK) kept its policy rate unchanged at 3.5 percent. The BOK has stood pat following rate freezes last February, April, May, July, August, October, November and January. The rate freezes

South Korean stocks started a tad higher Thursday as chipmakers traded in positive territory on a strong earnings report from Nvidia overnight. The benchmark Korea Composite Stock Price Index gained 8.21 points, or 0.31 percent, to 2,661.52 in the first 15 minutes of trading. Wall Street stocks were mixed last night as the US central bank's minutes hinted at slower interest rate cuts. The Dow Jones Industrial Average finished 0.1 percent higher, but the tech-rich Nasdaq Composite Index fell

The annual income declared by single-person media creators, such as YouTubers and internet broadcast hosts (BJs), was found to have exceeded 1 trillion won ($7.5 million) in South Korea. A total of 39,366 individuals reported their annual income as single-person media creators in 2022, with the total amount reaching 1.14 trillion won, according to the National Tax Service. The total income of 393 single-person media creators who were in the top 1 percent, was 333.3 billion won, accounting for 29

Foreigners seeking to invest in the Korean capital markets will be able to exchange foreign currencies for Korean won more easily starting in the next quarter, according to the South Korean government on Wednesday. The revision comes as part of the government's efforts to enhance efficiency and stability of securities settlement and foreign exchange trading for offshore investors. The Finance Ministry, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Servic

South Korean stocks finished lower Wednesday with investors waiting for the release of the minutes of the US Federal Open Market Committee's January meeting. The local currency rose against the US dollar. After starting marginally higher, the benchmark Korea Composite Stock Price Index lost 4.48 points, or 0.17 percent, to close at 2,653.31. Trade volume was moderate at 551.7 million shares worth 8.9 trillion won ($6.7 billion), with losers outnumbering winners 553 to 313. Foreigners and re

Gender Ministry rolls out new set of measures to tackle low birth rate

Toss Bank, the internet-only banking arm of fintech firm Viva Republica, said Wednesday it has appointed Rhee Eun-mi, former chief financial officer of DGB Daegu Bank, as its new CEO. The bank’s CEO recommendation committee picked Rhee as the sole candidate for the next top leadership position in recognition of her deep understanding of the banking industry and excellence in making strategic decisions. “Rhee's achievements, organizational management capabilities, and insight b

South Korea's exports fell 7.8 percent on-year in the first 20 days of this month due mainly to weak demand from China and fewer working days, but sales of semiconductors soared nearly 40 percent, data showed Wednesday. Outbound shipments reached $30.72 billion in the Feb. 1-20 period, compared with $33.33 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, advanced 9.9 percent on-year to $2.36 billion. The number of working days c

South Korean stocks started higher Wednesday on foreign and institutional buying despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index climbed 11.49 points, or 0.43 percent, to 2,669.28 in the first 15 minutes of trading. Overnight, the U.S. stock market lost ground on investors' profit-taking ahead of the earnings release of artificial intelligence chip leader Nvidia. Nvidia is expected to release strong fourth-quarter results later Wednesday thanks to co