South Korea’s latest economic stimulus measures -- known as the “Korean New Deal” -- will likely attract foreign investors to the local stock market, local brokerages said Friday. “Offshore investors have been posting a net sell-off in the local stock market since March. However, they have recently begun purchasing stocks in the software sector,” said Ha In-hwan, an analyst at Meritz Securities. By focusing on accelerating the digitalization of the nation’s

Korean exports of novel coronavirus test kits jumped a whopping 835 percent in April from the previous month, as a result of growing global demand, customs data showed Thursday. According to the Korea Customs Service, test kits valued at $201.23 million were exported last month, as compared to $24.1 million worth of shipments a month earlier. Demand for made-in-Korea test kits is growing due to their accuracy and speed. The number of export destinations has increased rapidly, reaching 33 in F

Seoul stocks opened higher Friday, tracking overnight gains on Wall Street boosted by a decrease in the number of jobless claims in the world's top economy. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.9 points, or 1.14 percent, to 1,950.51 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average moved up 0.89 percent on data that 3.16 million Americans had applied for unemployment benefits last week, down 677,000 from a week earlier. The figure, how

South Korea is seeking to reshape its economy in the post COVID-19 era by invigorating the convergence of new and old industries and creating more jobs, through its latest economic stimulus measures dubbed the “Korean New Deal,” the government said Thursday. Borrowing the policy concept from the New Deal -- a Great Depression-era set of government projects in the US in the 1930s -- Korea’s Finance Ministry pledged large-scale investments and a systemic overhaul for the packag

South Korea’s current account surplus reached an 11-month high in March, despite falling exports due to the novel coronavirus pandemic as the service account deficit sharply declined, data showed Thursday.  According to preliminary data from the Bank of Korea, the nation’s current account surplus hit a record high of $6.23 billion in March, up $1.19 billion from a year earlier.  The current account refers to the difference between the value of exports and imports. Compos

South Korea will provide 1.5 trillion won ($1.2 billion) in special subsidies to irregular workers who lost their income or suffered crucial blows amid the COVID-19 quarantines, the finance minister said Thursday. The move came in line with the government’s struggles to sustain the nation’s job market amid an economy that is set to contract this year. “Seeking to enhance the employment safety net for neglected underprivileged workers, (the government) will execute a 1.5 tril

A set of new real estate policy measures aimed at turning public land in Seoul into massive housing complexes is designed to resolve the supply shortage in the capital city, but experts say it may not be enough to cool down the heated property market. According to the new policy package announced Wednesday, the government will supply 70,000 new housing units in Seoul, including 8,000 residential units in Yongsan and 250,000 in the surrounding areas. It is the left-leaning Moon Jae-in governm

South Korean stocks closed nearly flat Thursday as investors lost direction on mixed global economic data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.15 point, or 0.01 percent, to finish at 1,928.61. Trading volume was moderate at 762 million shares worth 7.2 trillion won ($5.8 billion), with gainers outpacing losers 527 to 297. The index opened lower following dismal economic data from the United States and Europe. The US emplo

SEJONG -- South Korean households spent an average of 2.45 million won ($2,003) per month in 2019, data showed Thursday. In 2018, South Korean households spent an average 2.53 million won, but an annual comparison may be inappropriate because Statistics Korea changed its method of compiling the data last year, the statistics agency said. Expenditures on food and nonalcoholic beverages came to 333,000 won last year, accounting for 13.5 percent of the total, according to the data. The data a

An affiliate of Korean real estate developer SK D&D is poised to acquire the Young City office building complex for 545.8 billion won ($444.6 million), a regulatory filing showed Thursday. A real estate investment trust established by SK D&D’s wholly owned subsidiary D&D Investment will take over the asset from investors including London-based investment firm Actis within May, according to the disclosure. Young City REIT is designed to acquire the asset, generate income th

Over 40 percent of workers in South Korea have suffered a wage cut due to changes in their working conditions sparked by the coronavirus pandemic, a survey showed Wednesday.  According to the survey conducted by Incruit, a job search website, some 42 percent of respondents said their paychecks were reduced after January when the novel coronavirus started to hit the country. Reasons for pay cuts varied, with some saying they were forced to take unpaid leave and others suffering wage freeze

SEJONG -- South Korea will provide 1.5 trillion won ($1.2 billion) in subsidies to temporary workers who lost their jobs due to the coronavirus pandemic, Finance Minister Hong Nam-ki said Thursday. The move is the government's latest measure to protect the nation's job market as the pandemic is expected to force an economic contraction this year. Temporary or freelance workers who lost their jobs will be eligible for the subsidies, and they will receive a total of 1.5 million won each, Hong s

Seoul stocks opened lower Thursday following dismal economic data from major economies amid the novel coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) shed 6.74 points, or 0.35 percent, to 1,922.02 in the first 15 minutes of trading. US stocks closed mixed Wednesday (local time). The Dow Jones Industrial Average lost 0.91 percent to close at 23,664.64, but the tech-heavy Nasdaq Composite advanced 0.51 percent to finish at 8,854.39. Investors apparently focused on

South Korea's current account surplus widened from a year earlier in March as a sharp increase in primary income helped offset a slight drop in its goods account surplus, central bank data showed Thursday. The country's current account surplus came to $6.23 billion in the month, compared with a $5.04 billion surplus the same month last year, according to preliminary data from the Bank of Korea (BOK). South Korea has posted a current account surplus for 11 consecutive months. Its goods accoun

The Ministry of Economy and Finance on Wednesday asked all government ministries to cut discretionary spending by 10 percent in their requests for next year’s budget. The government aims to use the money saved to invest in new projects that could reinvigorate the economy amid signs of an economic downturn brought on by the latest coronavirus pandemic, according to the Finance Ministry. A task force formed of vice ministers and ranking officials will be launched to map out a strategic b