Bank of Korea (BOK) Gov. Lee Ju-yeol hinted at an additional rate cut Tuesday, less than a week after the central bank slashed the key rate to help spur growth in Asia's fourth-largest economy."(BOK) maintains its stance that it will take measures if necessary, depending on the (rate of) economic growth," Lee said while speaking in front of the parliamentary finance committee. Lee's remarks came five days after the central bank cut the key rate by 25 basis points to 1.50 percent despit

Overseas investors have been on a buying spree of South Korean stocks this month, despite a dampening mood from the escalating Seoul-Tokyo trade row, data showed Tuesday. According to the Korea Exchange, foreign investors net purchased stocks on the benchmark Kospi worth nearly 1.8 trillion won ($1.5 billion) from July 1 to Tuesday. Separate data compiled by local brokerage Yuanta Securities showed that Korean stocks were the most popular among those categorized as emerging markets. Foreign inve

Bank of Korea Gov. Lee Ju-yeol said Tuesday that the central bank could consider an additional cut of the country’s growth outlook for this year, should the ongoing trade tensions with neighboring Japan expand.“If (Japan’s export curbs) worsen and such consequences have not sufficiently been reflected in the (recently revised) economic outlook, they will certainly deliver a negative impact on our economy,” Lee said in a briefing session of the parliamentary strategy and f

In response to the escalating economic conflict between South Korea and Japan, financial authorities here are establishing a contingency plan in case Tokyo expands its trade restrictions to the financial sector, officials said Monday.The preemptive gesture came out of concern about the apparent dependency of local financial companies on Japanese lenders, which have been offering a low interest rate for years. The total amount of Japanese money circulating in Korea’s financial market was es

Woori Financial Group said Monday that it recorded a net profit of nearly 1.8 trillion won ($1.53 billion) for the first half of the year, marking a new high.The figure comes as the result of combined first-quarter and second-quarter net profits this year. Its second-quarter net income increased 7.2 percent on-quarter to 610.3 billion won. An official at the firm explained that they improved their financial structure by expanding core deposits and boosting noninterest income business center

South Korea's exports are likely to extend their slump to an eighth month in July, driven by a decline in outbound shipments of semiconductors and petrochemical goods, data showed on Monday.  The country's exports fell 13.6 percent in the first 20 days of July from a year earlier to $28.3 billion, according to the data compiled by the Korea Customs Service. Average daily exports -- which reflect working days -- declined 16.2 percent on-year to $1.71 billion.  If the trend continue

The Korea Herald is publishing a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed.Asset markets rebounded strongly in the first half of 2019, following a poor 2018. Global equities led the way, rising more than 10 percent, but bonds (particularly riskier bonds) also performed well. Oil has rallied and gold recently broke out into a six-year high. The strong first-half performance has made some investors cautious on the outl

The value of stocks owned by both former and current entertainment agency owners in South Korea have dropped nearly 30 percent compared to last year, data showed Sunday, as the industry struggles to cope with a slew of scandals as well as trade tensions between Korea and Japan, a key market. According to conglomerate research firm Chaebul.com, the combined value of stocks held by seven most stock-rich entertainment agency owners fell 28.7 percent to 512 billion won ($435.5 million) as of Fr

Investors have increasingly shifted their money to short-term financial instruments, such as money market funds, amid low interest rates and growing economic uncertainties, data showed Sunday. Money market funds are short-term debt securities such as Treasury bills and commercial papers. They are widely considered to be as safe as bank deposits while providing a higher return. The net asset value of MMFs came to 120.18 trillion won ($102 billion) as of Wednesday, breaching the 120 trillion-won t

South Korea's quarterly economic growth is estimated at 1 percent for the second quarter of the year, shifting from a contraction of 0.4 percent the previous quarter, financial industry sources said Sunday.The Bank of Korea is set to unveil its estimate for second-quarter growth this week. Earlier, the central bank had predicted that Asia's fourth-largest economy would expand 1.2 percent during the April-June period. But a drawn out trade dispute between the United States and China, combined wit

South Korean shares are expected to remain in a tight range next week as investors take to the sidelines ahead of the release of key economic data and earnings reports from major players such as Hyundai Motor, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,094.36 points on Friday, slightly up from 2,086.66 points a week earlier.The index started weak on Monday as investors took to the sidelines over an escalating trade row with Japan. The Seoul-Tokyo t

Financial Services Commission Chairman Choi Jong-ku said Thursday he has offered to resign, to give President Moon Jae-in a wider range of options in the upcoming Cabinet reshuffle. “The term of office for a Financial Services Commission chairman is three years, but I have tendered my resignation to give (President Moon) a wider option in the reshuffle under the current situation, where Cheong Wa Dae is considering a Cabinet reshuffle,” Choi told reporters during a briefing held at t

Japan’s export curbs had impact on drastic lowering of outlook: BOK chief

A 15-member economic mission from Israel visited Hyundai Card’s headquarters Wednesday, amid Israeli President Reuven Rivlin’s state visit to South Korea, the firm said Thursday. The delegation, which consisted of Israeli government officials and heads of startups in the auto-tech and ICT sector, met with Hyundai Card CEO Chung Tae-young at the firm’s headquarters in Yeouido, western Seoul.  Chung joined the tour of the office, explaining the firm’s key design projec

SEJONG -- Prices of the US dollar and gasoline directly affect a large proportion of South Korean businesses and households in terms of manufacturing costs and purchasing power.While monetary authorities sometimes have intervened in the foreign exchange market and hamper the cheap dollar in an attempt to promote exports, the greenback’s current strong position versus the Korean won suggests the local economy has been sagging.Simultaneously, a hike in international prices of crude oil, whic