South Korea's consumer prices continued their sharp growth in September due to high-flying food prices, government data showed Thursday.The country's consumer price index advanced 2.1 percent this month from a year earlier, decelerating from a more than five-year high of 2.6 percent tallied in the previous month, according to the data compiled by Statistics Korea.The index has stayed over the 2 percent level for three months in a row.Starting a month earlier, the index went up 0.1 percent in Sep

South Korean banks sharply scaled up their investment in tech startups in the first half of the year with their lending to the sector climbing solidly, the financial regulator said Thursday.Domestic lenders' investment in low-credit startups with a high level of technology stood at some 1.2 trillion won ($1.05 billion) in the January-June period, up 48.9 percent from the second half of last year, according to the Financial Services Commission.Their lending to those companies also increased 5.5 p

South Korean stocks opened lower Thursday, despite Wall Street gains, amid growing tensions between North Korea and the United States.  The benchmark Korea Composite Stock Price Index fell 2.83 points, or 0.12 percent, to 2,369.74 in the first 25 minutes of trading.The main index continued to fall for the eighth consecutive session on foreign and institutional selling. Foreigners dumped more than 1 trillion won ($876 million) worth of stocks in the past seven sessions due mainly to the Nort

The government will buy 720,000 tons of rice harvested this year to stabilize domestic market prices amid chronic oversupply of the staple grain, the agriculture ministry said Thursday. The Ministry of Agriculture, Food and Rural Affairs said it will buy 350,000 tons of rice for its reserve and 370,000 tons to help maintain market prices at a certain level.The government increased the amount of rice purchased for the supply adjustment from 299,000 tons in 2016, when rice prices fell to a 21-year

South Korea’s global ranking in the global competitiveness index remained unchanged at No. 26 this year, held back by challenges in the labor and financial sectors, according to a report by the World Economic Forum.While the macroeconomic environment rose to be the world’s second most competitive, the labor market efficiency and financial market development pillars hung at Nos. 73 and 74 among the 137 subject countries.“Korea is one of the few advanced economies that have exper

South Korea's key rate is below neutral levels, a monetary board member said Wednesday, in the latest signal that the country's central bank could move to raise interest rates going forward.Shin In-seok, a member of the BOK monetary policy board, made the assessment in a meeting with reporters, noting that the BOK's monetary policy is accommodative.Earlier this month, BOK Deputy Governor Jeon Seung-cheol also made similar comments at an international conference in Seoul. In August, the BOK

The booming semiconductor sector has veiled the sagging vitality of other major manufacturing industries in Korea, analysts say.The high performance of two local chipmakers -- Samsung Electronics and SK hynix -- has helped boost the country’s exports and corporate profits as a whole. But the overreliance on them causes concerns over the potential damage the Korean economy will suffer when the boom cycle in global demand for semiconductors ends.The country’s semiconductor exports are

South Korean stocks ended lower Wednesday as foreign investors offloaded local stocks amid tensions between North Korea and the United States. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 1.75  points, or 0.07 percent, to 2,372.57."Foreign investors sold large-cap tech stocks in the face of persistent North Korean risks," said Kim Ye-eun, an analyst at Cape Investment & Securities. US President Donald Trump said Tuesday he

The Asia-Pacific region is home to more than 4 billion people, or roughly 60 percent of the entire world population, and 17 megacities. Although these economic hubs have helped lift millions of people out of poverty, the current era of rapid urbanization is leading to the depletion of natural resources, diminishing water quality, increased air pollution and adverse climate change effects, according to a report by Asia-Pacific Urban Forestry Meeting. 　Representatives from 17 countries gathered in

South Korean exports are expected to remain solid in the fourth quarter despite a slowdown in the pace of growth, the country's trade promotion agency said Wednesday. The leading export index for the October-December quarter stood at 59.7, slowing down from 63.9 in the previous quarter, the Korea Trade-Investment Promotion Agency said in a statement. "KOTRA's leading export index declined as Japanese steel and Chinese petrochemicals buyers plan to reduce their import volumes from South

Excess funds held by South Korean households fell in the second quarter of this year from a quarter earlier on increased purchases of new houses, data showed Wednesday.Surplus funds held by households here, including nonprofit organizations, totaled 10.5 trillion won ($9.2 billion) during the April-June period, compared to 14.1 trillion won in the previous quarter, according to preliminary data from the Bank of Korea.The BOK said the decline is blamed on new home purchases. The number of ho

South Korea's credit default risk has reached a 19-month high on escalating tensions over North Korea's weapons programs, market sources said Wednesday.The credit default swap premium for South Korean foreign exchange stabilization bonds with a five-year maturity came to 74.09 basis points Tuesday, the highest since the 78.86 basis points recorded Feb. 11, 2016.The risk premium also marked a five-session streak of gains and was up 8.69 basis points from five days earlier.The spread reflects the

South Korea's tax office said Wednesday that it has launched a second round of investigations on real estate speculators who are suspected of not paying their dues as part of the government's drive to curb price hikes in the local property market.The National Tax Service said it is looking into 302 people who bought and sold lucrative reconstructed apartments in the Gangnam district of Seoul, which has been in the center of the overheated property boom.The agency said it will check all financial

South Korean stocks turned higher late Wednesday morning, despite increased selling by foreign investors amid heightened tensions between North Korea and the United States.The benchmark Korea Composite Stock Price Index gained 1.16 points, or 0.05 percent, to 2,375.48 as of 11:23 a.m.The KOSPI's gains followed overnight losses on Wall Street with the Dow Jones average backtracking 0.05 percent."Foreign investors sold large-cap tech stocks in the face of persistent North Korea risks," s

K-Bank said Wednesday it will launch lending services for home mortgages and non-life insurance distribution by the end of this year, expanding its business portfolio to intensify competition with traditional banks. The Internet-only bank, which was launched in April with paid-in capital of 250 billion won, will also launch a 150 billion-won ($131.7 million) capital hike by the end of this year, after completing a 100 billion-won capital increase this month. Shim Sung-hoon, CEO of K-Bank, told r