South Korea said Thursday that it will tighten monitoring of the local financial market and take immediate measures to stave off any fallout from the latest US rate increase."We will get fully prepared to minimize the adverse impact of the US rate hike," Vice Finance Minister Ko Hyoung-kwon said at a financial policy meeting in Seoul. "The government will keep close tabs on the market and take stabilizing measures in a timely manner." The US Federal Reserve raised key interes

The US Federal Reserve raised key interest rates by 0.25 percentage point Wednesday, and said it plans to reduce its securities holdings, a move that could spur rates to rise further.The Fed raised the target range for the federal funds rate from 1 to 1.25 percent, a level that's on par with South Korea's. It was the second time the Fed has raised rates this year after the first hike in March."The labor market has continued to strengthen and that economic activity has been rising moderately

South Korea's pilot project for a coinless society has gained momentum as it enhances convenience for ordinary people, the central bank said Thursday.Under the project that began in mid-April, consumers can deposit small change left from purchases of goods into their prepaid or mobile cards at convenience stores, discount stores and department stores, according to the Bank of Korea. It means that consumers won't have to carry coins in their pockets after making cash payments.The number of deposi

The growth of household loans continued to surge at a slower pace in May compared to the previous year, data showed Wednesday.The volume of household loans increased by 10 trillion won ($8.9 billion) in May this year, according to data from the Financial Services Commission. In the same month last year, the volume had risen by 11.9 trillion won.Among household loans in May, those extended by commercial lenders and trust banks surged 6.3 trillion won. Loans by nonbanking lenders saw their increas

The number of employed has surged by over 300,000 compared to a year ago, while the jobless rate declined. Youth employment, however, continues to stagger while the number of employees in manufacturing fell for the 11th month running, the data also showed. Statistics Korea said Wednesday that in May, a total of 26.8 million people were employed, up 375,000 from a year before.While the increase is slightly lower than that of March and April, it remains to hover above the 300,000 mark, the statist

The US business lobby in South Korea floated the idea Wednesday that Asia's fourth-largest economy should create a "Buy American Fund" ahead of crucial summit talks between leaders set for later this month.President Moon Jae-in is scheduled to hold his first summit with US President Donald Trump in Washington, a meeting that could set the tone of bilateral relations going forward. The American Chamber of Commerce said if Moon announces a $10 billion "Buy American Fund” meant

South Korean stocks ended mildly lower Wednesday as investors took a wait-and-see stance to check the results of the US Federal Reserve's policy rate-setting meeting, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index lost 2.06 points, or 0.09 percent, to close at 2,372.64. Trade volume was moderate at 386 million shares worth 6.63 trillion won ($5.89 billion), with losers slightly outnumbering gainers 418 to 407.Institutional investors and f

The success of President Moon Jae-in’s economic policy to promote income-led growth will eventually hinge on whether and how to nurture more competitive and profitable small and medium-sized enterprises, economists say.More contributions by SMEs will be essential to creating quality jobs and boosting growth potential -- key tasks for the Moon administration.SMEs account for about 99 percent of corporations operating across the country, hiring nearly 90 percent of waged workers.Moon has vow

South Korea's total assets rose 5.8 percent in 2016 from a year earlier on a large increase in nonfinancial assets, central bank data showed Wednesday.The country's national assets came to 13,078 trillion won ($11.6 trillion) at the end of 2016, up 715 trillion won from a year earlier, according to preliminary data from the Bank of Korea. The 2016 tally is eight times higher than the country's nominal gross domestic product for the same year.The increase came mostly from a rise in nonfinancial a

Financial authorities said Wednesday the credit card commission charged on small merchants will be cut from August to help ease the financial burdens of mom-and-pop stores. The commission rate for small merchants with annual revenue of 500 million won ($444,168) or less will be reduced by 0.64 percentage point to 1.3 percent, the Financial Services Commission said in a statement.  Currently, credit card firms charge small merchants with annual revenue of 300 million won or less a commission

South Korean stocks traded lower late Wednesday morning as institutions offloaded large-cap stocks in an apparent move to lock in profits, analysts said.The benchmark Korea Composite Stock Price Index lost 5.26 points, or 0.22 percent, to 2,069.44 as of 11:20 a.m.The Seoul index had opened higher on Wall Street gains. On Tuesday (local time), the S&P 500 increased 2.45 percent to finish at a record-high and the Dow Jones industrial average was up 0.44 percent. The Nasdaq Composite Index also

The European Commission has decided not to impose extra duties on purified terephthalic acid products sold by South Korean manufacturers following a months-long probe into dumping allegations, the foreign ministry said Wednesday.The European Union's executive body launched the investigation into South Korean PTA products, mostly used in making polyester, in August 2016 amid allegations raised by European rivals that they were being sold at lower-than-market prices.  The commission recently

Foreign investors remained net buyers of South Korean stocks for the sixth straight month in May, with their holdings of local stocks hitting a new high, data showed Wednesday. Offshore investors were also net buyers of South Korean bonds in the past five months, according to the data by the Financial Supervisory Service.  Foreign investors snapped up a net 2.1 trillion won ($1.8 billion) worth of South Korean stocks last month. Foreigners held a total of 581.2 trillion won worth of South K

South Korea's jobless rate dropped slightly in May as Asia's fourth-largest economy shows some signs of recovery, government data showed Wednesday.The unemployment rate stood at 3.6 percent last month, down 0.1 percentage point from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it fell 0.6 percentage point. The number of employed people reached a record 26.82 million in May, up 375,000 from a year earlier.The unemployment rate for young peo

The South Korean government vowed Tuesday to take all necessary measures to deal with growing US barriers against its trade surplus and steel products."As the US government has been moving to strengthen trade restrictions and raise barriers, all government ministries need to formulate countermeasures against such developments," Deputy Trade Minister Lee In-ho said at a policy meeting in Seoul. "We have to be fully prepared as Washington's latest moves may affect its policy roadmap