South Korean shipbuilders are forecast to report sluggish earnings in the second quarter of the year due to a sharp rise in prices of steel plates despite brisk orders, analysts said Sunday. POSCO, South Korea's leading steelmaker, has raised the prices of steel plates for ships to 1.15 million won ($1,007) per ton, up nearly two times from a year ago, they said. "A hike in prices of raw materials, including steel plates, will eat into leading shipbuilders' profits in the second quarter,&

The fourth wave of the COVID-19 pandemic is likely to put the brakes on South Korea’s economic recovery, darkening the nation’s growth outlook for the third quarter, according to economists Sunday. "Daily new infections rose sharply during the summer vacation season, when private consumption is expected to grow. Possibilities remain that the local economy could contract in the third quarter, affected by the virus resurgence and the toughest Level 4 social distancing," sa

Foreign currency deposits at banks in South Korea fell in June from the previous month as some companies withdrew their FX holdings, central bank data showed Friday. Outstanding foreign currency-denominated deposits held by residents amounted to $93.04 billion as of end-June, down $1.69 billion from May, according to the Bank of Korea (BOK). Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency de

The Bank of Korea (BOK) is preparing to begin normalizing its pandemic-era easing of monetary policy as it seeks to ease side effects of low interest rates, BOK Gov. Lee Ju-yeol said Friday. The remarks came a day after Lee strongly hinted it may conduct its first post-pandemic rate hike by the end of this year, despite a recent spike in COVID-19 infections. The BOK has "notified markets in advance that it could start normalization to ease side effects of low rates for too long if the eco

South Korea said Friday it seeks to forge deeper economic ties with Kenya in line with its efforts to diversify its trade portfolio and penetrate deeper into the African market. Vice Industry Minister Park Jin-kyu met his Kenyan counterpart Betty Maina in Seoul to discuss a wide array of economic issues, according to the Ministry of Trade, Industry and Energy. During the meeting, Park said South Korea wishes to expand its presence in Kenya's consumer goods and biohealth segments, as the launch

Sales of short-term corporate bonds in South Korea rose 12 percent in the first half of the year from a year earlier amid the coronavirus pandemic, data showed Friday. Local companies issued 577.4 trillion won ($505 billion) worth of bonds maturing within one year in the January-June period, up from 515.5 trillion won a year earlier, according to the data from the Korea Securities Depository (KSD). Compared with a year earlier, the amount was also up 11.9 percent. Sales of general short-term

The South Korean economy is on a recovery track, but a recent flare-up in COVID-19 cases could heighten uncertainty over an improvement in domestic demand, the finance ministry said Friday. In its monthly economic assessment report, the ministry said the country's exports remain robust and domestic demand showed signs of improvements while the job market is recovering from slumps. "But a resurgence in COVID-19 cases could increase uncertainty about domestic demand," the Ministry of E

This June, a telescope arrived in South Korea as an express consignment from the US.  At a glance, it looked like an ordinary item, but when customs officers examined it closely, they discovered a steel plate welded onto the original product. Through an intrusive search, officers seized 442 grams of methamphetamine hidden inside. Earlier in March, 4 kilograms of methamphetamine disguised as sea salt was found among international parcels from the US. It amounted to a whopping 150,000 dos

Central bank chief hints at policy shift in next meeting, but uncertainties cloud its possible rate hike timeframe

South Korea's science ministry said Thursday the country's nuclear research institute has won a deal worth $3.88 million to export nuclear reactor technology to Bangladesh. The Korea Atomic Energy Research Institute has signed a deal with the Bangladesh Atomic Energy Commission to deliver digital instrumentation and control systems for the South Asian country's research nuclear reactor by January 2023, according to the Ministry of Science and ICT. The South Korean nuclear institute will provid

The trading volume of South Korea's gold market soared in the first half this year, largely as pandemic-incurred uncertainties boosted individuals' demand for safe assets, the local exchange said Thursday. The average daily trading volume of gold in the Korea Exchange (KRX) jumped 19.4 percent on-year to 126.2 kilograms in the January-June period, according to the bourse operator's data. Its cumulated gold trading volume in the six-month period stood at 15.5 tons. The average daily turnover in

South Korea's air passenger traffic fell 29 percent in the first half from a year earlier amid the prolonged coronavirus pandemic, the transport ministry said Thursday. From January to June, the number of passengers on domestic and international routes fell to 16.67 million from 23.58 million in the year-ago period, as governments imposed entry restrictions due to the pandemic, the Ministry of Land, Infrastructure and Transport said in a statement. The number of passengers on international rou

South Korea's central bank on Thursday held its benchmark policy rate unchanged at a record low of 0.5 percent amid a recent spike in COVID-19 infections but strongly hinted it may conduct its first post-pandemic rate hike by the end of this year. Bank of Korea (BOK) Gov. Lee Ju-yeol said the central bank will review whether a policy adjustment is needed at next month's rate-setting meeting, maintaining his hawkish stance on inflation and financial imbalances. The BOK "could raise its key

Amicogen Inc. on Thursday announced that it will sell stocks to raise 22.3 billion won The proceeds from the stock offering will be used primarily to finance its facilities. According to a regulatory filing, the company will issue 532,198 common shares at a price of 41,850 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)

The Investor, the financial news platform run by The Korea Herald, is to jointly hold a webinar on government-backed digital currencies and the future of cryptocurrencies next week. As a co-host, The Investor joins with the Asia News Network, an alliance of 23 national media outlets in 20 Asian countries, to discuss the prospect of digital currencies and their role in decentralized finance in the post-COVID era. The Star of Malaysia, also an ANN member, participates as a co-host of the virtu