SEJONG -- The nation’s fiscal chief has expressed his willingness to enact drastic deregulations and introduce innovations into the financial services sector during the Yoon Suk-yeol administration. Deputy Prime Minister and Finance Minister Choo Kyung-ho said Friday that the government “would eliminate unnecessary and excessive regulations in the financial sector drastically, with the exception...

South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading. Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 per...

The South Korean stock market ended lower Thursday over the gloomy outlook for inflation and concerns over aggressive monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 4.77 points, or 0.18 percent, to close at 2,612.45. Trading volume was light at 583.60 million shares worth 8.48 trillion won ($6.69 billion), with decliners ou...

South Korea’s annual inflation projected to see sharpest growth in nearly 14 years

South Korean stocks open higher Thursday, as the US central bank signaled room for flexibility in aggressive interest rates hike plans. The Korea Composite Stock Price Index (KOSPI) rose 16.21 points, or 0.62 percent, to trade at 2,633.43 in the first 15 minutes of trading. Overnight, US stocks closed higher after the US Federal Reserve released minutes of its May meeting, which showed support ...

South Korea plans to announce a set of measures to tame inflationary pressure and stabilize people's livelihoods next week amid the prospect that the growth of consumer prices could top 5 percent, a senior government official said Thursday. The country faces the urgency to stabilize prices of food and other items closely linked to people's lives, according to First Vice Finance Minister Bang Ki-...

The Yoon Suk-yeol government is considering extending mortgage loan maturity terms for newlyweds and young Koreans aged 19-39 as part of efforts to follow through on a pledge to help young people acquire their homes, amid runaway housing prices in the Seoul metropolitan area. Under the new plan, young people would be able to repay their loan over 50 years, instead of 40 years, the longest repaym...

Seoul shares ended higher on Wednesday as investors remain cautious about surging inflation and a global economic slowdown. The South Korean won rose against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 11.35 points, or 0.44 percent, to 2,617.22. Trading volume was light at 698.94 million shares worth 8.2 trillion won ($6.5 billion), with gainers outpa...

Korbit, one of South Korea’s top four cryptocurrency exchanges, has decided to delist luna, the sister coin of controversial stablecoin terraUSD, on Wednesday, following in the steps of other top platforms such as Bithumb and Upbit. The decision comes a day after chiefs of major crypto exchanges here were criticized by lawmakers for their “uncoordinated” response towards the price fall fiasco of...

South Korea, the United States and 16 other countries on Wednesday launched an association meant to boost cooperation in the development of the hydrogen industry, Seoul's industry ministry said. The member countries of the Global Hydrogen Industrial Association Alliance shared the current status of their hydrogen industry and related policy measures at an inaugural meeting at a Seoul hotel. The...

South Korea's consumption of gasoline and diesel sank more than 18 percent in April from a year earlier due to high international crude prices, data showed Wednesday. Asia's fourth-largest economy consumed a combined 17.4 million barrels of gas and diesel last month, down 18.3 percent from a year earlier, according to the data from the state-run Korea National Oil Corp. It was also down 5.8 per...

This month, South Korean households’ outlook for inflation in the next 12 months rose to the highest level in nine years and seven months, according to a Bank of Korea survey released Tuesday ahead of its rate decision Thursday. Survey respondents forecast inflation to average 3.3 percent, up from the previous record high of 3.1 percent in April. In a monthly survey of 2,500 households conducte...

Seoul shares ended lower on Tuesday as investors remain concerned about inflation despite US President Joe Biden's remark that US tariffs imposed on Chinese imports are being reviewed for reduction. The South Korean won fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 41.51 points, or 1.57 percent, to 2,605.87. Trading volume was moderate at 837.87 million shares wo...

Chiefs of South Korea’s KB Financial Group and US’ Jefferies Financial Group discussed strengthening and expanding its existing partnership in the global investment banking market, the Korean banking giant said Tuesday. In a meeting with Jefferies Financial Group President Brian Friedman, KB Financial Group Chairman Yoon Jong-kyoo discussed plans to build a stronger cooperation in investment ban...

Shares of Hybe, the company behind K-pop sensation BTS, will account for some 10 percent of the much-anticipated KPOP ETF, an exchange-traded fund designed by Seoul-based intellectual property-focused company builder Contents Technologies, an industry source said Tuesday. “Hybe with its market cap standing at 8.9 trillion won ($7.1 million) is supposed to make up some 20 or 30 percent of the KPO...