Korea’s sole bourse operator’s decision to keep the troubled biotech firm listed on the Kosdaq prompts divided response from the market

SEJONG -- South Korea’s economic policymakers said the government will allow foreign-based financial firms to “directly” participate in the local foreign exchange market during a meeting with global investment bank executives. Saying that the policy is a part of the government’s effort to provide a foreign investor-friendly environment, the officials reiterated that Korea is mapping out details ...

Once envious employee stock ownership plans turn into investment disasters as shares crash

The Bank of Korea returned to its second outsized rate hike since July as a surging US dollar and higher import bills chip away at efforts to curb persistent inflation. The central bank raised its policy rate to a 10-year high of 3 percent by 50 basis points on Wednesday -- an increase that is twice the usual size and marks a break from the August guidance that supported a gradual 25 basis point...

South Korean stocks opened lower Wednesday as investors awaited the Bank of Korea (BOK)'s decision on the policy rate later in the day amid woes over a global economic recession. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.74 points, or 0.35 percent, to 2,184.33 in the first 15 minutes of trading. South Korea's central bank will decide on whether to deliver another outsized r...

The chief of South Korea's trade lobby group has called for the United States to allow at least a three-year delay in the implementation of a new US law on tax credits for electric vehicle buyers seen as a disadvantage to Korean automakers. Koo Ja-yeol, chair of the Korea International Trade Association (KITA), delivered the message when he met with US Sen. Jon Ossoff of Georgia and Pat Wilson, ...

SEJONG -- The International Monetary Fund on Tuesday suggested a gloomy prediction for the 2023 economy of the world as well as South Korea, citing protracted downside risks such as high inflation and cheap currencies against the US dollar. In its World Economic Outlook, the US-based organization revised its forecast on the 2023 gross domestic product growth of global economy down to 2.7 percent...

South Korean stocks tumbled nearly 2 percent on Tuesday as investors sold off tech, auto and other stocks amid concerns that monetary tightening and geopolitical risks could tip the global economy into a recession. The Korean won also ended sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 40.77 points, or 1.83 percent, to end at 2,192.07. Trading...

The head of South Korea’s financial watchdog pledged Tuesday that he will complete an inspection into the troubled funds and products that led to investors suffering hefty losses in recent years. The vow follows public criticism that the Financial Supervisory Service failed to screen and prevent fiascos including Ponzi schemes carried out by hedge funds and local financial institutions in recent...

South Korean officials held a meeting with domestic car and battery makers Tuesday to discuss responses to the Inflation Reduction Act (IRA), as Washington sought public input on its implementation amid concerns over its discriminatory features, the industry ministry said. The IRA, signed by US President Joe Biden in August, excludes electric vehicles assembled outside of North America from tax ...

South Korea's customs agency said Tuesday it has detected 256.7 billion won ($179.6 million) worth of imported items disguised as being locally produced through September this year. The amount marks a 35 percent rise from the same period a year earlier, according to the Korea Customs Service. Among the major items were optical instruments, with their value reaching 115.8 billion, followed by ma...

South Korean stocks opened sharply lower Tuesday as investors unloaded tech, auto and other issues amid worries that monetary tightening and geopolitical risks could tip the global economy into a recession. The benchmark Korea Composite Stock Price Index (KOSPI) lost 48.12 points, or 2.16 percent, to 2,184.72 in the first 15 minutes of trading. In Seoul, most shares opened sharply lower, with t...

South Korea's exports slipped 20.2 percent on-year in the first 10 days of October due mainly to sluggish overseas sales of chips, data showed Tuesday. The country's outbound shipments stood at $11.8 billion in the Oct. 1-10 period, compared with $14.8 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 11.3 percent on-year to $15.6 billion durin...

SEJONG -- More than 80 percent of all apartment purchases by foreigners over the past seven years were made by US and Chinese nationals, an opposition party lawmaker said on Monday. According to relevant documents, which were handed over to Rep. Yang Kyung-sook of the Democratic Party of Korea from both the Land Ministry and the Korea Real Estate Board, foreigners bought 29,792 apartments in the...

Naver, Kakao among 343 firms listed on Kospi, Kosdaq that saw their share values halve in past year