Kim Kyung-min, 27, was not aware of a pilot project by the Bank of Korea to reduce the use of coins until she was told by The Korea Herald. “Things would be convenient if I were able to receive change directly through my bank account,” Kim said, adding that carrying coins “can sometimes be a hassle.” Dubbed “Coinless Society,” the BOK’s project has got a lukewarm response from the public during...

South Korean shares extended losses late Wednesday morning as foreigners dumped stocks on profit taking. The won traded lower against the dollar. The benchmark Korea Composite Stock Price Index fell 12.58 points, or 0.53 percent, to 2,356.65 as of 11:20 a.m. Foreigners and institutional investors offloaded a combined 182 billion won ($159 million) worth of stocks. But individuals bought a net 1...

South Korea's exports jumped 24.4 percent in the first 20 days of June from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Wednesday. Total outbound shipments reached $31.9 billion in the June 1-20 period, up from $25.7 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service. The increase was led by a...

The exports of South Korean functional foods to China have grown at an annual rate of 41 percent for the past four years, with their market share doubling over the cited period, a report showed Wednesday. According to the report compiled by the Korea International Trade Association, a total of $90 million worth of South Korean health functional foods were shipped to China in 2016. This made up 6...

South Korean nonbank financial institutions' lending to smaller firms surged nearly 10 trillion won ($8.8 billion) in the first four months of the year amid tighter government control on household loans, data showed Wednesday. Nonbank lenders' outstanding loans to small and medium enterprises came to 90.7 trillion won as of the end of April, up 9.9 trillion won from the end of last year, accordi...

South Korean stocks opened lower Wednesday, tracking overnight losses on Wall Street. The won fell against the dollar. The benchmark Korea Composite Stock Price Index fell 13.73 points, or 0.58 percent, to 2,355.50. On Tuesday (local time), the Dow Jones industrial average moved down 0.29 percent to end at 21,467.14, while the tech-heavy Nasdaq Composite also declined 0.82 percent to 6,188.03. ...

Acting head of Korea‘s IP agency hails global efforts in creating cost-effective, user-friendly international patent environment

South Korean stocks ended lower on Tuesday as institutions went on profit taking, but top cap Samsung Electronics and second most-valued SK hynix surged to fresh record highs, aided by heavy foreign buying. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 1.67 points, or 0.07 percent, to close at 2,369.23. Trade volume was moderate at 346.16 million...

The likelihood of a capital outflow from South Korea is low even if the interest rate gap between Korea and the US is reversed, as the local currency is expected to remain strong, an analyst said Tuesday. Kim Jae-chil, a researcher at the Korea Capital Market Institute, said volatility in the local foreign exchange market will likely be limited due to various conditions. South Korea's sovereign...

The naming of a new member of the Bank of Korea’s monetary policy committee has been delayed, leaving the central bank without a tie-breaking vote in the upcoming rate-setting meeting in July. Jang Byung-wha, senior deputy governor at the BOK and a member of the bank’s seven-member board, is to finish his three-year term as board member Saturday this week. The deputy governor is appointed by the...

South Korean companies are urged to redouble efforts to expand into Africa's rapidly growing consumer goods markets to secure a new growth driver, a state-run trade promotion agency said Tuesday. In a report, the Korea Trade-Investment Promotion Agency said domestic trading companies need to forge ties with African sales networks and online shopping malls to develop localized products and promot...

A majority of South Korean exporters expect their business conditions to improve in the third quarter from three months earlier thanks to a global economic recovery, a poll showed Tuesday. The Korea International Trade Association said its export business survey index of 833 exporting companies reached 116.6 for the July-September period, up from 106 for the current quarter. It marks the second...

South Korea's current account surplus dropped slightly in 2016 from a year earlier due mainly to decreased exports, data by the central bank showed Tuesday. The current account surplus came to $98.68 billion in 2016, compared with $105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea. By country, South Korea's current account surplus with the United St...

South Korean shares lost ground late Tuesday morning as institutions engaged in profit-taking. The won traded higher against the dollar. The benchmark Korea Composite Stock Price Index surrendered 1.30 points, or 0.05 percent, to 2,369.60 as of 11:20 a.m. Institutional investors offloaded a net 232 billion won ($204 million) worth of stocks. Foreigners and individuals bought stocks worth a com...