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Industrial output falls for 3rd month in Nov.; construction slump continues
South Korea's industrial output fell from a month earlier in November on dwindling automobile production despite robust growth in the chip sector, data showed Monday. Industrial production went down 0.4 percent, marking the third consecutive month of decline, according to the data compiled by Statistics Korea. The decline was attributed to a 5.4 percent on-month drop in automobile production, largely driven by labor strikes in the sector. In contrast, the semiconductor sector posted a 3.9 percen
Dec. 30, 2024 -
Sales of derivatives-linked securities edge down in Q3
Sales of derivatives-linked securities in South Korea inched down during the third quarter of the year, data showed Monday. The combined value of equity-linked securities and derivative-linked securities issued in the July-September period came to 14.2 trillion won ($9.62 billion), down from 14.5 trillion won from three months earlier, according to the data from the Financial Supervisory Service. The reading, however, marks an increase from the 13.2 trillion won issued a year earlier. ELS refers
Dec. 30, 2024 -
General public spending less amid political turmoil: report
The usual year-end boost in spending in the private sector this year appears to have not been so prominent, as credit card spending this month was found Sunday to have been even less than in November, possibly linked to the recent political turmoil on the coattails of President Yoon Suk Yeol's ill-fated Dec. 3 martial law declaration. Nationwide sales during the period of Dec. 1-20 via Shinhan Card, KB Kookmin Card, Samsung Card and Hyundai Card were a combined 28.2 trillion won ($19.1 billion),
Dec. 29, 2024 -
Market value of Samsung Group's affiliates drops 23% in 2024
The combined market capitalization of Samsung Group's affiliates dropped about 23 percent in 2024 due to the sluggish performance of its key affiliate Samsung Electronics Co., data showed Sunday. The market value of Samsung's affiliates stood at 548.4 trillion won ($371.5 billion) as of Thursday, compared with 709.6 trillion won a year earlier, according to data compiled by Yonhap Infomax, the financial news arm of Yonhap News Agency. Samsung Group has 22 affiliates listed on the local stock mar
Dec. 29, 2024 -
Meme coins and web 3.0: AI expert reveals investment strategies
Following Donald Trump's US election victory, the cryptocurrency market has been in a bull run, sparking a wave of interest in blockchain technology and digital currencies. Adding to this growing conversation, Jang Min, an expert in artificial intelligence and blockchain, has released his latest book, “Web 3.0 Era: Meme Coin Investment Strategies.” The book offers both seasoned investors and newcomers a detailed exploration of meme coins and token economics, along with practical strategies for n
Dec. 27, 2024 -
Korean won further dips to lowest level in nearly 16 yrs amid deepening political chaos
The South Korean currency dipped further against the US dollar to its lowest level in nearly 16 years Friday amid a deepening political crisis and growth woes. The Korean won opened at 1,467.5 won per dollar, down 2.7 won from the previous session, and fell further to 1,480.2 won at around 10:58 a.m. It marked the first time that the won fell below the 1,480 won level in terms of intraday trading figures since March 16, 2009, when the reading was quoted at 1,488 won in the aftermath of the globa
Dec. 27, 2024 -
Biz sentiment hits worst level since COVID-19 amid political chaos
South Korea's business sentiment index fell to the lowest level in more than four years amid political uncertainties following President Yoon Suk Yeol's short-lived martial law declaration and concerns for growth momentum, a central bank poll showed Friday. The Composite Business Sentiment Index, in all industries for December came to 87, down 4.5 points from the figure tallied for the previous month, according to the survey by the Bank of Korea. It marked the lowest level since September 2020,
Dec. 27, 2024 -
S. Korea set to maintain on-year export gains in Dec.: trade minister
South Korea is expected to extend its on-year export gains to 15 consecutive months in December despite external challenges, Trade Minister Cheong In-kyo said Friday. Cheong made the remark during a meeting with government officials, noting the country is also set to post a trade surplus for 19 straight months, according to the Ministry of Trade, Industry and Energy. "Ahead of the launch of the new United States administration, uncertainties at home and abroad concerning exports are escalating,
Dec. 27, 2024 -
Govt. to take 'decisive' market stabilization measures as Korean won hits 15-yr low
The government will take "decisive" market stabilization measures if there are excessive one-sided trends in the market, Finance Minister Choi Sang-mok said Friday, as the local currency has weakened to a 15-year low. Choi made the remarks during an emergency meeting with Bank of Korea Gov. Rhee Chang-yong and other top financial officials amid heightened uncertainty stemming from the opposition-controlled National Assembly's plan to vote on an impeachment motion against acting President Han Duc
Dec. 27, 2024 -
Seoul shares down for 2nd day amid weak won, heightened political chaos
Seoul shares ended lower for a second straight session Thursday as the local currency dipped to the lowest since 2009 amid continued political turmoil following President Yoon Suk Yeol's botched martial law declaration this month. The benchmark Korea Composite Stock Price Index fell 10.85 points, or 0.44 percent, to close at 2,429.67. Trade volume was low at 310.05 million shares worth 6.08 trillion won ($4.15 billion), with losers outnumbering gainers 587 to 302. Individuals sold a net 250.69 b
Dec. 26, 2024 -
Business sentiment shows no sign of recovery
January outlook remains low, fueled by political uncertainty, Trump’s return Business sentiment among Korean companies has remained negative for 34 consecutive months, marking the longest slump since the business survey index began in January 1975, data showed on Thursday. According to a survey conducted by the Federation of Korean Industries targeting the nation’s top 600 companies by revenue, the BSI outlook for January 2025 stood at 84.6, far below the baseline of 100. A BSI reading above 100
Dec. 26, 2024 -
Korean won dips to 16-year low, with no signs of upside
The Korean won slumped to its weakest level against the US dollar in almost 16 years Thursday, as the currency shows no sign of a rebound after nearly a month of political turmoil. The won dropped 0.57 percent, sitting at 1,464.8 won per dollar as of 3:30 p.m. This is its weakest level since March 2009, when the global financial crisis severely impacted the country’s economy. The currency has been under selling pressure throughout December, as the country experiences political turbulence followi
Dec. 26, 2024 -
Seoul shares open slightly higher on retail buying
Seoul shares opened slightly higher Thursday on retail buying, with gains in shipbuilding and airline stocks offsetting losses in tech and auto shares. The benchmark Korea Composite Stock Price Index rose 0.39 points, or 0.02 percent, to 2,440.91 in the first 15 minutes of trading. Individuals bought a net 60.96 billion won ($42 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 67.4 billion won. Leading shipbuilder HD Hyundai rose 1.5 percent, Hanwha Group
Dec. 26, 2024 -
FTA with Philippines set to bolster S. Korea's trade portfolio: trade minister
Trade Minister Cheong In-kyo said Thursday that South Korea's bilateral free trade agreement with the Philippines, set for implementation next week, will help the country further bolster its trade portfolio and contribute to maintaining a stable supply chain. Cheong made the remark during a conference with business representatives, aimed at briefing them on ways to utilize the bilateral FTA, which is set to take effect Tuesday, according to the Ministry of Trade, Industry and Energy. "As the mul
Dec. 26, 2024 -
Business lobby calls for support for S. Korean economy from 33 global counterparts
South Korea's main business lobby said Wednesday it has sent letters calling for support for the Korean economy from its 33 global counterparts amid the political turmoil following President Yoon Suk Yeol's botched martial law declaration this month. The Federation of Korean Industries said it sent the letters to chairmen of the 33 business associations in 31 countries, including the United States, Japan and China. "The South Korean economy remains in a stable condition based on its robust funda
Dec. 25, 2024