Seoul shares opened higher Friday as Samsung Electronics soared after it announced a cut in its chip production in the face of a slump in its earnings. The benchmark Korea Composite Stock Price Index added 18.79 points, or 0.76 percent, to 2,478.2 in the first 15 minutes of trading. Overnight, US stocks ended higher as investors remained cautious ahead of job data set to be released Friday. The...

South Korea posted a current account deficit for the second straight month in February as exports remained sluggish amid global recession woes, central bank data showed Friday. The country's current account shortfall came to $520 million in February, following a record deficit of $4.21 billion a month earlier, according to the preliminary data from the Bank of Korea. It also swung from a surplu...

Seoul shares ended sharply lower Thursday, led by a drop in big techs, amid renewed concerns about an economic recession. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 35.98 points, or 1.44 percent, to close at 2,459.23. Trading volume was moderate at 736.7 million shares worth 11.1 trillion won ($8.4 billion), with decliners far outpacing gaine...

Oil production cuts could lead to price hikes, posing inflation risks; experts assess otherwise

By Choi Sang-dae Vice Minister of Economy and Finance In the history of Korea’s treasury bond market development, 2002 is remembered as the year that marked a significant milestone -- inclusion into the Bloomberg-Barclays Global Aggregate Index, one of the world's three major bond indices. It was the first step toward globalization of the nation’s treasury market that led to more than a fivefol...

South Korea's financial regulator on Thursday urged banks to beef up competition and provide better services amid criticism that they sought easy profits from loan-deposit margins without making sufficient efforts to diversify income sources. Banks have been under fire for reaping record profits from interest income last year and handing out hefty bonuses to employees while people are suffering ...

Seoul shares opened lower Thursday amid renewed concerns about an economic recession. The benchmark Korea Composite Stock Price Index went down 16.45 points, or 0.66 percent, to 2,478.76 in the first 15 minutes of trading. Overnight, US stocks closed mixed as investors assessed what the weaker-than-expected jobs data, showing US private job growth slowed in March, says about the health of the b...

Seoul shares ended higher Wednesday on the back of gains in tech and battery makers, though investors remain concerned about a potential slowdown after the release of weak US economic data. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 14.70 points, or 0.59 percent, to close at 2,495.21. Trading volume was moderate at 624.56 million shares worth...

South Korea's foreign reserves grew in March as the dollar's descent increased the conversion value of holdings in other currencies, central bank data showed Wednesday. The country's foreign reserves had come to $426.07 billion as of end-March, up $780 million from the previous month, according to the data from the Bank of Korea. The dollar's fall last month boosted the converted value of holdi...

Seoul shares opened higher Wednesday helped by gains in techs and autos amid renewed concerns over the US banking crisis. The benchmark Korea Composite Stock Price Index rose 10.01 points, or 0.4 percent, to 2,490.52 in the first 15 minutes of trading. The main index bucked losses on Wall Street. Overnight, the Dow Jones Industrial Average fell 0.6 percent, and the tech-heavy Nasdaq Composite ...

South Korea will diversify its free trade partnerships with more nations to address the growing economic uncertainties and jitters in the global supply chain, the finance minister said Wednesday. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting, where economy-related ministers discussed various issues, including expanding free trade deals and coping with protectionis...

Seoul shares ended higher Tuesday helped by tech gains, with OPEC+ members' plan to cut oil output raising concerns over inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 8.17 points, or 0.33 percent, to close at 2,480.51. Trading volume was moderate at 808.77 million shares worth 12.72 trillion won ($9.7 billion), with gainers outpacing ...

Competition is fierce for countries around the world to win the bid to host the 2030 World Expo -- not only would the event significantly raise a nation's status, but it could also potentially provide a huge boost to the region's economy and the domestic business ecosystem. According to research conducted by South Korea's 2030 Expo Bid Promotion Headquarters, if Busan wins the contest to host th...

South Korea's national debt is growing at an alarming pace, posting a record high of over 1,067 trillion won ($811 billion) last year, the Finance Ministry said Tuesday. The country’s debts – the amount owed by central and provincial governments, excluding state and public bonds owned by national institutions such as the National Pension Service -- came to a record 1,067.7 trillion won last year...

Seoul stocks opened a tad higher Tuesday despite the inflation concerns fueled by OPEC+'s surprise plan to cut oil output. The benchmark Korea Composite Stock Price Index rose 13.03 points, or 0.53 percent, to 2,485.37 in the first 15 minutes of trading. Overnight, US shares closed mixed amid concerns of an energy price hike after OPEC+ announced a cut in oil production. The Dow Jones Industria...