South Korea's top central banker said Friday that it is a top priority to ensure price stability and reduce inflation pressure through monetary tightening but worried there are "growing signs of stress" in various sectors amid recent steep interest rate hikes. Rhee Chang-yong, governor of the Bank of Korea, also voiced worries over money moving from non-banking sectors to the banking sector due ...

South Korea's exports slipped 2.8 percent on-year in the first 10 days of November due mainly to weak shipments of chips and mobile devices, data showed Friday. The country's outbound shipments stood at $17.7 billion in the Nov. 1-10 period, compared with $18.2 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 6.7 percent on-year to $19.8 billi...

South Korean stocks opened steeply higher Friday on overnight Wall Street rallies, largely as weaker-than-expected inflation data in the United States raised speculation of the Federal Reserve going easy on a tightening mode. The benchmark Korea Composite Stock Price Index had jumped 69.71 points, or 2.9 percent, to 2,471.94 as of 9:15 a.m. Overnight, the tech-heavy NASDAQ Composite surged a ja...

South Korea will ease lending rules for those looking to buy their first home in the capital and in the greater Seoul area starting Dec. 1 to prevent a property market slowdown prompted by higher interest rates from hurting economic growth. According to an interagency government meeting led by the Finance Ministry on Thursday, such home buyers will be able to borrow up to 50 percent of the prope...

FTX’s plan to buy South Korean crypto exchange Bithumb appears to have gone up in smoke, with billionaire Sam Bankman-Fried’s empire being rocked by a liquidity crisis, industry watchers said Thursday. Crypto exchange giant Binance’s announcement on Wednesday to back out of its plans to acquire FTX is likely to halt the ongoing deal between the Bahamian crypto exchange platform and Bithumb, acco...

‘Food prices likely to rise further until next year’

South Korea's financial regulator on Thursday proposed opening an "information-sharing channel" with local financial institutions on overseas market conditions to better respond to offshore developments and minimize their impact on domestic markets. Lee Bok-hyun, head of the Financial Supervisory Service, made the proposal during a meeting in Seoul with officials of financial holding groups, ban...

South Korean stocks opened lower Thursday on an overnight dip on Wall Street amid the upcoming US midterm election results and a crash in cryptocurrencies. The benchmark Korea Composite Stock Price Index had declined 11.13 points, or 0.46 percent, to 2,413.28 points as of 9:15 a.m. The Dow Jones Industrial Average dropped 1.95 percent Wednesday, with the tech-heavy NASDAQ Composite and S&P 500 ...

South Korea will carry out eased lending rules for first-time homebuyers and owners of one home next month as the once red-hot housing market appears to be entering a downturn amid rising interest rates, the land ministry said Thursday. The government has adopted stricter lending rules and other regulations to help stabilize the country's real estate market in recent years. In response, the gov...

South Korea’s top financial regulator on Wednesday eased capital rules for banks seeking to contribute to the government-led fund aimed at stabilizing the local bond and stock markets, in a bid to contain the spillover of liquidity stress. A local insurer’s decision two days ago to reverse its postponement of redeeming its dollar bonds worth $500 billion after being pressured to meet the origina...

South Korean stocks extended their winning streak to a fourth day Wednesday with investors paying keen attention to the US midterm election results. The Korean won surged against the US dollar. The benchmark Korea Composite Stock Price Index gained 25.37 points, or 1.06 percent, to close at 2,424.41 points. Trading volume was moderate at about 675 million shares worth some 9.2 trillion won ($6....

Chiefs of South Korea’s top banks are fast approaching the end of their current terms amid concerns of a looming debt crisis in the financial sector, sources said Wednesday. Starting with NH Financial Group Chairman Son Byung-hwan’s term ending next month, Shinhan Financial Group Chairman Cho Yong-byoung and Woori Financial Group Chairman Son Tae-seung are inching towards the end of their curren...

South Korea's top financial regulator on Wednesday asked for local banks' cooperation in stabilizing the corporate bond and short-term money markets and helping money flow to businesses and small merchants in need. Kim Joo-hyeon, head of the Financial Services Commission, made the request in a meeting with chiefs of major commercial banks amid worries over a credit crunch sparked by a series of ...

South Korean stocks opened slightly higher Wednesday with investors paying keen attention to the US midterm election results. The benchmark Korea Composite Stock Price Index had increased 6.52 points, or 0.27 percent, to 2,405.56 points as of 9:15 a.m. Overnight, the Dow Jones Index added 1.02 percent and the tech-heavy NASDAQ Composite advanced 0.49 percent. In Seoul, market bellwether Samsun...

South Korea added jobs for the 20th straight month in October, data showed Wednesday, but the growth continued to slow for the fifth month in a row as the country braces for a possible recession amid high inflation and slowed growth. The number of employed people stood at 28.41 million last month, up 677,000 from a year earlier, according to the data compiled by Statistics Korea. It was the larg...