Korean won closes at 16-year low amid US-China trade war

The South Korean won's value against the dollar weakened to its worst in over 16 years Tuesday as investors shifted to low-risk assets amid the escalating tension in the US-China trade war. The local currency closed daytime trading with its value per dollar standing at 1,473.2 won, weakening by 5.4 won from the previous trading session. In terms of daytime close, the won plunged to its weakest value since the 1,483.5 won on March 13, 2009. After nosediving by 33.7 won per dollar on the previous

April 8, 2025

Korea to roll out W10tr extra budget next week

Finance Minister Choi Sang-mok announced Tuesday that the government will roll out the details of its proposed supplementary budget worth 10 trillion won ($6.8 billion) next week. Roughly 3 trillion to 4 trillion won of the extra budget will be allocated to help the country respond to the US government's “reciprocal” tariffs. “Further details of the supplementary budget will be revealed next week after finalizing the plan through a discussion with related departments,” Choi said at a meeting wit

April 8, 2025

Yoon’s ouster sends Kospi on wild ride; won rises on eased uncertainty

The local stock benchmark Kospi turned negative on Friday after briefly surpassing the 2,500 threshold during a volatile session triggered by President Yoon Suk Yeol’s impeachment ruling. Meanwhile, the Korean won strengthened against the US dollar as political uncertainty eased. The Kospi fluctuated significantly throughout the session before closing at 2,465.42, down 21.28 points, or 0.86 percent from the previous day, according to data from the Korea Exchange. The index opened at 2,450.49 and

April 4, 2025

Hana Financial unveils W6.3tr relief plan for SMEs after US tariffs

South Korean financial service providers are scrambling to respond to the “reciprocal" tariffs announced by US President Donald Trump on Wednesday. Hana Financial Group, one of the country’s top four financial groups, has pledged 6.3 trillion won ($4.38 billion) in support of the small and medium-sized enterprises expected to be hit the hardest by the US tariff measures. The support package aims to assist SMEs and small merchants amid growing concerns that volatility in financial and foreign exc

April 4, 2025

Kospi tumbles, won slides amid US tariff shock

The South Korean benchmark Kospi plummeted and the Korean won lost value against the US dollar on Thursday, pressured by US President Donald Trump's tariff plan. The Kospi closed daytime trading at 2,486.7, down 19.16 points, or 0.76 percent, falling below the 2,500 threshold. The benchmark started the session at 2,437.43, down 2.7 percent from the previous day as investors responded to Trump’s announcement of new "reciprocal" tariffs on imports from all other countries, including Korea. The ind

April 3, 2025

MBK chief tries damage control amid Homeplus setback

MBK Partners, under pressure from the Homeplus debacle and a contentious management battle over Korea Zinc, sought to downplay the severity of the situation in its annual letter to investors, according to industry sources on Wednesday. Each year, MBK Partners Chairman Michael Byung-ju Kim sends a letter to the firm’s limited partners, highlighting key achievements and investment strategies. This year’s letter was distributed on March 24. “Homeplus, one of our oldest and largest investments, file

April 2, 2025

Regulator flags MBK over suspicious bond deal

The nation's top financial regulator said Tuesday that it has uncovered "circumstantial evidence" suggesting that MBK Partners was involved in the issuance of short-term bonds for troubled hypermarket chain Homeplus while simultaneously planning a court-led rehabilitation. The Financial Supervisory Service has been conducting an investigation into the private equity giant MBK and its portfolio company Homeplus, the nation's No. 2 supermarket chain. Homeplus is accused of issuing asset-backed sho

April 1, 2025

Kospi tumbles as short selling resumes after 17-month ban

Korean won falls to two-month low as foreign outflows, tariff fears weigh on markets While short selling resumed in South Korea on Monday, the benchmark Kospi plunged below the 2,500 mark. Foreign investors dumped 1.5 trillion won ($1.02 billion) of shares on the Kospi, accelerating the depreciation of the local currency. According to the Korea Exchange, the Kospi closed at 2,481.12, down 76.86 points, or 3 percent, from the previous session. This marked the first time in two months that the ind

March 31, 2025

Balaan halts service amid liquidity woes

Amid snowballing liquidity concerns, South Korean luxury goods retailer Balaan has partially shut down its services, limiting new payments on its platform. Following concerns of a potential liquidity crunch, card issuers and payment gateways withdrew their services from the e-commerce platform as of Friday. With the company's in-house payment service, Balaan Pay, now paused as well, customers cannot make any new payments. As of March 24, Balaan was unable to settle payments with some of its sell

March 30, 2025

Women in 50s buy up crypto

Male investors in their 30s and 40s account for nearly 40 percent of cryptocurrency investors here, recent data pooled by a local lawmaker showed Sunday. But female investors in their 50s also account for a significant share of high-net-worth individuals in the crypto market. According to data provided by Rep. Cha Gyu-geun of the Rebuilding Korea Party, 15.16 million investors whose age and gender could be verified were registered on five major crypto exchanges here -- Upbit, Bithumb, Coinone, K

March 30, 2025