SEOUL, June 30 (Korea Bizwire) — The Bank of Korea (BOK) has put the second phase of its central bank digital currency (CBDC) pilot program on hold, signaling mounting pressure from commercial banks and a shifting digital finance landscape increasingly shaped by stablecoin developments. The abrupt pause, disclosed in a virtual meeting with participating banks [...]
SEOUL, June 27 (Korea Bizwire) — South Korean stocks fell for the second-straight session Friday as investors continued to cash in recent gains. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 23.62 points, or 0.77 percent, to close at 3,055.94. Trade volume was moderate at 377.4 [...]
SEOUL, June 27 (Korea Bizwire) — The financial authorities’ latest measures to restrict ballooning household debt are expected to help cool down the overheated housing market in Seoul’s sought-out areas, experts said Friday. The Financial Services Commission (FSC) announced earlier in the day that all local lenders will be forced to sharply lower their household [...]
SEOUL, June 26 (Korea Bizwire) — South Korea’s central bank said Thursday it will sell up to 7.2 trillion won (US$5.31 billion) worth of monetary stabilization bonds (MSBs) in July. The planned issuance represents a 600 billion-won increase from a month earlier, according to the Bank of Korea (BOK). As policy tools devised to absorb [...]
SEOUL, June 26 (Korea Bizwire) — Naver Pay, a mobile payment service operated by internet giant Naver Corp., said Thursday it is ready to take a leading role in South Korea’s potential won-based stablecoin market, leveraging its extensive digital finance and wallet infrastructure. “There have been active discussions over the past two weeks, but the [...]
SEOUL, June 26 (Korea Bizwire) — South Korea’s financial investment in the United States surged to an all-time high in 2024, as domestic investors increasingly turned to U.S. stocks and production facilities amid a shifting global economic landscape, data from the Bank of Korea showed Thursday. According to the central bank’s provisional international investment balance sheet, [...]
SEOUL, June 25 (Korea Bizwire) — South Korean stocks finished slightly higher Wednesday, tracking overnight U.S. stocks gains boosted by eased Middle Eastern tensions and hopes of an early interest rate cut by the Federal Reserve. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.61 points, [...]
SEOUL, June 24 (Korea Bizwire) — The market capitalization of chip giant SK hynix Inc. surpassed 200 trillion won (US$146.5 billion) for the first time Tuesday amid a rally in the South Korean stock market. Shares of SK hynix were trading at 278,000 won as of 2 p.m., up 7.13 percent from the previous session. [...]
SEOUL, June 21 (Korea Bizwire) — South Korea’s benchmark KOSPI index surged past the 3,000 mark for the first time in three and a half years this week, fueling investor interest in sectors poised to benefit from President Lee Jae-myung’s economic agenda amid intensifying global volatility driven by renewed U.S. protectionism under President Trump. Analysts attribute [...]
SEOUL, June 19 (Korea Bizwire) — South Korea’s financial regulator said Thursday it will review the introduction of tighter rules on so-called jeonse loans amid rising household debts. In a report to the State Affairs Planning Committee, the de facto transition team of the new Lee Jae Myung administration, the Financial Services Commission (FSC) said [...]