SEOUL, March 13 (Korea Bizwire) — Foreign ownership of South Korean stocks fell to a six-year low, bourse data showed Sunday, as overseas investors preferred safer assets in the wake of the Ukraine crisis and ahead of a widely expected U.S. rate hike. As of Friday, foreign investors held 666 trillion won (US$538 billion) worth [...]
SEOUL, March 12 (Korea Bizwire) — Trade volume of goods between South Korea and the United States grew nearly 70 percent, and bilateral investment more than doubled over the past decade since their free trade agreement, Seoul’s industry ministry said Friday. The Korea-U.S. Free Trade Agreement (KORUS FTA) marked its 10th anniversary this month, as [...]
SEOUL, March 12 (Korea Bizwire) — South Korean stock markets are expected to continue to face volatile sessions next week, primarily due to persistent uncertainties in Ukraine and the upcoming monetary policy meeting by the U.S. Federal Reserve, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,661.28 points Friday, down [...]
SEOUL, March. 11 (Korea Bizwire) — Foreigners withdrew more money from the stock market in South Korea than their investments last month as a risk-averse attitude grew amid heightened geopolitical risks from Russia’s invasion of Ukraine, central bank data showed Friday. Foreigners unloaded a net US$1.86 billion worth of local stocks in February, marking the [...]
SEOUL, March. 11 (Korea Bizwire) — Sentiment is growing that the insurance industry needs to pay more attention to electric vehicle (EV) insurance products as a new channel for growth after main opposition candidate Yoon Suk-yeol was elected South Korea’s next president on Thursday. Yoon pledged that he will freeze EV charging fees over the [...]
SEOUL, March 5 (Korea Bizwire) — South Korean stock markets are expected to continue to face volatile sessions next week, largely on persistent uncertainties in Ukraine and the U.S. Federal Reserve’s stance on its monetary policy, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,744.52 points Friday, up 0.14 percent [...]
SEOUL, March 3 (Korea Bizwire) — Major cryptocurrency exchanges in South Korea have blocked IP addresses from Russia in an effort to join global sanctions against Moscow over its invasion of Ukraine. Upbit, the country’s largest cryptocurrency exchange by transaction, announced Thursday withdrawal requests from Russian IP addresses could be rejected. “We’ve blocked subscriptions by [...]
SEOUL, March 2 (Korea Bizwire) — South Koreans’ use of internet banking services soared 18 percent on-year in 2021 as customers preferred non-contact services amid the coronavirus pandemic, central bank data showed Monday. The daily use of online banking services, including mobile banking, reached 17.32 million cases last year, up from 14.68 million a year [...]
SEOUL, March 2 (Korea Bizwire) — South Korean institutions’ investment in foreign securities touched a new all-time high in 2021 amid bullish overseas stock markets, central bank data showed Wednesday. The outstanding value of foreign securities held by local institutional investors stood at US$402.72 billion as of end-December last year, up $29.97 billion, or 8 [...]
SEOUL, March 1 (Korea Bizwire) — South Korea said Tuesday it plans to suspend financial transactions with seven major Russian banks and their affiliates in a bid to join global efforts to impose financial sanctions against Moscow over its attack on Ukraine. The government said it will also “strongly” recommend local public and financial institutions [...]