SEOUL, Jul. 5 (Korea Bizwire) – The widening interest rate gap between Japan and the United States has led to a “super weak yen” phenomenon, creating an unexpected hurdle for South Korea’s previously robust export sector. As the U.S. maintains high interest rates, the dollar continues to strengthen, but the yen’s value has fallen more sharply [...]
SEOUL, Jul. 4 (Korea Bizwire) — Finance Minister Choi Sang-mok called for proactive and preemptive responses Thursday to prevent possible massive changes in external circumstances from affecting South Korean exports so as to maintain economic recovery momentum. Choi made the remarks during a meeting of ministers working on external economic issues in Seoul, stressing the [...]
SEOUL, July 3 (Korea Bizwire) – South Korean financial regulators have imposed a record fine of 27.1 billion won on two subsidiaries of a global investment bank for illegal short-selling practices involving transactions worth approximately 100 billion won. The Financial Services Commission’s Securities and Futures Commission announced on July 3 that it had voted to levy [...]
SEOUL, Jul. 2 (Korea Bizwire) — The Korea International Trade Association (KITA), a major South Korean business lobby, said Tuesday it has opened an office in the U.S. city of Dallas. KITA said it held an opening ceremony for the office in the major city in Texas on Monday (local time) in the presence of [...]
SEOUL, Jul. 2 (Korea Bizwire) — The South Korean foreign exchange market had ample liquidity in the Korean won-dollar trading on the first day with extended trading hours, the finance ministry said Tuesday, vowing enhanced market monitoring to curb possible volatility. Starting Monday, the operating hours of the foreign exchange market were extended to 9 [...]
SEOUL, Jul. 2 (Korea Bizwire) — South Korea’s consumer prices slowed to an 11-month low in June, though prices of fresh food items and petroleum products remained high, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.4 percent on-year last month, compared with a 2.7 percent on-year rise a month earlier, according [...]
SEOUL, Jul. 1 (Korea Bizwire) – With the summer vacation season approaching, many South Koreans are finding themselves priced out of their usual holiday plans, opting instead for “staycations” or scaled-back trips due to persistent inflation and high interest rates. Lee, a 29-year-old office worker in Seoul who asked to be identified only by their surname, [...]
SEOUL, Jul. 1 (Korea Bizwire) — Over 60 percent of large companies in South Korea predict the country’s exports to see on-year growth during the second half of the year, according to a poll released Monday. According to the survey conducted recently by polling agency Mono Research on the top 1,000 domestic companies in terms [...]
SEOUL, Jul. 1 (Korea Bizwire) — The agricultural ministry said Monday it has launched steps to purchase 50,000 tons of rice in order to stabilize its price. The latest move comes in line with efforts to reduce the 150,000 tons of rice in storage, which was harvested in 2023, in the market this year, according [...]
SEOUL, Jul. 1 (Korea Bizwire) — South Korea’s industry ministry said Monday it has hosted a business forum with Vietnam to seek new opportunities for partnerships in chips, artificial intelligence and other areas. Around 500 government and business officials from both countries attended the event, which took place during Vietnamese Prime Minister Pham Minh Chinh’s [...]