SEOUL, Oct. 19 (Korea Bizwire) — Foreign investors sold a net 1.71 trillion won (US$1.26 billion) worth of South Korean stocks in September, extending their selling spree for a second consecutive month, data showed Thursday. After the sell-off, foreigners owned some 663.7 trillion won worth of local stocks, or 26.7 percent of total market capitalization, [...]
SEOUL, Oct. 18 (Korea Bizwire) — More foreign financial firms than expected have expressed their intentions to directly participate in the South Korean foreign exchange market, the country’s currency authorities said Wednesday. According to the Bank of Korea, some 30 overseas financial institutions seek to register with the country’s foreign exchange authorities for the trading [...]
SEOUL, Oct. 17 (Korea Bizwire) – Global credit appraiser Fitch Ratings has reaffirmed South Korea’s sovereign rating at “AA-” with a stable outlook, the finance ministry said Tuesday. Fitch has maintained the level of AA- for South Korea, the fourth-highest level on its sovereign ratings table, since September 2012 when it upgraded the rating by [...]
SEOUL, Oct. 17 (Korea Bizwire) – Thanks to the invigoration of fintech companies’ loan comparison services, it is estimated that non-banking financial institutions have reduced their annual commission burden by more than 10 billion won. According to the parliamentary inspection data submitted by the Financial Supervisory Service on Monday, the average commission rate that the nation’s five [...]
SEOUL, Oct. 16 (Korea Bizwire) – The repercussions of the economic downturn have reverberated in the imported electric vehicle market, drawing attention to the widening wealth gap often described as “The rich get richer, the poor get poorer.” While sales of domestic electric vehicles (EVs) have been lackluster this year, there has been a notable surge in [...]
SEOUL, Oct. 16 (Korea Bizwire) – Recently, online banks have been striving to attract more depositors by offering unique savings accounts. These accounts include options like “idol support passbooks” and “group savings accounts for managing contributions.” Low-cost deposits typically refer to accounts like money market deposit accounts (MMDAs), often known as “free deposit and withdrawal” accounts, which [...]
SEOUL, Oct. 15 (Korea Bizwire) – Foreign investors have dumped South Korean stocks for 15 consecutive trading days, the longest streak logged since 2020, according to the bourse operator Sunday. Foreigners offloaded a net 2.5 trillion won (US$1.8 billion) on the benchmark Korea Composite Stock Price Index (KOSPI) from Sept. 18 to last Friday, according [...]
SEOUL, Oct. 13 (Korea Bizwire) — South Korea’s on-year employment growth accelerated for the second consecutive month in September, but jobs in the manufacturing sector fell by the most in five months amid an economic slowdown, data showed Friday. The number of employed people came to 28.69 million last month, up around 309,000 from a [...]
SEOUL, Oct. 13 (Korea Bizwire) — South Korea experienced a gradual softening of an economic downturn on signs of improvement in production and exports of semiconductors and the upbeat service sector though external uncertainties linger, the finance ministry said Friday. “The economic slowdown has been gradually easing as the production and exports in the manufacturing [...]
SEOUL, Oct. 12 (Korea Bizwire) — South Korea will be fully prepared for any scenarios related to the ongoing conflict between Israel and Palestinian militant group Hamas to minimize its impact on inflation and the broader economy, a senior finance ministry official said Thursday. First Vice Finance Minister Kim Byoung-hwan made the remarks while presiding [...]