WASHINGTON, Apr. 18 (Korea Bizwire) — Exchange rate volatility does not present ‘significant” economic challenges to South Korea, an official at the International Monetary Fund (IMF) said Thursday, advising policymakers in Seoul not to “overly” focus on what moves the U.S. Federal Reserve will take. During a press briefing, Krishna Srinivasan, director of the IMF’s [...]
SEOUL, Aug. 31 (Korea Bizwire) — Exchange students in the U.S. and their parents are facing growing concerns as the won-dollar exchange rate continues to climb. “My parents used to send me 1.5 million won (US$1,120) every month as a living stipend last year. Now, with the higher exchange rate, they’re sending me another 300,000 [...]
SEOUL, Jan. 6 (Korea Bizwire) – Local tech giant Kakao is set to provide preventive measures against purchases of mobile content – namely emoticons on its messaging app Kakao Talk – using low-value currencies. According to the company, emoticon purchases using Egyptian Pounds soared last year following the sudden plummet in the currency’s value, allowing [...]
SEOUL, Oct. 10 (Korea Bizwire) – Hyundai Motor Co., South Korea’s top automaker, has recently seen its market value fall two notches to the No. 5 spot amid concerns over poor third-quarter earnings in the wake of a strike and a strong local currency. The market capitalization of Hyundai Motor, the flagship of the country’s [...]
SEOUL, Aug. 9 (Korea Bizwire) – The Korean won has gained strength in recent months but not everyone is happy about the currency’s surge in value, especially Korean businesses that rely heavily on exports. A recent report authored by senior researcher Lee Chang-sun at the LG Economic Research Institute noted that “the strengthening Korean won [...]
SEOUL, Aug. 1 (Korea Bizwire) – The American dollar has regained some strength in the second quarter, and according to industry analysts, companies producing chemicals and raw materials for the pharmaceutical industry were among those who reaped the most benefits from the dollar’s appreciation. Korea is a heavily export-reliant country with over 50 percent of [...]
SEOUL, May 26 (Korea Bizwire) – The Korean economy is in trouble because of the strengthening won vis-à-vis the U.S. dollar. For years most exporters have been too complacent under the regime of a weak won that granted them easy access to overseas markets. Even some analysts suggest that the won-dollar exchange rate may fall [...]
SEOUL, May 13 (Korea Bizwire) – According to a recent survey by the Federation of Korean Industries, the ongoing appreciation of the Korean won is undermining the profitability of Korean exporters. The FKI survey on 120 large manufacturers in Korea revealed that the break-even exchange rate for local manufacturers was 1,052.30 won per the U.S. [...]