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  • Economy

    Seoul stocks down 3% late Thursday morning after weaker-than-expected Samsung earnings

    South Korean stocks traded 3 percent lower late Thursday morning, reversing earlier gains as Samsung Electronics delivered weaker-than-expected third-quarter earnings. The benchmark Korea Composite Stock Price Index (KOSPI) lost 181.1 points, or 3.01 percent, to 5,831.34 as of 11:20 a.m., after rising as high as 6,100.11. The index opened slightly higher, tracking overnight gains on Wall Street after the Federal Reserve held its benchmark interest rate steady at 3.75-4 percent. The market turned lower shortly before 10 a.m., following the release of Samsung's third-quarter earnings, which fell slightly short of analysts' expectations. The world's largest memory chipmaker reported a record third-quarter operating profit of 107.44 trillion won, up 783.1 percent from a year earlier, while revenue surged 126.9 percent to 195.25 trillion won, on robust artificial intelligence (AI)-driven chip demand. Market heavyweights traded mixed. Market bellwether Samsung Electronics fell 6.61 percent, while chip giant SK hynix increased 0.4 percent. Battery maker LG Energy Solution dipped 9.76 percent after

    1 MIN READBy Yonhap
    Seoul stocks down 3% late Thursday morning after weaker-than-expected Samsung earnings
  • Economy

    Banks' household mortgage lending rates up for 5th month in Sept.

    1 MIN READBy Yonhap
    Banks' household mortgage lending rates up for 5th month in Sept.
  • Economy

    Korea to closely monitor impact of upcoming US midterm elections

    2 MIN READBy Yonhap
    Korea to closely monitor impact of upcoming US midterm elections
  • Policy

    Gov't to designate new housing zones for over 76,000 homes near Seoul

    1 MIN READBy Yonhap
    Gov't to designate new housing zones for over 76,000 homes near Seoul
  • Economy

    ABS issuance falls 5.7% in Q3

    1 MIN READBy Yonhap
    ABS issuance falls 5.7% in Q3
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Policy

Listed companies move to secure management-friendly directors ahead of revised corporate act

Multiple publicly traded companies appear to be leveraging upcoming general meetings to secure management-friendly outside directors before tougher board accountability rules take effect in September, industry officials said Monday. The meetings are scheduled this month, before a revised Commerce Act takes effect in September to expand the fiduciary duties of board members and protect the interests of minority shareholders. The revised act could put pressure on management, as it requires outside directors to be selected independently of management’s influence and also calls for an increase in the number of independent directors on company boards. Under these circumstances, industry officials noted that several publicly listed companies, primarily KOSPI-traded and family-owned conglomerates, see their upcoming general meetings as a last-minute opportunity to adjust rules in favor of corporate chiefs who are also controlling shareholders. First, they aim to extend the terms of existing loyal directors. Second, they seek to reduce the number of board seats that could challenge management

Mar 9, 2026By Yi Whan-woo
Listed companies move to secure management-friendly directors ahead of revised corporate act
Policy

Korea, Switzerland agree to extend currency swap deal for 5 yrs

Korea and Switzerland have agreed to extend their bilateral currency swap agreement, Seoul's finance ministry said Monday. The 18.5 trillion-won ($12.4 billion) currency swap will be extended for another five years until March 1, 2031, according to the Ministry of Economy and Finance. The bilateral swap agreement was first signed in 2018 and extended in 2021, making this the second renewal. "Given that Switzerland issues a major global reserve currency, the renewal of the currency swap will further strengthen South Korea's foreign exchange safety net, which can be utilized during financial crises," the ministry said. A currency swap is a tool used to defend against financial turmoil, allowing a country facing a liquidity crunch to borrow funds from another country using its own currency.

Mar 9, 2026By Yonhap
Korea, Switzerland agree to extend currency swap deal for 5 yrs
Others

AIA Life secures exclusive rights for advanced cancer treatment rider

AIA Life Insurance Korea has strengthened its cancer insurance offering after receiving nine months of exclusive usage rights for a new rider covering advanced medical treatments, a move that signals growing recognition of next-generation therapies within Korea’s insurance industry and could broaden patients’ access to costly but potentially life-saving procedures, the insurer said Monday. The company announced that its “Non-Participating Specific Advanced Medical Treatment Rider” was granted the exclusivity period by the Life Insurance Association of Korea. In the Korean insurance market, exclusive usage rights are awarded only to products that meet strict evaluation standards in originality, usefulness, innovation and development effort. A nine-month exclusivity period indicates that the product achieved high evaluation scores and prevents competitors from launching similar offerings during that time. The rider is designed to expand the scope of traditional cancer insurance by incorporating coverage for emerging medical technologies that are increasingly used when conventional

Mar 9, 2026By Lee Kyung-min
AIA Life secures exclusive rights for advanced cancer treatment rider
Economy

KRX issues circuit breaker on KOSPI trading over market volatility

The Korea Exchange (KRX) issued a circuit breaker on the country's main stock market Monday amid extreme jitters following recent geopolitics surrounding U.S.-Israeli airstrikes on Iran and rising oil prices. The KRX issued the measure at 10:31 a.m., after the benchmark Korea Composite Stock Price Index (KOSPI) crashed 452.8 points, or 8.11 percent, to 5,132.07. Earlier in the day, the main bourse operator activated a sell-side sidecar, suspending sales for five minutes, which is triggered when the KOSPI 200 Futures index moves 5 percent or more for at least one minute. Investors kept watchful eyes on the global energy price volatility, with the U.S. benchmark West Texas Intermediate (WTI) crude surpassing $100 per barrel Sunday (U.S. time). The Korean won was trading at 1,497.4 won against the U.S. dollar as of 10:40 a.m., down 21 won from the previous session.

Mar 9, 2026By Yonhap
KRX issues circuit breaker on KOSPI trading over market volatility
Economy

Korean won sharply depreciates against greenback over Middle East crisis

The Korean won depreciated sharply against the U.S. dollar Monday, hitting its lowest point since the 2008 global financial crisis, as oil prices spiked amid the expanding conflict in the Middle East. The won traded at 1,494.55 won per dollar as of 9:45 a.m., down 19.05 won from the previous session. It marked the lowest intraday won-dollar rate since March 12, 2009, when the rate hit 1,500 won. Investor sentiment was dampened by instability in global energy prices. The U.S. benchmark West Texas Intermediate (WTI) crude surpassed $100 per barrel for the first time since July 2022 on Sunday (U.S. time). The recent decline in the won has been driven also by a broad dollar rally amid concerns that the U.S.-Israel operation could escalate into a prolonged regional war. The US Dollar Index, a widely used measure of the U.S. dollar's strength against a basket of six major currencies, including the euro and Japanese yen, reached 99.54, up 0.59 percent from the previous session. The currency volatility also weighed heavily on the Korean financial market, with the benchmark Korea Composite Stock Pr

Mar 9, 2026By Yonhap
Korean won sharply depreciates against greenback over Middle East crisis
Economy

Korea, S&P to begin annual credit evaluation consultations this week

Korea will begin its annual consultation meetings with global credit rating agency S&P Global Ratings (S&P) this week to discuss the country's credit evaluation and other key issues, the finance ministry said Monday. S&P officials will visit various government and public institutions, including the Bank of Korea, for a three-day assessment starting Monday before deciding on the country's sovereign rating, the ministry said. S&P maintained Korea's long-term sovereign credit rating at "AA," the third-highest level in its ranking system. The country has held this position since August 2016, when the rating was upgraded from "AA-." In January, another global credit rating agency, Fitch Ratings, reaffirmed Korea's sovereign rating at "AA-" with a stable outlook.

Mar 9, 2026By Yonhap
Korea, S&P to begin annual credit evaluation consultations this week
Economy

Seoul shares down 8% late Monday morning following trading suspension amid market slide

Korean stocks plummeted over 8 percent late Monday morning after the Korea Exchange (KRX) resumed transactions following a 20-minute trading suspension amid extreme volatility triggered by recent U.S.-Israeli strikes on Iran. The benchmark Korea Composite Stock Price Index (KOSPI) moved down 450.57 points, or 8.07 percent, to 5,134.3 as of 11:02 a.m. The KRX activated a circuit breaker at 10:31 a.m. after the benchmark Korea Composite Stock Price Index (KOSPI) crashed 452.8 points, or 8.11 percent, to 5,132.07, suspending trading for 20 minutes. A circuit breaker is triggered when the index stays 8 percent below the previous session's level for one minute. The KRX issued a circuit breaker Wednesday last week as well, when the main index crashed 12.06 percent, marking the steepest one-day decline since Sept. 12, 2001, in the aftermath of the Sept. 11 terrorist attacks in the United States. Earlier in the day, the main bourse operator activated a sell-side sidecar, suspending sales for five minutes, which is triggered when the KOSPI 200 Futures index moves 5 percent or more for at least one

Mar 9, 2026By Yonhap
Seoul shares down 8% late Monday morning following trading suspension amid market slide
Others

Banks open more Sunday branches for foreign customers

John T. Emocling, 47, a welder from the Philippines who works at a factory in Pocheon, Gyeonggi Province, said he took a bus and a taxi to get to Hana Bank’s Euljiro branch in Seoul. “It took me 30 minutes by bus and another 20 minutes by taxi to get here,” he said. “But I took the time because this is the only branch that opens on Sunday. I can’t come during weekdays because of work.” He said he needed to send money back to his family in the Philippines. “I usually send them 1 million won ($673) a month. I heard about Hana Bank’s Euljiro branch from an online Filipino community where members share information about life in Korea," he said. “Many people recommended the branch, where people like me can go on Sundays. That’s why I’m here.” Similarly, Fhely de Castro, 52, a domestic worker and private English tutor, said it took her 45 minutes to get to the branch. “I have to send money to my family in the Philippines, including my son and my mom. I earn about 2.5 million won per month and send them about 1.5 million won.” What she liked most about the Euljiro br

Mar 9, 2026By Lee Kyung-min
Banks open more Sunday branches for foreign customers
Others

Retail investors ramp up leveraged bets as Iran conflict destabilizes markets

Kim, a 38-year-old office worker in Seoul, recently withdrew an additional 30 million won ($20,000) from his bank overdraft account to buy domestic semiconductor stocks after their prices fell sharply during market turmoil triggered by the Iran crisis. “With market volatility rising, I saw sharp pullbacks as buying opportunities,” he said. “Deposit rates are not attractive enough, so I increased my investment exposure using leverage.” Lee, a 45-year-old self-employed resident of Gyeonggi Province, also moved more than half of his 100 million won in maturing time deposits into a brokerage account. “Even if deposit rates rise a bit, it is hard to grow assets meaningfully through savings alone,” Lee said. “When the stock market swings sharply, I believe there are opportunities to buy in installments, so I increased my investment funds.” Investor appetite for leveraged bets is rising as geopolitical tensions increase in the Middle East, helping to push Korean stocks into swings exceeding 10 percent and amplifying market volatility. As of last Thursday, the outstanding balance

Mar 8, 2026By Jun Ji-hye
Retail investors ramp up leveraged bets as Iran conflict destabilizes markets
Economy

Fuel price rise slows amid speculation of price cap system

Gasoline and diesel prices rose moderately Sunday as the government considers adopting a price cap system amid concerns over rising energy prices following the escalating conflict in the Middle East. According to data from the Korea National Oil Corp., the nationwide average price of gasoline came to 1,893.3 won ($1.27) per liter, up 3.9 won from the previous day, while diesel rose 4.8 won to 1,915.4 won per liter. In Seoul, fuel prices also increased, though gains were limited. The average gasoline price in the capital reached 1,944.7 won per liter, up 3 won from the previous day, while diesel rose 4.9 won to 1,968.2 won. Compared with the recent daily jumps of tens of won, the rise is significantly slower, suggesting that the government move may be helping temper the upward trend. Sources said the government began reviewing the possibility of adopting the system after surging global crude prices were reflected almost immediately in domestic fuel prices, following U.S.-Israeli strikes on Iran and Tehran's retaliatory attacks in the region. Korea, which depends heavily on energy imports,

Mar 8, 2026By Yonhap
Fuel price rise slows amid speculation of price cap system
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