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  • Economy

    Expected BOK rate hike prompts concern over rising interest burdens on households, firms

    Expectations of imminent interest rate hikes by the Bank of Korea (BOK) are adding to pressure on households and businesses already struggling with rising borrowing costs, analysts said Sunday. Lending rates at major banks have continued to climb as BOK Gov. Shin Hyun-song struck a hawkish tone following a Monetary Policy Board meeting on May 28, reinforcing market expectations that the central bank could begin raising rates as early as July. According to banking industry data, fixed-rate mortgage loans offered by the country's five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — carried interest rates ranging from 4.39 percent to 7.33 percent as of Friday. The upper end of the range was up 0.33 percentage point from a month earlier, when rates stood between 4.4 percent and 7 percent. It marked the first time since October 2022 that the highest fixed mortgage rate among the five major lenders exceeded 7.3 percent. Personal credit loan rates have also moved higher. As of Friday, interest rates on personal credit loans for top-tier borrowers with one-year maturities ra

    2 MIN READBy Lee Hyo-jin
    Expected BOK rate hike prompts concern over rising interest burdens on households, firms
  • Policy

    Top policymakers vow stern action against speculative FX market activities as won weakens

    2 MIN READBy Yonhap
    Top policymakers vow stern action against speculative FX market activities as won weakens
  • Cryptocurrency

    Bithumb's bitcoin payout blunder results in $1.6 mil. compensation

    2 MIN READBy Lee Hyo-jin
    Bithumb's bitcoin payout blunder results in $1.6 mil. compensation
  • Economy

    S. Korean retail investors sell over $641 bil. in overseas stocks in 1st week of June

    1 MIN READBy Yonhap
    S. Korean retail investors sell over $641 bil. in overseas stocks in 1st week of June
  • Economy

    Seoul stocks, won hammered by massive foreign selling

    2 MIN READBy Park Han-sol
    Seoul stocks, won hammered by massive foreign selling
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Economy

Short-selling transactions focus on blue-chip stocks

gettyimagesbankSamsung Electronics, LGES, SK hynix were most shorted stocks in Sept. By Anna J. Park The total amount of short-selling transactions on the main Korea Composite Stock Price Index (KOSPI) in September increased about 40 percent compared to the previous month, while the country's blue-chip stocks were the most shorted amid the bear market.According to the Korea Exchange (KRX) on Monday, the average daily transaction amount of short-sold stocks on the benchmark index stood at 490.6 billion won ($340 million) in September, up around 40 percent from the previous month. The average daily short-selling transaction amount on the tech-heavy Kosdaq also rose 8.8 percent to 134.9 billion won during the same period.Samsung Electronics, LG Energy Solution (LGES) and SK hynix ― the top three stocks on the KOSPI in terms of market capitalization ― were the most shorted stocks in September. A total of 557.5 billion won were bet against Samsung Electronics stocks, while 534.4 billion won and 358.5 billion won were each bet against the stock price increases of LG Energy Solution and SK

Oct 3, 2022By Anna J. Park
Short-selling transactions focus on blue-chip stocks
Economy

Fears of recession grow

Finance Minister Choo Kyung-ho holds a telephone conversation with U.S. Treasury Secretary Janet Yellen at the Government Complex Seoul, Friday. Courtesy of Ministry of Economy and FinanceBy Lee Min-hyungKorea has reported a trade deficit once again for September, extending its losing streak for the sixth consecutive month, according to data from the Ministry of Trade, Industry and Energy.The rate of export increase came in as a single-digit figure last month, but the rate of import increase hit double digits, bringing the nation's monthly trade balance to a deficit of $3.77 billion. This was the first time that the country posted a trade deficit lasting for more than six consecutive months since May 1997.This situation is being partly caused by the soaring burden of energy imports. Korea's imports of crude oil, gas and coal reached $17.96 billion in September, up 81.2 percent from the previous year.“Korea will not be able to attain a high level of the export increase rate for the time being, in that the figure has reported single-digit growth since June,” Trade Minister

Oct 2, 2022By Lee Min-hyung
Fears of recession grow
Economy

Trade deficit likely to hit record high of $48 bil. this year: report

Stacks of containers at a port in Korea's southeastern city of Busan / YonhapKorea is expected to post a record high trade deficit of nearly $50 billion this year due to high global energy costs, a report by a private think tank showed Sunday.The country's trade deficit is likely to reach around $48 billion for this year, the largest-ever shortfall since related trade data was compiled in 1964, according to the report by the Korea Economic Research Institute (KERI).The estimated deficit would more than double the $20.6 billion in trade deficit logged in 1996, right before the nation was hit by the 1997-98 Asian financial crisis.Korea logged a trade deficit for the sixth straight month in September as exports growth eased amid a global slowdown and import bills shot up due to high fuel costs. The nation posted a trade deficit of $3.77 billion last month.KERI, the research arm of the country's conglomerate lobby Federation of Korean Industries, estimated that the country's trade deficit would reach $37.5 billion in the second half and further rise to $48 billion for the whole year.The

Oct 2, 2022
Trade deficit likely to hit record high of $48 bil. this year: report
Economy

Seoul, Washington reaffirm cooperation on liquidity supply if needed

U.S. Treasury Secretary Janet Yellen, right, shakes hands with Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho as they pose for a photo before their meeting at Lotte Hotel in Seoul, Korea, July 19. AP-YonhapThe finance chiefs from South Korea and the United States have reaffirmed that the two countries will cooperate to beef up liquidity facilities should financial market routs around the globe deepen, according to Seoul's finance ministry on Saturday.Seoul's Finance Minister Choo Kyung-ho and U.S. Treasury Secretary Janet Yellen held a conference call on Friday (Seoul time) and shared the view that South Korea has sound resilience against external shocks on the back of ample foreign reserve and foreign liquidity.The finance chiefs also highlighted that the real economy and the financial markets are suffering heightened uncertainties due to rollbacks of expansionary monetary policies in major economies and the extended Russia-Ukraine war."The two countries are ready to work closely together to implement liquidity facilities when necessary such as when f

Oct 1, 2022
Seoul, Washington reaffirm cooperation on liquidity supply if needed
Economy

Exports up 2.8% in September; trade deficit extended for 6th month

This file photo taken Sept. 21, shows stacks of containers at a port in Korea's southeastern city of Busan. YonhapSouth Korea's exports rose 2.8 percent on-year in September, but the country suffered a trade deficit for the sixth consecutive month on high global energy prices, data showed Saturday.Outbound shipments stood at $57.46 billion last month, up from $55.9 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.It was the highest outbound shipment for any September since the ministry began compiling related data in 1956.September also marked the 23rd consecutive month that the country's exports have logged an on-year expansion.The country's imports jumped 18.6 percent on-year to $61.23 billion on high global energy prices, resulting in a trade deficit of $3.77 billion last month.Imports have exceeded exports in South Korea since April, and it is the first time since 1995 that the country suffered a trade deficit for six months in a row.But the deficit narrowed in September from $9.49 billion the previous month following four month

Oct 1, 2022
Exports up 2.8% in September; trade deficit extended for 6th month
Economy

Finance Minister Choo elected next chair of ADB annual congress

Finance Minister Choo Kyung-ho speaks during an event held at the annual congress of the Asian Development Bank (ADB) in Manila, the Philippines, Thursday. Courtesy of Ministry of Economy and Finance By Anna J. ParkFinance Minister Choo Kyung-ho has been elected as the chair for next year's annual Asian Development Bank (ADB) conference, which is slated to be held in May. According to the Ministry of Economy and Finance, Friday, Choo was elected to take the chairmanship position for next year's annual ADB meeting during a two-day ADB annual congress held Sept. 28 and 29 in Manila, the Philippines. Since ADB's establishment in 1966 to promote and support the economic and social development of countries in the Asia-Pacific region, Korea has so far hosted two annual congresses: in Seoul in 1970 and on Jeju in 2004. Incheon's hosting of the annual ADB event next year will be the third time for Korea to invite dozens of ADB member countries. “Korea plans to fully prepare

Sep 30, 2022By Anna J. Park
Finance Minister Choo elected next chair of ADB annual congress
Economy

Is gov't too optimistic about Korea's economic condition?

Minister of Economy and Finance Choo Kyung-ho speaks during an event held at the annual congress of the Asian Development Bank (ADB) in Manila, the Philippines, Thursday. Courtesy of the Ministry of Economy and FinanceFinance minister says financial crisis unlikely to take place in Korea By Anna J. ParkMinister of Economy and Finance Choo Kyung-ho reiterated that he thinks that the possibility of the Korean economy having a major financial crisis is very low.During a meeting with reporters at the annual congress of Asian Development Bank (ADB) in the Philippines, Choo said that the current phase of soaring key interest rates cannot carry on in the long term.“Although no one can be sure about the future moves of the U.S. dollar and global interest rates, I think the current situation is not one where soaring interest rates can go on for a long period of time,” Choo said. The finance minister explained that he thinks the interest rate could go up for a certain period of time, but in the end, the interest rate is subject to fluctuation according to the interaction between th

Sep 30, 2022By Anna J. Park
Is gov't too optimistic about Korea's economic condition?
Economy

Seoul shares sink to over 2-year low amid recession worries

Screens show the benchmark Korea Composite Stock Price Index and the won-dollar exchange rate at a Hana Bank branch in central Seoul on Sept. 30. YonhapSeoul stocks retreated to an over two-year low Friday amid the spreading recession fears. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.44 points, or 0.71 percent, to close at 2,155.49. The Friday figure is the lowest closing since the 2,150.25 points on July 10, 2020. Trading volume was moderate at about 933 million shares worth some 7.8 trillion won ($5.4 billion), with losers outnumbering gainers 561 to 321. Institutions bought a net 109 billion won, and foreigners purchased 163 billion won, while retail investors offloaded 281 billion won. The KOSPI opened lower after overnight losses on Wall Street that stemmed from growing recession fears.Overnight, the Dow Jones Industrial Average dropped 1.54 percent, and the tech-heavy Nasdaq Composite retreated 2.84 percent. The SP500 lost 2.11 percent.The KOSPI's fall was led by losses in auto and chemicals. Battery maker LG Ene

Sep 30, 2022
Seoul shares sink to over 2-year low amid recession worries
Economy

Korean finance chief to chair ADB's annual meeting next year

This photo, provided by the finance ministry, shows Finance Minister Choo Kyung-ho speaking during a meeting of the Asian Development Bank in Manila on Sept. 29. YonhapKorean Finance Minister Choo Kyung-ho has been elected as chair of next year's annual meeting of the Asian Development Bank (ADB), his office said Friday.Choo took over the chairmanship for next year's ADB annual gathering set to be held in May 2023 in Songdo, west of Seoul, during this year's meeting in Manila earlier this week, according to the finance ministry.The 2023 meeting will be the third time for Korea to host a face-to-face annual ADB meeting.In Manila, Choo said in a speech Thursday that the primary task of the member nations is to restore the economic cooperation and unity in the region which have been affected by the COVID-19 pandemic over the past couple of years.He also called for the active participation of private entities in their financing moves to meet growing demand for large-scale development projects, including their targeted US$100 billion worth of climate financing by 2030.This year's meeting,

Sep 30, 2022
Korean finance chief to chair ADB's annual meeting next year
Economy

Yoon says gov't will take necessary steps against financial volatility

President Yoon Suk-yeol, second from left, speaks at a macrofinancial meeting attended by government and business officials at a finance center in central Seoul on Sept. 30. YonhapPresident Yoon Suk-yeol said Friday the government will take necessary and timely steps to protect the people against increasing financial volatility.Yoon made the remark while presiding over a macrofinancial meeting with government and business officials, citing an "unprecedentedly strong dollar" and the U.S. Federal Open Market Committee's decision last week to raise the interest rate."The level of shock from the crisis that began from external factors will depend on how we respond internally," he said during the meeting in central Seoul."The government will be the first to become more alert and take necessary and timely steps in line with the emergency measures plan we have prepared," he added.Yoon also said the current economic crisis should be used as an opportunity to improve the country's economic constitution to one that is led by the private sector and the market."Every time energy prices have jump

Sep 30, 2022
Yoon says gov't will take necessary steps against financial volatility
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