The Korean won's nominal effective exchange rate rose to its highest level in about two years, data showed Monday. According to the Bank for International Settlements, the won's nominal effective exchange rate stood at 94.83 as of last Tuesday, compared with the previous month's 91.99. It marked the highest level since Oct. 9, 2024, when the NEER was 94.91. The BIS' NEER measures a currency's value against those of major trading partners without adjusting for inflation, serving as a gauge of int

A cosmetics and beauty expo in South Korea's central city of Cheongju attracted export contracts worth nearly US$100 million during its three-day run, the provincial government said Sunday. The Cosmetics & Beauty Expo, Osong, Korea 2026 was held from Thursday through Saturday in Osong, a district of Cheongju, North Chungcheong Province, about 83 kilometers south of Seoul, attracting more than 17,400 visitors. The event brought together 254 domestic and foreign cosmetics companies, 200 invited bu

The Korean won is saying goodbye to the days when its fortunes were closely tied to the ups and downs of the local stock market. Stock prices and the won's value have typically moved in tandem. Offshore investors hold roughly 40 percent of the main bourse Kospi's total market capitalization. When they sell shares and convert the proceeds into dollars for repatriation, rising dollar demand puts downward pressure on the won. Conversely, when they convert dollars into won to buy Korean shares, dema

South Korea posted the second-largest current account surplus among major economies in the second quarter, surpassing the combined surpluses of Germany and Japan, central bank data showed Sunday. The country's current account surplus reached $116.63 billion in the April-June period, trailing only China's $193.72 billion, according to International Monetary Fund data available on the Bank of Korea's Economic Statistics System. Germany ranked third with a surplus of $52.28 billion, followed by Jap

Hana Financial Group posted a record net profit of 3.62 trillion won ($2.73 billion) in the first nine months of the year, while its share buybacks and cancellations approached 1 trillion won, marking its largest-ever shareholder return. The group said Friday that its consolidated net profit for the third quarter reached 1.22 trillion won, up 2.4 percent from the previous quarter and 7.8 percent from a year earlier. It was the highest quarterly profit since the group merged with Korea Exchange B

BUSAN — South Korea’s first government-led Arctic shipping trial has shown the potential to cut the distance to Europe by about 35 percent and the transit time by roughly 10 days compared with the Suez Canal route, but participants said ice, severe weather and operational challenges remain obstacles to commercial service. The Ministry of Oceans and Fisheries shared the findings Thursday at a briefing in Busan with participants in the voyage, which ended Oct. 11 when the container ship Panstar Ac

The Bank of Korea held its key interest rate at 3 percent Thursday, pausing after two consecutive hikes but keeping the door open to further tightening as stronger-than-expected growth and persistent inflation complicate its policy outlook. The Monetary Policy Board unanimously voted to leave the rate unchanged after raising it by 25 basis points in both July and August. "We believe it is necessary to maintain the current restrictive stance, as growth and inflation have been stronger than expect

The South Korean government and Seoul won a lawsuit Thursday against US private equity firm Lone Star Funds over 168.2 billion won ($127 million) in tax refunds, after the Seoul High Court rejected Lone Star’s claims in a retrial ordered by the Supreme Court. The case involved nine Lone Star-affiliated entities, including Lone Star Funds, seeking the return of taxes imposed on their investments in Korea. The ruling dismissed claims for refunds that lower courts had previously ordered the central

Blockchain could let money move as easily as email, but Korea still has legal groundwork to lay before stablecoins and tokenized securities go mainstream, experts said Wednesday. The experts shared their views at a forum on the future of digital payments, hosted by Herald Media Group at the Ambassador Seoul Pullman hotel in central Seoul as part of its Global Business Forum. Japanese Ambassador to Korea Koichi Mizushima opened the evening by recognizing the warming ties between Seoul and Tokyo.

The Bank of Korea held its key interest rate at 3 percent Thursday, pausing after two consecutive hikes as persistent inflation and financial stability risks complicated the policy outlook. The central bank raised rates by 25 basis points in both July and August before opting to stand pat this month. Inflation remains a key concern. Consumer prices rose 2.9 percent on-year in September, easing from 3.1 percent in August but remaining well above the BOK's 2 percent target. Higher oil prices, driv

South Korea's vice budget minister said Thursday the country's proposed Future Fund, set to launch next year with funding sources including windfall tax revenue from chipmakers, will serve as "fiscal innovation" paving the way for future growth. Vice Budget Minister Cho Yong-beom made the remark during a policy symposium on the Future Fund hosted in Seoul by the state-run Korea Institute of Public Finance, describing the fund as "a platform for strategic investment," according to the Ministry of

The Bank of Korea kept its benchmark interest rate unchanged Thursday following two consecutive rate hikes to tame accelerating inflation amid protracting Middle East tensions and robust exports. In a widely anticipated decision, the BOK's Monetary Policy Board held the key rate steady at 3 percent in its rate-setting meeting. The rate freeze came after the BOK raised the benchmark rate in its July and August meetings, citing "preemptive action" to curb mounting inflationary pressure and ensure

The American Chamber of Commerce in Korea brought together US Ambassador to South Korea Michelle Park Steel and US Forces Korea Commander Gen. Xavier T. Brunson on Wednesday to discuss strengthening the bilateral alliance through defense cooperation and economic security. The luncheon, held at Mondrian Seoul Itaewon to mark the United States' 250th anniversary, drew about 200 representatives from Korean and international businesses. In a discussion moderated by AmCham Chairman and CEO James Kim,

The chief of South Korea's antitrust watchdog on Wednesday acknowledged conglomerates' contributions to the country's economic growth during a parliamentary audit, amid criticism of his earlier claim that chaebol have exploited the country. "I am not denying the role of conglomerates in South Korea's economic growth and development," Ju Biung-ghi, head of the Fair Trade Commission, said during a parliamentary audit at the National Assembly. Ju's remarks came in response to criticism from opposit

Producer prices rose for the second consecutive month in September driven by higher prices of agricultural goods during the Chuseok season, central bank data showed Wednesday. The producer price index, a key gauge of future consumer inflation, increased 0.2 percent last month from a month earlier, following a 0.1 percent on-month gain in August, according to the preliminary data from the Bank of Korea. In July, the index fell for the first time since August 2025. From a year earlier, producer pr