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Regulator to set up fund under KDB to help companies respond in Trump 2.0 era With US President Donald Trump expected to be a powerful ally to the virtual assets industry, South Korea’s move to institutionalize cryptocurrency could accelerate, the chief of the country’s top financial regulator indicated Wednesday. "Though Trump did not mention virtual assets in his inaugural address, the US is likely to be more proactive (about virtual assets), considering his past pledges,” Financial Services C
South Korea’s acting President Choi Sang-mok vowed to ensure the economy remains resilient Tuesday, with a delegation sent to Washington amid concerns over risks stemming from a flurry of executive actions that US President Donald Trump signed immediately after his return to the White House. “We will strengthen the stability of our economy by maximizing opportunities from the launch of the new US government and minimizing risk factors,” Choi said during a meeting with government officials on ext
South Korea on Monday announced its largest-ever financial support package: a 360 trillion won ($248.25 billion) plan to bolster exporters, with 50 trillion won dedicated to advanced strategic industries such as semiconductors and batteries, according to the Finance Ministry. The package was unveiled during a meeting of the government’s export finance consultative body, Fin-eX, which convened to discuss responses to heightened global uncertainties, including those related to the new US administr
Central bank holds key rate at 3 percent to defend local currency South Korea’s growth rate in the fourth quarter of last year could have plunged below 0.2 percent, following the political turmoil caused by the currently detained President Yoon Suk Yeol’s declaration of martial law, according to the chief of the central bank. “The fourth quarter of last year took a blow from the martial law situation,” Bank of Korea Gov. Rhee Chang-yong said following a meeting Thursday where the country's key r
South Korea's central bank held its base rate steady at 3 percent Thursday, keeping its guard up against the further weakening of the local currency. Following two consecutive 0.25 percentage point rate cuts in November and October, the Bank of Korea's monetary policy board maintained the policy rate at 3 percent. It was the first monetary policy meeting held amid the political turmoil sparked by President Yoon Suk Yeol's declaration of martial law on Dec. 3 last year. The monetary policy board
Financial authorities keep eye on currency depreciation as it could trigger inflation Korean stocks ended down on Wednesday, with the benchmark Kospi and secondary Kosdaq giving back early gains following the detention of impeached President Yoon Suk Yeol in the morning. The Kospi closed at 2,496.81 points, down 0.02 percent from the previous close, while the Kosdaq declined by 0.90 percent to finish at 711.61 points. The main bourse failed to maintain the 2,500 level it touched in the morning t
Outlook mixed as Korea‘s pension giant weighs on foreign exchange hedging As South Korea’s currency market grapples with heavy fluctuations, attention is turning to whether the nation's sovereign wealth fund, the National Pension Service, can help stabilize the won by bolstering its foreign exchange hedging strategies. The Korean won had a rough year-end as the country struggled with ongoing political turmoil, involving impeachments and protests. The won’s value plunged to 1,486.7 per dollar dur
Korea Exchange reassures Corporate Value-up push is on track Under the South Korean government’s push to boost corporate value, listed companies bought back shares worth 18.8 trillion won ($12.9 billion) last year, marking an over 10 trillion won on-year surge, according to the country’s bourse operator, Korea Exchange, Thursday. In February, the country launched the Corporate Value-up Program, aiming to boost the capacities of listed companies and tackle the persistent undervaluation of its sto
South Korea’s ruling party and the government agreed Wednesday to take preemptive actions to respond to shifts in US trade policy as it concerns the Korean economy, ahead of the inauguration of US President Donald Trump later this month. Concerns are growing that the new Trump administration's America First policy, with its universal tariffs, could stimulate inflation. The uncertainty in the global supply chain caused by the trade tension between the US and China lingers on, Rep. Kwon Young-se,
JP Morgan predicts lowest growth of 1.3%, citing prolonged weakness in domestic demand South Korea's economic prospects continue to deteriorate as major global investment banks further downgrade their growth projections for the nation this year. According to the Korea Center for International Finance, eight leading global investment banks, including JP Morgan and Goldman Sachs, cut their average growth outlook for Korea to 1.7 percent in December, down 0.1 percentage point from November’s 1.8 pe
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