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Global investment banks revised up their forecasts for South Korea's economic growth this year and next, as a semiconductor export boom strengthens the outlook. Eight major global investment banks projected average growth of 3.5 percent for this year at the end of September, up from 3.3 percent a month earlier, according to figures released Wednesday by the Korea Center for International Finance. JPMorgan raised its estimate to 4 percent from 3.8 percent, the highest among the eight banks. UBS l
South Korea raised its tax revenue forecast to a record 478.6 trillion won ($353.5 billion) this year, as an artificial intelligence boom fuels chipmakers' profits and a stock market rally lifts trading-related collections. The government expects to collect 63.2 trillion won more than projected in its supplementary budget, the Ministry of Finance and Economy said Wednesday, citing that the semiconductor boom and stock market rally had been difficult to anticipate during budget planning. The revi
A network of Seoul National University alumni working in finance allegedly used confidential deal information to make more than 20 billion won ($14.7 million) in illicit trading profits, financial authorities said Tuesday. The suspects, graduates of South Korea’s most prestigious university, allegedly shared information through connections formed at an SNU investment club and a global consulting firm. Investigators say the network extended to relatives and friends, with around 10 people trading
The Korean won's brief advance into the 1,330s has quickly unwound, with the currency weakening past 1,388 per dollar Monday, losing nearly 50 won to the dollar in less than two weeks as renewed US tightening concerns and foreign stock selling have brought the 1,400 level back into view. Analysts see room for the won to weaken back above 1,400, but say such a move would not by itself signal renewed instability, with Korea's current account surplus and exporter dollar selling providing a buffer a
An agreement expected this week concerning South Korea’s $200 billion US investment commitment remains uncertain, as Seoul and Washington seek to resolve differences over nuclear projects, funding schedules and how to share investment risks. Signs of strain emerged when the Industry Ministry postponed a briefing to lawmakers on the first project under the plan, fueling speculation that negotiations had stalled. Foreign Minister Cho Hyun played down concerns about a rift before departing for Wash
The South Korean won has limited room to strengthen further in the near term, as exporter dollar-selling flows have weakened and demand for overseas stocks remains strong, according to State Street Markets. "The Korean won has already strengthened to its capable extent," Choi Ji-uk, senior macrostrategist for the Asia-Pacific region at State Street Markets, said at a media roundtable held at the custodian bank's Seoul office on Thursday. The won, which had dipped to its weakest point since the g
South Korea has allowed foreign financial institutions to settle won payments directly overseas, marking a step toward making the currency more widely used on a global scale, the Finance Ministry said Wednesday. Under the new framework, existing registered foreign institutions will be able to obtain an additional license as Registered Foreign Institutions for KRW Business, or RFI-Ks for short. With the license, foreign financial institutions will be able to open omnibus accounts with domestic ba
The Export-Import Bank of Korea said Wednesday it discussed expanding economic cooperation with Uzbek President Shavkat Mirziyoyev during his visit to Seoul for the inaugural Korea-Central Asia Summit. Korea Eximbank Chairman and CEO Hwang Ki-yeon met Mirziyoyev on Tuesday following the Korea-Uzbekistan Business Round Table, held on the sidelines of the summit. Hwang described the gathering as an opportunity to deepen bilateral economic ties. Uzbekistan is pursuing major development projects in
South Korea's stock market rally has stalled as chip stocks lose ground, wiping more than 200 trillion won ($147.3 billion) off its combined market capitalization over the past month. The combined market cap of the benchmark Kospi and the tech-heavy Kosdaq stood at 5,962 trillion won as of noon Tuesday, according to Korea Exchange data. The Kospi market was valued at 5,498 trillion won, while the Kosdaq’s market capitalization came to 459 trillion won. The combined figure represents a decline of
South Korea’s plan to establish a major semiconductor production base in the southwest is taking shape, with government officials and industry experts saying its success will depend on whether power, water, permits, talent and supplier networks can be put in place in time to support future corporate investment. Those issues were at the center of the Jeonnam-Gwangju Integrated Special Metropolitan City Semiconductor and AI Transformation Global Forum, held at the Gwangju Chamber of Commerce and I
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