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The Bank of Korea is set to hold its next rate-setting meeting Thursday, with markets split over whether the central bank will deliver another rate hike or pause, a decision that could offer clues on the pace and extent of its current tightening cycle. The BOK raised its benchmark rate by 0.25 percentage point to 2.75 percent in July, marking its first rate hike in over three years since January 2023. Markets are now watching whether the central bank will deliver a back-to-back rate hike. Follow
Korea's stock market may be starting to shed its long-standing discount, but the Kospi's sharp rally has yet to translate into a market rerating, according to a senior Nomura economist. "We believe Korea is beginning to move beyond the traditional 'Korea discount,' but it is too early to call it a sustained premium," Park Jeong-woo, Nomura's senior economist for Korea and Taiwan, said in a recent interview with The Korea Herald. Despite the Kospi's strong gains, Park said valuations suggest inve
Foreign tourists are becoming an increasingly important source of growth for Korea’s convenience stores, with spending surging fastest in Seoul’s trendsetting Seongsu district. Foreign-card sales at CU stores in Seongsu jumped 115.1 percent on-year in the first half, according to data provided to The Korea Herald by BGF Retail, operator of Korea’s largest convenience store chain by outlet count. That far outpaced growth of 35.3 percent in Myeong-dong and 32.5 percent in Hongdae, Seoul’s other ma
Foreign investors pulled sharply out of South Korean equities in July, with UK investors leading a massive stock sell-off even as US investors remained net buyers, data showed Friday. According to data released by the Financial Supervisory Service, foreign investors net sold 31.7 trillion ($22.9 billion) won worth of listed stocks in July, extending their net-selling streak to seven months. Foreign selling was concentrated on the country's main bourse Kospi, with investors net selling 30.8 trill
South Koreans lean on bars for socializing more than drinkers elsewhere, according to two new reports commissioned by AB InBev, parent company of Oriental Brewery, as global alcohol volumes hold more than 30 percent above early-2000s levels amid declining per-capita consumption. An Oxford Economics study of 5,311 legal-drinking-age adults across five countries — Korea, Brazil, Mexico, the UK and the US — found that 93 percent of Koreans say bars are their go-to or occasional place for socializin
Woori Bank has become the first Korean bank to complete a government bond transaction with an overseas financial institution through an international securities settlement network, marking the first such transaction by a domestic bank since authorities opened the channel earlier this year. The bank said Thursday it sold and settled Korean Treasury bonds through an International Central Securities Depository while also conducting related foreign exchange and hedging transactions. ICSDs, including
The won broke into the 1,300-per-dollar range Wednesday for the first time in more than 10 months, defying a steep Kospi selloff as weak US data pressured the dollar and Korean exporters sold more of their dollar holdings. The won opened at 1,413.3 won per dollar in Seoul's onshore trading, and continued to strengthen throughout the morning session. It eventually weakened to below the 1,400 won mark just before noon, marking the first time it has traded at the 1,300 won level since Oct. 2. After
South Korea still has a long way to go to eliminate the Korea discount, with the National Pension Service positioned to drive the next phase of corporate governance reform, governance specialist Park Yoo-kyung said. Park spent 17 years overseeing responsible investment and corporate governance in the Asia-Pacific region at APG, the asset manager for Dutch pension fund ABP. She currently serves as a board member and audit committee chair at the Tara Climate Foundation. She has also been nominated
South Korea’s Industry Ministry on Tuesday denied that semiconductors are being considered as the first project under Seoul’s US investment commitments, as Industry Minister Kim Jung-kwan holds last-minute talks in Washington over the package and related tariff issues. “It is not true that semiconductors are being discussed as a candidate for the first strategic investment project in the US,” the ministry said in a statement. The denial followed a local newspaper report that Seoul had initially
The Export-Import Bank of Korea said Tuesday it has donated 100 million won ($70,825) to the Korean Red Cross to support relief efforts following a powerful earthquake in Colombia. The funds will provide emergency supplies and other assistance to affected communities. More than 50,000 people were affected by the magnitude 7.4 earthquake and subsequent aftershocks, according to the bank. “We hope the donation provides some comfort and practical support to those who lost their homes and livelihood
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