South Korea's consumer prices growth slowed for the fourth consecutive month in May from a year ago, data showed Friday, in yet another signal that the country's inflation has passed its peak. Consumer prices, a key gauge of inflation, rose 3.3 percent last month from a year earlier, compared with a 3.7 percent on-year rise in April, according to the report from Statistics Korea. The growth fell below 4 percent for the first time in 14 months in April. The prices of utility services shot up 23.2

South Korean stocks fell for a second straight session Thursday, as a consecutive fall in exports weighed down major tech and auto stocks, while the passage of a US debt ceiling deal by the House gave relief to investors. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index slipped 7.95 points, or 0.31 percent, to 2,569.17. Trading volume was moderate at 664.2 million shares worth 9.04 trillion won ($6.83 billion), with decliners slightly outnumbering ga

Hana Financial Group and Mirae Asset Securities said Thursday that they have signed a joint deal for business cooperation in Web3 and security tokens in efforts to lead the way into the future of digital finance. “Through our solid partnership, we will actively take up opportunities for change and lead the way for innovation in digital finance by providing new values and experiences,” Hana Financial Group Chairman Ham Young-joo said. Web3 is a new version of the internet incorporatin

South Korean stocks opened marginally lower Thursday before soon turning to positive terrain, as investors kept a close eye on the planned vote by US Congress on lifting the federal debt ceiling. After starting lower at the opening bell, the benchmark Korea Composite Stock Price Index added 1.56 points, or 0.06 percent, to 2,578.68 in the first 15 minutes of trading. US stocks closed lower Wednesday as the House of Representatives was set to vote on a bill to raise the $31.4 trillion debt limit

South Korea's exports fell for an eighth consecutive month in May due mainly to weak demand for semiconductors amid an economic slowdown, the industry ministry said Thursday. Outbound shipments fell 15.2 percent on-year to $52.24 billion last month, according to the data compiled by the Ministry of Trade, Industry, and Energy. The decline came as exports of semiconductors, the country's key export item, sank 36.2 percent on falling demand and a drop in chip prices. Imports fell 14 percent on-yea

Kia Corp., South Korea's second-biggest carmaker, said Wednesday it will suspend the operation of one of its eight domestic plants during the second half of this year in preparation for electric vehicle production. Kia, a smaller affiliate of Hyundai Motor Co., will begin the construction Thursday to change the No. 1 Gwangmyeong plant, just south of Seoul, into an EV plant by the end of December, the company said in a regulatory filing. It may take time for the plant to begin EV productio

South Korean stocks ended lower Wednesday as investors attempted to cash in recent gains while weighing the odds of a debt ceiling deal passing US Congress. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 8.4 points, or 0.32 percent, to close at 2,577.12, ending its two-day winning streak, which had been fueled by an AI chip boom. Trading volume was moderate at 670.12 million shares worth 14.61 trillion won ($11.01 billion), with losers outpaci

Shares of big tech firms remain strong with buying rush from foreign investors

SEJONG -- South Korea's tax revenue fell 33.9 trillion won ($25.7 billion) in the first four months of the year compared with a year earlier, data showed Wednesday, as an economic slump weighed down on business activities. Tax revenue amounted to 134 trillion won during the January-April period, down from 167.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. Last month, the government collected 46.9 trillion won in taxes, down 9.9 trillion won from the

South Korea's exports of agriculture tractors hit a record high in 2022 by advancing 23 percent on-year, data showed Wednesday, amid growing demand for small-sized models. The value of tractors shipped overseas came to $1.24 billion in 2022, rising from $1 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The amount also marked a sharp rise from $657 million posted in 2020, the data showed. The customs office said the increase was driven by rising

Foreign ownership of South Korean land rose 1.8 percent in 2022 from a year earlier, the land ministry said Wednesday. Foreigners owned 264.01 square kilometers -- slightly more than four times the size of Manhattan -- at the end of December. It represents 0.26 percent of South Korea's total land area, the Ministry of Land, Infrastructure and Transport said in a statement. The value of land held by foreigners also increased 2.6 percent to 32.88 trillion won ($24.8 billion) over the cited pe

South Korean stocks opened higher Wednesday, as investors see the likelihood of a debt ceiling deal passing US Congress. The benchmark Korea Composite Stock Price Index added 9.35 points, or 0.36 percent, to 2,594.87 in the first 15 minutes of trading. Overnight, Wall Street closed mixed as the debt ceiling deal reached between US President Joe Biden and House Speaker Kevin McCarthy went to Congress. The deal now needs to receive enough bipartisan support before the June 5 deadline to avert a po