Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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First snow to fall in Seoul on Wednesday
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Man convicted after binge eating to avoid military service
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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S. Korea not to attend Sado mine memorial: foreign ministry
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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Job creation lowest on record among under-30s
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Asian stock markets jump on Fed's low rates pledge
BANGKOK (AP) -- Asian stock markets jumped Wednesday following a surge on Wall Street triggered by a Federal Reserve pledge to keep interest rates super low for the next two years to help the ailing U.S. economy.Oil prices rose to near $82 a barrel, while the dollar slid against the yen and the euro
Aug. 10, 2011
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U.S. stocks rally after Fed vows to keep rate near zero for 2 years
WASHINGTON (AP) -- The Federal Reserve sketched a dim outlook for the U.S. economy Tuesday, suggesting it will remain weak for two more years. As a result, the Fed said it expects to keep its key interest rate near zero through mid-2013. Federal Reserve Chairman Ben Bernanke (AP-Yonhap News)It's the
Aug. 10, 2011
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Bargain hunting push up US stocks
NEW YORK (AP) -- Bargain hunters helped push the Dow back above 11,000 Tuesday.The Dow Jones industrial average rose 218 points, or 2 percent, to 11,028 in early afternoon trading. On Monday, the Dow had its worst day since 2008, plunging 634.76 points as fear coursed through global markets.``Stocks
Aug. 9, 2011
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US stock futures rise after big fall
NEW YORK (AP) -- U.S. stock futures rose Tuesday, but only after swinging wildly in overnight trading following the worst day for stocks since 2008.The Federal Reserve plans to meet Tuesday on interest-rate policy. The central bank already has kept its key interest rate at a record low of nearly zer
Aug. 9, 2011
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Asia to keep buying US debt despite downgrade
BEIJING (AP) -- China and other governments have little choice but to keep buying U.S. Treasury debt to store swelling foreign reserves even after Washington's credit rating was cut by Standard & Poor's.Some governments such as Germany and Australia have stronger credit ratings than the United State
Aug. 9, 2011
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Seoul decides to ban short selling
The Financial Services Commission said Tuesday that it has decided to bar investors from short selling on the local stock market over the next three months.Amid the instability of the Korea Exchange in the wake of the European debt crisis, the regulator reinstated the ban for the first time in more
Aug. 9, 2011
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Officials strive to placate investors
Authorities say ready to supply liquidity if necessaryFinancial authorities have been striving to restore investor sentiment, downplaying concerns over fiscal woes in Europe and the United States.The Financial Services Commission and its executive body, the Financial Supervisory Service, held
Aug. 9, 2011
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Korea rattles from biggest 2-day drop since 2008
Market crashes while officials try to soothe investorsSeoul stocks continued to drop, hitting a 13-month low Tuesday as institutional investors shunned local shares on fears that Asia’s fourth-largest economy could be hit hard by the historic debt crises in the U.S. and Europe.The KOSPI dipped as lo
Aug. 9, 2011
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Market sees similarities, differences from 2008
As Seoul shares plummeted to a 13-month low and concerns about an economic crisis rose, some analysts said the market turmoil looked similar to the financial crisis of 2008.They said the start of the tumbling of shares was comparable to the global equity sell-off that occurred in 2008, which was spa
Aug. 9, 2011
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U.S. crisis may have little impact here: BOK
The historic downgrade of the U.S. credit rating late Friday and subsequent mass sell-off in equity markets around the world have threatened to hamper Korea’s economic growth, leaving few options for the central bank in its scheduled policy-setting meeting this week.Standard & Poor’s downgraded the
Aug. 9, 2011
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Bonds lure investors seeking safer assets
As the twin crises in the U.S. and Europe send global equity markets plunging, investors are seeking safer destinations, particularly bonds, in South Korea.The Bank of Korea said in a report on Tuesday that the yield on three-year Treasury bonds saw a drop of 30 basis points between Aug. 2-8 as inve
Aug. 9, 2011
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Korea’s producer price growth hits 3-month record in July
South Korea’s producer prices grew at the fastest clip in three months in July due mainly to a hike in raw material prices and heavy rains, the central bank said Tuesday.The producer price index, a barometer of future consumer inflation, rose 6.5 percent in July from a year earlier, compared with a
Aug. 9, 2011
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Stocks recoup losses on Bernanke hopes
US stocks open higher after Monday's routLONDON (AP) -- Speculation that the U.S. Federal Reserve may announce another round of monetary easing helped stock markets rebound Tuesday after many entered official bear market territory.Specialist Stephen D'Agostino works at his post on the floor of the N
Aug. 9, 2011
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US markets fall sharply after S&P downgrade
S&P downgrades Fannie, Freddie, other agencies linked to long-term U.S. debtNEW YORK (AP) — The U.S. stock market joined a sell-off around the world Monday in the first trading since Standard & Poor's downgraded American debt and gave investors another reason to be anxious.Traders work on the
Aug. 8, 2011
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S&P downgrades Fannie and Freddie, US-backed debt
WASHINGTON (AP) — Standard & Poor's Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit
Aug. 8, 2011
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U.S. rating downgrade clouds Korean economy
Stocks plunge; stronger won against U.S. dollar feared to hurt exportersFears of potential fallout from the U.S. credit downgrade quickly materialized in a Korean stock freefall on Monday. The drop reflected the panicky sentiment among local investors amid growing concerns about the overall Korean e
Aug. 8, 2011
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Banks’ foreign currency liquidity sound: regulator
South Korean banks have no problems with their foreign currency liquidity conditions, the top financial regulator said Monday, downplaying the significance of a regulatory probe into them.The Financial Services Commission and its executive body, the Financial Supervisory Service, have created a task
Aug. 8, 2011
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Household transport costs up 11% in Q1
South Korean households spent 11 percent more on transportation on-year in the first quarter due mainly to higher fuel and energy prices, central bank data showed Monday.Households’ transportation expenditures on a nominal basis reached 18.2 trillion won ($17 billion) in the January-March period, co
Aug. 8, 2011
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Asian stock markets sink after US credit downgrade
BANGKOK (AP) -- Asian stocks nose-dived Monday as the first-ever downgrade of the U.S. government's credit rating jolted the global financial system, reinforcing fears that the world economy is weakening.Oil prices extended recent sharp losses, trading below $84 a barrel on expectations that weaker
Aug. 8, 2011
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Seoul shares tumble on U.S. debt rate cut
Seoul shares tumbled to its lowest in almost two years on its first trading day since the historic cut of the U.S. credit rating Saturday, underperforming regional peers in Asia at the increased sovereign risk of the world’s most powerful economy. (Yonhap News)The benchmark KOSPI lost 3.82 per
Aug. 8, 2011
