BOK's two-day conference opens with warnings over stablecoins and digital money shift SEOUL, June 01 (AJP) - The spread of stablecoins could reinforce the dominance of the U.S. dollar and weaken monetary sovereignty in other economies, European Central Bank executive board member Isabel Schnabel warned on Monday at the Bank of Korea's annual conference in Seoul on Monday. At the two-day conference held under the theme "Central Banks and the Future of Money" at the central bank's annex hall, Schnabel said in her keynote speech that the rapid spread o June 1, 2026

Fire and toxic gas leak at SK hynix plant force 3,600 workers to evacuate SEOUL, June 01 (AJP) - A fire and subsequent toxic gas leak at an SK Hynix factory in Cheongju, South Korea, prompted the evacuation of 3,600 employees on Monday morning. Seven workers were transported to an affiliated hospital after exposure to the chemicals, though the company reported no disruption to overall production, firefighters said. The incident began at 10:32 a.m. (0132 GMT) in a sixth-floor gas room connecting the M15 and M15X facilities at the company's Cheongju 4 June 1, 2026

Record visitor arrivals drive biggest-ever April spending in Seoul SEOUL, June 01 (AJP) - Foreign visitors flocked to Seoul in record numbers in April and spent more than ever before, signaling that the city's tourism recovery is evolving into a broader consumer spending boom. The number of overseas visitors to the capital reached 1.56 million in April, up 18.8 percent from a year earlier and the highest figure ever recorded for the month, according to data released by the Seoul Metropolitan Government on Sunday. Foreign visi June 1, 2026

KOSPI hits fresh high as Nvidia chief's expected Seoul visit raises AI partnership hopes SEOUL, June 1 (AJP) - South Korea's benchmark KOSPI crossed the 8,500 mark for the first time in its history in early Monday trade, rising 2.2 percent to 8,662.4 points, extending last Friday's record close of 8,476.2. The gains came ahead of Nvidia chief executive Jensen Huang's expected visit to Seoul this week for meetings with LG and Naver, fueling expectations of potential artificial intelligence (AI) and robotics-related partnerships between the world's dominan June 1, 2026

South Korea targets Honduras, Latvia and Kenya to diversify food exports SEOUL, June 01 (AJP) - The Korea International Trade Association has identified Honduras, Latvia and Kenya as strategic target markets to reduce South Korea's heavy reliance on the United States, China and Japan for food exports. The strategy aims to leverage the global popularity of South Korean culture to open new trade channels and sustain long-term growth. South Korean food exports have grown at an annual rate of 5.8 percent since 2015, surpassing 9 billion dollars in 2024 June 1, 2026

Stock leverage, not typical housing as BOK's policy headache SEOUL, May 29 (AJP) — More than 60 trillion won ($39.9 billion) of leverage tied to South Korea’s stock market frenzy is emerging as a risk factor for both equities and the foreign-exchange market after the central bank all but signaled at least one rate hike in the second half. “While demand curves typically slope downward, heavy debt-fueled investment could reverse that pattern, as forced liquidations are triggered and funds are withdrawn when prices decline,&r May 29, 2026

South Korean households spend more as income gap widens in Q1 SEOUL, May 29 (AJP) - South Korean households spent more in the first quarter, but their savings declined as spending grew faster than earnings for the first time in nearly two years, the Ministry of Data and Statistics said on Friday. According to the ministry, average monthly household income rose 2.4 percent from a year earlier to 5.48 million won (US$4,000) in the first quarter of 2026. Among them, average income for salaried workers stood at 3.42 million won. Average monthly May 29, 2026

KOSPI surges to record 8,476 on Iran-Hormuz deal reports SEOUL, May 29 (AJP) - The KOSPI surged 3.55 percent to close at a record 8,476.15, its sharpest advance this week, as reports of a United States-Iran deal in principle to reopen the Strait of Hormuz unleashed a broad rally that lifted autos and batteries alongside semiconductors — a breadth the AI-driven run had conspicuously failed to deliver in prior sessions. The catalyst was unambiguous. A senior American official confirmed during the session that Washington and Tehran h May 29, 2026

Korea's tax revenue brims from strong stock and corporate earnings SEOUL, May 29 (AJP) - South Korea’s national tax revenue expanded sharply during the first four months of this year on track for excess revenue of 25.2 trillion won ($17 billion) this year on blistering stock market rally and corporate earnings, the government said Friday. According to the Ministry of Economy and Finance on Friday, cumulative national tax revenue from January to April reached 164.1 trillion won ($109.7 billion), adding 21.9 trillion won from the same period May 29, 2026

NPS delivers 4.4% return Q1 to outperform others on 22% return from Korean equities SEOUL, May 29 (AJP) — South Korea's National Pension Service (NPS) posted a solid 4.42 percent return in the first quarter thanks to stellar performance of local shares despite the outbreak of the U.S.-Iran war. NPS, one of the world's largest institutional investors with assets under management swelling to 1,526 trillion won ($1.14 trillion), said Friday its assets increased by 68 trillion won from the end of last year, with domestic stocks returning 21.67 percent May 29, 2026