Finance

Bank of Korea governor Shin Hyun-song says rate hikes needed before it is too late

Bank of Korea Governor Shin Hyun-song said there is a need to raise the policy interest rate before it is too late, stressing a focus on price stability. He said growth has strengthened on the back of solid semiconductor exports driven by the global spread of AI, but inflation burdens are rising. He also cited risks from the housing market, household debt and leveraged investing.

Finance

KOSPI slumps again in one day, retreats to 7,700 as selling sidecar triggers

South Korea\'s KOSPI on Tuesday slid back to the 7,700 level a day after a sharp rebound, as foreign investors and institutions sold in tandem and heavyweight chipmakers weakened. The index ended down 366.11 points, or 4.52 percent, at 7,730.82, and a selling sidecar was triggered, briefly halting program sell orders. The won slipped to 1,525.30 per dollar, adding to concerns about foreign flows.