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Weak won and falling foreign reserve; Continued provocation from North Korea; Kim Sejeong’s Asia tour; Busan Int’l Film Festival; and more

K-News: What’s happening now in South Korea

Weak won and falling foreign reserve; Continued provocation from North; Kim Sejeong’s Asia tour; Busan Int’l Film Festival; and more


Thursday, October 6, 2022


Here are some of the trending topics and major news in South Korea.


Financial regulator ready for ‘preemptive’ action against market volatility

South Korea’s Financial Services Commission (FSC) has been keeping a close eye on the market situation, staying ready for “preemptive” measures in case of extreme volatility, the commission’s chief said on Thursday.

FSC Chairman Kim Joo-hyeon also promised continued efforts for a soft landing of the household debt so that it would not strain the overall national economy, facing woes from the global monetary tightening and looming global recession.


S. Korea’s foreign reserves fall most since financial crisis amid ‘king dollar’

The country’s foreign reserves shrank at the fastest pace in about 14 years in September since the 2008 global financial crisis. It dropped by $19.7 billion to $416.8 billion, according to the Bank of Korea (BOK).

The central bank cited “steps to ease volatility in foreign exchange markets” for reasons among others for the decline. Won was the worst-performing currency against the U.S. dollar in Asia in the third quarter.


Seoul shares rise for on IT, tech gains... KOSPI +1.02%, KOSDAQ +3.02%

South Korean stocks rose on the third trading day of October on Thursday, as investors picked up main tech shares including Samsung Electronics and SK Hynix on hopes for a recovery in the semiconductor industry cycle.

KOSPI, the main benchmark index, added 22.64 points, or 1.02 percent, to end at 2,237.86, rising for three trading days in a row. Tech-heavy KOSDAQ rose even more steeply to recover the 700-point level. It ended at 706.01, up 20.67 points or 3.02% from the previous day’s close.


N. Korea fires 2 short-range ballistic missiles into East Sea, again

North Korea continued to escalate tension on the Korean Peninsula by firing two more missiles early Thursday morning, this time short-range ballistic missiles (SRBMs) toward the East Sea. South Korea’s Joint Chiefs of Staff (JCS) said it detected the launches from the Samsok area in Pyongyang, the North’s capital, between 6:01 a.m. and 6:23 a.m.


I.O.I’s Kim Sejeong to go on Asia tour to meet fans


Kim Sejeong (Source: JELLYFISH Entertainment)


Kim Sejeong of I.O.I will have her first Asian fan meetings next month, which would include visits to Indonesia, Thailand and Japan, according to her agency JELLYFISH Entertainment. Titled “2022 Sejeong’s Sesang Diary,” the event will start in Jakarta, Indonesia, on Nov. 4 and proceed to Bangkok, Thailand, on Nov. 6. An additional date has also been set for Japan on Nov. 11, according to local news reports.

It is her first Asian tour since her debut in 2016. Kim began her career at the K-pop survival show “Produce 101” and as a member of the project band I.O.I and the girl group Gugudan.


Busan Int’l Film Festival comes back in full scale after two years of pandemic

The 27th Busan International Film Festival (BIFF) began its 10-day run in the afternoon of Wednesday, Oct. 6, with the fully packed opening ceremony after two years of scaled-down events due to Covid-19 pandemic.

Some 350 films from around the world will be shown on 30 screens at seven theaters this year until the closing ceremony on Friday, Oct. 14. The BIFF is one of the biggest film festivals in Asia, and the world, and hosted by southeastern port city of Busan, which is also the second largest city following Seoul. More info could be found at its official homepage at https://www.biff.kr/eng/.


See you next time!


K-News


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