Yoon’s chief economist tapped as finance minister

Choi Sang-mok, the former senior presidential secretary for economic affairs, has been nominated as the new finance minister who doubles as the deputy prime minister, according to the presidential office on Monday. Born in 1963 in Seoul, Choi studied law at Seoul National University and earned a doctorate in economics at Cornell University. He passed the civil service examination in 1985. He is known as an "orthodox economic bureaucrat" who has a strong understanding of economic poli

Dec. 4, 2023

Ex-LH CEO nominated as land minister

Park Sang-woo, the former CEO of the Land and Housing Corporation (LH), has been nominated as the new minister of land, infrastructure and transport, according to the presidential office on Monday. Having joined the ministry in 1983, Park boasts expertise in land and transport policy for decades. He is known to have played a role in shaping housing policies during the Lee Myung-bak and Park Geun-hye administrations. He also served as the head of the state-run housing agency between 2016 and 2019

Dec. 4, 2023

About half of top 500 firms remain undecided on 2024 investment plans: poll

About half of big firms in South Korea remain undecided on their investment plans for next year, according to a survey released Monday, an indication of how many companies are going through economic uncertainties. In the survey conducted by polling agency Mono Research on the leading 500 companies in terms of sales from Nov. 16-24, 49.7 percent responded they remain undecided on next year's investment plans. Also, 5.3 percent of the respondents said they have no investment plans next year.

Dec. 4, 2023

Short selling ban important for Korean market development: FSC

South Korea's recent temporary ban on stock short selling is aimed at reinforcing the Korean market's fairness and the advancement of the market system, a top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young made the remark as he addressed foreign correspondents in Seoul, acknowledging the rising fear among global investors following the country's comprehensive ban of all short selling trades. According to Kim, financial regulators disc

Dec. 1, 2023

S. Korea, US discuss Inflation Reduction Act, chips subsidy rules

South Korea's Trade Minister Ahn Duk-geun met with the US White House Deputy National Security Advisor Mike Pyle on Thursday for talks on lingering uncertainties regarding the Inflation Reduction Act (IRA) and other trade issues of mutual concerns, Seoul's industry ministry said. Ahn asked the US official to pay close attention to South Korean firms' concerns about the potential impact of the IRA, which provides tax credits of up to $7,500 to buyers of electric vehicles (EVs)

Nov. 30, 2023

BOK holds key rate steady, cuts 2024 growth outlook

The Bank of Korea kept the base rate unchanged at 3.5 percent for the seventh straight time on Thursday, unable to either cut or raise the rate as Korea stands the test of the shaky economy. The six members of the monetary policy board unanimously voted for a rate freeze at the last rate-setting meeting held this year, according to BOK Gov. Rhee Chang-yong. The BOK’s Monetary Policy Decision statement showed the board will “maintain a restrictive policy stance for a sufficiently long

Nov. 30, 2023

Industrial output, retail sales, investment all fall in Oct.: data

South Korea's industrial output fell in October on a marked decline in the production of the semiconductor sector, data showed Thursday. Retail sales and facility investment also declined last month, and it was the first time in three months that the three major indicators on industrial activities logged an on-month fall, according to Statistics Korea. Industrial production dropped 1.6 percent on-month in October following two months of gains. It was the sharpest decline since April 2020, w

Nov. 30, 2023

OECD revises up S. Korea's 2024 growth outlook to 2.3 pct

The Organization for Economic Cooperation and Development revised up the outlook for South Korea's economic growth next year to 2.3 percent on a recovery in exports and eased geopolitical tensions, Seoul's finance ministry said Wednesday. The figure marked a 0.2 percentage-point increase from its projection of 2.1 percent made in September, according to the Ministry of Economy and Finance. The latest outlook is rosier than those by the International Monetary Fund and the Bank of Korea,

Nov. 29, 2023

Daily Sports Hankook hopes to help stengthen Korea-Indonesia ties through business forum

The Korea-Indonesia Cooperation Forum is all set to take place on Thursday in Jakarta, marking the 50th anniversary of diplomatic relations between Korea and Indonesia. The forum is a significant step toward strengthening cooperation, boosting collaboration, and exploring business opportunities between the two nations. The Korea Herald had an interview with Cho Sung-hyun, the director of the Corporate Planning and Management Division of The Daily Sports Hankook, one of the media partners for the

Nov. 28, 2023

Tax refund limit to be doubled for tourists

Starting next year, South Korea's immediate tax refund limit at tax refund stores for tourists will be doubled from 2.5 million won ($1,920) to 5 million won, the Finance Ministry announced Monday, in a move to invigorate the tourism industry. Currently, tourists can buy items at tax-free prices in designated tax refund stores across the nation, with a maximum purchase limit of 500,000 won per individual transaction. The total cumulative payments can reach up to 2.5 million won. Starting Ja

Nov. 27, 2023

S. Korea to double ceiling of immediate tax refund for foreign tourists

South Korea will double the maximum limit of purchases eligible for an immediate tax refund by foreign tourists to 5 million won ($3,831) next year to attract overseas visitors and bolster the tourism industry, the finance ministry said Monday. Currently, the country provides on-the-spot tax refunds for an individual purchase of up to 500,000 won at designated stores, with a maximum cap being set at 2.5 million won on total payments. "Starting Jan. 1, 2024, the maximum per-payment amount fo

Nov. 27, 2023

BOK likely to keep policy rate unchanged on slowdown, hope for Fed's rate freeze, easing inflation

The weak economic momentum, along with the hope for the Federal Reserve's rate freeze next month and moderating inflation, may prod South Korea's central bank to keep its policy rate unchanged again this week. But the Bank of Korea is likely to say that it will keep its restrictive monetary policy stance amid still high inflation and soaring household debts. On Thursday, the BOK is widely predicted to leave the rate, which currently stands at 3.5 percent, unchanged, which would be the seventh st

Nov. 27, 2023

Over 40% of Koreans anticipate financial challenges in retirement

Four out of 10 South Koreans feel financially unprepared for post-retirement life, according to a survey released on Sunday. Only 21 percent expressed a sense of well-rounded preparedness in advance. The KB Financial Group's Management Research Institute conducted a survey on retirement preparation and housing preferences among 3,000 men and women aged between 20 to 79 nationwide, who are financial decision-makers in their households. The survey took place in January this year. The survey r

Nov. 26, 2023

Manufacturing sentiment grows for first time in 4 months in December

South Korea's manufacturing confidence rose for the first time in four months in December, thanks to solid signs of recovery in global demand for semiconductors, a poll showed Sunday. The professional survey index for the manufacturing sector's business conditions came to 100 for next month, up from 97 for this month, according to the Korea Institute for Industrial Economics & Trade. A PSI reading above 100 means optimists outnumber pessimists. The survey was conducted earlier this

Nov. 26, 2023

Choo calls for WGBI listing in London

Finance Minister Choo Kyung-ho met with the CEO of London Stock Exchange Group, calling for foreign investors’ interest in Korea’s foreign exchange and state bond markets. Choo attended the market opening ceremony at the London Stock Exchange on Thursday, marking the first time for a Korean governmental official to participate in the event, according to the Finance Ministry. Korean finance figures attended the event with Choo. Choo has been in London since Monday as a part of Presi

Nov. 24, 2023

15 human rights groups urge BIE to reject Saudi Expo bid in final week

A coalition of 15 human rights groups has issued a plea to the 2030 World Expo organizer Bureau International des Expositions, imploring the members to reject Saudi Arabia’s bid on Wednesday, just six days ahead of the final decision. The group, represented by Democracy for the Arab World Now, called on the members to reject the bid from Saudi Arabia, citing the kingdom’s troubling human rights record. The appeal lays out a detailed dossier of human rights abuses in Saudi Arabia, arg

Nov. 23, 2023

Korea to test central bank digital currency with public vouchers

From the fourth quarter of next year, individuals can test out the central bank digital currency with public vouchers, under a real-world test plan introduced by local authorities on Thursday. The Bank of Korea, Financial Services Commission and Financial Supervisory Service jointly announced the details on the pilot project, following a previous notice in October. Thursday’s announcement was made on the sidelines of a visit by Agustin Carstens, general manager of the Bank for Internationa

Nov. 23, 2023

Shinhan Bank to invest W1.6tr into UK projects

Shinhan Bank said Wednesday that it has signed an agreement worth 1 billion pounds ($1.25 billion) with the United Kingdom Department for Business and Trade to invest in the country's infrastructure and environmental sectors. On Tuesday, the memorandum of understanding signing ceremony took place with the attendance of British Business and Trade Secretary Kemi Badenoch and Shinhan Bank CEO Jung Sang-hyuk, at the mayor's residence in London. Under the deal, the Seoul-based bank will inv

Nov. 23, 2023

KB highlights anti-fragility as 2024 investment strategy

KB Financial Group held a conference Thursday, diagnosing the current market situation and sharing with its individual and corporate clients the group’s future investment philosophies to tackle uncertainties surrounding the global market. Titled “KB Investor Insights 2024,” the event was held at the KB Kookmin Bank's headquarters in Seoul, under the theme “anti-fragility," which refers to an ability to respond to and gain from uncertainties, and disorder. The te

Nov. 23, 2023

Korea inks 37 deals with UK, vows closer ties

Marking the 140th anniversary of diplomatic relations between Korea and the United Kingdom, the two countries' business leaders held a forum in London to seek cooperation in diverse sectors, from energy and defense to supply chains. The event, held Wednesday on the sidelines of President Yoon Suk Yeol’s state visit to the UK, was co-hosted by the Federation of Korean Industries and the UK's Department for Business and Trade. Yoon delivered a congratulatory speech at the forum, st

Nov. 22, 2023