S. Korea’s finance chief in talks for China visit

South Korean Finance Minister and Deputy Prime Minister Choi Sang-mok said Monday that he is in talks for bilateral meetings with his Japanese and Chinese counterparts following this week’s trilateral summit of the three countries in Seoul. “Upon the invitation from the Chinese government, we are discussing detailed schedules for a possible visit to China. I expect to discuss diverse issues, including supply chains,” the nation’s top policymaker said at a press conference

May 27, 2024

S. Korea's exports set to maintain growth in May: trade minister

South Korea is expected to maintain growth in exports for May amid robust performances in chips and automobiles, the trade minister said Monday. The remark came after exports expanded 13.8 percent year-on-year to $56.2 billion in April, the seventh consecutive monthly gain, driven by strong demand for semiconductors and vehicles. "Exports have been expanding across most regions, including the United States, China and the ASEAN bloc," Trade Minister Cheong In-kyo said during a governmen

May 27, 2024

[Africa Forum] Korea, Africa could be next key players in supply chain: K-SURE chief

The head of Korea Trade Insurance Corporation, the state-run export credit agency, vowed to support Korea and African nations in becoming key pillars of the future supply chain. “Africa is home to essential mineral resources critical to future high-tech industries such as semiconductors and secondary batteries,” Jang Young-jin, chairperson and president of K-SURE in his keynote speech during the Africa Day Business Forum co-hosted by The Korea Herald and the African Group of Ambassad

May 26, 2024

[Africa Forum] Trade minister calls for elevating economic ties with Africa

The South Korean trade minister stressed the need to diversify economic relations with African nations into high-tech and service sectors by taking the upcoming Korea-Africa Summit as a chance to pave the way for a new era. “Now is the time for Korea to actively engage in trade and investment with Africa,” Trade Minister Cheong In-kyo said Thursday while delivering his celebratory speech at the Africa Day Business Forum co-hosted by The Korea Herald and the African Group of Ambassado

May 26, 2024

BOK holds rate at 3.5%, ups growth outlook

The Bank of Korea held the base policy rate at 3.5 percent for the 11th consecutive time Thursday, while raising the country’s economic growth estimate from the previous 2.1 percent to 2.5 percent. The central bank’s monetary policy board unanimously agreed to keep the key rate at the current level, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting decision. “With the strengthened upward pressure on the inflation outlook from April, it will

May 23, 2024

Ex-US Speaker McCarthy meets with S. Korean business leaders

Former US House Speaker Kevin McCarthy met with South Korean business leaders on Thursday to exchange views on economic and trade issues between the two countries months before the upcoming US presidential election, a local business lobby said. McCarthy had a breakfast meeting in Seoul with some 20 Korean businesspeople, including representatives from Hyundai Motor Co., SK Group, LG Group and Hanwha Group, arranged by the Federation of Korean Industries. During the event, the participants discus

May 23, 2024

[Herald Interview] Korea inspires other donors for development funding: World Bank vice president

Akihiko Nishio, the World Bank’s vice president for development finance, said Korea becoming the host country for the International Development Association's 21st replenishment meeting could uplift the spirit of contribution to the global solidarity fund. The International Development Association, a development finance institution under the multilateral lender World Bank Group, seeks to help the world’s poorest countries improve by providing loans and grants. On Monday, the Wo

May 21, 2024

Hyundai Motor, Indonesia to bolster ties on EVs, hydrogen

Hyundai Motor Group Executive Chair Chung Euisun met with Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto, in Seoul on Monday to discuss ongoing and expanding collaborations in hydrogen energy and electric vehicle production. The meeting also included Kim Il-boom, executive vice president at the Global Policy Office, Hyundai Motor Company CEO Jang Jae-hoon and his foreign affairs advisor Sung Kim, a former US ambassador to South Korea. Hyundai is addressing Indone

May 21, 2024

Govt. to monitor impact of US tariff hikes on some Chinese imports: finance minister

Finance Minister Choi Sang-mok said Tuesday the government will closely monitor the impact of Washington's recent decision to raise tariffs on some Chinese imports. The remark came as the United States announced last week its plans to raise tariffs on around $18 billion worth of imports from China, focusing on strategic sectors, such as solar cells, semiconductors and electric vehicles. "While South Korea has been posting an export growth for seven consecutive months, the uncertainties

May 21, 2024

Korea's increasing US investment mutually beneficial: report

South Korea's investment in the US creates a win-win effect for both countries as Korean companies' entry into the US contributes to the growth of Korea's exports while enhancing employment, economic growth and exports to the US, an industry report said Monday. Pouring a growing volume of investments in the US, Korean companies entering the US are found to contribute to the US economy in terms of employment, economic growth and exports, according to the report titled "Korea

May 20, 2024

[KH Explains] Why Korea's so tough on short selling

Since November, South Korea has intensified its crackdown on illegal short selling by institutional investors, uncovering widespread practices among global banks. In an interim results announcement earlier this month, the Financial Supervisory Service revealed that all nine banks investigated had engaged in illegal short selling totaling approximately 211.12 billion won ($155.8 million) in Korean stocks. With ongoing investigations into the remaining foreign five banks, this figure is expected t

May 19, 2024

Korea Eximbank extends $120m loan to Cambodia for road development

The state-run Export-Import Bank of Korea said Friday it has signed an agreement to provide a $120 million loan to Cambodia to support the enhancement of the Southeast Asian country's provincial road infrastructure. Korea Eximbank President Yoon Hee-sung and ROS Seilava, secretary of state at Cambodia's Ministry of Economy and Finance, inked the contract at a ceremony held at the South Korean presidential office in Yongsan-gu, on the occasion of a summit between Korean President Yoon S

May 17, 2024

KITA, FKI chiefs call for mutual benefit from US investment

Heads of Korean business groups raised their voices for Korean companies making vast investments in the US to be treated as they deserve when facing challenges in dealing with trade and supply chain issues involving the US. Starting Monday, Korea International Trade Association Chairman Yoon Jin-sik visited the US for five days along with the Federation of Korean Industries Chairman Ryu Jin to set forth Korean businesses' opinions to ensure that the Korea-US partnership yields outcomes reci

May 16, 2024

[Photo News] Promoting Korea-Japan economic ties

Japanese Prime Minister Fumio Kishida (fourth from left, front row) greets a Korean business delegation at his office in Tokyo on Monday. The meeting was held ahead of the 56th Korea-Japan Business Conference, hosted by the Korea-Japan Economic Association, where some 210 business leaders from the two countries discussed measures to expand bilateral economic ties and promote mutual exchanges. From left in the front row are Hyosung Group Chairman Cho Hyun-joon, Korean Ambassador to Japan Yoon Deo

May 14, 2024

Import prices up for 4th month in April on higher oil prices

South Korea's import prices rose for a fourth consecutive month in April due to an increase in oil prices and the Korean won's decline against the US dollar, central bank data showed Tuesday. The import price index rose 3.9 percent last month from a month earlier following a 0.5 percent on-month gain the previous month, according to the preliminary data from the Bank of Korea. From a year earlier, prices also rose 2.9 percent last month following a 0.5 percent on-year decline the previ

May 14, 2024

Loans of self-employed swell 50% in four years

The reliance on bank loans among self-employed South Koreans has surged considerably since the onset of the pandemic, with the overall loan volume and the default rate rising steeply in the past four years. According to data from the nation's major credit ratings firm Nice, provided to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea, the outstanding loans to self-employed individuals from local financial institutions totaled 1,112.74 trillion won ($811 billion) as of t

May 12, 2024

Financial regulator to complete short selling probe this year

South Korea's chief financial regulator, Financial Supervisory Service Governor Lee Bok-hyun, said the agency plans to conclude its ongoing investigation into illegal short selling by the end of the year. He made the statement during a meeting with a group of reporters on Thursday. "We've completed investigations into some companies and made significant progress with three others. About five companies remain, and, if possible, our goal is to wrap up the investigation by the end of

May 9, 2024

Yoon doubles down on repeal of financial investment income tax

President Yoon Suk Yeol on Thursday expressed a strong willingness to rescind the introduction of capital gains taxes on financial investment incomes, asserting the legislation would bring massive outflow of funds from the country’s capital market. “Not only is the understanding of 14 million retail investors at stake, but if the capital market collapses and fails to function properly, it will have a significant impact on the real economy,” Yoon said during a press conference m

May 9, 2024

Over 80,000 millionaires, 20 billionaires in Seoul: report

There are over 80,000 individuals in Seoul with wealth of over $1 million, making it the city in the world with the 19th-highest number of millionaires, a recent study found. Around 82,500 residents in Seoul have wealth over $1 million as of December 2023, according to the “2024 World’s Wealthiest Cities” report issued by investment migration consultant Henry & Partners in collaboration with global data intelligence firm New World Wealth, Tuesday. In the annual report, weal

May 8, 2024

Less than 1 in 4 Seoul apartment deals are under W600m

Housing prices keep soaring in Seoul, as a report showed Wednesday that only 23.5 percent of high-rise apartments sold in the first quarter of this year went for less than 600 million won ($440,000). The real estate news platform Gyeongjae Man Lab -- Economy 10,000-Lab -- analyzed the data from the Ministry of Land, Infrastructure and Transport. It found that 2,188 of the 9,314 high-rise apartment transaction deals in the first quarter involved apartments worth less than 600 million won. It was

May 8, 2024