Articles by Choi Jae-hee
Choi Jae-hee
cjh@heraldcorp.com-
Experts from S. Korea, Finland discuss future of pensions
The Korean Pension Association, a group of experts conducting research on the nation‘s public and private pension systems, on Thursday held a joint seminar with the Finnish Center for Pensions based in Helsinki, Finland, a research institute dedicated to developing the nation’s earnings-related pension scheme. Titled “International Symposium on the Pensions of South Korea and Finland: Demographic Challenges and Future Responses,” the event was aimed at providing expert k
Economy Oct. 7, 2021
-
‘Squid Game’ sensation prompting money flow into S. Korean media scene
The global craze over “Squid Game,” Netflix’s original Korean drama series, is adding momentum to the fast-growing South Korean media and entertainment market. Tving, the country’s leading streaming service provider run by entertainment and media firm CJ ENM, recently set out to lure investments from private equity funds at home and abroad, in partnership with Nomura Securities, according to industry sources Thursday. Tving plans to sell its new shares worth 300 b
Market Oct. 7, 2021
-
Additional debt control measures underway: FSC chief
The nation’s top financial regulator said Wednesday it is preparing to announce new measures to curb snowballing household debts. “South Korea‘s growth pace of household debt has been much more rapid than other countries. The Financial Services Commission has been stepping-up efforts to prevent households’ high indebtedness from posing a major threat to the Korean economy,” said FSC Chairman Koh Seung-beom at a parliamentary audit session for the financial re
Economy Oct. 6, 2021
-
Digital transformation drives out bank branches, ATMs: data
Amid the rapid digital transformation brought on by the COVID-19 era, local banks have increasingly turned their backs on brick-and-mortar branches and automated teller machines, data showed Wednesday. The number of physical bank branches stood at 6,326 as of the end of June, down 10.9 percent from the end of 2016, when the figure came in at 7,101, according to data from the market watchdog Financial Supervisory Service submitted to Rep. Yoo Dong-soo of the ruling Democratic Party. Meanwhile,
Market Oct. 5, 2021
-
Apartment purchases by children surpass W100b in value
A growing number of young South Koreans under 10 years old have purchased apartments across the nation with financial support from their parents, a lawmaker said Monday, raising concerns over inheritance for real estate speculation. The number of apartment purchases by the elementary-school kids and younger came in at 552 from September 2017 to last month, which amounted to 104.7 billion won ($88.2 million), according to data from the Ministry of Land, Infrastructure and Transport submitt
Market Oct. 4, 2021
-
Online-only lender Toss Bank commences operation
The country’s third internet-only lender Toss Bank is slated to begin operation Tuesday, heating up the competition in the fast-growing online banking market, according to industry sources Monday. The lender, controlled by Viva Republica, the operator of fintech app Toss, will start its banking services, including offering credit loans, savings and deposits, with a primary focus on expanding mid-range interest rate loans. Earlier in June, when the online bank received a final appro
Market Oct. 4, 2021
-
Concerns rise over foreign property speculators
While South Korea’s financial authorities tightened their grip on property speculation and the resulting price hikes, foreign investors turned out to have purchased local apartments worth trillions of won, a lawmaker said Wednesday citing a lack of regulations on foreign property speculators. Apartment purchases by investors from China and the US, between 2017 and May 2020, amounted to 3.16 trillion ($2.6 billion) and 2.19 trillion won, respectively, according to Rep. Kim Joo-young of t
Market Sept. 29, 2021
-
KFCC logs W208.9b in H1 net profit despite COVID-19 woes
The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Tuesday it has managed to post strong profits despite the COVID-19 pandemic. Under the leadership of President Park Cha-hoon and Ryu Hyuk, chief executive officer of Credit & Insurance -- the KFCC’s business unit responsible for building strategies for the group’s financial management as well as operating deduction services -- the cooperative logged a net profit
Market Sept. 28, 2021
-
[KH Finance Forum] Seoul reignites drive to become world‘s top 5 financial hub
The Seoul Metropolitan Government will launch its own investment organization next year dedicated to attracting foreign investment to foster startups here, as part of its goal to turn the capital city into one of the world’s top five financial hubs by 2030, Seoul mayor Oh Se-hoon said Tuesday. “Based on the premise that financial competitiveness is crucial to improving a city’s global attractiveness, the Seoul city government will push for measures to turn Yeouido into a speci
Economy Sept. 28, 2021
-
4 out of 10 Seoul apartments bought by 20s, 30s
On the back of soaring housing prices, a growing number of South Koreans in their 20s and 30s have rushed to buying apartments, with nearly 4 out of 10 Seoul apartments being purchased by those young buyers, data showed Thursday. According to data from the Korea Real Estate Board, people in their 30s bought a total of 12,550 homes in the capital city between January and July, which accounted for 36.9 percent of the total 34,045 properties that changed hands in the given period. Those aged 20-29
Market Sept. 23, 2021
-
ADB maintains S. Korea’s growth outlook at 4%, trims projection for Asia
The Asian Development Bank on Wednesday maintained its previous 4 percent growth outlook for the South Korean economy this year, on the back of robust exports and mild recovery in private consumption. The ADB kept its earlier growth scenario for Korea, which was released in July. It also left its 2022 growth outlook unchanged at 3.1 percent, according to the bank’s report titled “Asian Development Outlook Update.” However, it forecast that Korea’s inflation rate will
Economy Sept. 22, 2021
-
Eximbank to provide over $300m to Egypt for railway project
The Export-Import Bank of Korea said Wednesday it will offer more than $300 million in loans to the Egyptian government’s railway modernization project. The state-run policy lender plans to supply a combined $312.2 million for the African nation through the “Economic Development Cooperation Fund” as well as the “Economic Development Promotion Facility.” Launched in 1987, the EDCF is aimed at helping poor and less developed countries by providing low-inter
Market Sept. 22, 2021
-
KB-Shinhan green fund to finance renewable energy project in Sweden
A green fund jointly invested in by two South Korean banking giants -- KB and Shinhan-- will partly finance a renewable energy project in Sweden, officials said Thursday. The financial holding firms invested a combined 80 billion won ($68.4 million) in the Global Green Energy Partnership Fund set up in April last year. Korea Midland Power, Korea Hydro & Nuclear Power and Sprott Korea Investment also joined the fund designed to facilitate development of renewable energy across
Market Sept. 16, 2021
-
New FSC chief, financial giants mull loan maturity extension
Koh Seung-beom, the new chairman of the policymaking Financial Services Commission, met with the heads of South Korea’s five biggest banking groups on Friday to discuss whether to further put off loan repayment schedules for households and companies reeling from the fallout of the COVID-19 pandemic. No conclusion has been reached yet, but Koh and the group executives agreed on the importance of inclusive financial policies to boost “cooperation between economic players for mutual
Economy Sept. 10, 2021
-
Eximbank‘s seminar discusses business opportunities in Southeast Asia
The Export-Import Bank of Korea on Thursday held a joint seminar with the Korea Institute for International Economic Policy to discuss business opportunities in Southeast and South Asia. The event was aimed at supporting domestic companies’ entry to four major countries in the region -- Indonesia, Vietnam, India and Bangladesh -- which have come into the limelight in the wake of the government’s “New Southern Policy,” the state-run bank said in a statement.
Market Sept. 9, 2021
Most Popular
-
1
Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
-
2
Seoul bus drivers go on general strike, cause morning rush hour delays
-
3
Korea enters full election mode
-
4
Official campaigning kicks off for April 10 elections
-
5
Dialogue hopes fade as doctors pick hard-liner as new head
-
6
Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
-
7
[Election Battlefield] Political novice to face off star politician in ‘swing district’
-
8
Immigrant woman stabbed to death by Korean husband
-
9
[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
-
10
Seoul’s bus union prepares for strike