Articles by Choi Si-young
Choi Si-young
siyoungchoi@heraldcorp.com-
Yoon to host Vietnamese leader in push for better ties with Southeast Asia
President Yoon Suk-yeol will meet with Vietnamese President Nguyen Xuan Phuc in Seoul on Monday to elevate their 30 years of diplomatic ties, as South Korea looks to expand its reach into Southeast Asia. During Phuc’s three-day state visit that starts Sunday -- the first of its kind Yoon will be hosting since he came to office in May -- the two leaders will discuss a number of topics from security and business to any other issues that need immediate attention, Yoon’s office said in a
Politics Dec. 1, 2022
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Yoon’s envoy says NK insult shows pressure is working
The insult North Korea hurled at President Yoon Suk-yeol and his administration last week for pursuing additional sanctions on the isolated country after its missile launches is evidence that efforts led by South Korea and the US to curb Pyongyang’s nuclear ambitions are in fact working, according to Yoon’s US envoy. On Thursday, Kim Yo-jong -- the powerful younger sister of North Korean leader Kim Jong-un -- called Yoon and his government “idiots” serving its master, the
Foreign Affairs Nov. 29, 2022
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Wartime labor dispute still remains as hurdle to Yoon-Kishida meeting
An unresolved dispute over compensating South Koreans forced to work for Japanese companies during World War II is likely to be the source of unease preventing the two leaders from meeting for some time, experts said Monday shortly after Seoul quickly downplayed speculation over a potential summit taking place by the end of the year. Seoul and Tokyo are working to reset their strained ties as President Yoon Suk-yeol -- who came to office in May vowing to address the issue -- steps up efforts to
Foreign Affairs Nov. 28, 2022
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Bank of Korea flags growth, credit fears as it reins in interest rate hike
The Bank of Korea raised its policy rate by 25 basis points Thursday, returning to its usual pace of tightening as growth and credit markets falter in the face of 24-year-high inflation running close to three times the central bank’s 2 percent target. The unanimous decision the seven-member board reached to put the current rate at 3.25 percent -- a rise of 275 basis points since August last year -- underscored the central bank’s commitment to more increases despite their impact on gr
Economy Nov. 24, 2022
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Market manipulation probe could dent MSCI hopes
The latest probe by the Korea Exchange into alleged market manipulation by two foreign investment banks in South Korea is creating friction between the bourse operator and global investment banks, amid Seoul’s push for recognition in the Morgan Stanley Capital International developed market index. According to sources Wednesday, the KRX is looking to fine the Seoul offices of Morgan Stanley and CLSA, a Hong Kong-based investment bank, for having failed to warn investors in advance when a r
Market Nov. 23, 2022
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[Herald Interview] New markets, startups can counter crisis: Arthur D. Little CEO
As colliding shocks prompted by inflation rocks the global economy, policymakers are managing their expectations for growth while companies are searching for ways to ride out the disruptions following a potential global recession. The pace of recovery will be as much different as the size of the impact and there is no universal way of preventing and mitigating such a crisis in coming years. For South Korea, however, the antidote lies in finding new markets to avoid overdependence and launching s
Industry Nov. 23, 2022
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[Herald Interview] Global talent can expand K-pop’s reach, entrepreneur says
With the global success of BTS reaching new heights, there are some who think this might be a high-water mark for K-pop. But a Singaporean entrepreneur who has himself debuted as a singer in South Korea is more optimistic, saying embracing global talent is one way to expand K-pop’s reach. “As K-pop is widely loved globally, it would be to its advantage to be even more globally inclusive to talents worldwide,” David Yong, chief executive of Evergreen Group Holdings, said in an i
Industry Nov. 22, 2022
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Hana Financial, SKT team up to advance fintech service
Hana Financial Group and SK Telecom -- one of the five biggest lenders and the largest mobile carrier by subscribers in South Korea, respectively -- are ramping up a joint initiative to expand their presence in fintech, an industry built on making the best of financial and tech companies amid a rush to a digitalized economy. The partnership is the latest highlight of a race to outgrow the traditional financial systems by the five banking giants: KB Kookmin, Shinhan, Hana, Woori and NongHyup. The
Industry Nov. 20, 2022
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Industry steps up lobbying as Korea eyes ways around US inflation act
South Korea’s major business groups said Thursday they had asked US lawmakers and Cabinet members of the Joe Biden administration to grant Korea a three-year extension to the US Inflation Reduction Act so that Korean automakers can keep receiving electric vehicle incentives there. The law, effective since Aug. 16, is leaving out Hyundai Motor and its affiliate Kia from federal tax credits since they do not make their electric vehicles in North America. Rules that go in effect on Jan. 1 nex
Industry Nov. 17, 2022
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Businesses demand more migrant workers to relieve labor shortage
Small and medium-sized businesses in South Korea are demanding more foreign workers than the government plans to bring in next year to plug the growing skills shortage, data showed Wednesday. According to a survey conducted this month by the Korea Enterprises Federation, one of the five major business lobby groups, 55 percent of the 307 companies -- comprising those with fewer than 300 employees -- welcomed the government plan to add a 110,000-strong foreign workforce next year, a roughly 50 per
Industry Nov. 16, 2022
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Import price growth slows as BOK readies rate hike
South Korea’s import prices rose annually at their slowest pace in 15 months in October, fueling speculation over an inflation peak ahead of the central bank’s rate hike next week -- the last one for the year in the face of 24-year-high inflation. Preliminary data from the Bank of Korea showed Tuesday that import prices rose 19.8 percent, at the slowest rate since July 2021, though they edged up for the second straight month in October on higher energy import costs. The depreciating
Economy Nov. 15, 2022
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Watchdog calls on banking giants for transparency
South Korea’s top financial watchdog said Monday that the local banking giants should seek more transparency in how they elect their chief executives, a week after the Financial Supervisory Service’s disciplinary move against one of the chiefs over “junk funds.” The chief of Woori Financial Group -- one of the five biggest banking groups -- is now banned from holding a job in finance for up to five years as part of punishment for having sold funds the regulator says shoul
Economy Nov. 14, 2022
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Mortgage rules to be loosened as slowing market threatens economy
South Korea will ease lending rules for those looking to buy their first home in the capital and in the greater Seoul area starting Dec. 1 to prevent a property market slowdown prompted by higher interest rates from hurting economic growth. According to an interagency government meeting led by the Finance Ministry on Thursday, such home buyers will be able to borrow up to 50 percent of the property value, up from as low as 20 percent currently approved, and take out mortgage loans on properties
Economy Nov. 10, 2022
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Regulator to ease bank capital rules amid liquidity concerns
South Korea’s top financial regulator on Wednesday eased capital rules for banks seeking to contribute to the government-led fund aimed at stabilizing the local bond and stock markets, in a bid to contain the spillover of liquidity stress. A local insurer’s decision two days ago to reverse its postponement of redeeming its dollar bonds worth $500 billion after being pressured to meet the original deadline had added to growing volatility gripping the bond and short-term money markets.
Market Nov. 9, 2022
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Hanwha Life Insurance unveils ‘virtual human’ in digital push
Hanwha Life Insurance said Tuesday that Hannah -- the insurer’s latest ‘virtual human’ that will engage customers from now on -- will be the face of the company’s digital efforts to make the metaverse a reality. The latest 3D graphics technology and artificial intelligence played a crucial role behind the debut of the character, the company said, describing it as a virtual financial planner that will help out not only customers seeking a more tailored service but workers
Industry Nov. 8, 2022
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