The Korea Herald, the nation’s largest English newspaper by circulation, will hold its annual business forum on Oct. 19 to shed light on the latest technology trends that could change the way people live and the ways to make the transition smooth and effective. Under the theme of “Humanity in Tech,” the forum invites policymakers, industry leaders and diplomats to discuss what technological advances mean for people-to-people exchanges and the life adjustments needed to make the

Technology Sept. 19, 2022

South Korea’s top financial watchdog chief said Thursday that the agency would step up checks on financial institutions bearing the bigger brunt of market volatility prompted by global inflation, while reinforcing internal oversight in the sector. The local currency hit an intraday low of 1,397.9 won against the US dollar in the onshore market before closing at 1,393.7, its lowest level since March 2009 during the global financial crisis. The benchmark Kospi fell to 2,401.83, losing 9.59 p

Market Sept. 15, 2022

Despite in-house resistance, preparations to relocate the state-run Korea Development Bank to Busan from Seoul are underway, the policy lender’s chief said Wednesday, saying that he would work to persuade employees. “As the man in charge, I do feel for my employees facing potentially a difficult time,” KDB Chairman & CEO Kang Seog-hoon said, referring to workers holding rallies to protest the relocation plan. It is a decision made by the president and the prime minister and is

Economy Sept. 14, 2022

South Korea is inching ever closer to a repeat of the 2008-2009 global financial crisis as the local won weakened against the US dollar to close at 1,390.9 won in the onshore market -- a 17.3 won retreat from the previous session and its weakest level since 1,391.5 won in March 2009. Stronger bets on US tightening amid the latest discouraging news on inflation led to the dip. The benchmark Kospi shed 38.12 points or 1.56 percent to 2,411.42 from Tuesday, prompted by a sell-off by foreign and ins

Market Sept. 14, 2022

Speculation over a third large rate hike of 75 basis points by the US Federal Reserve next week runs higher than ever, but the Bank of Korea sought to reassure market watchers Tuesday that preparations to cushion its impact were underway. “We have to step up monitoring of capital inflows and outflows and currency markets,” said Lee Seung-heon, senior deputy governor at the central bank, warning against growing uncertainties: a hawkish US Fed and a like-minded European Central Bank. T

Economy Sept. 13, 2022

South Korea’s gross domestic product -- the value of all goods and services created in the country -- improved slightly in the second quarter but underperformed that of most OECD countries on the US and China slowdowns, the latest Bank of Korea data showed Monday. The central bank found that the GDP rose 0.7 percent on-quarter in the April-June quarter, an incremental improvement from the 0.6 percent in the previous quarter. The latest growth rate ranks 20th among 35 countries -- including

Economy Sept. 12, 2022

A net selling by foreign investors in stocks traded on South Korea’s main board Kospi since January has reached 11.96 trillion won ($8.6 billion) Thursday, according to data from the Korea Exchange Monday. The data showed shares of Samsung Electronics accounted for a little over 9 trillion won, with Naver, LG Energy Solution and Kakao roughly making up the remaining purchases at over 1 trillion won, respectively. That contrasts sharply with a net buying by individual investors, who in the

Market Sept. 12, 2022

The South Korean won tumbled to 1,384.2 won per US dollar on Wednesday in the onshore platform, the lowest closing figure since March 2009 during the global financial crisis, despite a warning from authorities that intervention could take place to steady the currency market. The US dollar’s rally – led by investors pricing in higher US interest rates to come by year-end – has been weakening not only the local currency, but six other major currencies, including the Japanese yen.

Market Sept. 7, 2022

Higher energy import bills, prompted by changes in the global economy, are to blame for the five-month trade deficit since April, with the trend likely to continue for the next three months, the Bank of Korea said Tuesday in a research paper. The August trade deficit came to $9.47 billion, a monthly record since 1956 when the Trade Ministry began to collect such data. The January-August deficit of $24.7 billion has already surpassed the yearly high set in 1996. Higher prices of energy and petrol

Economy Sept. 6, 2022

Increasing volatility prompted by changes in the global economy is gripping South Korea’s financial markets, but the economic fundamentals remain strong, Finance Minister Choo Kyung-ho said Monday morning at a meeting of the nation’s economic chiefs. “The won is weakening, but economic indicators like the credit default swap premium are solid,” Choo said, referring to derivative contracts meant to protect investors from a Korean default. The premium on the country's five

Economy Sept. 5, 2022

A new chief took office Friday to lead South Korea’s pension fund, but his push to reform the country’s main retirement plan to avoid the depletion of its reserves by 2055 has gained little of the support it needs. Kim Tae-hyun, a former senior official at the top financial regulator who most recently served as president of Korea Deposit Insurance Corp., faced a delay in getting to work as the union physically blocked him from entering his office, saying Kim was a placeholder underq

Economy Sept. 2, 2022

The South Korean won fluctuated sharply Wednesday, reaching a 13-year intraday low at 1,352.3 won per US dollar in the onshore market before closing at 1,337.6, 0.68 percent stronger than the Tuesday’s close, as the dollar continued its rally and the euro pared losses later the day. The search for safe-haven assets like the dollar is still strong, as investors reassess the prospect for higher US rates in light of a more hawkish tone on inflation set by the US Federal Reserve over the week

Market Aug. 31, 2022

South Korea’s top financial watchdog said Tuesday it is seeking to support fair competition between fintech firms like Naver and Kakao. “Our hope is that all these companies meeting with us today help to cultivate a fair and transparent environment,” Gov. Lee Bok-hyun of the Financial Supervisory Service said at a meeting with the chief executives at the local tech firms. Lee and the companies discussed whether commissions that the internet platforms collect from sellers usin

Industry Aug. 30, 2022

The Bank of Korea said Tuesday that it is not expecting a shift in its interest rate policy despite a hawkish US stance on inflation Federal Reserve Chairman Jerome Powell revealed over the weekend, as that was already factored in its decision-making process. At a three-day global symposium of central bankers that ended Saturday in Jackson Hole, Wyoming, Powell made it clear he backs rate hikes as needed to tame inflation even if that means slowing growth – a message some say could push t

Economy Aug. 30, 2022

South Korea’s top financial watchdog is investigating stock short selling practices at Morgan Stanley’s Seoul office, people familiar with the matter said Monday, in the latest sign of a crackdown set to expand this week to regulate the practice that profits from a drop in stock prices. The Financial Supervisory Service will look at Merrill Lynch and Goldman Sachs next, an official at the watchdog said, noting: “These firms are the top priority because most of the short sellin

Market Aug. 29, 2022