Volatility in oil prices, currency add pressure on Korean economy South Korea's import prices climbed for a third consecutive month, increasing inflationary pressure on the economy, central bank data showed Wednesday. Export prices rose as well, but at a slower pace. The import price index for September stood at 139.67, up 2.9 percent from a month before. The figure has been on the rise for three straight months, following 4.2 percent and 0.2 percent increases in August and July, respective

Economy Oct. 17, 2023

The Korean government will extend the current tax cut imposed on fuel until the end of the year, considering the escalated volatility in international oil prices following the renewed Israel-Hamas conflict, the Finance Ministry announced Monday. Fuel tax reductions -- namely a 25 percent cut for gasoline as well as 37 percent cuts for diesel and butane -- which were to end in October, will last two more months through the end of this year, the ministry said. Finance Minister Choo Kyung-ho assess

Economy Oct. 16, 2023

The face of Korea’s 100 won coin -- which shows a portrait of legendary Navy Adm. Yi Sun-sin (1545-1598) from the Joseon era -- will be maintained, after a court sided with the Bank of Korea in a copyright lawsuit. The Seoul Central District Court confirmed a ruling Friday that the Bank of Korea has the right to use the portrait image of Yi, which was created by the late painter Jang Wu-seong, the BOK said. Jang’s bereaved family filed a lawsuit on Oct. 9 against the Bank of Korea,

Industry Oct. 13, 2023

Igis Asset Management, the largest real estate asset manager in South Korea, has launched a secondary fund worth $100 million in an effort to widen its investment portfolio. Igis has recently set up a private equity secondary commingled fund worth $100 million to invest in secondary blind funds managed by a global private equity firm. The name of the UK-based private equity firm was not disclosed. The $100 million investment deal also comes with secondary co-investment opportunities. A private e

Industry Oct. 12, 2023

Hundreds of students and industry insiders gathered at the 2023 Korea Herald Humanity In Tech Forum held at the Shilla Seoul to discuss the future of space exploration and its impact on humanity. “My hobby is to write science fiction novels. I was inspired by the talks given by the speakers, especially the part where Yi Soyeon said, ‘Earth is the cradle of humanity, but one cannot live in a cradle forever,’ quoting the Russian rocket scientist Konstatin Tsiolkovsky,” said

Industry Oct. 11, 2023

The conflict between Israel and Hamas militants in the Gaza Strip has raised concerns for the Korean economy as the prospect of a full-blown war in the Middle East could lead to a surge in oil prices and further pave the way for more inflationary pressures. "Though the international financial market has shown a limited response to the incident, considering it is still in the early stages, the uncertainties are very high," Finance Minister Choo Kyung-ho said at a meeting held Tuesday

Economy Oct. 10, 2023

Hana Financial Group Chairman Ham Young-joo highlighted the importance of sustainable financing during his meeting with the Dutch ambassador for sustainable development in The Hague, Netherlands, Friday. The Hana chief met with Ambassador Rene van Hell as part of his visit to Europe to meet with global investors. According to Hana, Ham and van Hell agreed on the need for "green financing" to transition to a decarbonized economy, in particular cutting down on carbon emissions in asset p

Companies Oct. 9, 2023

Foreign investors dumped more than 6 trillion won ($4.44 billion) worth of shares listed on Kospi, Korea’s main bourse, in the past three months amid the slow stock market, data from the Korea Exchange showed Sunday. Non-Korean investors’ net buying on Kospi this year dropped to 7.23 trillion won on Friday after reaching the peak at 14.06 trillion won on June 16. The offloaded shares in the past three months -- worth 6.73 trillion won -- mean foreigners have sold nearly half of the

Economy Oct. 8, 2023

Shares of Doosan Robotics, South Korea’s largest collaborative robot producer under the conglomerate Doosan Group, nearly doubled on Thursday, as the company made its stock market debut. Doosan Robotics closed at 51,400 won ($38.03) per share on Korea's main bourse Kospi, up 97.69 percent from its initial public offering price of 26,000 won. Its market capitalization stood at 3.33 trillion won, ranking in the top 100 stocks on Kospi. Its shares opened at 59,100 won, 127.3 percent hi

Market Oct. 5, 2023

South Korean authorities are to chart out a new era of digital payments, carrying out a pilot test for a central bank digital currency, or CBDC, to determine how it could be used as savings and transactions vehicles, according to an announcement made by related authorities on Wednesday. From the fourth quarter of next year, not only banks and other financial institutions, but also individuals will be able to test out the CBDC platform under a pilot program. The Bank of Korea, Financial Services

Economy Oct. 4, 2023

The South Korean government has decided to allow retail investors to directly invest in state bonds from next year amid the recent fervor for bond investments among individuals. Last month, the government announced its planned revision to the State Bond Act, which aims to roll out bond products solely for retail investors. Korea issues state bonds worth 150 trillion won ($110 billion) every year, but the market has been largely dominated by institutional investors. As of the end of June, almost

Economy Oct. 3, 2023

Hybe, the K-pop powerhouse behind the mega success of bands such as BTS and New Jeans, could be obliged to disclose its corporate information if the total assets of the firm and its affiliates continue to surpass 5 trillion won ($3.7 billion) by the end of this year. The combined total assets of Hybe and its 16 affiliates stood at 5.37 trillion won as of end-June, a report by corporate data research institute CEO Score showed Wednesday. Under the Monopoly Regulation and Fair Trade Act, a busin

Market Sept. 27, 2023

South Korean consumers turned pessimistic about overall economic conditions in September for the first time in four months, amid woes over weak exports and rising prices. The composite consumer sentiment index (CCSI) in September stood at 99.7, down 3.4 points from the 103.1 a month before, the Bank of Korea’s report showed Tuesday. “The concerns about the weak exports and contraction in purchasing power due to the rise in prices pulled down the composite consumer sentiment index,&

Economy Sept. 26, 2023

China’s economic slowdown could deteriorate more than initially projected, increasing the strain on Korea’s export-reliant growth in the short term, an economist from S&P projected. “The number one issue (in China) has to do with private sector debt and over-leveraging. That is a problem that has been building for more than a decade," Diego Iribarren from S&P Global Market Intelligence said in an interview held in the company’s office in central Seoul on Sept

Economy Sept. 25, 2023

South Korea’s exports in July dropped by the fourth-largest amount among the Organization for Economic Cooperation and Development's member countries, hit by China's sputtering economy, while its imports showed the sharpest fall among them, data showed Sunday. Korea’s export volume in July dropped by 15.5 percent on-year, according to data compiled by the OECD. The drop was the fourth largest among the 38 OECD countries excluding Colombia, whose data has not been added yet.

Economy Sept. 24, 2023