The Vietnamese arm of Hanwha Life Insurance posted its first accumulated profits since its launch 15 years ago. Marking the local unit’s 15th anniversary, the insurer held a ceremony in Ho Chi Minh City, Vietnam on Friday, where it unveiled its financial achievements. Since posting a net profit for the first time in 2016, the Vietnamese subsidiary has recorded profits for nearly five consecutive years between 2019 and 2023. As of the first half of this year, its accumulated profits reached

Companies Aug. 21, 2023

The South Korean economy faces fresh risks from China, with no immediate breakthrough in sight to recover its faltering exports. Recent figures show worsened woes in Beijing, indicating the country’s economy could be on a path of decline. China has slipped into deflation, reporting a 0.3 percent drop in consumer prices in July on-year. It was the first time in 29 months for the figure to nosedive to a minus range. Further data showed its retail sales, industrial output and investment all

Economy Aug. 20, 2023

In the first six months of 2023, the added operating profit of Kopsi-listed firms fell by more than half, as the economy struggles to deal with the impact of global geopolitical tensions and high interest rates, the Korea Exchange said Thursday. According to data provided by the Korea Exchange, the operating profit of 615 firms listed on Kospi stood at 53.1 trillion won ($39.6 billion) from January to June, 52.45 percent less than that of the same period from a year before. Data was not included

Market Aug. 18, 2023

The Korean won declined below 1,340 won against the dollar during trading hours Wednesday, marking a new three-month low and reflecting increased volatility from the US’ stronger-than-expected economy and deflation worries in China, boosting the dollar's safe-haven appeal. The Korean won against the greenback opened at 1,340 won on Wednesday, 9.1 won higher than the previous trading day. Shortly after trading began, it fell back to 1,341 won, the weakest since the 1,343 won seen earli

Economy Aug. 16, 2023

The Korea Exchange, the nation’s sole bourse operator, said Tuesday that the stock market for special purpose acquisition companies, or SPACs, remains stable after price fluctuations in the first months of eased regulations. A SPAC is a publicly traded shell corporation that is formed to raise capital through listings to acquire or merge with an existing company. Most SPACs make their debut at the public offering price of 2,000 won ($1.50) per share as mergers and acquisitions could be d

Economy Aug. 15, 2023

Lotte Group Chairman Shin Dong-bin was the highest-paid business leader in Korea for the first half of this year, regulatory filings posted Monday by major firms in Korea showed. Shin received total compensation of 11.2 billion won ($8.37 million) from the retail giant's six affiliates in the January-June period, up from 10.2 billion won tallied a year earlier. He maintained the highest-paid business leader title for a second consecutive year. The wage reflects Shin's management perf

Companies Aug. 15, 2023

The global commercial real estate market, hit by high interest rates and a decline in office space demand, is likely to be in a prolonged slowdown until next year, a real investment firm based in Seoul said through a report issued on Monday. While Korean investment firms are suffering from losses in their investments in office properties overseas, Mastern Investment Management said the slump in the market will continue as major economies, including the US Federal Reserve, are yet to drop their a

Industry Aug. 14, 2023

Iranian funds worth an estimated $6 billion, frozen in bank accounts in Korea, have been released, following the US and Iran's tentative agreement to engage in a prisoner swap in exchange for Tehran's access to the blocked funds. All of Iran’s frozen funds in Korea have been unblocked, Central Bank of Iran Gov. Mohammad Reza Farzin said through a post written in Persian on social platform X on Saturday. The central bank chief wrote that $7 billion in Iranian assets in Korea have

Economy Aug. 13, 2023

The South Korean government plans to propose new policies to improve its medical care system for pets amid a growing pet population in the country. The number of households with dogs or cats in Korea came to 6.02 million last year, rising sharply by 65.4 percent from 3.64 million in 2012, according to the Ministry of Agriculture, Food and Rural Affairs' report at an intergovernmental meeting held Wednesday. According to the ministry, local households spend an average of 60,000 won ($45) p

Industry Aug. 9, 2023

#Current account surplus for first 6 months shrink 90% compared to a year ago South Korea logged a current account surplus for two consecutive months in June due to a trade surplus and increased dividends from overseas, central bank data showed Tuesday. The country's current account gained $5.87 billion in June, following the $1.93 billion surplus from a month earlier, according to preliminary data from the Bank of Korea. Prime Minister Han Duck-soo assessed that Korea was showing a sound p

Economy Aug. 8, 2023

Stock prices of superconductor-themed shares rebounded Monday, backed by a retail investor frenzy with high hopes on the potential game-changing room temperature superconductor technology. Shares of superconductor industry related firms continued to enjoy a rally from last week after a research team including the Quantum Energy Research Centre said it discovered a room-temperature superconductor called LK-99 on July 22. Related stocks experienced a slight dip on Friday, when skeptical responses

Market Aug. 7, 2023

Major changes in the inheritance tax, one of President Yoon Suk Yeol's key campaign promises, have been postponed until next year's general election, as the reform could intensify criticism over tax cuts for the wealthy. On July 27, the government unveiled the tax code revision plan to be submitted to the National Assembly. Providing a tax reduction on the inheritance of family business for large conglomerates was not included in the proposal, as the government has been cautious on

Market Aug. 3, 2023

BOK predicts inflation to rebound from August, coming in at 3 percent by year-end Korea's consumer prices showed slowed growth, rising by 2.3 percent in July on-year, mainly due to the decline in international oil prices and base effect from last year, data showed Wednesday. According to Statistics Korea, consumer price growth, a key gauge of inflation, stood last month at 2.3 percent more than a year earlier. It is the lowest increase in 25 months since June 2021. Inflation has been showin

Economy Aug. 2, 2023

Korea narrowly avoided a trade deficit in July as falling prices of energy and raw materials pulled imports down faster than exports. Outbound shipments fell 16.5 percent on-year to $50.33 billion last month, while inbound shipments fell 25.4 percent to $48.7 billion, according to the data compiled by the Ministry of Trade, Industry and Energy and Korea Customs Service released Tuesday. Accordingly, Korea logged a trade surplus of $1.63 billion in July, marking a $500 million increase from a mon

Economy Aug. 1, 2023

Korean investment firms are at the risk of painful losses in their commercial real estate investments with high interest rates and a shift to teleworking. With major economies tightening monetary policies, and the post-pandemic trend of working from home pushing up office vacancy rates, commercial office buildings -- once perceived as a reliable investment -- have become a liability. Igis Asset Management’s 370 billion won ($290 million) investment in the Trianon office building in Frankfu

Market July 31, 2023