K bank eyes W5tr IPO to spur growth

K bank, South Korea's first internet-only bank, has announced plans for business expansion, seeking to raise over 1 trillion won ($733.6 million) from its upcoming initial public offering. "K bank will drive inclusive and innovative finance by using the IPO funds to advance our three core growth strategies — retail, small- and medium-sized enterprises and platforms — along with risk management and technology," said CEO Choi Woo-hyung during a press conference in Seoul

Oct. 15, 2024

Spike in KAIST dropouts as med school draws talent away

Over the past three years, 182 students from the Korea Advanced Institute of Science and Technology have withdrawn from the university to pursue medical or dental school, with some even abandoning their graduate-level studies to make the switch. According to data provided by Democratic Party Rep. Hwang Jeong-ah, a member of the National Assembly's Science, ICT, Broadcasting, and Communications Committee, these 182 students left KAIST between 2021 and Oct. 4 this year, specifically citing th

Oct. 15, 2024

Land ministry delegation to visit Philippines, Thailand for infrastructure cooperation

The Ministry of Land, Infrastructure and Transport said Tuesday it plans to send a delegation to the Philippines and Thailand to explore infrastructure and development-related cooperation with the countries. During the four-day trip beginning Tuesday, the delegation headed by First Vice Land Minister Jin Hyun-hwan plans to meet with Manila's land and transport ministries, as well as the Asian Development Bank officials, to discuss cooperation in related areas. In Thailand, the delegation pl

Oct. 15, 2024

S. Korea-China route container shipping costs on constant rise: data

Container shipping costs from South Korea to China rose for the eighth consecutive month in September, the customs agency said Tuesday. The average shipping cost for a 40-foot container from South Korea to China climbed 17.6 percent on-month to 862,000 won ($634.48) last month, according to the data from the Korea Customs Service. The figure has been on a constant increase since February. But the average shipping costs from South Korea to the European Union shed 14.7 percent, the first fall in f

Oct. 15, 2024

'8 out of 10 foreign students willing to work in Korea'

Eight out of 10 international college students studying in Korea are willing to work in the country, yet the proportion of professional foreign laborers securing jobs remains quite low, according to a recent report by the Korea International Trade Association. The report, released Monday, noted that the number of foreign students in Korea has steadily increased over the past decade, reaching 197,000 in 2022. However, only 6 percent of these students secured employment through the E-7-1 professio

Oct. 14, 2024

ICT exports rise for 11th straight month in Sept. on record chip sales

South Korea's exports of information and communication technology (ICT) products rose for the 11th consecutive month in September, driven by record sales of semiconductors, data showed Monday. Outbound shipments of ICT products came to $22.4 billion last month, up 24 percent from $18.04 billion a year earlier, according to data compiled by the Ministry of Science and ICT. The monthly tally marked the second highest since March 2022. Imports of ICT products increased 15.9 percent on-year to

Oct. 14, 2024

BOK cuts key rate by quarter point to 3.25%

South Korea's central bank lowered the policy rate by 0.25 percentage point on Friday, signaling the end of an era of monetary tightening that had extended over three years. The Bank of Korea’s monetary policy board slashed the base rate by 25 basis points, bringing it down to 3.25 percent. Five of the other six monetary policy board members, not including BOK Gov. Rhee Chang-yong, agreed to the rate cut, while the remaining member suggested maintaining the rate at the 3.5 percent lev

Oct. 11, 2024

Korea added to key bond index

South Korea finally succeeded in joining the World Government Bond Index, a global benchmark measuring the performance of sovereign fixed income. The inclusion is expected to draw in passive foreign funds worth over $56 billion. The WGBI, managed by Financial Times Stock Exchange Russell, is one of the three key government bond indices, along with the Bloomberg-Barclays Global Aggregate Index and JP Morgan Government Bond Index-Emerging Markets. It is tracked by global funds worth over $2.5 tril

Oct. 9, 2024

Banks, brokerages, insurers spent W2.4tr in entertainment expenses over last five years

South Korea’s financial sector, including banks, brokerage houses and insurers, spent a staggering 2.4 trillion won ($1.78 billion) on entertaining clients over the past five years, data showed Tuesday. From 2019 through the first half of this year, banks, brokerages and insurance companies spent 957.8 billion won, 1.13 trillion won and 308.5 billion won, respectively, on entertainment expenses, according to Financial Supervisory Service data submitted to Rep. Kim Hyun-jung of the main opp

Oct. 8, 2024

S. Korea logs current account surplus for 4th month in August

South Korea racked up a current account surplus for the fourth consecutive month in August, driven by robust exports, central bank data showed Tuesday. The country's current account surplus reached $6.6 billion in August, marking a surplus for the fourth consecutive month, according to data compiled by the Bank of Korea. The August surplus was smaller than the previous month's $8.97 billion. The country's goods account racked up a $6.59 billion surplus in August following an $8.33

Oct. 8, 2024

Regulator to begin probe into TikTok over potential violation of personal data law

South Korea's media regulator is set to look into TikTok over a potential violation of the nation's personal data protection law, an official at the regulator said Monday. TikTok is accused of automatically requiring its users to receive advertisements, instead of letting users give their consent to receive such content under the Korean law, according to industry sources. The Korea Communications Commission suspects that TikTok may be violating the Act on Promotion of Information and C

Oct. 7, 2024

Foreign reserves up for 3rd month in Sept. on weak dollar, investment gains

South Korea's foreign reserves increased for the third straight month in September on the back of the increased value of non-US dollar assets and investment gains, central bank data showed Monday. The country's foreign reserves had come to $419.97 billion as of end-September, up $4.05 billion from the previous month, according to the data from the Bank of Korea. The central bank attributed the increase to a rise in the converted value of non-dollar assets amid the weak greenback and in

Oct. 7, 2024

Money Festa 2024 offers investment tips in uncertain market

Herald Media Group hosted Money Festa 2024 last week, a two-day event offering insights into the latest investment trends spanning from real estate to equity, shedding light on making wise investment decisions to achieve financial freedom. "Everyone dreams of a financially-free life, but the reality is harsh," Choi Jin-young, CEO of Herald Media Group, said in his opening speech at The Platz exhibition hall in Coex, southern Seoul, on Oct 1. "I hope the attendees can find the answ

Oct. 6, 2024

Over 60% of automotive exports shipped to N. America in Jan.-Aug.

Over 60 percent of South Korea's automotive exports during most of 2024 have been shipped to North America, according to industry data, raising concerns about the need for more balanced global export strategies. The combined exports of the five South Korean automotive firms — Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors — totaled 1,857,111 units during the January-August period. Of those, 61.4 percent, or 1,140,073 units, were shipped to North America, mar

Oct. 6, 2024

Market uncertain on Korea's October rate cut despite slowed inflation

Despite clear signs of slowing inflation, market sentiment remains mixed regarding whether South Korea's central bank will follow the US Federal Reserve to pivot toward lowering rates this month. Statistics Korea reported that the consumer price index — a key measure of inflation — rose 1.6 percent on-year in September, down from 2 percent in August, marking the lowest level since February 2021, when it recorded a 1.4 percent increase. The last time the index fell below the 2 pe

Oct. 4, 2024

Tender offer by MBK Partners for Korea Zinc set to expire

A tender offer by private equity firm MBK Partners to gain a controlling stake in Korea Zinc Inc., the world's biggest zinc smelter, is set to expire Friday, with all eyes on how the smelter's stock would perform, some analysts said. MBK, in cooperation with Young Poong Corp., the largest shareholder of Korea Zinc, raised its original tender offer price for Korea Zinc last week to 750,000 won ($567) per share from 660,000 won. In a rare counteroffer this week, Korea Zinc Chairman Choi

Oct. 4, 2024

Consumer inflation slows to 3 1/2-year low of 1.6 % in Sept.

South Korea's consumer prices slowed to the lowest level in 3 1/2 years in September, falling below 2 percent for the first time since early 2021, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 1.6 percent on-year last month, compared with a 2 percent increase a month earlier, according to the data from Statistics Korea. September's figure marked the lowest level since February 2021, when consumer prices grew 1.4 percent. The figure last came to the 1 percent ra

Oct. 2, 2024

Exports extend gains to 12th straight month in Sept. on robust chip demand

South Korea's exports extended on-year gains to the 12th straight month in September, data showed Tuesday, on the back of robust shipments of chips. Outbound shipments rose 7.5 percent on-year to $58.7 billion last month, according to data compiled by the Ministry of Trade, Industry and Energy. Imports added 2.2 percent on-year to $52.1 billion, resulting in a trade surplus of $6.66 billion. South Korea has maintained a trade surplus for 16 consecutive months. By sector, exports of semicond

Oct. 1, 2024

Korean firms tap growth of nuclear power, defense in Slovakia

South Korean and Slovakian business leaders gathered in Seoul to deepen industrial cooperation, focusing on nuclear power plants and defense industries, according to a Korean business group on Monday. On the occasion of Slovak Prime Minister Robert Fico's state visit to Korea, the Federation of Korean Industries hosted a roundtable with businesspeople from the two countries to discuss ways for Korean firms to expand their footings in the central European country. Slovak Deputy Prime Minis

Sept. 30, 2024

Industrial output rises for first time in 4 months in August

South Korea's industrial output increased for the first time in four months last month on the rising production in the auto and semiconductor sectors, data showed Monday. Retail sales, a gauge of private spending, also rose by the most in 18 months in August, but facility investment ended two months of on-month growth and fell markedly, according to the data compiled by Statistics Korea. Industrial output advanced 1.2 percent on-month in August, the first increase since April. The figure fe

Sept. 30, 2024