South Korea and the Association of Southeast Asian Nations have agreed to cut red tape in customs checks to boost trade, until they see the coronavirus pandemic subside, Korea’s Finance Ministry said Monday. Copies of a product’s certificate of origin will now be accepted for tariff cuts guaranteed under their free trade agreement that took effect in June 2007. The original certificates had been shipped late because of the pandemic. “Nearly 40,000 South Korean firms exporting

ESG DRIVE / SHINHAN FINANCIAL GROUP

By Yoo Chang-jo / Professor of marketing at Dongguk University The Korea Herald initiated the Global Finance Awards with a belief that the nation needs to improve the competitiveness of the local financial sector and create financial ecosystems that are recognized worldwide to promote its growth momentum in the “fourth industrial revolution.” The awards, in their fifth year, aim to reward financiers and financial institutions that have not only expanded access to financial services

Samsung Electronics was recognized with a $110 billion Tower of Export at the 58th Trade Day in South Korea, in an unprecedented move among companies of Asia’s fourth-largest economy, data from the Ministry of Trade, Industry and Energy showed Monday. This comes as the Korean technology bellwether earned $113.2 billion from July 2020 to June this year from exports of semiconductor chips, consumer electronic goods and mobile handsets. This accounted for a fifth of the total exports of Kor

South Korea and the Asian Development Bank (ADB) plan to co-host a road show this week with an aim to facilitate Korean startups' foray into the Asia-Pacific region and find ways to promote sustainable growth of developing nations, the finance ministry said Monday. The ADB Ventures Korean Roadshow will be held Friday both via YouTube streaming and at Dream Plus in Seoul's southern district of Gangnam, according to the finance and SME ministries. At the event, the Korean government plans to pro

South Korea and the Association of Southeast Asian Nations (ASEAN) have agreed to address sticky issues in customs procedures for better implementation of their free trade agreement (FTA), the finance ministry said Monday. Under the agreement, South Korean firms will be able to receive tariff benefits if they submit a copy of certificates of origin when they export goods to the 10 member states of ASEAN, according to the Ministry of Economy and Finance. Korean exporters have had difficulties a

South Korean small merchants' business confidence worsened for December in the wake of a surge in coronavirus infections, a poll showed Monday. The Small Enterprise and Market Service said its business survey index (BSI) for small merchants came to 85.4 for this month, down 2.2 points from the previous month. It marks the first time in four months that the small merchants' BSI has gone down from the previous month. A reading below 100 means pessimists outnumber optimists. The survey of 2,400

South Korean insurance companies saw their lending grow at a slower pace in the third quarter from three months earlier due to tougher rules on household loans, data showed Monday. Insurers' outstanding loans totaled 262.4 trillion won ($222 billion) as of the end of September, up 2.1 trillion won from the prior quarter, according to the data from the Financial Supervisory Service (FSS). Yet the figure was down from the on-quarter increase of 5.2 trillion won in the previous quarter. From a ye

High-income households in South Korea -- those who earn between 70 million won ($59,000) and 120 million won before tax annually -- saw their assets increase by 19 percent, or 150 million won on average, from last year, a study showed Sunday. According to the study conducted by Woori Financial Research Institute, which is run by Woori Financial Group, its 4,000 clients classified as “mass affluent” saw their assets rise to 917 million won on average.  The size of debt on avera

The head of South Korea's top financial regulator has said he will make continued efforts to bring household debt growth down to pre-pandemic levels, as fast increasing debt has emerged as a major risk that could threaten the country's economy. Koh Seung-beom, chief of the Financial Services Commission (FSC), still noted he will use some "flexibility" in managing the debt issue by taking into consideration economic, financial market situations and minimizing hurdles for people in actu

Online shopping in South Korea hit a record high in October on the back of solid demand for food delivery services and electronic goods amid the COVID-19 pandemic, data showed Friday, in the latest sign that a growing number of people are using computers and mobile devices to buy things, ranging from clothes to electronic goods. The value of online shopping transactions stood at 16.9 trillion won ($14.35 billion) in October, up 21.7 percent from a year earlier, according to the data from Statis

South Korea's foreign reserves shrank for the first time in five months in November due to a decline in the dollar-converted value of assets denominated in other foreign currencies, central bank data showed Friday. The country's foreign reserves came to $463.91 billion as of end-November, down $5.3 billion from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the first time in five months that the foreign reserves have shrunk. The decline stemmed part

New home permits in South Korea surged more than 24 percent in the first 10 months of the year amid high housing prices, government data showed Friday. Construction permits issued for new homes came to 405,704 units in the January-October period, up 24.4 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. New construction permits in the South Korean capital of Seoul spiked 54.7 percent to 70,578 over the cited period. New home permits issued

SEJONG -- The growth in consumer prices posted the highest in almost a decade last month with prices of daily necessities such as diesel and agricultural products surging, sparking concerns over its impact on households. Statistics Korea said Thursday that consumer prices climbed 3.7 percent on-year in November, which marked the highest increase since the 4.2 percent growth in December 2011. Consumer prices increased over 3 percent for the second consecutive month, following a 3.2 percent gro

South Korea's consumer prices rose at the fastest pace in nearly 10 years in November due to surging energy costs and high prices of farm products, data showed Thursday, underscoring a build-up in inflationary pressure amid economic recovery. The consumer prices increased 3.7 percent in November from a year earlier, accelerating from a 3.2 percent on-year gain in October, according to the data compiled by Statistics Korea. Consumer inflation rose 0.4 percent in November from a month ago. It m