7 out of 10 wealthy Koreans offer grim outlook for 2024

The majority of wealthy South Koreans have a negative outlook on this year's economy, with plans to maintain their current asset portfolios. However, some are considering investing in real estate if the economy improves. These findings are from the "2024 Korean Wealth Report," compiled by a think tank under Hana Bank based on a survey of around 2,600 Koreans conducted in December last year. Of the respondents, 746 with over 1 billion won ($726,000) in financial assets -- including

April 25, 2024

Seoul shares open weaker on tech, battery slump

South Korean stocks opened weaker Thursday as investors sought profits following the previous session's sharp rise amid mixed overnight results on Wall Street. The benchmark Korea Composite Stock Price Index fell 26.04 points, or 0.97 percent, to 2,649.71 in the first 15 minutes of trading. On Wednesday, the main index spiked nearly 2 percent, backed by chipmakers and batterymakers. Overnight, Wall Street closed mixed as a disappointing earnings report from Meta Platforms put investors on e

April 25, 2024

Korean investment in US almost doubles from pre-pandemic: report

South Korea's investment in the US increased about 1.8 times last year compared to the pre-COVID-19 period as major conglomerates set up large-scale facilities in the eastern part of the country, a report from a business lobby group showed Wednesday. According to the report published by the Korea Chamber of Commerce and Industry, the total Korean investment in the US stood at $27.7 billion last year, up 75 percent from $15.8 billion in 2019. Large conglomerates like Samsung Electronics, SK

April 24, 2024

Over half of new hires in S. Korea are college graduates: data

Among newly hired employees in Korea in 2023, 50.5 percent were college graduates. Of the 28.41 million people newly hired across the country, 14.36 million had a higher education degree, according to the Korean Statistical Information Service run by Statistics Korea. The figure includes graduates from two-year college courses and those with postgraduate degrees. The number of new employees with tertiary education degrees rose by 1.2 percent compared to the year before. The figure rose from 30.2

April 24, 2024

4 conglomerates see combined operating profit plunge 65% last year: report

Four major conglomerates saw their combined operating profit plunge 65 percent last year, hit by sluggish sales amid an economic slowdown, a report showed Wednesday. Some 306 affiliates of four conglomerates -- Samsung, SK, Hyundai Motor and LG -- posted a combined operating profit of 24.51 trillion won ($17.9 billion) in 2023, down from 71.91 trillion won a year earlier, according to the report by the Korea CXO Institute, a corporate data firm. Samsung Group, the country's biggest conglome

April 24, 2024

Crypto mogul Kwon appeals against Montenegro court's extradition verdict

Montenegrin lawyers of disgraced South Korean crypto entrepreneur Do Kwon are struggling to have him extradited to his home country, not the United States, according to local news reports. Kwon's legal representatives in Montenegro appealed against the Podgorica High Court's recent ruling that found the conditions for his extradition to both South Korea and the US were met, local daily Vijesti reported on Tuesday. In their appeal, the lawyers said that the high court's April 8 dec

April 24, 2024

S. Korea vows thorough market monitoring, immediate responses to Middle East crisis

Finance Minister Choi Sang-mok met with experts of economic and international affairs Tuesday and discussed responses to growing uncertainties in the Middle East, the finance ministry said. During a meeting of the international economic advisory panel in Seoul, experts called on the government to "check developments and assess potential impacts thoroughly as the conflict between Israel and Iran, coupled with the Israel-Hamas war, has seriously boosted uncertainties in the global economy,&qu

April 23, 2024

Exports gain 11.1% from April 1-20 on robust chip sales

South Korea's exports rose 11.1 percent on-year in the first 20 days of April on surging global demand for semiconductors, data showed Monday. Outbound shipments reached $35.82 billion in the April 1-20 period, compared with $32.25 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also advanced 11.1 percent on-year to $2.31 billion. Imports grew 6.1 percent on-year to $38.5 billion during the first 20 days of April, resulting in a trade de

April 22, 2024

BOK chief says won will level off if Middle East conflict eases

Bank of Korea Governor Rhee Chang-yong, during his visit to the United States, projected the volatility of the won-dollar exchange rate would ease if the Middle East tension did not escalate further. The won-dollar exchange rate has been fluctuating heavily over the past few weeks, influenced by the strong demand for the greenback, with the anticipation that the US Federal Reserve will continue its aggressive monetary tightening due to the hotter-than-expected inflation readings. The strong safe

April 21, 2024

Gold trading volume spikes amid Mideast crisis

The trading volume of gold in South Korea has jumped sharply this month amid escalating tensions in the Middle East, data showed Saturday. The daily trading volume of gold in the country came to 16.9 billion won ($12.25 million) as of Friday, according to the data from the Korea Exchange, the country's bourse operator. The reading marks a sharp increase from a daily average of 6.86 billion won for March. Such an increase follows tensions in the Middle East, prompted by Iran's drone and

April 20, 2024

S. Korea pledges W23tr venture capital fund for green investment at G20 meeting

South Korean Finance Minister Choi Sang-mok unveiled the country's plan to bolster green investment in the private sector by establishing a venture capital fund worth 23 trillion won ($16.6 billion), the ministry said Friday. Emphasizing the importance of leveraging private capital for climate financing, Choi made the announcement during the Group of 20 finance leaders' meeting held in Washington on Wednesday and Thursday, the ministry said. During a session on sustainable finance, Cho

April 19, 2024

Economics professor, ex-BOK official named as new monetary policymakers

The Bank of Korea said Friday that an economics professor and a former BOK official have been recommended to replace two outgoing monetary policymakers of the central bank. Lee Soo-hyung, a professor at Seoul National University, and Kim Jong-hwa, a former BOK deputy governor, were named to sit on the BOK's seven-member rate-setting board. If appointed by President Yoon Suk Yeol, Lee and Kim will start their four-year terms by replacing Suh Young-kyung and Cho Yoon-je, respectively. Lee and

April 19, 2024

Exchange rate volatility does not pose 'significant' economic challenges in Korea's case: IMF official

Exchange rate volatility does not present 'significant" economic challenges to South Korea, an official at the International Monetary Fund said Thursday, advising policymakers in Seoul not to "overly" focus on what moves the US Federal Reserve will take. During a press briefing, Krishna Srinivasan, director of the IMF's Asia and Pacific Department, made the remarks as concerns deepened over the recent depreciation of the Korean won at a time when Asia's fourth large

April 19, 2024

Trilateral talks acknowledge ‘serious’ slumps of won, yen

The top finance policymakers of South Korea, the US and Japan shared their concern on the recent devaluation of the Korean won and the Japanese yen during their first trilateral talks Wednesday. Korea's Finance Minister Choi Sang-mok, US Treasury Secretary Janet Yellen and Japan's Finance Minister Shunichi Suzuki held three-way talks on the sidelines of the International Monetary Fund and Group of 20 finance leaders' meetings in Washington. They were the first trilateral talks to

April 18, 2024

Regulator calls for collaboration of shareholders, firms

The head of the financial regulator on Thursday stressed the need for businesses and their shareholders to work together to ensure joint development, saying the government will work to create a virtuous cycle between shareholder activities and business growth. Lee Bok-hyun, chief of the Financial Supervisory Service, noted that shareholder activism will only continue to grow, but said efforts by shareholders may end in vain unless they are sound and reasonable enough to be supported by other sha

April 18, 2024

Korea, Japan finance chiefs vow to tame rampant FX market volatility

South Korea and Japan’s finance ministers voiced concerns over the recent depreciation of their currencies against the US dollar, showing their intention to step into the market to support the won and yen, according to Korea's Finance Ministry on Wednesday. Finance Minister Choi Sang-mok met with his Japanese counterpart Shunichi Suzuki on Tuesday for the first time since he took office on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Washington. &ld

April 17, 2024

Indo-Pacific deal on supply chains takes effect in S. Korea

A US-led Indo-Pacific agreement on supply chains went into effect in South Korea, Seoul's trade ministry said Wednesday. The Indo-Pacific Economic Framework was launched by US President Joe Biden in 2022, involving 14 member nations, including South Korea, the United States and Japan. "The government plans to come up with measures to utilize the IPEF, as the country needs a policy that supports the industrial supply chain," Trade Minister Cheong In-kyo told a meeting with corporat

April 17, 2024

Credit card transactions hit W900tr in 2023

Last year, South Korea's card payments surged past 900 trillion won ($644.6 billion) for the first time, amid heightened inflation and escalating consumer prices. Data compiled by the Financial Supervisory Service reveals that the combined card payment performance of the nation's eight major credit card companies -- Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Woori, Hana, and BC -- reached 920.5 trillion won, marking a 6.4 percent increase from the 2022 total of 856.4 trillion won. T

April 16, 2024

Finance chiefs of Korea, US, Japan to hold 3-way talks for first time

Finance leaders from South Korea, the United States and Japan were set to hold their first-ever trilateral meeting in Washington on Wednesday, to step up economic cooperation amid heightened geopolitical risks in the Middle East. Finance Minister Choi Sang-mok departed for the US on Tuesday to attend the three-way meeting, as well as a meeting of Group of 20 finance ministers and central bank presidents as part of the annual Spring Meetings between the International Monetary Fund and the World

April 16, 2024

Korean won weakens amid heightened uncertainty

The Korean won weakened to 1,400 won against the US dollar during trading hours Tuesday, marking a new 17-month low as the Korean economy faces headwinds from the escalating volatility in the Middle East. The local currency against the greenback closed at 1,394.5 won, losing its value by 10.5 won from the previous trading day. Shortly after trading began at 1,389.9 won, the rate weakened to 1,400 won to $1 at 11:32 a.m., marking the first time in 17 months for the currency exchange rate to hit t

April 16, 2024