Most Popular
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President Yoon Suk Yeol defiant as impeachment momentum grows
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Ruling party leader says impeachment against Yoon now only solution
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Yoon’s martial law defense fans impeachment calls from his party
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Assembly vote on Yoon Suk Yeol's impeachment set for 4 p.m. Saturday
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Cho Kuk sentenced 2 years, loses seat, shot at presidency
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Full text of South Korean President Yoon Suk Yeol's address to the nation on Thursday
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Foreign spies and compromised election system: Yoon seeks to rally the right
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Diverging exec shakeups: Samsung backs veterans; Hyundai rings changes
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Two Korean business leaders make Forbes list of 'most powerful women'
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Opposition leader urges ruling party lawmakers to vote for Yoon Suk Yeol impeachment
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S. Korea's average export price of cars hits record high in H1
The average price of South Korean automobiles shipped overseas hit a new record high in the first half of 2024, data showed Sunday, following the growing demand for premium models. According to data compiled by the Korea Automobile & Mobility Association, the average price of car exports reached $25,224 over the January-June period, up 0.5 percent from $25,079 recorded a year earlier. The increase came amid growing demand for eco-friendly models, as well as SUVs and commercial cars, which ty
July 14, 2024
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South Korea faces existential issue: OECD
The South Korean economy is poised to continue its recovery in the latter half of this year, yet the country must address its "existential issue," which stems from problems such as low productivity, a declining population and climate change, the Organization for Economic Cooperation and Development said Thursday. "We publish surveys every two years, but this one is about an existential issue for Korea," said Vincent Koen, the OECD's country studies division chief in the
July 11, 2024
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BOK maintains key rate at 3.5% but hints at cut
The Bank of Korea kept its benchmark interest rate unchanged for the 12th consecutive time Thursday, while hinting at a future rate cut if the current path of disinflation continues. The central bank has maintained the rate at 3.5 percent for over one and half years, since the rate-setting decision made in January 2023. This is the longest rate freeze ever, surpassing the previous 17-month record in 2016-2017. All six members of the monetary policy board, excluding BOK Gov. Rhee Chang-yong, agre
July 11, 2024
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Exports soar 34% from July 1-10 on strong chip sales
South Korea's exports jumped 33.8 percent on-year in the first 10 days of July on strong global demand for semiconductors, data showed Thursday. Outbound shipments reached $17.75 billion in the July 1-10 period, compared with $13.26 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also gained 10.2 percent on-year to $2.09 billion. Imports grew 26.7 percent on-year to $19.7 billion during the period, resulting in a trade deficit of $2 bill
July 11, 2024
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[Herald Interview] TIAA-owned asset manager eyes Korean investors’ appetite for alternative assets
Nuveen, the investment manager of the US Teachers Insurance Annuity Association with $1.2 trillion in assets under management, is seeking to broaden its investor base in the Korean market from big institutions to retail investors by launching funds to invest in unlisted medium-sized companies. Retail investors are now seeking unconventional opportunities in the alternative market to expand their portfolios beyond their typical investment vehicles, such as stocks and bonds. Chang Jae-ho, Nuveen
July 10, 2024
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Govt. vows to boost housing supply amid real estate market volatility
Finance Minister Choi Sang-mok said Wednesday that the government will devise measures to increase housing supply if needed, as South Korea has seen growing volatility in the real estate market. "Volatility has risen in the real estate market as housing prices have gone up in Seoul and some adjacent regions, though overall industry indices remain stable," Choi said during a meeting of economy-related ministers in Seoul on the day. "The government will enhance the monitoring of the
July 10, 2024
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S. Korea, Thailand launch first round of talks for trade deal
South Korea's trade ministry announced Tuesday that it has launched the first round of negotiations with Thailand to seek an Economic Partnership Agreement aimed at bolstering bilateral trade and investment. The South Korean delegation, led by Deputy Minister for FTA Negotiations Roh Keon-ki, plans to discuss related matters with his counterpart, Chotima Iemsawasdikul, in Bangkok through Thursday, according to the Ministry of Trade, Industry and Energy. An EPA is intended to establish a mut
July 9, 2024
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4 in 10 Korean companies considering AI investment
Four out of 10 South Korean conglomerates are considering investing in artificial intelligence over the rest of the year, as they expect AI technology would drive production efficiency, a survey by a leading business lobbying group showed on Monday. The Federation of Korean Industries commissioned Mono Research to survey the domestic investment plans of the 500 largest Korean companies in terms of revenue and found that 10.6 percent said they set up capital investment plans tied to AI in the s
July 8, 2024
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[Photo News] Broadening Korean presence in Texas
Korea International Trade Association Chairman Yoon Jin-sik (right) receives a proclamation award celebrating the opening of KITA's new office in Dallas from Texas Gov. Greg Abbott during a business luncheon in Seoul on Monday. During the event, Yoon highlighted Korean companies’ contributions to the Texan economy in various areas, including steel, energy and semiconductors. Abbott called for close collaboration between Korean businesses and the US state for mutually beneficial econ
July 8, 2024
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LGES Q2 operating profit plunges 58% as EV sales slip
LG Energy Solution Ltd., South Korea's leading battery maker, said Monday its second-quarter operating profit plunged 58 percent from a year earlier due to slowing sales of electric vehicles. Operating profit for the three months ended in June is estimated to have plummeted to 195.3 billion won ($142 million) from 460.6 billion won in the same period of last year, LGES said in a statement. "Decreased lithium and other metal prices weighed on EV battery prices, and lower demand from aut
July 8, 2024
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Unionized workers at Samsung Electronics set to stage 3-day strike
Unionized workers of Samsung Electronics Co. are set to launch a three-day strike Monday, but the planned labor action is unlikely to disrupt production at the technology giant due to low participation. The National Samsung Electronics Union, the biggest labor union with 29,000 members, will kick off the strike with a rally at the entrance of the company's facility in Hwaseong, 45 kilometers south of Seoul, according to industry sources. The strike is scheduled to last through Wednesday. Th
July 8, 2024
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FSC chief nominee vows to keep tight rein on household debts
First Vice Finance Minister Kim Byoung-hwan, the nominee to head the Financial Services Commission, said he must put in all efforts to bring down the fast growth of household debts on Friday. Kim, a 53-year-old macroeconomics expert, was tapped to the post to lead the country's top financial policy-making unit, according to the presidential office's announcement made on the previous day. “With the prolonged high interest rates and inflation, risks are building up in the vulnerabl
July 5, 2024
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S. Korea's current account returns to surplus in May
South Korea logged the largest current account surplus in 32 months in May on the back of a sharp rise in the trade surplus and increased dividend income, central bank data showed Friday. The country's current account surplus reached $8.92 billion in May, a turnaround from a deficit of $290 million in April. The May surplus marks the largest since September 2021, when the surplus came in at $9.51 billion. In the first five months of the year, the country's current account surplus reach
July 5, 2024
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First vice finance minister tapped as FSC chief
First Vice Finance Minister Kim Byoung-hwan has been nominated to lead the Financial Services Commission, South Korea's top financial policy-making unit, the presidential office announced Thursday. In nominating Kim, the office noted, "With his exceptional insights into finance and macroeconomics, the nominee is well-suited to effectively advance policy tasks such as modernizing the financial industry and ensuring stability in financial markets." A 53-year-old expert in macroecono
July 4, 2024
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Finance chief vows preemptive responses to looming 'massive external changes'
Finance Minister Choi Sang-mok called for proactive and preemptive responses Thursday to prevent possible massive changes in external circumstances from affecting South Korean exports so as to maintain economic recovery momentum. Choi made the remarks during a meeting of ministers working on external economic issues in Seoul, stressing the need to stay vigilant given growing geopolitical tensions and growing supply chain risks. "A growing number of major countries have put top priority on t
July 4, 2024
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Govt. vows support for exports of electric equipment
Industry Minister Ahn Duk-geun said Thursday the ministry plans to offer 2.7 trillion won ($1.94 billion) in trade finance for exports of electric equipment to foster the sector as a new growth engine. Ahn announced the plan during his visit to the headquarters of HD Hyundai Electric Co. in Seongnam, just south of Seoul, to discuss ways to support the electric equipment industry, according to the Ministry of Trade, Industry and Energy. The visit came as the government has been seeking to set str
July 4, 2024
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FSS slaps record short selling fine on Credit Suisse
Global investment bank Credit Suisse affiliates have been fined a record amount for violating Korea's short selling regulations. The Securities and Futures Commission under the Financial Services Commission announced that it had decided to impose fines totaling 27.17 billion won ($19.5 million) on two affiliates of UBS AG -- formerly Credit Suisse -- for illegal short selling amounting to 100 billion won discovered earlier this year. This is the largest fine imposed since the penalty system
July 3, 2024
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Korea to weigh in on food delivery fees
South Korea plans to form a public-private consultative group to address the rising costs of food delivery fees this month to help lift the burden on restaurant owners, the government announced Wednesday. The plan is part of pangovernmental measures to support small business owners. Government officials, delivery platform operators and experts in the food service industry are to join the self-regulatory consultative group to be launched this month. The group will announce ways to bring down the
July 3, 2024
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FSS chief calls for innovation in securities firms
The head of the financial regulator on Wednesday urged securities firms to change the way they do business, as well as where they invest, stressing the need for innovation to ensure growth. Lee Bok-hyun, chief of the Financial Supervisory Service, made the call in a meeting with the heads of 16 securities firms here. "The tasks aimed at developing our capital market that I have stressed must be discussed in a comprehensive manner, and must not be an issue of energy-consuming disputes betwee
July 3, 2024
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Hana Bank’s extended forex trading kicks off on smooth run
Hana Bank’s foreign exchange trading room in Seoul, the largest in South Korea, completed its first extended trading session on Tuesday. Starting Monday, Korea extended its foreign currency trading hours, pushing the closing time from 3:30 p.m. to 2 a.m. the following day. This move is part of Korea’s strategy to enhance its financial market and attract more foreign capital, with won-dollar trading now available until 5 p.m. in London and 1 p.m. in New York. Additionally, foreign fin
July 2, 2024