Incumbent finance minister heads to G20 after airport reshuffle surprise

Deputy Prime Minister and Finance Minister Koo Yun-cheol nearly canceled his trip to the United States on Sunday after learning at the airport that he would be replaced in a Cabinet reshuffle. He ultimately boarded the flight as scheduled, concluding that he remained responsible for official duties until his successor took office. Koo departed from Incheon Airport on Sunday morning to attend the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina, scheduled for

2026-08-30 17:37:05:00

Finance chief abruptly cancels G20 trip

Deputy Prime Minister and Finance Minister Koo Yun-cheol abruptly canceled his trip to attend a meeting of Group of 20 finance ministers and central bank governors in the United States, fueling speculation over his position amid reports of an impending Cabinet reshuffle. Koo arrived at Incheon International Airport on Sunday morning to travel to Asheville, North Carolina, for the G20 gathering but turned back without boarding his flight, according to government sources. His scheduled bilateral m

2026-08-30 11:05:57:00

NPS posts record 27% return in H1

South Korea's National Pension Service posted a 27.22 percent investment return in the first half of the year, driven by a sharp rally in domestic stocks, the pension fund said Friday. The return was well above the 18.82 percent return the NPS recorded for all of 2025, which in turn had marked its highest annual return since the fund was established in 1988. The fund's assets stood at 1,866 trillion won ($1.35 trillion) as of end-June, up from 1,458 trillion won at the end of last year. Domestic

2026-08-28 12:12:19:00

Why soaring US long-term yields are becoming Korea’s problem

A surge in long-term US Treasury yields is driving up borrowing costs in Korea, lifting government bond yields and adding pressure on companies, households and stocks. The spillover was on full display last week. As the US 30-year yield climbed to 5.33 percent, its highest since 2007, Korea’s 30-year government bond yield surged to a record 4.751 percent. The yields have since retreated, but the underlying pressures — heavy US debt issuance, aggressive AI-related borrowing and weakening demand f

2026-08-27 16:21:31:00

Citi tops Korea IB rankings after leading SK hynix's $26.5b US IPO

Citi is leading South Korea's investment banking market this year as brisk debt and equity issuance continues, with the firm expecting strong deal flow to extend into the second half. Citigroup Global Markets Korea, Citi's investment banking franchise in Korea, currently ranks first in Dealogic's Korea Investment Banking Wallet League table with a 16 percent market share, Citi said Wednesday. The firm also has a strong pipeline of upcoming transactions and expects continued inbound and outbound

2026-08-26 16:46:26:00

Korea stock rally opens door to rerating: Nomura economist

Korea's stock market may be starting to shed its long-standing discount, but the Kospi's sharp rally has yet to translate into a market rerating, according to a senior Nomura economist. "We believe Korea is beginning to move beyond the traditional 'Korea discount,' but it is too early to call it a sustained premium," Park Jeong-woo, Nomura's senior economist for Korea and Taiwan, said in a recent interview with The Korea Herald. Despite the Kospi's strong gains, Park said valuations suggest inve

2026-08-25 15:37:28:00

Eximbank backs LS Cable’s US subsea plant with W300b

The Export-Import Bank of Korea will provide 300 billion won ($218 million) in financing for LS Cable & System's subsea cable plant in the United States, stepping up support for Korean companies seeking to tap growing power infrastructure demand in North America. The state-run lender said Monday it will provide facility and operating financing for the plant under construction in Chesapeake, Virginia, which is expected to become the largest subsea cable production facility in the US. Surging AI i

2026-08-24 14:58:21:00

Weekend showers offer little relief as late-summer heat persists

Showers swept through Seoul and other parts of central Korea on Saturday, with more scattered rain possible through the evening as hot and humid conditions persist across the country. The Korea Meteorological Administration said Saturday's daytime highs were expected to range from 28 to 34 degrees Celsius, with Seoul reaching around 30 C and southern cities including Gwangju and Busan up to 34 C. While the rain that affected central regions earlier in the day has eased in some areas, scattered s

2026-08-22 15:16:16:00

Geoje, Tongyeong continue flood recovery after disaster zone designation

Geoje and parts of Tongyeong in South Gyeongsang Province were designated special disaster zones Friday as recovery work continues following days of heavy rain. The Ministry of the Interior and Safety said the designation covers all of Geoje and Sanyang-eup and Bongpyeong-dong in Tongyeong, following presidential approval. The designation allows the central government to cover a larger share of local recovery costs, including repairs to roads, rivers and other damaged infrastructure. Geoje was d

2026-08-22 12:14:18:00

Korea builds 'fiscal reservoir' for chip tax windfall, rewrites school funding

South Korea unveiled plans Friday to create a new fiscal fund that will channel tax revenue generated by the semiconductor boom into long-term investment while serving as a buffer against future revenue downturns. The Future Response Fund will invest in youth, new growth engines, regional development, education and talent, while accumulated reserves can be tapped when tax revenue weakens. The plan also includes the first major overhaul of local education funding in more than half a century, aime

2026-08-21 17:19:09:00