Articles by Choi Si-young
Choi Si-young
siyoungchoi@heraldcorp.com-
FSS chief stresses fair competition in fintech
South Korea’s top financial watchdog said Tuesday it is seeking to support fair competition between fintech firms like Naver and Kakao. “Our hope is that all these companies meeting with us today help to cultivate a fair and transparent environment,” Gov. Lee Bok-hyun of the Financial Supervisory Service said at a meeting with the chief executives at the local tech firms. Lee and the companies discussed whether commissions that the internet platforms collect from sellers usin
Industry Aug. 30, 2022
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BOK says no shift in policy despite hawkish US Fed
The Bank of Korea said Tuesday that it is not expecting a shift in its interest rate policy despite a hawkish US stance on inflation Federal Reserve Chairman Jerome Powell revealed over the weekend, as that was already factored in its decision-making process. At a three-day global symposium of central bankers that ended Saturday in Jackson Hole, Wyoming, Powell made it clear he backs rate hikes as needed to tame inflation even if that means slowing growth – a message some say could push t
Economy Aug. 30, 2022
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Probe launched over Morgan Stanley short selling in Korea
South Korea’s top financial watchdog is investigating stock short selling practices at Morgan Stanley’s Seoul office, people familiar with the matter said Monday, in the latest sign of a crackdown set to expand this week to regulate the practice that profits from a drop in stock prices. The Financial Supervisory Service will look at Merrill Lynch and Goldman Sachs next, an official at the watchdog said, noting: “These firms are the top priority because most of the short sellin
Market Aug. 29, 2022
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BOK cannot stop tightening before Fed, governor says
The Bank of Korea will tighten policy to corral inflation but cannot end it before the US Federal Reserve, BOK Gov. Rhee Chang-yong said Saturday at the annual Jackson Hole meeting in Wyoming -- a three-day global economic retreat of central bankers held in-person this year after a pandemic hiatus in 2020 and 2021. “We are now independent from the government, but we are not independent from the Fed,” Rhee said on the last day of the gathering, in an interview with Reuters, noting th
Economy Aug. 28, 2022
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BOK makes 4th consecutive rate hike
The Bank of Korea returned to its usual 25 basis point rate hike Thursday, half the historic size seen in July, while slashing its growth forecast for the year amid the persistent inflation forcing the central bank to back a raise for a fourth time in a row for the first time. The unanimous decision reached by all seven board members comes as the country fights inflation at an almost 24-year high. In July, prices jumped 6.3 percent on-year. The policy rate now stands at 2.5 percent, up fro
Economy Aug. 25, 2022
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Ramen next in line for sharp price hike
Amid soaring food costs, prices of ramen, Koreans’ most favored instant food and a common low-cost meal option, are set for an increase next month, in another blow to customers already grappling with persistent inflation. Koreans consumed the most instant noodles per capita in the world in 2020. Nongshim, a leading South Korean ramen maker, said Wednesday that it was raising prices for instant noodles and snacks, effective Sept. 15, by an average of 11.3 percent and 5.7 percent, respectiv
Economy Aug. 24, 2022
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Won weakens further despite warning against speculation
The South Korean won weakened to 1,345.5 won per US dollar on Tuesday, marking a fresh 13-year low, despite a warning that authorities would rein in speculative trading seen as behind the depreciation. The verbal warning, coming for a fourth time for the year, reflects growing volatility gripping the currency markets amid the persistent hawkish outlook on a US rate hike in September boosting the dollar’s safe-haven appeal. The key psychological threshold of 1,300 won is considered
Market Aug. 23, 2022
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Won slips anew as investors reassess US rate hike
The South Korean won breached the key psychological threshold of 1,300 won per US dollar, weakening to 1,340.2 won before closing at 1,339.8 won in onshore trading Monday -- a new low in 13 years prompted by a hawkish outlook on a US Federal Reserve’s rate hike in September. The 1,300 mark -- last crossed in April 2009 in the wake of the global financial crisis before June 2022 when it was touched again -- is considered a red flag for the economy. The benchmark Kospi lost 1
Market Aug. 22, 2022
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FSC forges ahead with COVID debt relief plan amid worries
Self-employed people and small businesses who have suffered major economic disruptions due to the pandemic will receive government support in writing off their debts as long as they pass a thorough screening process, the Financial Services Commission said Thursday. The plan -- revealed earlier to help the group repay loans they had taken out since the pandemic -- aims to reduce their debts, which the agency says needs to happen now because they could soon go bankrupt. But critics have said too
Economy Aug. 19, 2022
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Kospi firms’ operating profits jump on Samsung Electronics
Companies on South Korea’s benchmark Kospi overall saw their combined operating profit in the first six months of this year rise 7 percent from a year earlier, thanks to Samsung Electronics, the biggest company on the main board by revenue. According to Korea Exchange data Friday, 696 firms on the Kospi reported 746 trillion won ($562.2 billion) in revenue between January and June, up 19 percent from the previous year. Operating profits came to 54 trillion won, a 7 percent jump. But the
Market Aug. 19, 2022
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FSC issues warning over unregistered crypto firms
Investors are being discouraged from using 16 cryptocurrency services companies operating in South Korea without registration from the Financial Services Commission, the top financial regulator said Thursday. The firms, all foreign, are KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex and Pionex. The firms are expected to face police probes for having failed to report to the agency their plans to engage in business with Kor
Market Aug. 19, 2022
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Law professor named head of antitrust watchdog
President Yoon Seok-yeol has appointed a professor who specializes in insurance law and investor protection to lead the Fair Trade Commission, the presidential office said Thursday in a statement. Han Ki-jeong, who teaches commercial law at Seoul National University and led the private Korea Insurance Research Institute between 2016 and 2019, will help revitalize a free market economy the Yoon government seeks, according to the statement. “Han has long studied what consumers need and kno
Industry Aug. 18, 2022
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Regulator launches task force in push for crypto framework
A joint task force launched by the Financial Services Commission on Wednesday kicked off its first monthly meeting on setting up a framework for digital assets like bitcoin, a week after the top financial regulator said it would work to remove regulatory uncertainty facing South Korea’s crypto industry. Introducing a legal framework for cryptocurrencies is part of the larger deregulation initiative the FSC has been pursuing since President Yoon Suk-yeol, who had pledged to make that happe
Market Aug. 17, 2022
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FSS chief vows probe into suspicious short selling, wire transfers
The Financial Supervisory Service will look into financial institutions that handled an unusually large volume of short selling when the local markets were jumpy, the watchdog’s chief said Tuesday, as retail investors step up calls for greater oversight over the practice they say leaves them outgunned by institutional investors. Individual investors have long complained that the bearish market practice that profits from a drop in share prices is not as rewarding as it should be as regulat
Market Aug. 16, 2022
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6 out of 10 Korean businesses urge Seoul, Tokyo to reset ties
More than half the companies surveyed by the Korea Enterprises Federation, one of the five major business lobby groups here, said Korea and Japan should settle their disputes and improve economic ties, especially in trade, the data showed Tuesday. Conducted from July 27 to Aug. 2, the survey polled 207 companies employing at least 30 workers and 57 percent of them backed the idea, saying efforts to take advantage of new trade deals like the RCEP and IPEF should take place once the two countries
Industry Aug. 16, 2022
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