An expansion of the storytelling platform and content for cryptocurrency is the key to broadening the digital asset industry, said Eric Anziani, president and chief operating officer at Singapore-based crypto trading platform Crypto.com. “Our vision is ‘Crypto is more than trading.’ There are many use cases that can empower creators, developers and builders to reach global audiences,” Anziani said in an interview with The Korea Herald held in central Seoul, Wednesday. As

Market Sept. 12, 2023

India, the world’s fifth-largest economy, is one of the strategic markets where South Korea’s Mirae Asset Financial Group has poured considerable resources into expanding its presence. Amid industry-wide efforts to de-risk from China more recently, industry watchers say Mirae Asset’s years-long investment could pay off “soon.” Over the past years, the Korean financial giant has been making bold investments in the fast-growing country, broadening its portfolio from s

Market Sept. 10, 2023

South Korea’s tax revenue for this year is likely to fall below the initial estimate by around 60 trillion won ($44 billion) to hover at about 340 trillion won, as major revenue sources such as corporate tax and capital gain tax remain sluggish due to the slow economy. The Finance Ministry is expected to release an update on the estimated tax revenue this week, including corporate taxes prepaid until August. The upcoming announcement comes as the country’s tax revenue has been fallin

Economy Sept. 10, 2023

The chairman of Hana Financial Group met with foreign investors through an investor relations event held in Hong Kong, Tuesday to expand the Korean banking group's presence in the global financial market. At the event, Chairman Ham Young-joo shared the financial achievements of the financial group and mid-term growth strategies while boasting its sound asset quality and environmental, social, corporate governance (ESG) efforts. The two-day event wraps up on Wednesday. He also explained the

Market Sept. 5, 2023

An “office real estate apocalypse” looms in major global cities amid high-flying interest rates and the expansion of remote work during the pandemic. But one market that still remains robust is Seoul, leading investors to explore investment opportunities here, according to industry officials at home and abroad. Investors agree that Seoul’s office market is priced high, but they add that multiple factors such as the low vacancy rate and tight supply can offset the pricing.

Industry Sept. 4, 2023

The NFT 2023 Seoul Conference, held Friday at Coex in southern Seoul, explored the future of non-fungible tokens, discussing how the decentralized technology would innovate diverse fields from blockchain to finance and art in the near future. The one-day event was organized by The Korea Herald, the nation’s largest English daily, together with ArtToken, a Seoul-based digital art platform, and Soongsil University. “Even at this moment, the world is evolving at a fast pace,” Kore

Industry Sept. 4, 2023

    Finance Minister Choo Kyung-ho said the government was positively considering the ruling party's proposal to designate Oct. 2 as a one-off public holiday to allow people to have six consecutive days off work. "The ruling party made the suggestion to ensure the people's right to rest and to stimulate domestic consumption. The government agrees with the ruling party," Choo said in an interview held by a local broadcasting station Tuesday. Designating a temporary holiday on

Economy Aug. 30, 2023

The Cabinet on Tuesday approved the 2024 budget proposal worth 656.9 trillion won ($497 billion), marking the lowest on-year growth in nearly two decades as the country suffers from sluggish tax revenue. The size of the second budget proposal drawn up by the Yoon Suk Yeol administration has increased by 2.8 percent from this year’s 638.7 trillion won, the smallest proposed increase since 2005. The budget for this year was 5.1 percent up on the previous year. “Due to the past administ

Economy Aug. 29, 2023

The on-year growth in consumer prices is likely to bounce back to the 3 percent range from this month due to the spike in international oil prices. While inflation in Korea has been easing off this year, the Finance Ministry expects it to climb back, reaching the 3 percent range before coming down again in October. Korea's on-year growth in consumer prices has been showing signs of slowing down this year. It came down to 4.8 percent in February from 5.2 percent in January, and stayed in the

Economy Aug. 27, 2023

The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, maintaining it a fifth consecutive time amid growing China fears and a widened rate gap with the US. In a rate-setting meeting presided over by BOK Gov. Rhee Chang-yong, the six-member monetary policy board unanimously voted to maintain the current policy rate, which has stayed at 3.5 percent since February. “The board decided to hold the rate, projecting it would take significant time for the inflation rate, whic

Economy Aug. 24, 2023

The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, holding it for the fifth consecutive time since February. Recent economic indicators show inflation could rebound within this year as the base effect from last year’s dip in international oil prices wears off. Oil prices have been on the rise recently, too, adding to the growing inflationary pressure on the Korean economy, which heavily dependent on energy imports. Chinese deflation and default risks from its real

Economy Aug. 24, 2023

The Vietnamese arm of Hanwha Life Insurance posted its first accumulated profits since its launch 15 years ago. Marking the local unit’s 15th anniversary, the insurer held a ceremony in Ho Chi Minh City, Vietnam on Friday, where it unveiled its financial achievements. Since posting a net profit for the first time in 2016, the Vietnamese subsidiary has recorded profits for nearly five consecutive years between 2019 and 2023. As of the first half of this year, its accumulated profits reached

Companies Aug. 21, 2023

The South Korean economy faces fresh risks from China, with no immediate breakthrough in sight to recover its faltering exports. Recent figures show worsened woes in Beijing, indicating the country’s economy could be on a path of decline. China has slipped into deflation, reporting a 0.3 percent drop in consumer prices in July on-year. It was the first time in 29 months for the figure to nosedive to a minus range. Further data showed its retail sales, industrial output and investment all

Economy Aug. 20, 2023

In the first six months of 2023, the added operating profit of Kopsi-listed firms fell by more than half, as the economy struggles to deal with the impact of global geopolitical tensions and high interest rates, the Korea Exchange said Thursday. According to data provided by the Korea Exchange, the operating profit of 615 firms listed on Kospi stood at 53.1 trillion won ($39.6 billion) from January to June, 52.45 percent less than that of the same period from a year before. Data was not included

Market Aug. 18, 2023

The Korean won declined below 1,340 won against the dollar during trading hours Wednesday, marking a new three-month low and reflecting increased volatility from the US’ stronger-than-expected economy and deflation worries in China, boosting the dollar's safe-haven appeal. The Korean won against the greenback opened at 1,340 won on Wednesday, 9.1 won higher than the previous trading day. Shortly after trading began, it fell back to 1,341 won, the weakest since the 1,343 won seen earli

Economy Aug. 16, 2023