South Korean battery materials company EcoPro, the red-hot stock in the nation’s secondary tech-laden Kosdaq, is highly likely to be included in the MSCI Korea Index in August, Samsung Securities wrote in a recent report published Friday. EcoPro is a holdings firm with units EcoPro BM and EcoPro HN under its wings. Running high on the recent electric vehicle boom, the cathode materials maker saw its shares soar to a record high of 1.14 million ($890.28) Wednesday, almost a 10-fold jump fro

Market July 21, 2023

Korea has set its minimum wage level for 2024 at 9,860 won ($7.80) per hour, up 2.5 percent from this year’s 9,620 won. The raise would translate to a monthly income of 2.06 million won, based on a 40-hour workweek. The decision was made early Wednesday following a 15-hour meeting of the Minimum Wage Commission, composed of members spanning labor, business and the general public. Though eyes were on whether the minimum wage for next year would surpass the 10,000 won barrier, considering so

Economy July 19, 2023

In his meeting with Yellen, Choo delivered his gratitude for the US' efforts to communicate with Korea regarding the Inflation Reduction Act and the CHIPS and Science Act, while requesting the US government’s attention to Korean companies with business in the country. The IRA gives a tax credit to buyers of electric or fuel cell vehicles assembled in North America. To qualify for the tax credit, EVs must have batteries that contain at least 40 percent critical materials extracted or p

Economy July 18, 2023

Korea’s household debt is rising at an alarming pace, coming in second in terms of size and growth rate among major economies, data showed Monday. According to a report issued by the Bank of International Settlements, a financial institution based in Basel, Switzerland, the debt service ratio for households in Korea stood at 13.6 percent last year, the second highest among 17 major countries in the world, just behind Australia at 14.7 percent. The DSR gauges how much a borrower has to pay

Economy July 17, 2023

South Korean financial giant KB Financial Group hopes to become a company that can have a good influence on the community, its chairman said Friday. “We will all make efforts to become a purpose-driven firm that has a positive influence on the community,” Chairman Yoon Jong-kyoo said at the group’s strategy meeting held at a Seoul hotel under the title "Toward the Future.” The meeting was held to discuss management strategies for the latter half of 2023 to seek cha

Market July 16, 2023

South Korean financial giant Woori Financial Group plans to expand its corporate financing, according to its chairman Friday. "During the first half of 2023, we prioritized risk management such as controlling financial soundness and capital adequacy as the uncertainty in financial markets both in and out of Korea escalated,” Woori Financial Group Chairman Yim Jong-yong said at a workshop held at the group’s headquarters in central Seoul. "It was a meaningful time when bold

Market July 16, 2023

The Bank of Korea kept the base rate unchanged at 3.5 percent Thursday, going for a fourth consecutive freeze as inflation has shown signs of cooling down significantly. The six-member monetary policy board unanimously voted for a rate freeze, while agreeing to keep the terminal rate at 3.75 percent, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting meeting. The central bank was able to maintain the rate, as inflation has been giving firmer signs of easing

Economy July 13, 2023

The Bank of Korea kept its key interest rate unchanged for the fourth consecutive time as inflation seems to be on the wane. The central bank decided to hold the rate at 3.5 percent at its rate-setting meeting on Thursday, keeping the base rate steady since February. The BOK’s decision falls in line with the market projection which assumed the central bank would maintain the rate as the consumer prices growth in June fell to the 2 percent range for the first time in 21 months. Korea’

Economy July 13, 2023

The Korean government plans to ease the visa quota for foreign workers to resolve growing labor shortage issues. “We will resolve the imbalance in the labor market by improving the working environment and using foreign human resources,” Finance Minister Choo Kyung-ho said at a meeting Wednesday. Choo said the government will lift the quota for the E-7-4 visa for skilled workers from 5,000 to 35,000 within the year and ease the standard on minimum annual income, which currently stands

Economy July 12, 2023

The Bank of Korea is expected to keep its key interest rate unchanged this week as recent economic indicators show signs of waning inflation. If the central bank maintains the policy rate at 3.5 percent at its rate-setting meeting scheduled to take place on Thursday, it would be its fourth consecutive freeze since February. Signs of inflation cooling have created room for the BOK to keep the rate at the same level. Korea’s consumer prices, a key gauge of inflation, rose by 2.7 percent in

Economy July 10, 2023

Shares of South Korean battery materials firm EcoPro rose to over 1 million won ($766.58) during trading hours Monday, surpassing a significant bar for a stock listed on Kosdaq. The stock price of EcoPro closed at 965,000 won, lower than its previous closing price of 988,000 won. It hit a record high of 1.01 million won earlier during the day. As of closing, the market cap of EcoPro stood at 25.69 trillion won, shoulder to shoulder with tech giants Kakao and Naver, which are worth 22.14 trillion

Market July 10, 2023

Korea and other Asian nations can be key players in the global supply chain, as countries wean off their dependence on China, a report issued by the Korea Chamber of Commerce and Industry suggested Wednesday. According to the report, Korea and other “Altasia” countries can be a substitute for China in the global trade scene. The term Altasia is a compound of alternative and Asia, encompassing 14 countries in Asia that could replace China in the global supply chain. The weekly newspap

Market July 5, 2023

The Korean government revised down its economic growth rate projection to 1.4 percent on Tuesday, as the exports sector struggles to rebound, delaying the economy's recovery to next year. The revision came as the Finance Ministry and other related ministries announced economic policy measures for second half of this year. The gross domestic product growth forecast was cut from the previous 1.6 percent to 1.4 percent. The ministry initially suggested that the Korean economy would see a rebou

Economy July 4, 2023

Korean investors have poured money into Japanese stocks this year, taking advantage of a weaker yen and the roaring Japanese stock market, according to data from the Korea Securities Depository on Monday. In recent months, the Korean currency has been traded in the 900 won range against 100 Japanese yen, as the Bank of Japan continues to maintain negative rates to spur the local economy. Backed by the record low yen, more local investors are scooping up Japanese shares. The KSD data showed that

Economy July 3, 2023

Though Korea’s sluggish economy was initially expected to improve in the latter half of the year, the recovery is slowing, as the country struggles with a prolonged export slump. The Finance Ministry is likely to lower slightly the economic growth rate forecast for 2023 from the previous 1.6 percent when it announces economic policy measures for the second half of the year on Tuesday. The Korean economy was initially expected to rebound in mid-2023 when China’s economy reopened and t

Economy July 2, 2023