The chief of the state-run Korea Development Bank said the plan to relocate its headquarters from Seoul to Busan is underway, despite the continued resistance from its employees. “The relocation to Busan is not to reduce or substitute the functions of the bank, but to add a new role of encouraging the revival of the southeastern region of Korea. We will come up with an organization and operating system fit for the role,” KDB Chairman Kang Seog-hoon said at a press conference held in

Market June 20, 2023

South Korea's global competitiveness ranking fell by one notch this year, as the country suffers from an expanding fiscal deficit, a report showed Tuesday. Korea ranked 28th in terms of global competitiveness among 64 countries surveyed, according to the 2023 report by the International Institute for Management Development. Korea’s ranking in government efficiency came down to No. 38 this year, moving two places down from 2022. The Switzerland-based international institution has relea

Economy June 20, 2023

Consumer inflation is expected to come down to the 2 percent range mid-year and bounce back to the 3 percent range by the end of this year, while core inflation will be slow to ease off, according to the Bank of Korea on Monday. Consumer price growth has been slowing down after reaching its peak at 6.3 percent in July 2022. Price increases have cooled down in the last few months due to the base effect of a surge in international oil prices last year. Consumer prices came down to 3.3 percent last

Economy June 19, 2023

Canada has high potential to become a key trading partner for South Korea in its ongoing efforts to reduce geopolitical risks fueled by the escalating US-China rivalry, according to partners from an Ottawa-based international law firm. As Korea looks to make the most of the Inflation Reduction Act in the US, more companies are seeking to expand their presence in Canada, appreciating its proximity to the all-important US market and abundant natural resources. “Korea has the technology and C

Industry June 11, 2023

With strong global demand for K-pop, share prices of major entertainment agencies are on a robust rally this year. The added market value of the four major K-pop agencies -- Hybe, JYP Entertainment, YG Entertainment and SM Entertainment -- has increased by some 8 trillion ($6.16 billion) won this year, nearing 20 trillion won. Shares of Hybe, the K-pop company behind the global boy group BTS, closed at 270,000 won on Friday. Though it is lower than the peak of 303,000 won on May 3, it marks a st

Market June 4, 2023

Shinhan Card looks to expand its business in Kazakhstan through its affiliate Shinhan Finance, joining hands with the local automobile dealership industry and stepping up its digital transformation efforts. Since its founding in November 2014, Shinhan Finance, Shinhan Card's subsidiary in Kazakhstan, has been focusing on microfinance products such as auto loans and credit loans. Shinhan Card CEO Moon Dong-kwon, who took office earlier this year, recently visited Kazakhstan to meet with th

Market June 4, 2023

Despite North Korea's failed satellite launch attempt in the morning, Seoul shares remained relatively stable on Wednesday. The local stock market opened higher backed by foreigners’ buying spree, but closed lower as a newly released figure showed that China’s economic recovery has lost steam. North Korea's launch attempt did not have much impact on the market, as it had repeatedly signaled its intention to launch its first military spy satellite over the past few days.

Market May 31, 2023

South Korea's travel trade balance deficit widened to a three-year high in the first quarter of 2023, as the number of Koreans departing for overseas travel surged amid eased COVID-19 restrictions. According to numbers from the Bank of Korea on Tuesday, the country's travel trade balance marked a $3.23 billion deficit in the first three months of the year, with travel revenue coming in at $3.08 billion and expenditure at $6.32 billion. The figure hit its highest level since it stood a

Economy May 30, 2023

By Kim Tae-ho National Tax Service vice commissioner Amid high inflation and elevated interest rates worldwide, the growth of the global economy is being hampered by sluggish domestic demand, as well as contractions in the manufacturing sector and trade. In an effort to overcome the global economic downturn, the Korean government has designated key industries such as semiconductors, secondary batteries and displays as national strategic technologies. This designation aims to expand tax ben

Economy May 29, 2023

Police filed an arrest warrant request for a male passenger in his 30s who opened the emergency exit door on a plane before landing on Sunday. The man is accused of opening an emergency exit door on an Asiana Airlines flight from Jeju Island to Daegu on Friday. He has been detained by police. He told officials he wanted to get off the plane quickly because he felt suffocated. On Sunday, Asiana Airlines decided it will ban the sales of a seat on the emergency exit aisle of aircraft model A321-200

Social Affairs May 28, 2023

While heavy downpours hit Korea over the weekend, the 35th Chuncheon Mime Festival kicked off Sunday. The festival is held from Sunday to June 4 across the city of Chuncheon, Gangwon Province. It is the first time in four years for the festival to fully take place following the COVID-19 pandemic, along with water fights -- a major feature of the outdoor festival. The photos show participants enjoying water fights on the streets amid the heavy rain. The festival is accounted to be one of the thr

Travel May 28, 2023

While foreign investors are scooping up major tech shares, retail investors in Korea are continuing to bet on a battery boom, anticipating further growth for the industry. Earlier this year, share prices of battery-related firms soared, as Korean battery firms are expected to benefit from the US Inflation Reduction Act with tax incentives when battery materials are processed there. Reflecting the outlook, the top shares bought by retail investors on the Korean stock market from Jan. 2 to May 2

Market May 28, 2023

Foreign investors have returned to the Korean stock market, net buying more than 11 trillion won ($8.29 billion) this year, buoyed by the outlook of a chip recovery. According to data compiled by the Korea Exchange, non-Korean investors net bought Korean shares worth 11.77 trillion won from Jan. 2 to Thursday, marking a turnaround from massive sell-offs the previous two years. The buying spree of foreign investors was led by big-name tech giants, including Samsung Electronics and SK hynix, backe

Market May 28, 2023

While it's not breaking news that luxury fashion houses have been broadening their customer bases to younger customers, teenagers have risen as a new lucrative target demographic for such brands. More teenagers are purchasing high-end goods -- everything from lower-priced luxury beauty products and shoes to pricier bags, watches and jewelry. “Being a fan of Dior, I wanted to experience the brand,” said Lee Kyung-min, a high school student who visited a pop-up event held by Frenc

Industry May 27, 2023

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, opting for a third consecutive freeze as inflation has been showing signs of easing off in Korea in recent months. Korea’s base rate has stayed at 3.5 percent since February, when the central bank first froze the rate after more than a year of rate hikes to tamp down soaring prices. “The BOK decided to keep the rate unchanged as it is appropriate to maintain the monetary tightening stance, with the inflat

Economy May 25, 2023