The year 2022 was a gloomy one for the local digital assets market, with the values of major cryptocurrencies falling sharply amid a string of catastrophes ranging from the collapse of terra and its sister currency luna to the delisting of wemix. With related authorities forging multiple regulations to systematize the volatile market and ensure consumer rights, the digital assets market in Korea is expected to face changes in 2023. One of the significant changes that will reshape the industry

Market Jan. 4, 2023

The Bank of Korea warned Monday that the aging population could drive down the macroeconomic benefits of fiscal expenditure. According to the central bank's monthly research report, studies show that one percentage point in an increased aging population leads to a 5.9 percent drop in the fiscal growth of gross domestic product. The bank announced the figures based on overseas research which showed that the change in the population structure weakens the growth effect of fiscal expenditures.

Economy Jan. 2, 2023

More brokerage firms are turning to new technologies such as virtual humans, artificial intelligence and short form video content to improve the accessibility of their analyst reports and appeal to a growing number of young investors. Earlier this month, Korea Investment & Securities rolled out a new virtual human called Han Ji-ah to promote its research reports. The character, developed to resemble new employees who entered the company this year, summarizes and explains research reports in

Market Dec. 25, 2022

The Bank of Korea put forward price stability as its major commitment for next year, hinting on further hikes of its key rate to fight ongoing inflation. The central bank released a report on its monetary policy for next year on Friday, suggesting forecasts on the economic outlooks in and out Korea. The bank said it will focus on price stability next year, so that consumer inflation will move towards the target level, currently set at 2 percent. “Although consumer inflation is expected to

Economy Dec. 23, 2022

NongHyup Financial Group announced their affiliate CEO candidates, including NongHyup Bank, Thursday. The candidates were selected through a recommendation committee meeting held earlier in the day. The group has tapped Lee Seok-yong, a senior official in charge of planning and coordination at the National Agricultural Cooperative Federation, as NongHyup Bank CEO. NongHyup Bank is an affiliate of the National Agricultural Cooperative Federation. Lee joined the company in 1991 and has since been

Market Dec. 22, 2022

A recent Goldman Sachs report was a bitter reality check for South Korea on its plunging birth rate and aging population -- chronic challenges with little solutions in sight. Earlier this month, the US investment bank released a report titled “The Path to 2075,” warning that the Korean economy could be surpassed by nations with smaller economies such as the Philippines, Malaysia, Bangladesh and more by 2075 due to its rapidly declining and aging working population. The report predict

Industry Dec. 22, 2022

Finance Ministry offers growth outlook at 1.6%, lower than BOK, KDI estimates The Korean government has vowed to bring back the economy, speeding up regulatory reforms on real estate and financial markets. Deputy Prime Minister and Finance Minister Choo Kyung-ho highlighted the goals while unveiling the economic policy directions for next year at the government complex in Seoul on Wednesday. According to Choo, the four pillars of the state’s economy management will be freedom, innovation

Economy Dec. 21, 2022

The Bank of Korea is likely to continue with its aggressive monetary tightening stance next year, as inflation is expected to remain well above its target. The nation's inflation rate is expected to remain at around the 5 percent range "for the time being" and then to be moderate over the next year as oil prices stabilize and higher interest rates slow the local and international economies, said Rhee Chang-yong, governor of the Bank of Korea, at a press briefing at the central ban

Economy Dec. 20, 2022

The Ministry of Economy and Finance announced Monday plans to extend tax reduction on certain products such as vehicle and energy fuel as well as consumption tax on passenger vehicles. However, the tax cut for gasoline will only be partially reduced due to some stabilization. The fuel tax reduction for vehicles, set to expire at the end of the year, has been extended to April 30. The cut for gasoline will be adjusted from the current 37 percent to 25 percent, as its price has stabilized, the min

Economy Dec. 19, 2022

Korea's top 10 most popular stocks among retail investors, including tech titan Samsung Electronics and internet giants Naver and Kakao recorded negative return rates this year, as shares end lower on growing recession fears. The top 10 shares most bought by individual investors in Korea were Samsung Electronics, Naver, Kakao, preferred shares of Samsung Electronics, SK hynix, Doosan Enerbility, Kakao Bank, EcoPro BM, LG Electronics and Samsung Electro-Mechanics, Korea Exchange data showed.

Market Dec. 18, 2022

The US Federal Reserve decided to slow down its interest rate hike pace, raising the benchmark interest rates by a half-point. The Korea-US gap widened, which could lead to the outflow of foreign funds and volatility in currency exchange. Upon concluding a two-day meeting of the Federal Open Market Committee, the US central bank raised its benchmark rate by 50 basis points to a 4.25 percent to 4.5 percent target range. Expectations are growing over whether the central bank will take a step bac

Economy Dec. 15, 2022

Hana Life Insurance CEO Lee Seung-lyul, 59, was named the final candidate to be considered as the new head of Hana Bank, in Hana Financial Group’s latest leadership reshuffle, which took place earlier than usual. Hana Financial Group said Wednesday it completed CEO nominations for its affiliates Hana Bank, Hana Securities and Hana Card through a recommendation committee meeting held the day before. It was the first CEO reshuffle to be made after the group's chairman Ham Young-joo to

Market Dec. 14, 2022

Companies with higher involvement of foreigners and small investors are more likely to release more detailed corporate governance reports, demonstrating more transparency, the Korea Exchange said Tuesday. The Korea Exchange, the nation's sole bourse operator, released an analysis on the corporate governance reports of companies listed on the local stock market. As companies with assets between 1 trillion and 2 trillion won ($767 million to $1.53 billion) were required to release corporate

Market Dec. 13, 2022

The Financial Services Commission denied a report that it is considering enforcement power to control the listing of cryptocurrencies through mandating approval from the country's top financial regulator. A local news report claimed Monday that financial authorities, including the FSC and Korea Financial Intelligence Unit, are reviewing to hold the authority to approve crypto firms to float their coins. "The report claiming financial authorities are looking into whether to approve the

Market Dec. 13, 2022

More than 70,000 people under the age of 30 are obliged to pay a gift tax for receiving assets in 2021, marking a two-fold increase from the year before, data showed Monday. According to Rep. Jin Sun-mee from the Democratic Party of Korea, 70,115 people under 30 are obliged to pay a gift tax for receiving land, properties or securities in 2021. Jin is a member of the Strategy & Finance Committee at the National Assembly and the data was provided by the National Tax Service. Jin argued the fi

Market Dec. 12, 2022