The recovery of South Korea’s job market picked up steam as more than 600,000 positions were added back to the economy in May, surpassing that mark for the second consecutive month, government data showed Wednesday. Statistics Korea found that the number of employed people reached 27.6 million last month, 619,000 more than a year earlier, as Asia’s fourth-largest economy continued its recovery from the virus-caused downturn. The base effect from severe job losses last year lifted

Economy June 9, 2021

Two thousand employees at South Korea’s troubled state housing developer will be out of jobs as a result of a reform triggered by a massive land speculation scandal, the government said Monday. The Korea Land and Housing Corp. will streamline its organizational structure, cutting 20 percent of the company’s workforce, to focus on its key functions -- housing welfare and home supply. Other noncore administrative functions will be abolished or transferred to other bodies such as the

Economy June 7, 2021

Apartment prices in Seoul have risen to the levels where they were before the global financial crisis of 2008, which prompted a severe market correction, Finance Minister Hong Nam-ki said Thursday. “I have a serious concern about one-sided anticipation that the housing market will become unstable again in the second half of this year because of new regulations that will come into effect from June,” the minister said during a policy meeting. Along with the government’s hous

Economy June 3, 2021

The South Korean economy is forecast to grow 3.8 percent this year on the back of strong export growth and expansionary macroeconomic policy, the Organization for Economic Cooperation and Development said Monday, ramping up its previous projection of 3.3 percent. “Strong overseas demand for IT products, which account for about a fifth of total exports and automobiles is lifting exports. A gradual easing of distancing measures and government relief packages have helped vulnerable household

Economy May 31, 2021

The government will spend some 1 trillion won ($894.8 million) on building a mega database to collect medical information of 1 million people in a bid to foster the biohealth industry as a new growth engine, officials said Wednesday. “In response to the rapidly changing biotechnology industry environment, we will provide all-round support, such as R&D intensive investment in core technologies, including new drugs and innovative medical devices; commercialization support; expansion of

Economy May 26, 2021

Finance Minister Hong Nam-ki said Thursday that the government will roll out changes to housing policies which may include real estate taxation reforms as early as next month. While maintaining the key framework and the stance of the real estate policy announced on Feb. 4, which focuses on easing building regulations and supporting redevelopment projects in urban areas to shore up the number of new houses, “some changes will be presented within the next month after collecting public opi

Economy May 20, 2021

NH NongHyup Bank, one of South Korea‘s five major banks, said Tuesday it has launched biometric boarding service via mobile applications for the first time as a financial institution here. Customers who registered their palm vein patterns at the bank’s branches will be able to travel aboard a domestic flight through contactless biometric boarding process at Gimpo International Airport, Jeju International Airport and Gimhae Airport, the bank said. Up until now, registration of bio

Market May 18, 2021

The South Korean government will support the development and commercialization of clean energy technologies and set up a climate response fund next year to achieve the goal of going carbon neutral by 2050. Finance Minister Hong Nam-ki said Monday that preparation for the scenario to achieve net zero emissions is “in full swing,” while stressing the importance of a preemptive policy response related to climate cooperation. South Korea plans to bolster its original target of reduci

Economy May 17, 2021

This is a part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the sixth installment. -- Ed. Shinhan Financial Group is in talks with a handful of e-commerce companies over a potential acquisition or strategic investment to create an online commerce space where consumers can shop for financial services like any other retail products. “The limitation of mobile finance apps is that they can

Market May 12, 2021

Cross-industry partnerships in the financial sector are in full swing as banks seek to transform personal data into a new revenue source, ditching their reliance on interest rates. Commercial lenders and credit card companies have been rushing to forge alliances with mobile carriers and retailers to compile large volumes of customer data from business partners in order to provide personalized products and to fuel data-driven marketing activities. The heating competition is ignited by the gove

Market May 11, 2021

As uncertainties surrounding an uneven economic revival from the COVID-19 pandemic linger in the Asian region, top economic policymakers and central bank chiefs from South Korea, China and Japan on Monday pledged to maintain an open trade regime and strengthen regional cooperation. “The regional outlook has improved, with continued policy support and growing vaccine coverage. However, we should remain vigilant as the economic recovery has been uneven across and within member economies,

Economy May 3, 2021

South Korea unveiled Thursday a set of measures aimed at mitigating risks from the growing household debt burden and bringing the debt growth rate down to levels comparable to before the coronavirus hit the country. “In the course of responding to the COVID-19 crisis last year, the increase in household debt has inevitably expanded. We will manage to revert the household debt growth rate to pre-coronavirus levels,” Finance Minister Hong Nam-ki said while presiding over an emergen

Economy April 29, 2021

Standard Chartered Bank Korea said Tuesday it signed an agreement with a city-funded women rights organization to nurture young talent and foster the development of the tech-driven financial services sector. Under the memorandum of understanding, the bank and Seoul Foundation of Women and Family will jointly run an incubator program dubbed Women in FinTech Academy, which is to target young women who aspire to launch fintech startups. The program is expected to increase women’s stake in

Market April 27, 2021

Shinhan Financial Group said Monday it has dedicated its first chunk of a 240 billion-won fund ($215 million) into a wind turbine project, as part of an ongoing initiative to support the government’s New Deal programs. The Shinhan Green New Deal Fund was designed to double down investments in the renewable energy sector for the country to achieve sustainable development after the COVID-19 pandemic. Affiliates of Shinhan Financial Group including Shinhan Bank and Shinhan Life Insurance

Market April 26, 2021

Just as spring is a season of rebirth, a 49-year-old amusement park in Seoul has also been given a new lease on life.  Reopening to the public after eight months of renovation, the Children’s Grand Park located in Neung-dong, Gwangjin-gu is a popular picnic spot that has been loved by generations of Seoulites since 1973.  Covering a total of 530,000 square meters, the park has a zoo, botanical garden, outdoor performance venue and many other fun attractions.  The public p

Travel April 24, 2021