Korea’s benchmark stock index Kospi recovered to over 2,300 points on the back of bargain hunting on Friday, after experiencing a huge dip the day before. The Kospi closed at 2,302.81, up 3.73 points from the previous day. Despite massive sell-offs by foreign investors, retail investors and institutions backed the index, net buying 100.5 billion won ($74.1 million) and 221.9 billion won, respectively. Foreign investors sold off 378.9 billion won. The Kosdaq, Korea’s secondary bourse,

Market Oct. 27, 2023

The Korean economy grew 0.6 percent in the third quarter from the previous three months, continuing a slow yet steady recovery with both exports and private consumption inching up. The country’s gross domestic product, a key measure of economic growth, grew 0.6 percent on-quarter in the July-to-September period, according to the Bank of Korea's preliminary data released Thursday. The local economy has been on a recovery path since its lowest when it contracted by 0.3 percent in the fo

Economy Oct. 26, 2023

The 27th Economic Development Cooperation Fund Annual Workshop, hosted by the state-run Export-Import Bank of Korea (Eximbank), kicked off Tuesday, inviting a total of 15 government officials from 14 developing countries. The EDCF Annual Workshop, a four-day event, aims to introduce South Korea’s EDCF financing to public officials around the world. The EDCF, an aid loan funded by the Korean government, was launched in 1987 under an official development assistance initiative. Eximbank is in

Economy Oct. 25, 2023

Shihan Finance, Shinhan Card’s subsidiary in Kazakhstan, has secured a $60 million investment from the International Finance Corporation, the Korean car issuers under Shinhan Financial Group said Wednesday. The latest funding is the first of its kind announced since Shinhan Financial Group and the IFC signed a memorandum of understanding in May this year to cooperate in environmental, social and governance projects. Of the $60 million, some $20 million will be used first to fund the compan

Companies Oct. 25, 2023

Mirae Asset Financial Group announced a massive reshuffle at the executive level on Monday, signaling a generational shift in leadership as its founding members are to step down. Mirae Asset Securities CEO and Chairman Choi Hyun-man, the group’s No. 2 man, will leave the firm 26 years after he co-founded the group together with Group Chairman Park Hyeon-joo back in 1997. Having served top posts at key affiliates, Choi was named the chairman of the brokerage firm in December 2021. Along wit

Companies Oct. 23, 2023

More than 4 in 10 manufacturing business owners here say they will need more foreign workers next year, but cited language barriers and a difficult hiring process as key concerns, a survey found Sunday. The survey was conducted by the Korea Enterprise Federation, one of the major business lobbies here, with a total of 615 small and medium-sized businesses with fewer than 300 employees, in August and September. Of the total, 36.9 percent responded in favor of expanding the E-9 visa quota -- curre

Industry Oct. 22, 2023

Mirae Asset Securities, Korea's largest investment bank and securities firm, said it plans to initiate a share buyback program worth 60.2 billion won ($44 million) in an effort to boost shareholders’ value, the firm said Wednesday. The firm will repurchase its 10 million shares, which is equivalent to some 2.1 percent of the market cap, over a three-month period from Thursday to Jan. 18 through intraday trading. The firm’s market cap stands at 3.83 trillion won as of Thursday.

Companies Oct. 19, 2023

Central bank holds key rate at 3.5 percent for 6th consecutive time The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid mounting economic uncertainties provoked by tensions from the conflict between Israel and the Hamas militants. The six-member Monetary Policy Board unanimously voted to carry out its sixth rate freeze, keeping the benchmark rate steady since February. “The biggest reason behind the rate hold was the high uncertainties surrounding the

Economy Oct. 19, 2023

The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid heightened economic uncertainties provoked by tension in the Middle East. Falling in line with market expectations, the central bank held the rate once again, keeping it steady since February. The BOK was pressured by rebounding inflation. Consumer prices growth in Korea stood at 3.7 percent in September and 3.4 percent in August, surging from how the figure stayed in the 2 percent range in the previous t

Economy Oct. 19, 2023

South Korea has begun the registration process for offshore financial firms to participate in interbank trades of the Korean won as part of its ongoing efforts to open up the domestic financial market to more foreign investors. Registered foreign institutions, or RFIs, will be able to participate in dollar-won spot exchanges, forex swap exchanges and forward exchanges from January next year, according to the revised Enforcement Decree of the Foreign Exchange Transaction Act that took effect on O

Market Oct. 18, 2023

Volatility in oil prices, currency add pressure on Korean economy South Korea's import prices climbed for a third consecutive month, increasing inflationary pressure on the economy, central bank data showed Wednesday. Export prices rose as well, but at a slower pace. The import price index for September stood at 139.67, up 2.9 percent from a month before. The figure has been on the rise for three straight months, following 4.2 percent and 0.2 percent increases in August and July, respective

Economy Oct. 17, 2023

The Korean government will extend the current tax cut imposed on fuel until the end of the year, considering the escalated volatility in international oil prices following the renewed Israel-Hamas conflict, the Finance Ministry announced Monday. Fuel tax reductions -- namely a 25 percent cut for gasoline as well as 37 percent cuts for diesel and butane -- which were to end in October, will last two more months through the end of this year, the ministry said. Finance Minister Choo Kyung-ho assess

Economy Oct. 16, 2023

The face of Korea’s 100 won coin -- which shows a portrait of legendary Navy Adm. Yi Sun-sin (1545-1598) from the Joseon era -- will be maintained, after a court sided with the Bank of Korea in a copyright lawsuit. The Seoul Central District Court confirmed a ruling Friday that the Bank of Korea has the right to use the portrait image of Yi, which was created by the late painter Jang Wu-seong, the BOK said. Jang’s bereaved family filed a lawsuit on Oct. 9 against the Bank of Korea,

Industry Oct. 13, 2023

Igis Asset Management, the largest real estate asset manager in South Korea, has launched a secondary fund worth $100 million in an effort to widen its investment portfolio. Igis has recently set up a private equity secondary commingled fund worth $100 million to invest in secondary blind funds managed by a global private equity firm. The name of the UK-based private equity firm was not disclosed. The $100 million investment deal also comes with secondary co-investment opportunities. A private e

Industry Oct. 12, 2023

Hundreds of students and industry insiders gathered at the 2023 Korea Herald Humanity In Tech Forum held at the Shilla Seoul to discuss the future of space exploration and its impact on humanity. “My hobby is to write science fiction novels. I was inspired by the talks given by the speakers, especially the part where Yi Soyeon said, ‘Earth is the cradle of humanity, but one cannot live in a cradle forever,’ quoting the Russian rocket scientist Konstatin Tsiolkovsky,” said

Industry Oct. 11, 2023