Articles by Im Eun-byel
Im Eun-byel
silverstar@heraldcorp.com-
Korea, UAE ink $6.1b in business deals
Upon Yoon's state visit, 23 memorandums of understanding signed to boost mutual ties South Korea and the United Arab Emirates are to further strengthen ties for joint growth, agreeing to $6.1 billion worth of cooperation on energy, defense and new industry businesses, according to Seoul officials on Tuesday. A total of 23 memorandums of understanding and a contract were signed between the two countries during a business forum held in Abu Dhabi on the sidelines of President Yoon Suk Yeol
Industry Jan. 17, 2023
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[Newsmaker] [Hello Hangeul] 'Hangeul education is basic right for multicultural students'
Publicly offered Korean language education for children from immigrant and foreign families is necessary because they are entitled to learn the language as part of their human rights, said Seoul City's education chief, stressing the need to expand quality high-level classes currently limited to adults. “Students of multicultural backgrounds should be given a chance to learn the Korean language as a basic human right that they are entitled to,” said Cho Hee-yeon, superintendent
Social Affairs Jan. 15, 2023
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[NEWS ANALYSIS] Market expects near end of key rate hike cycle
After Korea’s central bank delivered yet another rate hike, market participants have begun to anticipate the end of the monetary tightening cycle is near. Seeking to fight inflation, the Bank of Korea continued a streak of seven consecutive rate hikes, jacking up the key rate by another 25 basis points on Friday. With the latest hike, the base rate has reached 3.5 percent, the highest figure in more than 14 years, since the rate stood at 4 percent in November 2008. The rate hike will lea
Economy Jan. 15, 2023
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BOK raises rate for 7th consecutive time to 3.5 percent
The Bank of Korea continued a streak of seven consecutive rate hikes, making the base rate stand at 3.5 percent. The central bank announced Friday it has raised the benchmark rate by 25 basis points, deeming that inflation has yet cooled down. With the hike, the base rate has reached 3.5 percent, the highest figure in more than 14 years, since the rate stood at 4 percent in November 2008. Prior to the bank’s aggressive policy cycle, the benchmark rate stood at 0.5 percent in July 2021. &ld
Economy Jan. 13, 2023
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Saudi Arabia bets big on Hallyu with W1.2tr Kakao investment
Saudi Arabia’s state fund decided to join in 1.2 trillion won ($964 million) investment in Kakao Entertainment, doubling down on its aggressive bet on the burgeoning Korean content industry. The company, the entertainment arm of Kakao Corp., said it has raised 600 billion won in financing by issuing new shares through third-party allotment each to two global state funds -- Saudi Arabia’s Public Investment Fund and the Government of Singapore Investment Corporation. The capital inject
Market Jan. 12, 2023
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BOK likely to continue rate hikes
With the Bank of Korea set to hold the first rate-setting meeting of the year Friday, the market is expecting it to raise the base interest rate 25 basis points to 3.5 percent. In the latest Monetary Policy Committee meeting held in November, the Bank of Korea raised its benchmark interest rate by 25 basis points, signaling a slowdown in its rate hikes following a twofold raise of 50 basis points. It is likely that the bank will announce another interest rate hike as inflation is yet to be tamed
Economy Jan. 9, 2023
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Unicorn startup Kurly fizzles with IPO withdrawal
Once regarded among South Korea's most successful startups, Kurly, operator of fresh food delivery platform Market Kurly, is losing steam with signs of weakening investor appetite for the loss-making firm. Kurly on Thursday officially called off its long-awaited market debut on the country's benchmark Kospi "for the time being." "Considering the worsened investor sentiment amid the global recession, we have decided to postpone the listing on the Korea Exchange," the
Market Jan. 6, 2023
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Local crypto market faces turning point in 2023
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
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Aging population to slow down economy, central bank warns
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
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Analyst reports going virtual
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
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BOK hints on interest rate hikes for 2023
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
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NongHyup Financial Group taps CEOs for affiliates
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
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[KH Explains] Will Korean economy be outpaced by Malaysia, Bangladesh in 2075?
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
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Korea sets sight on real estate, financial reform to spur economy
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
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Monetary policy will keep focus on fighting inflation in 2023: BOK
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
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