Posco Holdings, a unit of South Korean steel giant Posco Group, will relocate its Seoul headquarters to the industrial city of Pohang, North Gyeongsang Province, as the plan was approved at a shareholders meeting Friday. “We have decided to relocate the headquarters to coexist with the local community of Pohang, which enabled the growth of Posco,” Posco Group Chairman Choi Jeong-woo said. Pohang is home to the group’s key steel mills and other production facilities. While some

Industry March 17, 2023

South Korea’s public pension fund the National Pension Service said Thursday it would vote against the appointment of former Shinhan Bank President Jin Ok-dong as the new chairman of the Shinhan Financial Group, the nation’s second largest financial giant in terms of total assets. The NPS, the world’s third-largest pension fund, holds a 7.96 percent stake in Shinhan Financial Group as of December. The decision comes as the NPS’ special committee reviewed the direction o

Market March 17, 2023

Amid changing social norms, more Koreans tie the knot at an older age The number of marriages in Korea dropped to an all-time low in 2022, government data showed on Thursday. According to a report shared by Statistics Korea, the number of Koreans getting married came to a record low of 192,000 last year, down 0.4 percent on-year. It marked the lowest reading since 1970, when the government statistics agency first began compiling the data, and is the 11th straight year the figure has decreased. T

Economy March 16, 2023

  The abrupt fallout from the Silicon Valley Bank collapse has led to raised bets that the US Federal Reserve will be less aggressive in raising interest rates, lifting the burden on the Bank of Korea, which was under pressure from the widening key rate gap. Prior to the banking crisis that hit the financial market on Friday, the market had been expecting the Fed to raise the base rate by 50 basis points this month. Fed chair Jerome Powell had been giving hawkish guidance in past weeks, war

Economy March 15, 2023

Finance Minister Choo Kyung-ho said the government will closely monitor the collapse of Silicon Valley Bank, which has been sending shock waves across the world for the past few days, amid efforts to calm the local financial market. SVB, a major US bank largely focused on startup loans, went bankrupt on Friday. Signature Bank, one of the main banks in the cryptocurrency industry, also closed following concerns of a spreading banking crisis. Choo said that the SVB crisis stemmed from financial in

Economy March 14, 2023

This is the second installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. Mastern America, the US arm of Mastern Investment Management, plans to open up its business to individual investors to tackle new markets in real estate investment. Though real estate investment has conventionally been more focused on institutional investors, Joseph Oh, CEO of Mastern

Market March 13, 2023

The heated competition to take over leading K-pop agency SM Entertainment seems to have come to a sudden, amicable halt, as IT giant Kakao is set to seize control of the label while its rival Hybe, the K-pop powerhouse behind global sensation BTS, has decided to drop its bid with future cooperation in mind. “Hybe assessed that the market is showing signs of overheating, following the rivalry with Kakao and Kakao Entertainment,” Hybe said through an official statement on Sunday. &ldqu

Market March 12, 2023

Korean won weakens against dollar following Powell’s remarks forecasting further rate hikes The US Federal Reserve's signaling of further rate hikes weighs on the Korean economy sparking fears of a widening gap between the key rates of the two countries that could cause capital outflow and increase market volatility. US Fed Chair Jerome Powell on Tuesday hinted at a possible rate increase of 50 basis points in the Federal Open Market Committee meeting scheduled for later this month.

Economy March 8, 2023

This is the first installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global footprint expansion. -- Ed. KB Valbury Sekuritas, an Indonesian brokerage arm of the Korean banking giant KB Financial Group, seeks to seize opportunities in the fast-developing country by arming itself with digital innovation and integrated financial services. KB Financial Group has set its eyes on Indo

Market March 7, 2023

Mastern America, the US arm of Mastern Investment Management, said Tuesday it has signed a strategic alliance agreement with New York-based property tech firm Koriny to expand its presence in US middle market properties. Under the partnership, Mastern hopes to offer investors a chance to invest in the US middle market, which refers to a market for office, retail, industrial properties with a market value below about 100 billion won ($77 million). Koriny, which has its Korean office in Yeouido, w

Market March 7, 2023

South Korea's efforts to combat high inflation are showing signs of progress as consumer prices marked their smallest on-year increase in February in nearly 10 months, according to Statistics Korea on Monday. The consumer price index, a key indication of inflation, rose by 4.8 percent on-year last month, marking a drop of 0.4 percentage point from 5.2 percent in January. It is the first time since April 2022 (4.8 percent) that the figure has fallen below 5 percent. “The consumer pri

Economy March 6, 2023

Industrial robots are found to have helped drastically reduce workplace injuries as well as improve the overall wellness of workers in labor-intensive industries, according to a report released by the Bank of Korea on Monday. The report analyzed the industrial impact of robot adoption across industries between 2010 and 2019, especially on the number of workplace injuries. According to the report, regions with more robots adopted saw fewer injuries at workplaces. More specifically, when an averag

Market Feb. 27, 2023

The South Korean government has launched an intensive probe into liquor prices in an apparent move to tackle further price hikes for soju and beer, the two most popular alcoholic drinks in Korea, amid deepening inflation woes among consumers. With prices of beer products expected to go up following a tax hike in April, the local liquor industry is widely expected to raise the prices of soju, too. With concerns over the price hikes adding to the burden of consumers, the Finance Ministry is uppi

Economy Feb. 26, 2023

The Bank of Korea left the key interest rate unchanged at 3.5 percent Thursday on expectations that inflation has peaked. It, however, stressed the freeze does not signal an end of its rate hike stance. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. Over the past 1 1/2 years, it has raised the base rate by 300 basis points to 3.5 percent. However, projecting that inflation has passed its peak and will slowly tail off throughou

Economy Feb. 23, 2023

The Korea Herald’s Global Biz Forum held its second-week session Wednesday to shed light on South Korea’s status and role amid growing fears of a global economic slowdown. The Global Biz Forum is a platform that brings together CEOs, industry experts and diplomats here to explore diverse topics and share their knowledge and insight for new opportunities. The week’s special guests and speakers included Maria Castillo-Fernandez, ambassador of the European Union to South Korea, Le

People Feb. 23, 2023