With the Bank of Korea set to hold its rate-setting meeting on Thursday, the market is expecting a freeze to the base interest rate for the first time in a year and half, marking an end to its rate hike cycle. The central bank, with its base rate standing at 3.5 percent, has been leading an aggressive monetary tightening policy, continuously raising the key rate since August 2021 to tamp down soaring prices. The market, however, expects the central bank to take a pause this month, considering th

Economy Feb. 20, 2023

Over the years, South Korea has been making continuous efforts to win the top grade of the one of the world's most recognizable stock indices developed by Morgan Stanley, in hopes to attract more global investors and prove the growing international credibility for the economy. The assets under management benchmarked to the Morgan Stanley Capital International indices, which widely tracks global equity benchmarks for stock market performances, has mounted up to $13.5 trillion. Listed on the Emerg

Economy Feb. 14, 2023

A proxy fight looms large over the ownership of K-pop agency SM Entertainment. Its founder Lee Soo-man, affectionately called the godfather of K-pop, has teamed up with Hybe, the K-pop agency behind the global sensation BTS, while SM executives join forces with internet giant Kakao. Hybe announced Friday that it has signed a deal with Lee, the former chief producer at SM, to buy 14.8 percent of shares in the company from Lee for 422.8 billion won ($332.78 million). It further plans to buy an add

Market Feb. 12, 2023

An appellate court on Thursday ordered Namyang Dairy Product to sell its controlling stake to private equity firm Hahn & Co. to abide by a binding contract signed by the two in 2021. The Seoul High Court upheld the lower court's decision in favor of Hahn & Co., dismissing the appeal filed by Namyang Dairy Product Chairman Hong Won-sik, saying it “did not see a reason” to continue the trial. The court ordered Hong and his family members to hand over 53.08 percent stake in

Market Feb. 9, 2023

Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief. Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank. “Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate ban

Market Feb. 8, 2023

Financial authorities to push for allowing participation of offshore firms in forex market, while extending operating hours until 2 a.m. In hopes of conforming the Korean market to global standards, Korea is to push for changes in the foreign exchange market, including allowing the participation of offshore firms and extending market hours until 2 a.m. The Ministry of Economy and Finance and the Bank of Korea held a seminar on Tuesday in Seoul, announcing measures to be taken to elevate the st

Economy Feb. 7, 2023

At times of high financial volatility, Korean fintech firm Fint’s artificial intelligence-powered investment service designed for minimizing risk can play its part, said an executive from the startup behind the service. Launched by startup December & Co. in 2019, Fint is a digital version of a fund manager that implements an investment strategy and manages the portfolio through trading activities in global exchange-traded funds based on its AI engine named ISAAC. "The service hi

Market Feb. 6, 2023

South Korea and Australia have agreed to extend their currency swap agreement by another five years, in a bid to continue to increase trade and improve financial stability. Under the extension, the Bank of Korea and the Reserve Bank of Australia can exchange their local currencies up to 9.6 trillion won or 12 billion Australian dollars ($7.69 billion). The deal follows the previous agreement made in February 2020. The initial currency swap agreement between South Korea and Australia was sealed i

Economy Feb. 6, 2023

Market expectation of a Bank of Korea rate freeze is growing, after the US Federal Reserve slowed its pace of interest rate increases for the second straight meeting on Wednesday. The US base interest rate climbed to 4.5-4.75 percent per annum as the Fed raised the key rate by 0.25 percentage point from the previous 4.25-4.5 percent at the Federal Open Market Committee meeting on Wednesday. The hike was in line with market expectations that projected the Fed would raise rates more slowly, afte

Economy Feb. 2, 2023

Central bank warns of negative impact of US-China relations, geopolitical conflicts on Korea's key export industries Korea's export-oriented economy could face threats because of its heavy reliance on raw material imports amid rising geopolitical tensions, a senior researcher at the country's central bank said during a seminar Wednesday. The Bank of Korea stressed a fragmented global trade regime could harm the country's key export sectors such as semiconductors, electric veh

Economy Feb. 1, 2023

The Korea Exchange unveiled a series of plans on Tuesday to transform the country's trading system in line with global standards, aiming to overcome the undervaluation of the domestic stock market. The bourse operator said it will push to open the derivatives market 15 minutes earlier at 8:45 a.m. Currently, the local derivatives market opens at 9 a.m. at the same time as the securities market. “By opening the derivatives market a little bit earlier, global events can be reflect

Market Jan. 31, 2023

This is the second part of a series on South Korea’s largest investor National Pension Service, analyzing its current status and identifying tasks that lie ahead. -- Ed. South Korea’s public pension fund has been stepping up investments in foreign stocks as it faces mounting pressure to enhance returns, amid concerns that the fund would run out sooner than expected due to rapid demographic changes. On Friday, a budget committee of the pension service announced in an updated forecas

Economy Jan. 30, 2023

Hana Financial Group has announced plans to strengthen the company's global and digital sectors, while improving financial services in 2023. The financial holding firm, whose business spans from bank and card services to securities, shared its vision for the new year at an event held at Kyung Hee University in Seoul on Saturday. More than 4,000 employees from 15 affiliates -- including Hana Bank, Hana Securities, Hana Card and Hana Capital -- took part in the event, with Chairman Ham Young-

Economy Jan. 29, 2023

With the Korean government lifting the indoor mask mandate, major banks are to normalize their operating hours to 9 a.m. to 4 p.m. from Monday. Major commercial banks, including KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup, are to normalize their operating hours from the current 9:30 a.m. to 3:30 p.m. to 9 a.m. to 4 p.m. as the government has lifted the indoor mask mandate, one of the last remaining pandemic restrictions. Major savings banks have also joined the move. Ban

Economy Jan. 29, 2023

Private equity funds Unison Capital Korea and MBK Partners have joined hands to take over Osstem Implant, the nation’s largest dental manufacturer, according to the companies on Wednesday. Osstem Implant announced that UCK and MBK Partners will go for a tender offer through special purpose company Dentistry Investment, buying off a sizeable stake in the company for the next month at 190,000 won ($154) per share, up almost 17 percent from 162,500 won from the previous trading day. UCK is a

Market Jan. 25, 2023