Articles by Im Eun-byel
Im Eun-byel
silverstar@heraldcorp.com-
S. Korea's current account logs first Q1 deficit in 11 years
South Korea’s current account balance in the first three months of 2023 posted a deficit for the first time in 11 years due to sluggish exports, Bank of Korea data showed Wednesday. Though the country posted a current account surplus in March, the first quarter recorded a deficit of $4.46 billion due to a record-high deficit of $4.21 billion in January, followed by $520 million in February. It was the first time the quarterly figure went into the red since the first quarter of 2012. The sl
Economy May 10, 2023
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More Apple financial services unlikely to be available in Korea soon: BOK
Despite the recent launch of Apple Pay in Korea, it is unlikely that other financial services offered by the US tech giant will be available in Korea soon due to legal issues, the Bank of Korea projected. Apple kicked off its mobile payment service, Apple Pay, in Korea with partner Hyundai Card in March. Yet, its other financial services such as Apple Card, Apple Cash and Apple Pay Later are currently available only in the US. The firm’s plan to launch financial services other than Apple P
Market May 9, 2023
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10 special industrial zones to be designated to spur innovation
South Korea announced a plan Monday to create a total of 10 special industrial zones by 2027, as regional vanguards to spur job creation and investment. The zones will run under the government’s deregulation scheme. The government hopes businesses operating there will focus on launching new products and making inroads in to overseas markets. Measures that match global standards, from regulation, certification to insurance, will be applied, the government said. Korea will first upgrade two
Market May 8, 2023
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Choo warns of market volatility as Korea-US gap hits record
The rate gap between South Korea and the United States has reached an all-time high, raising concerns over the local financial market due to higher volatility and uncertainty, Finance Minister Choo Kyung-ho said on Thursday. The US Federal Reserve lifted its base rate by 25 basis points on Thursday, widening the rate gap between Korea and the US up to an unprecedented figure of 1.75 percentage points. "In a situation where the interest rate gap is widened, there is a possibility of increasi
Economy May 4, 2023
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Yoon calls for Indo-Pacific solidarity to ride out economic troubles
President Yoon Suk Yeol pledged that Korea will contribute to building cooperative supply chains in the Indo-Pacific region through “partnership and solidarity” during an event held by the Asian Development Bank in Songdo, Incheon, on Wednesday. "The pandemic has pushed the global economy into tremendous hardship,” Yoon said in his congratulatory address for the ADB’s 56th Annual Meeting of the Board of Governors, citing Russia's invasion of Ukraine and the frag
Economy May 3, 2023
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Korea, ADB to launch climate tech hub in 2024
South Korea and the Asian Development Bank announced Wednesday that they would launch a joint organization to facilitate climate change talks and networking. Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed an agreement to set up the organization called ADB-Korea Climate Technology Hub, or K-Hub, in Seoul next year. The deal was made during the 56th Annual Meeting of the Board of Governors of the Asian Development Bank, taking place in Incheon’s Songdo district. Ac
Economy May 3, 2023
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Finance minister urges Japan to restore Korea's trade status
INCHEON -- Finance Minister Choo Kyung-ho called for Japan to put South Korea back on its "white list" of trusted trading partners in a swift manner and expand cultural and educational exchange between the two countries during his meeting with his Japanese counterpart, Shunichi Suzuki. The two met on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank which kicked off Tuesday for a four-day run in Incheon’s Songdo district. On April 24
Economy May 2, 2023
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Hana Financial eyes M&As in bid to become global finance giant
Hana Financial Group plans to step up its globalization efforts to become a globally leading finance firm with customized strategies suited to each market with its business spanning from banking to securities brokerage services. As of the end of 2022, Hana Financial Group had expanded across 25 countries, with more than 4,500 employees overseas. According to the group, its global profit has been increasing every year by an average of 15 percent over the past four years. In 2022, the group&rs
Market May 2, 2023
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Central bankers, finance ministers flock to Songdo for ADB meeting
Some 5,000 policymakers and finance experts from 68 Asia-Pacific nations and beyond have flocked to Incheon to attend an annual meeting of the Asian Development Bank that was set to kick off Tuesday. The 56th Annual Meeting of the Board of Governors of the Asian Development Bank will run for four days in Incheon’s Songdo district under the slogan, “Rebounding Asia: Recover, Reconnect and Reform.” The ADB is a social development organization that calls for cooperation among Asia
Economy May 1, 2023
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Probe in full swing into W8tr stock market wipeout
The authorities are scrambling to respond to what could be one of the largest stock price manipulation cases in recent years. The authorities, including the Financial Supervisory Services, are investigating deals involving the stocks of eight companies, the combined market capitalization of which fell around 8 trillion won this week. The shares of the companies -- Samchully, Daesung Holdings, Seoul Gas, Sebang, Sun Kwang and Daou Data – began dropping abruptly earlier this week without a
Market April 28, 2023
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Rep. Yoon meets European Central Bank chief Lagarde
Rep. Yoon Young-seok from the ruling People Power Party met with Christine Lagarde, President of the European Central Bank, and discussed the importance of fiscal discipline during his visit to Europe. "Though Korea has been stepping up as a global leader of various high-tech industries, it is at a time in which the introduction of fiscal discipline like that of the EU is needed for the fiscal stability of the future, considering the unprecedented low fertility rate and aging population,&
People April 27, 2023
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BOK downplays concerns over fall in foreign reserves
The Bank of Korea has refuted reports claiming that the amount in Korea's foreign reserves has fallen to the level below what the International Monetary Fund suggests as “adequate.” "The amount of Korea's foreign reserves stands at $426.07 billion, the ninth-largest in the world," the central bank said through a press release Wednesday, referring to the figure drawn up at the end of March. "The IMF also assessed the reserve shows an adequate response to ext
Economy April 27, 2023
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[Contribution] Building trust with foreign taxpayers
By Kim Tae-ho National Tax Service vice commissioner In March, the National Tax Service held an official gathering with the European Chamber of Commerce in Korea for the first time in 12 years. This event, along with a similar engagement with the American Chamber of Commerce last year, highlights our commitment to improving communication with foreign investors and building mutual trust. Trust between the revenue agency and the taxpayer promotes voluntary and honest tax filing and payment, whil
Economy April 26, 2023
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Sung Kim looks forward to strengthened US extended deterrence commitment in Yoon-Biden summit
US Special Representative for North Korea Sung Kim on Tuesday expressed his expectation that the leaders of the US and South Korea would exhibit their commitments to a stronger extended deterrence against Pyongyang's nuclear threats at an upcoming summit this week. President Yoon Suk Yeol and US President Joe Biden are scheduled to hold a summit at the White House on Wednesday (Washington time), in which they are expected to sign a joint statement on measures to enhance extended deterrence,
Politics April 25, 2023
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Samsung SDI, GM to build $3 bln EV battery plant in US
Samsung SDI Co. said Tuesday it is pushing to build an electric vehicle (EV) battery manufacturing facility in the United States in a joint venture with General Motors Co. The South Korean battery maker unveiled the plan in a regulatory filing, under which the two companies have agreed to invest more than $3 billion in constructing a plant with an annual capacity of over 30 gigawatt hours (GWh). The location of the plant has not been decided yet, it said. The company aims to commence commercial
Industry April 25, 2023
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