Articles by Im Eun-byel
Im Eun-byel
silverstar@heraldcorp.com-
Foreign investors return to Korean stock market
Foreign investors have returned to the Korean stock market, net buying more than 11 trillion won ($8.29 billion) this year, buoyed by the outlook of a chip recovery. According to data compiled by the Korea Exchange, non-Korean investors net bought Korean shares worth 11.77 trillion won from Jan. 2 to Thursday, marking a turnaround from massive sell-offs the previous two years. The buying spree of foreign investors was led by big-name tech giants, including Samsung Electronics and SK hynix, backe
Market May 28, 2023
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[Weekender] Luxury labels target teens
While it's not breaking news that luxury fashion houses have been broadening their customer bases to younger customers, teenagers have risen as a new lucrative target demographic for such brands. More teenagers are purchasing high-end goods -- everything from lower-priced luxury beauty products and shoes to pricier bags, watches and jewelry. “Being a fan of Dior, I wanted to experience the brand,” said Lee Kyung-min, a high school student who visited a pop-up event held by Frenc
Industry May 27, 2023
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BOK freezes rate at 3.5% as inflation wanes
The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, opting for a third consecutive freeze as inflation has been showing signs of easing off in Korea in recent months. Korea’s base rate has stayed at 3.5 percent since February, when the central bank first froze the rate after more than a year of rate hikes to tamp down soaring prices. “The BOK decided to keep the rate unchanged as it is appropriate to maintain the monetary tightening stance, with the inflat
Economy May 25, 2023
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Energy bills soar 30% in Q1, most since 1998 financial crisis
The inflation index of utility bills for households -- including electricity and gas -- spiked by more than 30 percent in the first three months of 2023, marking the highest on-year increase since the 1998 financial crisis. The increase in utility prices for electricity, gas and other fuels converted into the inflation index logged 135.49 points in the first quarter of 2023, up 30.5 percent from the same period last year, according to the Korea Statistical Information Service on Monday. This mar
Economy May 22, 2023
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[KH Explains] BOK may opt for another rate freeze
The Bank of Korea is likely to maintain the current base interest rate at its next rate-setting meeting on Thursday, going for a third consecutive rate freeze amid waning inflation and a sluggish economy. The market expects the central bank to maintain the key rate at 3.5 percent, following two previous rate freezes in February and April. Inflation has been coming down in Korea. The consumer price index, a barometer of inflation, showed a 3.7 percent on-year increase in April, falling into the 3
Economy May 21, 2023
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Korea bets on potential of advanced display technologies
The South Korean government is seeking to push the growth of cutting-edge display technologies, providing aggressive support such as hefty tax cuts and deregulation. “Displays will be designated as a national advanced strategic technology to encourage private investments, ensuring a stable supply network while supporting policy financing, research and development, and training,” Finance Minister Choo Kyung-ho said at a governmental meeting held in central Seoul on Wednesday. He added
Economy May 17, 2023
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Ukraine asks Korean businesses to help rebuild war-torn country
Ukraine’s top governmental officials called for Korea to take part in the reconstruction of the war-torn country following Russia's invasion at a meeting held by the Korea Chamber of Commerce and Industry in Seoul on Tuesday. The KCCI held a meeting under the title of “Korea-Ukraine Partnership for the Future,” in cooperation with the Embassy of Ukraine in Korea as high-ranking Ukrainian governmental officials visited Seoul, to discuss how Korean companies could take par
Industry May 16, 2023
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BOK, Samsung join hands for offline payment using CBDC
The Bank of Korea and Samsung Electronics on Monday have joined hands to develop Central Bank Digital Currency technology that enables transactions to be made without internet access. The two sides signed a memorandum of understanding at Samsung’s headquarters in Suwon, Gyeonggi Province to strengthen their partnership on the development of CBDC, a form of digital currency issued by the central bank, as well as a solution for offline transactions using the virtual money. Samsung Electroni
Market May 15, 2023
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Electricity bills to rise by 5.3% as Kepco battles mounting losses
Electricity rates and gas prices in South Korea will increase by 5.3 percent from Tuesday, to ease the financial burden of cash-strapped state-run energy companies. The electricity rate will go up by 8 won ($0.006) per kilowatt-hour and the gas rate by 1.04 won per megajoule, the government announced Monday. The hiked rates take effect from Tuesday, but will not be applied retroactively. This means that a four-person household that uses an average amount of electricity and gas will have to pay
Economy May 15, 2023
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Hanwha Aerospace, KT added to MSCI Korea Index
Four Korean companies -- Hanwha Aerospace, Cosmo Advanced Materials, KT and Posco International -- were included to the Korean index powered by US index provider Morgan Stanley Capital International on Friday. The much-anticipated inclusion of battery material firm EcoPro fell through due to its recent "extreme" price surge. Hanwha Aerospace, the space business arm of South Korean conglomerate Hanwha; battery material firm Cosmo Advanced Materials; telecommunications firm KT; and Pos
Market May 12, 2023
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KDI slashes Korean economy's growth rate to 1.5% for 2023
The Korea Development Institute, a South Korean state-run think tank, lowered the nation’s growth rate for 2023 to 1.5 percent from 1.8 percent in its previous outlook due to weak exports. The KDI projected Korea's economy will grow by 0.9 percent in the first half of 2023. It is expected to see 2.1 percent growth in the latter half of the year provided that the Chinese economy picks up and the semiconductor industry recovers from its slump. In the previous projection given in Febru
Economy May 11, 2023
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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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