American Chamber of Commerce in Korea Chairman and CEO James Kim on Thursday stressed the importance of maintaining strong bilateral ties between South Korea and the US amid changing dynamics in global interactions. “As we navigate this mega-election year globally, the importance of ‘business diplomacy’ has never been more critical,” Kim said, delivering a congratulatory speech at The Korea Herald HIT Forum held Thursday in central Seoul. Kim, who has taken on top posts a

Industry Sept. 5, 2024

With South Korea's sole bourse operator set to introduce this month a stock index comprised of Korean companies well complying with the government-led corporate value-up program, the market expects bank shares and large-cap stocks to make the list. As part of the value-up program announced earlier this year, Korea Exchange is to launch the Korea Value-up Index in September, enlisting “best practice” companies to boost the appeal of the local stock market. Though the bourse opera

Market Sept. 4, 2024

The American Chamber of Commerce in Korea joined hands with Tools for Humanity, the developer of Worldcoin, to stress the importance of personal data protection in the era of artificial intelligence. On Tuesday, the two entities signed a memorandum of understanding at a ceremony held in Seoul, agreeing to launch the “#IAmHuman” campaign here, highlighting the importance of safeguarding personal identity within an AI-driven economy. “The partnership is focused on promoting the p

Economy Sept. 3, 2024

South Korea may be nearing the end of its fight against inflation, as the rate of rising prices eased to the 2 percent target last month, backed by a retreat in the prices of international crude oil and farm produce, data showed Tuesday. The Consumer Price Index, a key gauge of inflation, advanced 2 percent on-year last month, according to Statistics Korea. It was the lowest advance since 1.9 percent in March 2021. CPI inflation, which remained at 1.9 percent in March 2021, reached its peak at 6

Economy Sept. 3, 2024

Blockchain network Kaia, formed through the merger of platforms launched by Korean tech giants Line and Kakao, announced Monday it hopes to serve as a gateway between Web2 and Web3 in Asia and beyond. The merger between Kakao's blockchain platform Klaytn Foundation, and Finschia Foundation under Naver's affiliate Line Tech Plus was completed under the name “Kaia” on Thursday. The two platforms' respective tokens will be integrated under the name "Kaia," which

Industry Sept. 2, 2024

Sharpening diplomatic skills is becoming an inevitable mission for Corporate Korea to give new traction to its export-oriented growth amid rising economic fragmentation. The unparalleled technology and unique cultural content that made-in-Korea products hold have led the country to be a trendsetter for Asia and beyond. This year, Korean companies faced new challenges and opportunities induced by major elections taking place around the world, coupled with growing protectionism and trade tensions.

한국어판 Sept. 2, 2024

The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, also known as Saemaul Geumgo, announced Friday it has set aside 1.4 trillion won ($1.05 billion) in reserve in the first half of 2024 to ensure the financial stability of the credit union. The allowance for bad debts, also called a bad debt reserve, is a provision made in a company’s accounts in recognition of debts that cannot be collected. Allocating the reserve leads to a loss

Industry Aug. 30, 2024

The Korea Exchange, the country's sole bourse operator, has recently voiced alarm about excessive and speculative trading of biopharmaceutical stocks tied to the resurgence of COVID-19 and the spread of mpox. Retail investors' interests in pharmaceutical and biotech stocks have soared in recent weeks amid the country’s heightened caution against infectious diseases. Buoyed by short-term speculations, stock prices of some biopharmaceutical companies have experienced a sharp gain r

Market Aug. 29, 2024

South Korean investors remain unable to promptly respond to changes in the US stock market, as local brokerage firms' suspension of their trading service during the Korean daytime is expected to continue. Following the shutdown fiasco from the market meltdown earlier this month that led to the cancellation of orders worth 630 billion won ($471 million) in trades here, 19 brokerage houses have temporarily suspended the daytime trading service of US shares from Aug. 16. Blue Ocean ATS is the

Market Aug. 28, 2024

SK Innovation and SK E&S, two major energy affiliates of the country's second-largest conglomerate SK Group, received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated entity with assets over 100 trillion won ($75 billion). Some 85.76 percent of the attendees at SK Innovation's extraordinary general shareholders meeting voted in favor of the merger. The merger was approved by SK E&S shareholders, too. SK Inc., the group&rsqu

Industry Aug. 27, 2024

Mastern America, the US arm of Mastern Investment Management, said Monday it had signed a memorandum of understanding with US real estate investor Woods Capital to attract investment for tech hub projects across the US. In October 2023, the US Economic Development Administration designated 31 regional technology and innovation hubs, which are regional coalitions dedicated to core technologies such as quantum computing, precision medicine, autonomous systems, clean energy and critical mineral sup

Industry Aug. 26, 2024

Overdue settlements for vendors on ecommerce platforms Tmon and WeMakePrice have surged to 1.3 trillion won ($978 million) in total, impacting over 48,000 businesses, according to data released by the government on Sunday. The final figures showed the two struggling online marketplaces owned by Singapore-based Qoo10 owe a total of 1.3 trillion won to their vendors, surpassing the government’s initial forecast of 1 trillion won. The figure also marks a jump of over 400 billion won from the

Industry Aug. 25, 2024

The Bank of Korea kept the base rate steady at 3.5 percent Thursday while slashing the projection for economic growth by 0.1 percentage point to 2.4 percent due to slow domestic demand. All members of the monetary policy board agreed on the rate freeze. Of the six members, excluding BOK Gov. Rhee Chang-yong, four suggested leaving room for a rate cut within the next three months, according to Rhee. With the rate decision, the BOK has kept the rate steady for the 13th straight time since it raise

Economy Aug. 22, 2024

Though the introduction of the bitcoin spot exchange-traded funds has paved the way for more institutional investors globally to embrace the cryptocurrency into their portfolios, Korean institutions are still taking a cautious approach. With the US Securities and Exchange Commission approving spot bitcoin ETFs earlier this year, more institutional investors overseas, from hedge funds to private equities, are growing their exposure to the coin. According to Coinbase, a major crypto exchange in th

Industry Aug. 21, 2024

SK Group, the country's chip-to-energy conglomerate, is considering the sale of its gas supplier SK Specialty, amid the massive reshuffle across its affiliates to focus on future growth drivers. The company is "considering diverse strategies, including the sale of a stake in SK specialty" but "nothing has been decided in detail yet," SK Inc. said through a regulatory filing made Tuesday. SK Inc., the holdings company behind SK Group, owns a 100 percent stake in the gas u

Industry Aug. 20, 2024