S. Korea, Switzerland extend W11tr currency swap deal until 2026

The Bank of Korea said Monday it has agreed with Switzerland’s central bank to extend their bilateral currency swap arrangements for another five years, as part of a move to further bolster financial cooperation. The currency swap deal totaling at 11.2 trillion won ($10.1 billion), which was set to end on Monday, will last until March 2026, according to the BOK. “The extension of the currency swap deal aims to enhance bilateral relations in the area of finance and to strengthen f

March 1, 2021

Asia markets stage rebound after last week's rout

HONG KONG (AFP) -- Equities rose in Asia on Monday as investors took a breather following last week's heavy selling, with a drop in US Treasury yields giving markets some much-needed stability, while the passage of Joe Biden's stimulus through the House provided some cheer. However, observers warned that trading floors were still gripped by fears the expected global economic recovery will fuel inflation and force a hike in interest rates earlier than previously thought, removing a key pillar of

March 1, 2021

[Graphic News] Online food sales see explosive growth in S. Korea

　South Korea’s online food market posted explosive growth in 2020 from a year earlier due to the fallout from the coronavirus pandemic, data showed. 　The value of online food transactions in Asia's fourth-largest economy came to 43.4 trillion won ($39.2 billion) last year, up 62.4 percent from a year earlier, according to data from Statistics Korea and industry sources. 　The online food market surpassed the 40 trillion-won mark last year after reaching 26.7 trillion won the previous

March 1, 2021

Exports recovery on roll in Feb. on chip sales, outlook bright for further improvement

South Korea's exports rose 9.5 percent in February from a year earlier to extend their gains for the fourth consecutive month on robust shipments of chips, autos and other key products, data showed Monday. Exports came to $44.8 billion last month, compared with $40.9 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports rose 13.9 percent to $42.1 billion, resulting in a trade surplus of $2.71 billion. It marked the 10th consecutive month

March 1, 2021

S. Korea, Switzerland agree to extend currency swap deal for 5 years

South Korea and Switzerland have agreed to extend their bilateral currency swap deal that helps expand financial exchanges between the two countries, Seoul's central bank said Monday. The 11.2 trillion-won ($10.1 billion) currency swap, which had been scheduled to expire today, will be put in place for another 5 years, the Bank of Korea (BOK) said in a statement. The swap agreement enables Korean won and Swiss francs to be purchased and repurchased between the two central banks under a limit

March 1, 2021

Institutional investors bet on stock market decline

Amid lingering market uncertainties alongside rising US Treasury yields, local institutional investors seem to have started betting against the equity market, investing in inverse exchange traded funds. Inverse ETFs are designed to make money when target stocks or underlying indexes decline in value. According to data compiled by the nation’s sole securities exchange operator Korea Exchange, investment companies, including stock brokers, bought some 200 billion-won ($177.6 million) wor

Feb. 28, 2021

Demand for Seoul apartments down slightly: report

Demand for apartments in Seoul inched down last week, data showed, after the government rolled out a series of supply measures Feb. 4. According to data collected by the state-run Korea Appraisal Board, an index that gauges supply and demand for apartments dropped by 0.8 points to 109.8 last week, compared with 110.6 marked in the previous week. A rating above 100 means demand exceeds supply. After seeing bouts of fluctuations, the index had risen for 10 straight weeks since the last week o

Feb. 28, 2021

Fashion brand Badblood under fire for ‘blackfishing’ on Instagram

Women’s loungewear brand Badblood has been forced to apologize for darkening the skin of one of its models amid accusations of blackfishing. In a recent Instagram post, the brand offered its “sincere apologies” and asked for the “benefit of the doubt” after taking down the controversial post. “By increasing the contrast between our clothes and that of the model, we unfortunately thought our clothes would look even better,” the company said. The apolog

Feb. 28, 2021

Green Cross affiliate secures $120m investment

Artiva Biotherapeutics, an affiliate of South Korean pharmaceutical firm Green Cross, announced Sunday that it has secured $120 million in Series B financing to develop natural killer (NK) cell-based cancer therapies. Artiva Biotherapeutics said its new investor Venrock Healthcare Capital Partners has led the latest financing. Other new investors include Acuta Capital Partners, Cormorant Asset Management, EcoR1 Capital, Franklin Templeton, according to the company. The injection of fresh cap

Feb. 28, 2021

Celltrion founder’s first son to join boardroom

Celltrion founder and honorary chairman Seo Jung-jin’s eldest son Seo Jin-seok is expected to obtain a seat in the company’s boardroom next month, industry sources said on Sunday. Celltrion is to finalize the appointment of the junior Seo as executive director at the shareholder meeting scheduled on March 26, the sources added. The first son has been serving as senior vice president for Celltrion since 2017. Seo Jin-seok also spearheaded Celltrion Skin Cure, the group’s cos

Feb. 28, 2021

Drone delivery service kicks off to deliver items to ships near Busan Port

While the COVID-19 pandemic has impeded the transfer of goods via ship, with stricter rules to limit the number of crew members boarding and coming ashore, a small South Korean venture company is offering a new kind of delivery service using drones. Marine Drone Tech, a drone logistics company based in Busan, is the first company in Korea to officially register a maritime drone delivery service. It received its business registration certificate from the Ministry of Land, Infrastructure and Tr

Feb. 28, 2021

S. Korea retains position as 7th largest exporter in 2020

Despite the fallout from the ongoing trade dispute and COVID-19 pandemic, South Korea retained its position as the world’s seventh-largest exporter in 2020, showed data released by the World Trade Organization on Sunday. According to the WTO report on trade trends of major economies in 2020, Korea’s ranking in global trade was in seventh place last year, unchanged from the previous year. Asia’s fourth largest economy accounted for 3.1 percent of world exports, following Ch

Feb. 28, 2021

Korean REITs’ AUM rises 26% to W65tr

The combined assets under management by South Korea’s real estate investment trusts came to 65.3 trillion won ($58 billion) as of end-January, preliminary data showed Sunday. The total volume rose 26 percent from the previous year, indicating a moderately growing market, according to the Korea Association of Real Estate Investment Trusts. A REIT refers to a company designed to offer annual dividend returns to its investors in return for investment in securitized real estate. By asset t

Feb. 28, 2021

Bill aims to compensate SMEs for losses from virus restrictions, starting in July

Small businesses and microenterprises that have suffered due to COVID-19 and the accompanying restrictions could be eligible for government subsidies as early as July, as the legislative process is underway. According to officials with the ruling Democratic Party of Korea and the government on Sunday, their representatives were currently fine-tuning the legal framework to offer compensation to microenterprises that had been ordered to close or scale back their operations as part of the national

Feb. 28, 2021

‘Korea’s solar push might end up helping China’

Clean energy, new jobs and a revitalized local economy. President Moon Jae-in’s Green New Deal is billed to serve all these purposes. Yet, its push for solar energy runs the risk of fattening the pockets of Chinese manufacturers, who in recent years have swamped the local market with cheap solar cells. An investigation by The Korea Herald has revealed that none of the companies involved in the government-led 5 trillion won ($4.5 billion) project to build a solar farm on the reclaimed l

Feb. 28, 2021

[Herald Interview] Avoiding regulatory overlap crucial for Seoul to become financial hub: BNP Paribas head

South Korea could be home to international financial behemoths if the government avoids regulatory overlap and takes a more flexible approach to operational issues faced by foreign banks in the rulemaking process, the head of BNP Paribas South Korea said.  In an interview with The Korea Herald, Philippe Noirot, head of territory for BNP Paribas South Korea, said “overlapping regulations” may pose hurdles for foreign financial institutions’ to enter into the South Korean m

Feb. 28, 2021

Retail buying approaches W100tr over 14 months as stocks face correction

South Korea’s retail investors have bought a combined net 99.2 trillion won ($88 billion) on the domestic stock markets since January 2020, Korea Exchange data showed Sunday, as the bourse faces a market correction on a surge in bond yield. The figure is a combination of individuals’ net buying on the main board Kospi and the development board Kosdaq, both operated by the KRX, from January 2020 until February this year. In the first two months of 2021, individual investors net pu

Feb. 28, 2021

Regulator to unveil plan to further slow growth of household debt

South Korea's financial regulator will unveil a plan next month to further slow the growth of household debt, an official said Sunday. Household credit had reached a record high of 1,726.1 trillion won ($1.55 trillion) as of December last year, up 44.2 trillion won from three months earlier. Banks have been required to implement stricter screening rules for mortgage loans to better manage growing household debt. The debt service ratio (DSR), a barometer of risky household loans, measures ho

Feb. 28, 2021

Hyundai Motor says sales of IONIQ 5 in Europe show solid start

Hyundai Motor Co.'s preorders of its IONIQ 5 all-electric model in Europe showed a solid start, with the carmaker selling 3,000 units in advance orders. According to Hyundai's affiliates in Europe, about 10,000 people applied to buy the electric car in preorders for the IONIQ 5, the first model embedded with Hyundai's own EV-only electric-global modular platform (E-GMP). The move is likely to help Hyundai and its affiliate Kia Motors increase sales of electric cars in Europe. Last week, Hyund

Feb. 28, 2021

Mobile carriers boost efforts in sustainable energy

South Korean telecom companies are stepping up efforts in sustainable energy projects, as they join the country's broader push for renewable energy and commit more to environmental, social and corporate governance (ESG) initiatives. Last Monday, top mobile carrier SK Telecom Co. said it signed a deal with state-backed utility Korea Electric Power Corp. (Kepco) to be supplied with 44.6 gigawatt hours of renewable energy annually as part of its efforts to go green. Along with affiliates under th

Feb. 28, 2021