The interactive and spontaneous manner of President Moon Jae-in’s New Year’s press conference on Wednesday differentiated him from most of his predecessors.Following Moon’s 20-minute address on key policy goals, the presidential office Cheong Wa Dae opened the floor to the press for an hourlong Q&A session. “Questioners are to be picked by the president’s hand gestures and eye contact,” said Yoon Young-chan, the chief presidential secretary for public affairs, underlining that there was no pre-a

Politics Jan. 10, 2018

After reeling under a series of corruption scandals last year, South Korea’s major financial institutions are to carry out a leadership reshuffle and corporate governance restructuring this year.While some quickly rounded off their leadership shakeout before the start of the new year and moved on to practical goals such as measures for digitalization and the incoming key interest rate hike, others have yet to complete leadership changes or reappointments.One of them is Hana Financial Group

Market Jan. 7, 2018

A special investigation will be implemented on virtual accounts used for cryptocurrency deals, as part of the government’s recent pledge to crack down on excessive speculations, officials said Sunday.The Financial Services Commission-affiliated Korean Financial Intelligence Unit and Financial Supervisory Service will jointly lead the inspection of six major banks, starting from Monday. The corresponding banks are KB Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of

Market Jan. 7, 2018

South Korea’s top two economic policymakers on Thursday vowed to manage risk factors under the common goal of maintaining the nation’s economic recovery momentum this year.Concerning the recent appreciation of the Korean won, they said that they will take necessary measures against excessive fluctuations in the foreign exchange market.“Despite some downside risks here and abroad, the Korean economy achieved considerable growth last year on the back of strong fiscal policies,&rd

Economy Jan. 4, 2018

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday urged the financial circles to grow out of their loan-focused business practices and to play innovative roles so as to contribute to the nation’s growth target this year.He also tendered a private meeting with the Bank of Korea Gov. Lee Ju-yeol, seeking to harmonize the government’s fiscal and monetary policies amid persisting challenges.“The financial circles should play their due rule for the sake of our ec

Economy Jan. 3, 2018

South Korea’s leading banking groups on Tuesday vowed to achieve innovation in the digital finance sector this year, seeking to vie with burgeoning financial technology rookies and internet-only banks. KB Financial Group, the nation’s top banking group by market capitalization, said that it would become the industry’s “first mover” by incorporating new digital technology and co-working with fintech startups.“We shall build a new KB-centered financial ecosystem

Market Jan. 2, 2018

For South Korea, 2017 was full of upheavals, including the ouster and imprisonment of a scandal-ridden former president and the dramatic rise of a new progressive government.The real challenges, however, seem to lie ahead in 2018 as the nation faces a number of events that will test the capacity of the administration and the people.The most imminent is the PyeongChang Winter Olympic Games to run from Feb. 9-25 in eastern Gangwon Province.The international sports event, which would have marked th

Economy Jan. 1, 2018

South Korea’s consumer prices increased at the fastest rate in five years in December, on the back of strong industrial goods and financial services, government data showed Friday.The nation’s consumer price index climbed 1.5 percent this month from a year earlier, up from the previous month’s 1.3 percent on-year gain, according to Statistics Korea. Compared to the previous month, the index moved up 0.3 percent. For the entire year, consumer prices grew 1.9 percent from 2016, m

Economy Dec. 29, 2017

South Korea and the United States are to start the first round of negotiations to amend their bilateral Free Trade Agreement on Jan. 5 in Washington, Seoul’s Trade Ministry said Wednesday.The move to revise the 5-year-old trade deal, triggered upon US President Donald Trump’s request, is expected to raise differences between the two countries regarding their stances toward the automobile and agricultural and livestock goods sectors.“During the forthcoming negotiations, we plan

Economy Dec. 28, 2017

South Korea’s key economic policy goal for next year is to create jobs and innovate growth, under a mid- and long-term vision to improve people’s quality of life, the Ministry of Strategy and Finance said Wednesday.The nation’s economy is expected to grow 3 percent next year on the back of a solid global economy and a series of policy measures by the Moon Jae-in administration, while the per capita gross national income will reach the $30,000 level, according to the ministry.&l

Economy Dec. 27, 2017

South Korea’s Trade Ministry said Monday that it will seek to start talks with the United States on amending the bilateral free trade deal as early as within a month, and take guard against Washington’s anticipated pressure in the auto and steel sectors.The Ministry of Trade, Industry and Energy submitted its Korea-US Free Trade Agreement road map to the National Assembly, wrapping up the domestic procedure that precede the actual renegotiation of the trade deal.“There is a pos

Economy Dec. 18, 2017

SINGAPORE -- At the presence of the “fourth industrial revolution,” governments are pressed to come up with a comprehensive technological and economic blueprint to survive in the hectic modern world -- and this is where intellectual property comes into spotlight, according to the chief of a leading international authority group.“One of the core strategies for individual governments is to create a business environment which allows an easy influx and acquisition of advanced foreign technology,” Fr

Industry Dec. 14, 2017

SINGAPORE -- The long-drawn-out legal battle between Samsung Electronics and Apple may be a headache for the world’s top two smartphone makers, but is also proof for the pivotal role of intellectual assets in the global economy, according to the World Intellectual Property Organization.“We are living in an era when conventional physical assets are increasingly converted into intangible intellectual assets and the intellectual property agenda is rising as a key basis of business competition,” sai

Industry Dec. 13, 2017

The government on Wednesday lashed back at the European Union’s decision to list South Korea as a tax haven, claiming the inclusion infringes on international standards and poses the risk of violating the country‘s taxation sovereignty.“We have violated none of the standards suggested by the Organization for Economic Cooperation and Development or other international regulations,” Deputy Prime Minister and Finance Minister Kim Dong-yeon told reporters. On the previou

Market Dec. 6, 2017

South Korea’s current account balance in the service sector hit a record low in October, due to the soaring number of overseas trips during the long Chuseok holiday and a drop in the number of Chinese tourists here, central bank data showed Tuesday.The services account deficit widened in October to a record $3.53 billion from the $1.79 billion deficit a year earlier, according to preliminary data released by the Bank of Korea. The previous record was $3.34 billion observed in January this

Economy Dec. 5, 2017