South Korea’s export prices increased for the first time in four months in February on higher prices of petroleum products, central bank data showed Friday.The export price index stood at 82.97 last month, up 0.2 percent from the previous month, according to data released by the Bank of Korea. This marked the first on-month rise since October.Steering the gain was the petroleum products and coal sector, which saw an 8 percent hike on-month.The country’s benchmark Dubai crude reached

Economy March 15, 2019

South Korea’s government will expand support for private investors so that ongoing infrastructure projects worth 12.6 trillion won ($11.1 billion) can break ground within the year, according to the Ministry of Economy and Finance on Wednesday.The 13 projects, most of which were originally slated to kick off in 2020 or later, include the construction of a sewage treatment facility in the southern city of Gumi and a highway to connect Pyeongtaek with Iksan. “The government will activel

Economy March 13, 2019

The European Union confirmed its decision to exclude South Korea from its tax haven blacklist, acknowledging the country’s efforts throughout last year to improve transparency in foreign investment, Seoul’s Ministry of Economy and Finance said Tuesday.The Economic and Financial Affairs Council, consisting of economic and finance ministers of EU member states, made its final decision to rule Korea out of the EU List of noncooperative jurisdictions for tax purposes.In December 2017, th

Economy March 12, 2019

Facing the most drastic business evolution among South Korea’s major banking groups this year is Woori Financial Group, which has recently resumed its financial holding company structure after years of privatization struggles.As the transformation has come amid the fast rise of financial technology, the downturn of conventional banking business and a generally slowing economy, the novice financial group set its mind this year on buttressing information and communication technology, risk ma

Market March 12, 2019

The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed.Opposite Seoul Station, a central hub for the nation’s railway, stands a massive 23-story building the color of red brick.Befitting its grand presence and central location, the edifice is called Seoul Square. With a gross area of 132,806 square meters, the building not only brings in hefty rents but also represents a chapter in South Korea’s dy

Industry March 11, 2019

The Korea Herald publishes a series of articles to review South Korea’s position in the intellectual property sector per industry, in the light of mounting challenges. This is the first installment. -- Ed.South Korea’s initiative in computer and mobile game contents has long been cited as a major growth engine backing the country’s advanced position in the global intellectual property sector.After decades of neglecting the value of IP rights, however, Asia’s fourth-larges

Economy March 10, 2019

The Organization for Economic Cooperation and Development on Wednesday inched down its forecast for the global economy, as well as for the South Korean economy, citing slowing trades, weakened growth and other downside risks.In its half-year interim outlook report, the OECD lowered the global economic growth forecast for 2019 to 3.3 percent from the 3.5 percent previously suggested in the November report, the Ministry of Economy and Finance said. The outlook for 2020 was also reduced to 3.4 perc

Economy March 6, 2019

South Korea ranks 13th in the world in terms of its intellectual property standards, a new US report showed, down two notches from the previous year.The Global Innovation Policy Center’s report on International Intellectual Property Index 2019 showed that Asia’s fourth-largest economy was given 36.06 points out of 45 this year, according to the Ministry of Science and ICT on Wednesday. 2019 International IP Index 2019 (GIPC)The GIPC, a research institution affiliated with the US Chamber of Comme

Industry March 6, 2019

South Korea’s economy grew 2.7 percent in 2018, marking a six-year low amid sluggish investments, but its per capita income exceeded the $30,000 mark for the first time, central bank data showed Tuesday.The latest figures are considered crucial for Asia’s fourth-largest economy amid the prolonged slow economic growth, as the $30,000 mark is generally considered an entry line for top-tier economies.According to the revised estimates released by the Bank of Korea, the country’s g

Economy March 5, 2019

KEB Hana Bank, the core affiliate of the banking group, said Thursday that it has appointed Ji Sung-kyoo, vice president of global business, as its new CEO, replacing Ham Young-joo, who had served two consecutive terms.The move indicated a thaw in tension between the bank and the financial watchdog over the reappointment of its embattled chief.The commercial bank had stood at odds with the Financial Supervisory Service concerning the reappointment of Ham for the third time. While the FSS had exp

Market March 1, 2019

With the next parliamentary election slated for April next year, some opposition lawmakers have recently rekindled long-stalled talks on relocating the nation’s key policy financing institutions -- the Bank of Korea and the three state-run banks -- to their respective constituencies.The two regions in apparent rivalry are Busan and North Jeolla Province, the former celebrating its 10th anniversary of being designated as the country’s No. 2 financial hub and the latter hoping to be na

Economy Feb. 25, 2019

The strategy of incorporating environmental, social and governance-related considerations into investment portfolios has become crucial for financial institutions, not for philanthropic reasons but for the sake of risk management and higher returns in the long term, according to the head of sustainable investing at the asset management arm of Deutsche Bank.“For us, such strategy or ESG investing is an essential risk management tool, which helps us reduce possible drawdowns by measuring extra-fin

Industry Feb. 24, 2019

South Korea’s insurers are facing a rough year ahead as they have to deal with reinforced surveillance from financial regulators, while still struggling to find new growth drivers amid a dwindling market trend and stricter accounting requirements.Despite such mounting challenges, however, domestic insurance companies paid out higher dividends to shareholders earlier this year, rekindling controversy as to their management integrity. Financial Supervisory Service. (Yonhap)The Financial Supervisor

Industry Feb. 21, 2019

An Iranian business group is seeking to seize the overseas assets of Korean firms after winning a suit against the South Korean government in an investor-state dispute case, according to the financial regulator Wednesday.Enterkhab, owned by Iran’s Mohammad Reza Dayyani, recently got international court approval at Rotterdam, the Netherland, to seize assets of Samsung Electronics, LG Electronics, KEB Hana Bank and others, according to officials.The compensation dispute between the Iranian company

Industry Feb. 20, 2019

Citing mounting challenges in the global market, the chief of South Korea’s central bank on Tuesday urged for measures to improve the competitiveness of the manufacturing sector during a rare meeting with industry representatives.“The competitiveness of the manufacturing sector will determine the survival of our economy,” said Lee Ju-yeol, governor of the Bank of Korea, at an economic meeting with officials from industries. “We cannot guarantee sustainable growth without

Economy Feb. 19, 2019