Despite the slowing economy and pessimistic growth outlook, Seoul’s commercial real estate market is expected to maintain its momentum throughout 2019-2020, according to key global real-estate service providers here.Both CBRE Korea and JLL Korea said in their recent quarterly real estate reports that the vacancy rate for Seoul’s grade A offices would remain in the single digit as of the third quarter this year. CBRE’s figure came to 8.9 percent, down 1.5 percentage point on-qua

Industry Oct. 29, 2019

South Korean brands are increasingly suffering from trademark infringement overseas, especially in Southeast Asia, according to the Korean Intellectual Property Office on Monday.As of July this year, 279 trademarks of Korean firms were acquired by a foreign party, KIPO said, citing data from the Global Brand Database of the World Intellectual Property Organization. The total number of suspected cases came to 1,140 in 62 countries worldwide.Of the total, 594 cases, or 52.1 percent, was in the Sou

Industry Oct. 28, 2019

South Korea and other donor states have collectively pledged to add $9.6 billion to the Green Climate Fund over the next four years. Asia’s fourth-largest economy will be the ninth-largest contributor, providing $200 million, which is double the amount it provided for the 2015-2018 period.The fund held its first high-level replenishment conference in Paris last week, seeking donations to finance its activities for the 2020-2023 period, Seoul’s Ministry of Economy and Finance said Mon

Market Oct. 28, 2019

With financial authorities set to finish their monthslong investigation of the sale of high-risk derivatives-linked securities and related funds, key sellers are likely to be handed down heavy penalties for failing to properly warn investors of the risks.At the heart of the commotion was KEB Hana Bank, which has recently been found to have discreetly deleted related internal documents, attempting to stifle evidence. The market watchdog Financial Supervisory Service is scheduled to wrap up its in

Market Oct. 27, 2019

South Korea extended its run of positive growth in the third quarter but that growth was slower than expected, jeopardizing the country’s annual growth target, central bank data showed Thursday.The country’s quarterly real gross domestic product for the July-September period climbed 2 percent from a year earlier and 0.4 percent from a quarter earlier, according to preliminary data from the Bank of Korea.This latest figure was largely seen as disappointing, especially considering the

Economy Oct. 24, 2019

South Korea’s local court has decided that the employees of Samsung Securities involved in the “fat finger” scandal in which nonexistent stocks were issued, should pay compensation for about half of the damage they caused the company.The Seoul Central District Court has recently ruled that the 13 employees of the local brokerage must compensate $4.7 billion won ($4 million) of the losses they caused the company by selling nonexistent stocks, officials said Wednesday.The company

Economy Oct. 23, 2019

South Korea’s government on Tuesday adopted a disputed presale price cap system on privately built apartments, extending its efforts to stabilize the bubble-prone real estate market here.With the forthcoming price regulation expected to take effect as early as this month, local builders are hastening to sell their newly built apartments.The Cabinet, chaired by Deputy Prime Minister and Finance Minister Hong Nam-ki, passed five legislative bills and 24 presidential decrees, including the en

Economy Oct. 22, 2019

South Korea has seen its female employment index improve steadily over the past 10 years, but continues to struggle with gender equality when it comes to parental leave and consequent career breaks, data showed Monday.Unlike in most developed economies which tend to see the employment rate of women in their 40s peak and start declining in the 50s, Korea has seen women in their late 30s and early 40s -- the prime age for childbirth and childcare -- being pushed out of the labor market. All seven

Economy Oct. 21, 2019

A local equity fund, which gained recognition for President Moon Jae-in’s investment, has achieved an earnings rate three times higher than the industry average.NH-Amundi Asset Management said through a release Sunday that its NH-Amundi Victorious Korea Equity Fund logged a 3.88 percent return rate over the past month, Friday.The average return of equity funds here stood at 1.28 percent as of this month, according to financial information vender FN Guide. The given research was conducted o

Market Oct. 20, 2019

Concerns are mounting that the central bank’s latest base rate cut may encourage easy borrowing and aggravate the country’s household debt problem.But others suggest that the government’s enhanced loan regulations and slow economic growth pace will help prevent reckless borrowing.The total balance of household credit as of the end of June this year stood at 1,556.1 trillion won ($1,318 billion), according to data released by the Bank of Korea on Sunday.Household credit is a com

Economy Oct. 20, 2019

The International Monetary Fund has forecast this year’s global economic growth rate at 3 percent, the lowest since the 2008 financial crisis, Seoul’s Ministry of Economy and Finance said Tuesday.It also lowered the outlook for South Korea to 2 percent, slashing 0.6 percentage point from its earlier outlook, data showed.In its World Economic Outlook Update, the IMF said that the world economy will grow 3 percent in 2019 and 3.4 percent in 2020.Its latest estimate is down 0.3 percenta

Economy Oct. 15, 2019

Viva Republica, operator of mobile money transfer service Toss, said Tuesday that its consortium has applied for a business license to establish a new internet-only bank, making its second attempt this year.Its shot at winning is seen as more plausible this time, especially as the previous main rival -- a consortium led by brokerage Kiwoom Securities -- renounced its own bid. “We pioneered Korea’s fintech industry through Toss. Now, through Toss Bank, we plan to build a new internet-

Market Oct. 15, 2019

The government plans to eliminate various regulations that hinder the development of new technologies and overseas expansion of local firms amid the recent economic uncertainties, South Korea’s top financial policymaker said Monday.It is proposed to allow overseas affiliates of securities companies to take loans from Korean lenders, simplify the screening procedures for chemical facilities, and alleviate the authentication of certified industrial robots. “(The government) will lead t

Economy Oct. 14, 2019

South Korean business executives, policymakers and opinion leaders on Friday attended The Korea Herald’s second annual business forum to address the growing corporate risks in today’s business environment. This year’s forum was held at The Shilla Seoul under the theme “Korea in crisis: How to survive in an era of trade wars and industrial risks.” It took place amid slowing global economic growth and mounting uncertainties, including US-China trade tension and Ja

Industry Oct. 13, 2019

The average sale price of real estate in redeveloped apartment complexes in Seoul has soared more than 50 percent over the past four years, data showed Monday.According to data submitted by the state-run Korea Housing & Urban Guarantee Corporation to the parliamentary land committee, the average sale price per pyeong for reconstructed apartments stood at 31.5 million won ($26,345) as of this year. A pyeong is a unit of area used in real estate measuring, equivalent to 3.3 square meters. This

Economy Oct. 7, 2019