The South Korean government will submit a supplementary budget bill to the parliament by April in an effort to respond to fine dust, a slowing economy and a sluggish job market, the chief fiscal policymaker said Wednesday.It also pledged to reform the preliminary feasibility study for construction projects so as to reduce regional differences between metropolitan and nonmetropolitan areas and to curtail the average investigation period. “In order to maximize the impact of the extra budget,

Economy April 3, 2019

South Korea was No. 1 among states in the Asia-Pacific region in the utilization of digital finance such as online shopping and internet banking, data showed Tuesday.But it also showed a sharp digital divide, with relatively large differences according to age and income. According to the Asian Digital Transformation Index report published by the Economic Intelligence Unit and MasterCard, Seoul’s portion of customers with no experience online shopping stood at 24 percent. The figure was sec

Market April 2, 2019

Park Hyeon-joo, founder and currently global investment strategy officer of Mirae Asset Financial Group, will be donating his last year’s dividends, marking nine consecutive years of the practice of social responsibility, officials said Monday.The donation amounts to 1.6 billion won ($1.41 million) that Park received Friday in dividends at the shareholders meeting of Mirae Asset Global Investments, the asset manager arm of the group.The entire amount will be delivered to a group-affiliated welfa

Industry April 1, 2019

The Bank of Korea has selected two domestic asset management companies to manage its foreign exchange holdings and make stock market investments in advanced economies, officials said Monday.The local AMCs will join two foreign firms which have being managing BOK’s FX holdings so far. The central bank however did not name the two firms that have been selected, in accordance with industry practices. “We will sign a consignment contract by April and put $150 million in a trust for each

Market April 1, 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. Operating premium high-rise office buildings in a dense financial district can either be highly profitable or vulnerable to cutthroat competition. Such is the challenge faced by International Finance Center Seoul, or Yeouido IFC, a gleaming landmark at the center of Seoul’s financial hub Yeouido. Completed in 2012 by US constructor Ar

Industry March 31, 2019

South Korea sold $187 million worth of foreign currencies during the second half of last year in an effort to stabilize the market, the central bank said Friday.The Bank of Korea posted the related information on its website, explaining that the transactions were made in response to sudden fluctuations that could negatively effect the economy.The Korean won remained in the 1,000-1,150 won range against the US dollar during the given six months, data showed. In May last year, the government annou

Economy March 29, 2019

The bid to enter South Korea’s promising internet-only bank market has turned into a one-on-one match between two leading consortia -- brokerage-led, capital-affluent Kiwoom Bank and fintech-based, innovation-focused Toss Bank.Kiwoom Bank, led by local brokerage Kiwoom Securities, touts its financial strength and a diverse shareholder base that includes telecommunications and retail companies. Toss Bank, steered by Viva Republica, operator of popular payment platform Toss, has decided to u

Market March 28, 2019

South Korea’s state budget is certain to surpass 500 trillion won ($441.7 billion) for the first time next year as the Cabinet has approved guidelines endorsing expansionary fiscal spending.While seeking measures to revitalize the economy and to enhance social overhead capital for people’s livelihood, the government also vowed to inject more public funds to tackle social problems such as low birth rate and fine dust pollution.The Cabinet on Tuesday approved the compilation guidelines

Economy March 26, 2019

Viva Republica, operator of mobile payment app Toss, said Monday that it has finalized a consortium to establish Toss Bank, the third internet-only bank here.The consortium will consist of Silicon Valley-based venture capital Altos Ventures, Goodwater Capital, Brazil’s Nubank, UK fintech player Revolut, and the Korea Electronic Certification Authority, the company said in a press release.While Viva Republica will hold a 67 percent stake -- as a financial operator, not as an information and

Market March 25, 2019

South Korean cosmetic giant Amorepacific hosted its yearly marathon in Busan on Sunday, seeking to raise public awareness on breast cancer.With some 5,000 participants, the event consisted of a three-kilometer course and a 10-kilometer course, as well as breast cancer tests, clinical consulting and various giveaways.The event, titled “Pink Run,” is held every year in five major cities across the country -- Busan, Daejeon, Gwangju, Daegu, and Seoul.The revenues made from ticket sales and donation

Industry March 24, 2019

South Korea has seen its exports decline at a steeper rate than other Organization for Economic Cooperation and Development member states, reflecting the contraction in outbound shipments of semiconductors, ships and petrochemical products, data showed Sunday.According to data from the OECD, Asia’s fourth-largest economy saw its exports volume dip 5.9 percent from a year earlier in January, standing 26th out of 32 member states that were subject to the latest survey.The country’s on-

Economy March 24, 2019

EY Han Young, the fourth of South Korea’s so-called Big Four accounting firms, outran Deloitte Anjin in employee strength for the first time last year and rose to No. 3 in ranking, data showed Wednesday.It also narrowed down the gap in sales, poised to clinch the game while the rival company struggles to recover from the spillover of an extensive accounting rigging scandal.According to the Korean Institute of Certified Public Accountants, the number of accountants at EY Han Young stood at

Market March 20, 2019

The overseas branches of South Korean banks last year saw their profit climb 22.2 percent on-year, reflecting the rise in interest income, data showed Tuesday.According to market watchdog Financial Supervisory Service, the banks’ overseas net profit stood at $983 million as of end-2018, which accounted for 8 percent of their total net profit.The total asset volume of overseas businesses came to $114.25 billion, up $93.7 billion or 8.9 percent from a year earlier.“The pick-up mostly r

Market March 19, 2019

South Korea’s third-largest insurer in terms of assets, Kyobo Life Insurance Co. Ltd., is facing a dead end ahead of its planned initial public offering as financial investors have effectively issued an ultimatum, rejecting further negotiations.Chairman Shin Chang-jae on Sunday expressed regrets over the financial investors’ latest announcement of an arbitration application to implement their put option.“I request that (the FIs) reconsider (the decision and) re-engage in the ne

Market March 18, 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. Defining the symbolic cityscape of Seoul is Sejong Main Street, a 10-lane road that runs across the downtown area, stretching from Seoul Station to Gwanghwamun Square. Halfway along this main road, just north of Sungnyemun, the southern gate of Seoul, is the “Taepyeong-ro zone,” location of landmark buildings such as the palace Deoksugun

Industry March 17, 2019