Hong Ha-hyun, an ad designer in her 30s, has an important Zoom meeting to attend at 5 a.m. every day. The meetings are not about work, but about boosting positivity in her life, she said. With 35 people she met online, Hong reads books, meditates or drinks a cup of tea before dawn. Since September, the online community Dawning Designer has given her a chance to practice “miracle morning” rituals, leaving her feeling empowered and relaxed. “I believe the daily lives o

Economy April 10, 2021

This is part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the third installment. -- Ed. Citibank Korea CEO Yoo Myung-soon and her rise to the top made fresh headlines late last year, when she became the first female chief of a South Korean commercial bank. The news brought hopes for greater gender diversity in a finance market long dominated by men. Her vision of making the bank stand out a

Market April 7, 2021

Investors engaged in naked short selling will be fined up to 100 percent of their order amount, the nation’s top financial regulator said Tuesday.  According to the policymaking Financial Services Commission, the revised Capital Markets Act, which imposes tougher penalties for naked short selling, has taken effect on the same day.  Short selling is a trading tactic where investors immediately sell borrowed stocks on a bet that share prices will fall, allowing them to later re

Market April 6, 2021

Financial Services Commission Chairman Eun Sung-soo said Monday that SsangYong Motor’s likely investor, US automotive distributor HAAH Automotive, asked the government to give more time before it makes a decision on whether to submit a binding offer to invest in the cash-strapped commercial vehicle maker. “We have not yet received an investment proposal from HAAH Automotive, but it doesn‘t mean the company officially declined to salvage SsangYong. The company said it needs m

Market April 5, 2021

Household debt in South Korea surged to nearly 100 percent of the nation’s gross domestic product, raising concerns that the central bank’s rate hikes may be placing a heavy burden on the household sector, a report showed Monday. The proportion of Korea’s household debt to its GDP -- the market value of all final goods and services produced in an economy during a certain period -- came to 98.6 percent at the end of June last year, according to the report from the Korea Inst

Market April 5, 2021

JB Financial Group, the holding group of Jeonbuk Bank and Kwangju Bank, said Thursday it has launched a new division in charge of overseas business activities to expand its global presence.  The banking giant appointed its incumbent senior executive officer, Yim Young-taick, formerly CEO of the group’s North Jeolla Province-based Jeonbuk Bank, to lead the newly launched global business division.  Yim, 70, served as Jeonbuk Bank CEO since 2014 until his retirement in March.&nb

Market April 1, 2021

Despite advocacy work on climate action, the Bank of Korea turned out to have lagged behind major economies in terms of concrete policy actions to limit financing for businesses with climage-related risks, a report showed Wednesday. According to a list of the Group of 20 nations ranked by green initiatives -- published by the non-profit Positive Money, the Bank of Korea took 13th place with the aggregate score of 11 out of 130, giving it a rating of D- on a scale of F to A+.  China top

Economy March 31, 2021

South Korea’s maximum legal interest rate that private lenders can charge customers will be lowered to 20 percent per annum from July, the nation’s top financial regulator said Tuesday. A revised enforcement ordinance to cut the maximum lending rate suggested by the policymaking Financial Services Commission in November was approved during a Cabinet meeting earlier in the day, officials said in a statement. The move is aimed at easing interest rate burdens on beleaguered debtors.

Economy March 30, 2021

The worsening turmoil in Myanmar is casting a shadow over South Korean banks’ rosy vision of gaining a foothold in the Southeast Asian region as the ongoing political unrest has either entirely or partially suspended their operations. South Korean banks have been gearing up to start business in the Myanmar market since 2012, as the quasi-civilian government undertook economic and political reforms. The administration that took power in 2011 institutionalized a new foreign investment law t

Market March 28, 2021

미얀마 군부 쿠데타가 장기화되는 가운데 현지에 진출한 신한은행과 하나은행이 군부 관련 기업을 간접적으로 지원 했다는 주장이 제기됐다.  25일 코리아헤럴드가 단독 입수한 미얀마 시민단체 ‘저스티스 포 미얀마(Justice For Myanmar)’의 실태조사 결과에 따르면 신한은행은 2019년 9월 미얀마에서 강판을 생산하는 미얀마포스코C&C에 총 75만 달러(약 8억 4천만원)의 대출을 제공했다. 해당 대출은 신한은행이 2016년 한국계 은행 최초로 설립한 양곤 지점에서 이뤄졌으며 지난해 5월 모두 만기 상환된 것으로 파악됐다.  미얀마포스코C&C는 포스코그룹의 철강 무역 계열사인 포스코강판이 2013년 미얀마 군부 소유 기업인 미얀마경제홀딩스(Myanmar Economic Holdings Limited)와 합작해 세운 현지 법인이다. 앞서 1997년 두 기업은 처음으로 손을 잡고 철강업체 미얀마포스코를 설립한 바 있다.

한국어판 March 26, 2021

Two of South Korea’s leading banks, Shinhan and Hana, have indirectly provided loans and investments to firms with links to Myanmar’s military, data exclusively obtained by The Korea Herald showed Thursday. In September 2019, Shinhan Bank’s branch in Yangon, Myanmar’s largest city, issued loans worth 847 million won ($750,000) to Myanmar Posco C&C. The coated steel company was jointly established by Posco Group’s steel sheet-making arm Posco C&C and Myanm

Market March 25, 2021

Shinhan Financial Group said Tuesday it became the first Asian financial holding firm to join the nonprofit Value Balancing Alliance in Frankfurt, Germany, a cross-industry organization developing a valuation standard for monetizing impacts of ESG management.  ESG refers to the policies of factoring in environmental, social and governance-related issues in business operations. Founded in June 2019, the VBA is comprised of 18 multinational corporations, including South Korea’s thir

Market March 23, 2021

South Korea’s household income surplus increased sharply last year as people tightened their belts to weather the protracted economic slowdown triggered by the COVID-19 pandemic, data showed Monday. The nation’s household income surplus rate posted 32.9 percent, 32.3 percent, 30.9 percent and 30.4 percent, respectively, in the first through fourth quarters of 2020, according to a report from Statistics Korea. The figure has surpassed 30 percent only five times since 2003, when the

Economy March 22, 2021

New dividend payout programs are set to take center stage at shareholders meetings next week as banking giants seek to appease shareholders amid growing discontent over new regulations that limit the size of earnings distribution.  Earlier in January, the policymaking Financial Services Commission advised banks and their holding companies to keep their dividend payouts below 20 percent of net income during the first half of this year to secure enough capital needed to counter impacts of

Market March 19, 2021

It is unlikely that global oil prices will rise further, South Korea’s first vice minister of finance said Friday, citing the supply capacity of major oil producers as well as the recent surge in US Treasury bond yields. “Prices of the country’s benchmark Dubai crude, which stood at $42 per barrel last year, surged to more than $60 per barrel this month,” said Vice Finance Minister Kim Yong-beom during an economic meeting. “Oil prices, however, are less likely

Economy March 19, 2021