World Bank President Ajay Banga stressed that South Korea can play a pivotal role in leading other developing countries with its experience in growth and development, during a media briefing Thursday as part of his visit to Seoul. "What Korea did in 30 years -- to go from being an underdeveloped, challenged country, to having come through a crisis to come out like this -- was quite remarkable,” he said at the Global Knowledge Exchange & Development Center in northern Seoul. &ldquo

Economy Jan. 25, 2024

The total face value of damaged bills and coins discarded by the Bank of Korea reached nearly 4 trillion won ($2.98 billion) last year, marking a sharp rise from previous years as more in-person business transactions occurred with the end of the pandemic, the central bank said Wednesday. A total of 483.85 million damaged bills and coins were pulled out of circulation by the central bank due to damage in 2023, up 71.17 million from 412.68 million tallied a year earlier. The face value of the de

Economy Jan. 24, 2024

The Korean government plans to expand tax incentives for the nation’s strategic technologies such as advanced chips and displays as part of a tax revision that takes effect next month. The Finance Ministry on Tuesday unveiled a set of tax reform plans, including tax cuts worth up to 950 billion won ($711 million) per year, in a bid to attract more investment into new growth drivers and boost the local economy. The chip and display sectors have already been protected as strategic industries

Economy Jan. 23, 2024

Local lenders are expanding their presence in India, the world’s fifth-largest economy, as Korea-India economic ties deepen amid the global supply chain reshuffle. KB Kookmin Bank, one of the top five lenders in Korea, will launch two new branches in India this year in Chennai and Pune. The lender has deployed six employees in the country for the setup. “An approval from local authorities came in October. We plan to open the branches in the early third quarter,” an official f

Industry Jan. 23, 2024

Koramco Asset Management, the nation's largest real estate investment firm, saw its overseas assets under management reach nearly 5 trillion won ($3.73 billion) in 2023, having garnered new investment funds worth 400 billion won amid a sluggish global real estate market. The asset management firm announced Monday that it raised 400 billion won last year, bringing the volume of the foreign assets it manages on behalf of clients to more than 4.8 trillion won. This accounts for nearly 30 per

Industry Jan. 22, 2024

Mirae Asset Global Investments' Canadian subsidiary Horizons ETFs saw its assets under management surpass 30 trillion won ($22.8 billion) this month, marking ninefold growth in over 10 years. Horizons ETFs has become the fourth-largest ETF operator in Canada with its AUM standing at $22.8 billion as of Jan. 10, from $2.2 billion when Mirae Asset Global Investments had acquired the unit in 2011, according to the Korean firm on Friday. The latest figure translates to roughly $30 billion Can

Industry Jan. 22, 2024

The internet-only K bank said Friday that it is pushing for an initial public offering this year following a failed attempt last year. “The IPO will be an opportunity for K bank to take another big leap,” said CEO Choi Woo-hyung, who took the post on Jan. 1. “K bank will grow with all its members through thorough preparations.” K bank was launched in April 2017, becoming the nation’s first internet-only bank. As of 2023, it boasted 9.53 million users. After years

Industry Jan. 19, 2024

Foreign investors continued the selling spree on the local stock market amid heightened geopolitical tensions both within and outside the Korean Peninsula, while the Korean won weakened against the dollar. The benchmark Kospi closed at 2,440.04 points Thursday. Though it dipped to the 2,430 range on the previous trading day, it managed to make a slight recovery backed by the 119.6 billion won ($82 million) net buying of retail investors. Yet foreigners continued the selling streak for five conse

Market Jan. 18, 2024

By Steve Brice How to invest in China is the question I am asked the most. China is facing a lot of headwinds. The economy has slowed dramatically from the post-COVID reopening boost at the turn of last year and geopolitical tensions are everywhere for people to see. Against this backdrop, I see a three-pronged approach to China investments. First, focus your China equity investments in areas that are less likely to face headwinds. Second, diversify to other parts of Asia. And third, conside

Market Jan. 18, 2024

Local authorities' decision to keep the doors shut for exchange-traded funds linked to the price of bitcoin has led to concerns that Korea may be left behind by changing global financial trends. While the US Securities and Exchange Commission’s authorization of spot bitcoin ETFs represented a milestone long in the works for the virtual assets market, the financial product remains off limits for Korean investors, as local authorities announced the trading of related products for lo

Market Jan. 17, 2024

The Korean government announced new measures to curb inflation ahead of the Lunar New Year holiday, including cutting price growth for fresh fruits and vegetables and postponing price hikes for electricity. With this year's four-day Lunar New Year holiday starting on Feb. 9, Finance Minister Choi Sang-mok announced a slew of measures aimed at stabilizing the livelihoods of ordinary people at a governmental meeting on Tuesday. “Though the Korean economy has been showing signs of a reco

Economy Jan. 16, 2024

The National Pension Service, the world’s third-largest pension fund managing assets of around 1,000 trillion won ($757 billion), expanded its holdings in electronic parts manufacturer Samsung Electro-Mechanics, but dumped shares of IT giant Kakao in the September-December period of 2023. The fund owns a 5 percent or greater stake in each of 283 listed companies here as of Wednesday, according to market tracker FnGuide. The shares are valued at 133.83 trillion won, up 4.16 trillion won,

Market Jan. 15, 2024

Taeyoung Group founder and Honorary Chairman Yoon Se-young urged its employees to make all-out efforts to bring its debt-ridden builder Taeyoung Engineering & Construction back on track, after creditors confirmed Friday their approval for a debt restructuring program. "The debt workout has begun, backed by the strong support of creditors. This is because (the creditors) saw a high possibility of Taeyoung E&C's normalization," Yoon announced in a statement uploaded on the

Industry Jan. 12, 2024

The Bank of Korea maintained the key rate at 3.5 percent for the eighth consecutive session at its first rate-setting meeting of the year on Thursday, confirming its unwavering will to combat inflation. The monetary policy board of the central bank decided to hold the rate through a unanimous vote, keeping the rate steady for nearly a year since February 2023. Though potential fallout from project financing loans in the construction industry looms with Taeyoung Engineering & Construction fil

Economy Jan. 11, 2024

Taeyoung Group, the parent company of debt-ridden Taeyoung Engineering & Construction, said Tuesday it will put up its full stake in TY Holdings and broadcaster SBS as collateral to secure liquidity, responding to demands calling for a higher level of self-rescue plan. While Taeyoung Group announced some measures to secure the funds to repay the debts of Taeyoung E&C in late December, financial authorities and creditors have called for more effective measures, such as putting up its shar

Industry Jan. 9, 2024