South Korea and the Asian Development Bank announced Wednesday that they would launch a joint organization to facilitate climate change talks and networking. Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed an agreement to set up the organization called ADB-Korea Climate Technology Hub, or K-Hub, in Seoul next year. The deal was made during the 56th Annual Meeting of the Board of Governors of the Asian Development Bank, taking place in Incheon’s Songdo district. Ac

Economy May 3, 2023

INCHEON -- Finance Minister Choo Kyung-ho called for Japan to put South Korea back on its "white list" of trusted trading partners in a swift manner and expand cultural and educational exchange between the two countries during his meeting with his Japanese counterpart, Shunichi Suzuki. The two met on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank which kicked off Tuesday for a four-day run in Incheon’s Songdo district. On April 24

Economy May 2, 2023

Hana Financial Group plans to step up its globalization efforts to become a globally leading finance firm with customized strategies suited to each market with its business spanning from banking to securities brokerage services. As of the end of 2022, Hana Financial Group had expanded across 25 countries, with more than 4,500 employees overseas. According to the group, its global profit has been increasing every year by an average of 15 percent over the past four years. In 2022, the group&rs

Market May 2, 2023

Some 5,000 policymakers and finance experts from 68 Asia-Pacific nations and beyond have flocked to Incheon to attend an annual meeting of the Asian Development Bank that was set to kick off Tuesday. The 56th Annual Meeting of the Board of Governors of the Asian Development Bank will run for four days in Incheon’s Songdo district under the slogan, “Rebounding Asia: Recover, Reconnect and Reform.” The ADB is a social development organization that calls for cooperation among Asia

Economy May 1, 2023

The authorities are scrambling to respond to what could be one of the largest stock price manipulation cases in recent years. The authorities, including the Financial Supervisory Services, are investigating deals involving the stocks of eight companies, the combined market capitalization of which fell around 8 trillion won this week. The shares of the companies -- Samchully, Daesung Holdings, Seoul Gas, Sebang, Sun Kwang and Daou Data – began dropping abruptly earlier this week without a

Market April 28, 2023

Rep. Yoon Young-seok from the ruling People Power Party met with Christine Lagarde, President of the European Central Bank, and discussed the importance of fiscal discipline during his visit to Europe. "Though Korea has been stepping up as a global leader of various high-tech industries, it is at a time in which the introduction of fiscal discipline like that of the EU is needed for the fiscal stability of the future, considering the unprecedented low fertility rate and aging population,&

People April 27, 2023

The Bank of Korea has refuted reports claiming that the amount in Korea's foreign reserves has fallen to the level below what the International Monetary Fund suggests as “adequate.” "The amount of Korea's foreign reserves stands at $426.07 billion, the ninth-largest in the world," the central bank said through a press release Wednesday, referring to the figure drawn up at the end of March. "The IMF also assessed the reserve shows an adequate response to ext

Economy April 27, 2023

By Kim Tae-ho National Tax Service vice commissioner In March, the National Tax Service held an official gathering with the European Chamber of Commerce in Korea for the first time in 12 years. This event, along with a similar engagement with the American Chamber of Commerce last year, highlights our commitment to improving communication with foreign investors and building mutual trust. Trust between the revenue agency and the taxpayer promotes voluntary and honest tax filing and payment, whil

Economy April 26, 2023

US Special Representative for North Korea Sung Kim on Tuesday expressed his expectation that the leaders of the US and South Korea would exhibit their commitments to a stronger extended deterrence against Pyongyang's nuclear threats at an upcoming summit this week. President Yoon Suk Yeol and US President Joe Biden are scheduled to hold a summit at the White House on Wednesday (Washington time), in which they are expected to sign a joint statement on measures to enhance extended deterrence,

Politics April 25, 2023

Samsung SDI Co. said Tuesday it is pushing to build an electric vehicle (EV) battery manufacturing facility in the United States in a joint venture with General Motors Co. The South Korean battery maker unveiled the plan in a regulatory filing, under which the two companies have agreed to invest more than $3 billion in constructing a plant with an annual capacity of over 30 gigawatt hours (GWh). The location of the plant has not been decided yet, it said. The company aims to commence commercial

Industry April 25, 2023

South Korea’s economy showed a slight sign of recovery, with 0.3 percent growth in the first three months of 2023 on the rebound of private consumption as the COVID-19 pandemic wanes. The country’s gross domestic product -- the value of all goods and services created -- grew 0.3 percent in the January-March period, showing signs of recovery from the minus 0.4 percent of the previous quarter. It showed a 0.8 percent increase from the same period of 2022, data from the Bank of Korea sh

Economy April 25, 2023

The total market capitalization of listed firms in Korea rose by 16.4 percent this year, an increase of more than 341 trillion won ($256 billion) from the year-end of 2022. As the stock market slowly rebounds, the combined market cap of Korea's benchmark index Kospi and secondary bourse Kosdaq swelled from 2,079.13 trillion won to 2,420.25 trillion won during the period, marking a 16.4 percent increase, or 341.11 trillion won, data from the country’s sole bourse operator Korea Exchang

Market April 23, 2023

Stock prices of South Korean battery materials firm EcoPro and its affiliates have been skyrocketing over the past few months, backed by a retail investor frenzy. EcoPro was previously a little-known stock listed on the tech-laden Kosdaq. But recently it has been arguably the most talked about stock in the local equity market. The group’s shares -- those of EcoPro, EcoPro BM and EcoPro HN, nicknamed the "three brothers" -- have been on a rapid rise as Korean battery firms are e

Market April 20, 2023

The total market capitalization of listed firms in Korea rose by 14 percent, or 280 trillion won ($212 billion), during the first quarter of 2023, a report by issued by market tracker Korea CXO Institute showed Wednesday. As the local stock market has been on course for a gradual rebound in the first three months of 2023, the total market cap of 2,558 firms listed on the country’s benchmark Kospi and secondary Kosdaq increased by 280 trillion won, from 2,011 trillion won on Jan. 2 to 2,291

Market April 19, 2023

The Korean government will extend the current tax cut imposed on fuel until the end of August, the Finance Ministry announced Tuesday. Fuel tax reductions -- namely a 25 percent cut for gasoline, and 37 percent cuts for diesel and the liquefied petroleum gas butane -- which were to end in April, will last for another four months, considering the rising prices of oil, the ministry said. The cut pulls down gasoline prices by cutting tax worth 205 won ($0.16) from 820 won to 615 won per liter, di

Economy April 18, 2023