McKinsey & Co., a global consulting firm, said Wednesday it has promoted partner Hyejin Kang to senior partner. Kang, who assumes the role on April 1, holds a bachelor's degree in microbiology from Seoul National University and a doctorate in neuroscience from the California Institute of Technology in the US. Since joining the company in 2001, Kang has been in charge of evaluating corporate culture of Korea’s top 100 companies. She is credited for playing a leading role in facilit

Industry March 29, 2023

South Korea is expected to join the World Government Bond Index in September, a crucial step for it to attract more foreign funds, according to industry sources on Wednesday. WGBI, managed by Financial Times Stock Exchange Russell, is one of the three major government bond indices, along with the Bloomberg-Barclays Global Aggregate Index and JP Morgan Government Bond Index-Emerging Markets. Tracked by funds worth $2.5 trillion to $3 trillion, it measures the performance of sovereign bonds from 2

Economy March 29, 2023

This is the fourth installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. Though Vietnam’s financial market has not yet matured, when it does, it will come out in full bloom, said Kim Jong-seok, CEO of NH Securities Vietnam, the Vietnamese arm of Seoul-based NH Investment & Securities. Over the past few years, Vietnam’s economy has been outpa

Market March 27, 2023

Kakao's plan to acquire leading K-pop agency SM Entertainment is nearing its final stage, with the music label's annual general meeting set to take place Friday. According to industry sources, the South Korean internet and portal giant's tender offer to buy a 35 percent stake of SM has won enough support from SM investors. Earlier this month, Kakao offered to buy off shares at 150,000 won ($115) each in a bid to become the largest shareholder of the K-pop powerhouse. The official

Market March 26, 2023

South Korea’s National Tax Service Commissioner Kim Chang-ki promised fair taxation for European companies doing business in Korea during a roundtable meeting hosted by the European Chamber of Commerce in Korea on Thursday. The tax agency revived the government-industry meeting after a 12-year hiatus as part of its renewed commitment to better communications with the foreign corporate community here. Some 30 ECCK members, including Chairperson Dirk Lucat, attended the meeting held at a Seo

Industry March 23, 2023

The US Federal Reserve lifted its base rate by 25 basis points on Thursday, easing pressure for the Bank of Korea, which had been concerned about key rate differences between the two countries. The Federal Open Market Committee went for a quarter-point move, raising the target interest rate from 4.5-4.75 percent to 4.75-5 percent. The quarter-point raise fell in line with the market expectation which projected the Fed will not go for a 50 basis point hike following the recent turmoil in the bank

Economy March 23, 2023

Top financial policymakers of Korea and Japan may hold a one-on-one meeting for the first time in seven years, following the recent easing of tensions between South Korea and Japan. The Finance Ministry is looking into launching talks between its minister Choo Kyung-ho and his Japanese counterpart Shunichi Suzuki, following President Yoon Suk Yeol’s state visit to Japan. With the Korean government announcing that a Seoul-backed foundation would compensate victims of wartime forced labor ea

Economy March 21, 2023

Posco Holdings, a unit of South Korean steel giant Posco Group, will relocate its Seoul headquarters to the industrial city of Pohang, North Gyeongsang Province, as the plan was approved at a shareholders meeting Friday. “We have decided to relocate the headquarters to coexist with the local community of Pohang, which enabled the growth of Posco,” Posco Group Chairman Choi Jeong-woo said. Pohang is home to the group’s key steel mills and other production facilities. While some

Industry March 17, 2023

South Korea’s public pension fund the National Pension Service said Thursday it would vote against the appointment of former Shinhan Bank President Jin Ok-dong as the new chairman of the Shinhan Financial Group, the nation’s second largest financial giant in terms of total assets. The NPS, the world’s third-largest pension fund, holds a 7.96 percent stake in Shinhan Financial Group as of December. The decision comes as the NPS’ special committee reviewed the direction o

Market March 17, 2023

Amid changing social norms, more Koreans tie the knot at an older age The number of marriages in Korea dropped to an all-time low in 2022, government data showed on Thursday. According to a report shared by Statistics Korea, the number of Koreans getting married came to a record low of 192,000 last year, down 0.4 percent on-year. It marked the lowest reading since 1970, when the government statistics agency first began compiling the data, and is the 11th straight year the figure has decreased. T

Economy March 16, 2023

  The abrupt fallout from the Silicon Valley Bank collapse has led to raised bets that the US Federal Reserve will be less aggressive in raising interest rates, lifting the burden on the Bank of Korea, which was under pressure from the widening key rate gap. Prior to the banking crisis that hit the financial market on Friday, the market had been expecting the Fed to raise the base rate by 50 basis points this month. Fed chair Jerome Powell had been giving hawkish guidance in past weeks, war

Economy March 15, 2023

Finance Minister Choo Kyung-ho said the government will closely monitor the collapse of Silicon Valley Bank, which has been sending shock waves across the world for the past few days, amid efforts to calm the local financial market. SVB, a major US bank largely focused on startup loans, went bankrupt on Friday. Signature Bank, one of the main banks in the cryptocurrency industry, also closed following concerns of a spreading banking crisis. Choo said that the SVB crisis stemmed from financial in

Economy March 14, 2023

This is the second installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. Mastern America, the US arm of Mastern Investment Management, plans to open up its business to individual investors to tackle new markets in real estate investment. Though real estate investment has conventionally been more focused on institutional investors, Joseph Oh, CEO of Mastern

Market March 13, 2023

The heated competition to take over leading K-pop agency SM Entertainment seems to have come to a sudden, amicable halt, as IT giant Kakao is set to seize control of the label while its rival Hybe, the K-pop powerhouse behind global sensation BTS, has decided to drop its bid with future cooperation in mind. “Hybe assessed that the market is showing signs of overheating, following the rivalry with Kakao and Kakao Entertainment,” Hybe said through an official statement on Sunday. &ldqu

Market March 12, 2023

Korean won weakens against dollar following Powell’s remarks forecasting further rate hikes The US Federal Reserve's signaling of further rate hikes weighs on the Korean economy sparking fears of a widening gap between the key rates of the two countries that could cause capital outflow and increase market volatility. US Fed Chair Jerome Powell on Tuesday hinted at a possible rate increase of 50 basis points in the Federal Open Market Committee meeting scheduled for later this month.

Economy March 8, 2023