This is the first 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 footprint expansion. -- Ed. KB Valbury Sekuritas, an Indonesian brokerage arm of the Korean banking giant KB Financial Group, seeks to seize opportunities in the fast-developing country by arming itself with digital innovation and integrated financial services. KB Financial Group has set its eyes on Indo

Market March 7, 2023

Mastern America, the US arm of Mastern Investment Management, said Tuesday it has signed a strategic alliance agreement with New York-based property tech firm Koriny to expand its presence in US middle market properties. Under the partnership, Mastern hopes to offer investors a chance to invest in the US middle market, which refers to a market for office, retail, industrial properties with a market value below about 100 billion won ($77 million). Koriny, which has its Korean office in Yeouido, w

Market March 7, 2023

South Korea's efforts to combat high inflation are showing signs of progress as consumer prices marked their smallest on-year increase in February in nearly 10 months, according to Statistics Korea on Monday. The consumer price index, a key indication of inflation, rose by 4.8 percent on-year last month, marking a drop of 0.4 percentage point from 5.2 percent in January. It is the first time since April 2022 (4.8 percent) that the figure has fallen below 5 percent. “The consumer pri

Economy March 6, 2023

Industrial robots are found to have helped drastically reduce workplace injuries as well as improve the overall wellness of workers in labor-intensive industries, according to a report released by the Bank of Korea on Monday. The report analyzed the industrial impact of robot adoption across industries between 2010 and 2019, especially on the number of workplace injuries. According to the report, regions with more robots adopted saw fewer injuries at workplaces. More specifically, when an averag

Market Feb. 27, 2023

The South Korean government has launched an intensive probe into liquor prices in an apparent move to tackle further price hikes for soju and beer, the two most popular alcoholic drinks in Korea, amid deepening inflation woes among consumers. With prices of beer products expected to go up following a tax hike in April, the local liquor industry is widely expected to raise the prices of soju, too. With concerns over the price hikes adding to the burden of consumers, the Finance Ministry is uppi

Economy Feb. 26, 2023

The Bank of Korea left the key interest rate unchanged at 3.5 percent Thursday on expectations that inflation has peaked. It, however, stressed the freeze does not signal an end of its rate hike stance. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. Over the past 1 1/2 years, it has raised the base rate by 300 basis points to 3.5 percent. However, projecting that inflation has passed its peak and will slowly tail off throughou

Economy Feb. 23, 2023

The Korea Herald’s Global Biz Forum held its second-week session Wednesday to shed light on South Korea’s status and role amid growing fears of a global economic slowdown. The Global Biz Forum is a platform that brings together CEOs, industry experts and diplomats here to explore diverse topics and share their knowledge and insight for new opportunities. The week’s special guests and speakers included Maria Castillo-Fernandez, ambassador of the European Union to South Korea, Le

People Feb. 23, 2023

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, putting on hold a rate-raising policy that has lasted 1 1/2 years. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. The BOK raised the benchmark interest rate seven consecutive times. The bank’s decision falls in line with market expectations which projected it would end the hike considering the slowing global economy. The US Federal Bank has s

Economy Feb. 23, 2023

South Korea's total fertility rate hit an all-time low last year, government data showed Wednesday, darkening prospects for one of the world's most aged countries. In 2022, the country saw 249,000 newborns, down 4.4 percent, or 11,500 less, than that of the year before. The fertility rate, the average number of children women aged 15-49 have, fell to 0.78, down 0.03 from the 0.81 of the previous year, according to Statistics Korea. The figure hit an all-time low since the statistics

Economy Feb. 22, 2023

With the Bank of Korea set to hold its rate-setting meeting on Thursday, the market is expecting a freeze to the base interest rate for the first time in a year and half, marking an end to its rate hike cycle. The central bank, with its base rate standing at 3.5 percent, has been leading an aggressive monetary tightening policy, continuously raising the key rate since August 2021 to tamp down soaring prices. The market, however, expects the central bank to take a pause this month, considering th

Economy Feb. 20, 2023

Over the years, South Korea has been making continuous efforts to win the top grade of the one of the world's most recognizable stock indices developed by Morgan Stanley, in hopes to attract more global investors and prove the growing international credibility for the economy. The assets under management benchmarked to the Morgan Stanley Capital International indices, which widely tracks global equity benchmarks for stock market performances, has mounted up to $13.5 trillion. Listed on the Emerg

Economy Feb. 14, 2023

A proxy fight looms large over the ownership of K-pop agency SM Entertainment. Its founder Lee Soo-man, affectionately called the godfather of K-pop, has teamed up with Hybe, the K-pop agency behind the global sensation BTS, while SM executives join forces with internet giant Kakao. Hybe announced Friday that it has signed a deal with Lee, the former chief producer at SM, to buy 14.8 percent of shares in the company from Lee for 422.8 billion won ($332.78 million). It further plans to buy an add

Market Feb. 12, 2023

An appellate court on Thursday ordered Namyang Dairy Product to sell its controlling stake to private equity firm Hahn & Co. to abide by a binding contract signed by the two in 2021. The Seoul High Court upheld the lower court's decision in favor of Hahn & Co., dismissing the appeal filed by Namyang Dairy Product Chairman Hong Won-sik, saying it “did not see a reason” to continue the trial. The court ordered Hong and his family members to hand over 53.08 percent stake in

Market Feb. 9, 2023

Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief. Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank. “Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate ban

Market Feb. 8, 2023

Financial authorities to push for allowing participation of offshore firms in forex market, while extending operating hours until 2 a.m. In hopes of conforming the Korean market to global standards, Korea is to push for changes in the foreign exchange market, including allowing the participation of offshore firms and extending market hours until 2 a.m. The Ministry of Economy and Finance and the Bank of Korea held a seminar on Tuesday in Seoul, announcing measures to be taken to elevate the st

Economy Feb. 7, 2023