Finance Minister Choo Kyung-ho on Wednesday pledged to continue efforts to eliminate regulations that do not fit global standards. “The Korean government will work on removing hurdles that hinder US business operators from establishing Korea as a regional headquarters in the Asia-Pacific region,” Choo said at a special luncheon event held at the Grand InterContinental Seoul Parnas Hotel on Wednesday. “To turn Korea into a No. 1 foreign investment destination, we will strive to

Industry March 8, 2023

IT giant Kakao on Tuesday announced a tender offer for SM Entertainment’s shares held by minority shareholders at a price higher than what Hybe previously offered amid an intensifying race to win over the management rights of the K-pop powerhouse. Kakao and its subsidiary Kakao Entertainment offered 150,000 won ($115.55) per share with a goal to additionally secure up to 35 percent (some 8.3 billion shares) of SM Entertainment. This tender offer begins on Tuesday and ends on March 26. Th

Industry March 7, 2023

K-pop powerhouse Hybe’s initial plan to gain stable management control over rival company SM Entertainment by buying more shares through a tender offer fall through. On Feb. 10, Hybe announced a tender offer for SM Entertainment’s shares held by minority shareholders. It offered 120,000 won ($92.60) per share with a goal to additionally secure up to 25 percent (5,951,826 shares) of SM Entertainment. The tender offer ended March 1. Hybe was only able to acquire 233,817 shares throug

Industry March 6, 2023

More than 90 percent of real estate experts predicted a decline in housing prices this year, while 1 in 2 said the housing market could see a rebound next year, according to a KB Financial Group report released Sunday. The report said transaction prices of houses nationwide fell 1.8 percent last year, a first in 10 years. Daegu showed the highest decline with 5.2 percent, followed by Daejeon with 4.4 percent and the greater Seoul area with 2.7 percent. The number of transactions also plunged alm

Industry March 5, 2023

K-Bank, a South Korean internet-only bank, posted record-high profits last year, extending gains after it swung to black for the first time in 2021. The bank recorded a net profit of 83.6 billion won ($63.7 million) in 2022, marking a 272 percent increase from the previous year's net profit of 22.5 billion won, according to K-Bank on Thursday. K-Bank’s net profit in 2021 was a turnaround from a loss of 105.4 billion won in 2020. It was the first annual net profit that the internet-o

Industry March 2, 2023

Market bellwether Samsung Electronics was the top stock pick among investors in February, with the total trade volume of its stocks soaring to 16.17 trillion won ($12.3 billion) on the nation’s main bourse Kospi, according to data from the Korea Exchange on Wednesday. The tech giant’s daily trade volume was 808.9 billion won on average last month. Posco Chemical, a battery materials company that has recently inked a whopping 40 trillion won supply deal with Samsung SDI, had the sec

Industry March 1, 2023

Hybe, the Korean entertainment agency behind BTS, announced on Tuesday that it has submitted a petition to the Financial Supervisory Service asking for an investigation into a "suspicious" large purchase deal of SM Entertainment stocks. The request comes amid Hybe’s bid to take over its rival agency after becoming its largest shareholder. “On Feb. 16, an abnormal purchase of 2.9 percent (683,398 shares) of SM's issued shares took place at IBK Investment Securitie

Industry Feb. 28, 2023

South Korean households used a record high portion of their spending on non-consumption expenditures such as interest repayments and tax, according to data released on Monday by the Korean Statistical Information Service. Household non-consumption expenditure includes money spent on tax payments, insurance payments, and interest payments on borrowed money, among other expenditures. As non-consumption expenditures increase, disposable income used for the personal consumption of goods and serv

Industry Feb. 27, 2023

Making blockchain-based tokens operational here is a part of South Korea's "serious" efforts in adopting regulatory changes to make its capital market more attractive to foreign investors, the top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young stressed that recently released guidelines on security tokens were created to “allow issuance of blockchain-powered digital tokens," during a press conference with foreign media outlets h

Industry Feb. 24, 2023

The chairman of the American Chamber of Commerce in Korea called on the Korean government to offer flat income tax benefits for foreign workers on a permanent basis. During a press conference held at the IFC Forum in Seoul to commemorate the 70th anniversary of the US-Korea alliance and the founding of AmCham Korea on Thursday, AmCham Korea CEO James Kim said the 20-year flat income tax benefit for foreign workers should be extended further, citing other countries who offer them on a permanent

Industry Feb. 23, 2023

The head of Korea’s top financial watchdog criticized the current oligopolistic system dominated by five major commercial lenders, which hinders them from sharpening their global competitiveness. “If (Korean banks) stay the way they are now, they will likely have a hard time gaining an edge in the global market,” Financial Supervisory Service Chief Lee Bok-hyun said during a meeting with foreign investors in Seoul on Wednesday. This meeting was organized by the FSS to provide i

Industry Feb. 22, 2023

Top commercial Korean banks are moving to lower their lending rates further amid backlash from financial authorities and the public against its presentation of a social contribution plan that was deemed inadequate for easing pressing burdens from high rates. Many have demanded South Korean banks share their profits with society after they enjoyed a bumper year on last year's interest rate hikes. The top four Korean financial groups -- Shinhan, KB, Hana and Woori -- saw their combined ne

Industry Feb. 21, 2023

South Korea ranked near the bottom on reported levels of life satisfaction among member countries of the Organization for Economic Cooperation and Development, according to a report released this month. Statistics Korea's report Quality of Life Indicators in 2022 showed that South Korea ranked 36th among 38 OECD countries in terms of life satisfaction, based on data collected from 2019 to 2021. The country had a score of 5.9 out of 10, substantially lower than the OECD average of 6.7. Thi

Industry Feb. 20, 2023

South Korea’s financial watchdog emphasized the need for a stronger regulatory system to prepare for new risks that might arise as big tech companies expand their finance business. “There should be in-depth discussion and research on introducing entity-centered regulations for big tech,” Lee Bok-hyun, chief of the Financial Supervisory Service, said during a speech at the Diagnosis and Future Tasks of Big Tech's Financial Industry seminar held in Myeong-dong, Seoul, Fr

Industry Feb. 19, 2023

Local banks are hurriedly laying out plans to carry out profit-sharing corporate social responsibility activities after President Yoon Suk Yeol condemned them for enjoying hefty bonuses even as people suffer under higher interest rates. But the efforts appear to be falling short of quelling public criticisms. According to the Korea Federation of Banks on Wednesday, its new social corporate responsibility project will bring a support effect of around 10 trillion won ($7.8 billion) to society ov

Market Feb. 16, 2023