Korea to pilot visa for K-pop trainees

South Korea is to introduce a separate visa track for foreign nationals who aspire to become K-pop stars in a move to attract more tourists from overseas, the Finance Ministry announced Monday. The ministry released a set of measures to help bring more foreign visitors to the country such as streamlining the entry process and offering incentives for using public transportation during a meeting of economic affairs ministers. The measures were based on the concern that the country’s tourism

June 17, 2024

S. Korea to ease regulations on REITs to help normalize PF market

The finance ministry said Monday it will ease regulations on real estate investment trusts as part of efforts to help normalize the real estate project financing sector. The government will create "project REITs" after drastically lifting regulations so as to allow a greater number of small investors to join the projects and will expand REIT investment targets to health care, data centers and other promising fields, according to the Ministry of Economy and Finance. REITs are a type of

June 17, 2024

ICT exports jump over 30% for 2nd consecutive month in May

South Korea's exports of information and communication technology products soared more than 30 percent for the second consecutive month in May on robust global demand, data showed Sunday. Outbound shipments of ICT products came to $19.05 billion last month, up 31.8 percent from $14.45 billion a year earlier, logging the seventh straight month of increase, according to data compiled by the Ministry of Science and ICT. The country's ICT imports increased 2.4 percent on-year to $11.48 bil

June 16, 2024

Household loans from 5 major banks expand over W2.1tr as of mid-June

Household loans extended by five major lenders in South Korea have risen more than 2.1 trillion won ($1.5 billion) so far this month, industry data showed Sunday. Outstanding household loans extended by the five top lenders reached 705.4 trillion won as of June 13, compared with 703.2 trillion won at the end of last month, according to the data compiled by Yonhap News Agency. The monthly tally is expected to grow for the third consecutive month in June, following an on-month increase of 5.2 tril

June 16, 2024

Mirae Asset chairman named executive of the year by AIB

Mirae Asset Financial Group said Friday that its founder and Chairman Park Hyeon-joo will be honored with the International Executive of the Year Award at the annual conference of the Academy of International Business slated for next month. AIB, an eminent association of international business scholars and professionals established in 1959, boasts a membership of over 3,400 individuals from approximately 90 countries. Park, who has been integral in transforming Mirae Asset Financial Group into a

June 14, 2024

Mirae Asset Global Investments surpasses W170tr in ETF net assets

Mirae Asset Global Investments, Korea’s leading asset management firm, has significantly expanded its global footprint, now managing over 580 exchange-traded funds with net assets totaling 170 trillion won ($133 billion). Since launching its first exchange-traded fund, Tiger ETF in 2006, Mirae Asset has grown into a formidable player in the global market, overcoming initial industrial skepticism toward a domestic financial firm. In 2011, it became the first Korean asset manager to list on

June 14, 2024

BOK's rate-cutting cycle coming, but timing depends on inflation

The Bank of Korea looks increasingly likely to push back the start of its interest rate-cutting cycle as late as October as the country enters the last mile in its inflation fight while the US dials back its rate cut forecasts, experts said Thursday. The country’s recent data showing signs of weakening inflation, coupled with a rebound in exports, has increased anticipation for rate cuts by the Bank of Korea. The borrowing rates were kept at 3.5 percent for the 11th consecutive session i

June 13, 2024

[Photo News] Shinhan Bank bolsters presence in Kazakhstan

Shinhan Bank announced Thursday that it participated in the "Korea-Kazakhstan Business Forum" in Astana, hosted jointly by the governments of both countries the previous day. As the sole commercial bank in the Korean delegation, Shinhan Bank signed two significant agreements during the forum. One was signed with the European Bank for Reconstruction and Development to enhance partnerships and financial support in Kazakhstan, while the other agreement involved cooperation with CU Centr

June 13, 2024

Korea's short selling ban extended to March 2025

South Korea's ban on the short selling of stocks is set to be extended until March next year. The projected deadline was discussed during a government-parliament meeting between the country's top financial regulators and the ruling People Power Party on Thursday to discuss the enhancement of short selling regulations. "We have proposed extending the short selling ban until March 2025, after the development of the computerized monitoring system," said lawmaker Jeong Jeom-sig,

June 13, 2024

Finance minister calls for 'external safety net' against global interest rates uncertainty

Finance Minister Choi Sang-mok on Thursday called for beefing up an "external safety net" to better respond to uncertainties regarding interest rates in the United States and other nations. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve's rate-setting meeting Wednesday, where it kept the benchmark interest rate at between 5.25-5.5 percent for a seventh straight time. The Fed also signaled fewer rate cuts than previously estimate

June 13, 2024

Are company directors responsible to shareholders?

Debate over a bill expanding the responsibilities a company director not only to the interest of the firm but also to the interest of the shareholders has been rekindled, with business groups showing strong resistance, arguing it could invite damage claims from individual shareholders. Rep. Jeong Jun-ho of the main opposition Democratic Party of Korea proposed on June 5 an amendment to an article of the Commercial Act tied to the "Duty of Loyalty by Directors," after a similar bill was

June 12, 2024

KDB chief pledges W100tr high-tech fund, sticks to Busan relocation

The chief of the state-run Korea Development Bank on Tuesday unveiled plans to provide 100 trillion won ($72.5 billion) in policy funds for the development of high-tech industries while continuing efforts to push for the relocation of headquarters to Busan. KDB Chairman Kang Seog-hoon made the announcement during his second-anniversary press conference held at the bank's headquarters in Yeouido, Seoul, and called for swift legal revisions to implement the plans. "We are currently prepa

June 11, 2024

S. Korea sees record-high No. of new businesses by senior citizens

The number of enterprises founded by those aged 60 and above marked a record-high number in the first quarter this year, government data showed Tuesday, despite the overall number of new businesses continuing to decline. According to Statistics Korea, a total of 276,000 new companies were founded in the first quarter, excluding those related to real estate. Of those, 38,000 were founded by people aged 60 and older, marking the highest figure ever. It was also the first time ever that new enter

June 11, 2024

Financial authorities to develop monitoring platform for illegal short selling by March next year

The financial regulator said Monday it plans to develop a real-time monitoring system for naked stock short selling by March next year. The plan comes amid an ongoing ban on stock short selling, which was originally set to end at the end of this month. "A considerable amount of time is required to develop a centralized naked short selling monitoring system, as well as an effective algorithm to detect illegal stock short selling," the Financial Supervisory Service said in a press releas

June 10, 2024

S. Korea, Japan, China CEOs want enhanced economic cooperation

Major business leaders in South Korea, Japan and China unanimously agreed on the need to enhance economic ties, with the highest expectations placed on economic revitalization and supply chain stability, a recent survey conducted by the Korea Chamber of Commerce and Industry revealed Sunday. The findings come from an on-site survey conducted at the trilateral business summit held on May 27 in Seoul, with 136 business leaders responding regarding their views on economic cooperation. The survey hi

June 9, 2024

Korea, Africa set the stage for shared growth, sustainability

Business leaders and government officials from South Korea and African nations gathered to fortify practical cooperation involving complementary skills and resources to enrich their decadeslong friendship. Some 400 people took part in the 2024 Korea-Africa Business Summit in Seoul on Wednesday on the sidelines of the Korea-Africa Summit being attended by delegations from 48 African nations, including 25 heads of state. Under the theme “The future we make together: Shared growth, sustainabi

June 5, 2024

Korea's economy grows 1.3% in Q1, matching earlier estimate: BOK

South Korea's economy grew at the fastest pace in over two years in the first quarter of the year as the recovery in exports continued and private spending remained firm, central bank data showed Wednesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.3 percent on-quarter in the January-March period, matching an earlier estimate, according to preliminary data from the Bank of Korea. The first-quarter expansion compares with the 0.5 percen

June 5, 2024

FSS chief vows to normalize PF, stock short sales in his final year

Lee Bok-hyun, head of South Korea’s Financial Supervisory Service, reaffirmed his commitment to resolving ongoing issues, including real estate project financing risks and overhauling the short-selling system, and pledged to accelerate the digitization of finance during the remainder of his term. "Reflecting on the past two years, despite the challenges posed by rising inflation and interest rates, I believe we worked tirelessly to achieve stable financial conditions and foster compas

June 4, 2024

Korea cements ties with African nations in key mineral supply chains

South Korea and African nations have pledged to intensify cooperation for enhanced trading while supporting Africa's path for shaping a future of sustainable co-prosperity. The 2024 South Korea-Africa Summit, the inaugural summit between Korea and 48 African countries, kicked off in Seoul on Tuesday. “Africa is young, dynamic and affluent with resources while Korea has high technology and a variety of experience… We will bring the strengths of each other together and discov

June 4, 2024

[KH Explains] Has South Korea really struck oil?

The South Korean government is making headlines with claims of potentially substantial oil and natural gas reserves discovered off its southeastern coast, near Pohang's Yeongil Bay. If confirmed, this discovery could elevate Korea’s status as an oil-producing nation. However, transitioning from finding these reserves to harnessing them is a complex journey. Here, we address the key questions surrounding this development.   What is the basis of the government's claim? In February 2023,

June 4, 2024