South Korean shares hit the highest level in nearly two and half years on Thursday, with much-awaited tax incentive plans for the Korean government’s program to boost the stock market taking shape. The benchmark Kospi rose 1.11 percent to close at 2,824.94, reaching the highest since January in 2022. Institutional and foreign investors were net buyers of shares worth 1.11 trillion won ($803.8 million) and 321.5 billion won, respectively, while retail investors sold off 1.41 billion of sh

Market July 4, 2024

The South Korean government has unveiled a set of economic measures for the second half, focusing on helping small business owners grappling with debt as the economy continues to show uneven recovery. President Yoon Suk Yeol introduced a 25 trillion won ($18 billion) support package for small business owners and the self-employed burdened by loans, and called for structural measures during a meeting to discuss the direction of economic policy in the second half held at Cheong Wa Dae on Wednesd

Market July 3, 2024

South Korea’s won-dollar trading on the first day with extended trading hours has gotten off to a smooth start with ample liquidity and no significant increase in volatility, the country’s financial authorities said Tuesday. Starting from Monday, Korea has extended won trading hours to make the currency more tradable and accessible to global investors. Dollar-won trading hours are changed to 9 a.m. to 2 a.m., compared to 9 a.m. to 3:30 p.m. earlier. Choi Sang-mok, Korea's depu

Market July 2, 2024

Woori Financial Group said Friday it released its annual sustainability report containing the conglomerate's initiatives and achievements pursued last year to strengthen its environmental, social and governance endeavors. “At Woori Financial Group, all executives and employees will work together to achieve the ESG vision of ‘a better world we create through finance’ and contribute to the sustainable development of our society,” Woori Financial Group Chairman Yim Jong

Companies June 28, 2024

Top economic policymakers from South Korea, the United States and Japan agreed to deepen their trilateral cooperation on semiconductors and key minerals supply chains in a meeting held in Washington on Wednesday. Korean Minister of Trade, Industry and Energy Ahn Duk-geun, US Secretary of Commerce Gina Raimondo and Japanese Minister of Economy, Trade and Industry Saito Ken held the inaugural three-way ministerial meeting to discuss measures to promote the development of core and emerging techno

Economy June 27, 2024

The business communities of Korea, the United States and Japan gathered together in Washington, DC to launch and formalize a trilateral business dialogue, according to the Federation of Korean Industries on Thursday. The FKI, an association for Korean industries, hosted the inaugural Korea-US-Japan Business Dialogue on Wednesday, the first private consultation between the three countries in collaboration with the US Chamber of Commerce and Japan Business Federation, also called Keidanren. At the

Industry June 27, 2024

The Korea Chamber of Commerce and Industry, a major South Korean business lobby, said on Thursday it launched a task force to prepare for business leaders’ meetings to be held on the sidelines of the Asia-Pacific Economic Cooperation summit scheduled to take place here next year. As the 2025 APEC chair, Korea is expected to serve as a bridge between developed and developing economies among 21 member countries, facilitating economic and technological cooperation and capacity building rela

Industry June 27, 2024

Mirae Asset Global Investments' assets exceeded 340 trillion won ($244.7 billion), with over 40 percent being managed on behalf of overseas clients, boasting extensive overseas footholds buoyed by its signature exchange-traded funds. In 2003, the firm’s aggressive market expansion began with Mirae Asset Group founder and Chairman Park Hyeon-joo’s long-term vision to stand shoulder-to-shoulder with global investment banking groups like Goldman Sachs and Merrill. “Over the p

Companies June 26, 2024

Kakao Bank has yielded the result of its first overseas investment, as Indonesian digital bank Superbank officially launched Wednesday. With the launch, Superbank becomes the first bank concentrating on digital financial services in Indonesia, supported by major shareholders that include Korean internet-only lender Kakao Bank, Southeast Asia's biggest mobility application Grab, Indonesian media conglomerate EMTEK Group and Singaporean telecommunications giant Singtel. In September last year

Industry June 19, 2024

This article is the first installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega election year around the world. -- Ed. South Korean companies used to respond belatedly to regulatory changes in overseas markets, but now they predict and monitor potential legislative shifts in advance, showing the economy’s improved capability to do business in overseas mar

Economy June 17, 2024

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

Economy June 13, 2024

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

Economy June 12, 2024

The Korea Chamber of Commerce and Industry, South Korea’s major business group, said Monday it launched an office in Frankfurt to build a broader network in Germany where the largest number of Korean companies are doing business in Europe. Germany, home to smart factories embedding artificial intelligence and clean energy technology, is Korea's largest trading partner in Europe. Korea is the second-largest export market in the Asia-Pacific region after China. “The office located

Industry June 10, 2024

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

Economy June 5, 2024

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

Economy June 4, 2024