Woori Financial reaches out to global investors

Woori Financial Group said Monday it has activated its emergency operation system and ramped up communications with investors as South Korea navigates deepening political turmoil. Chairman Yim Jong-yong convened an emergency meeting earlier in the day to address rising financial instability following President Yoon Suk Yeol's suspension. Yoon's suspension came after the National Assembly passed an impeachment motion related to his activation of martial law on Dec. 3, intensifying marke

Dec. 16, 2024

Calls grow for swift passage of stalled chips, AI bills

Business leaders are calling on lawmakers to expedite the approval of bipartisan, noncontentious bills on semiconductors and artificial intelligence, amid rising concerns that political uncertainty following President Yoon Suk Yeol’s impeachment could delay enactment of critical legislation, jeopardizing industry competitiveness. Finance Minister Choi Sang-mok on Sunday stressed the importance of passing legislation such as the Semiconductor Special Act, the AI Basic Act and the Expansion

Dec. 16, 2024

Impeachment rattles Kospi despite stabilization hopes

Seoul's stock market saw heightened volatility on Monday, the first trading session following President Yoon Suk Yeol's suspension over the weekend. The benchmark Kospi opened at 2,511.08, up 16.62 points from Friday's close, briefly reaching 2,515.62 in the morning before reversing. By 2:30 p.m., the Kospi was down 0.3 percent at around 2,488, driven by a heavy selloff from foreign investors, who offloaded a net 490 billion won ($341.5 million). Individual investors supported the

Dec. 16, 2024

Court seizures of debt-laden real estate mark 11-year high: data

In a sign the local real estate market is in distress, the number of court seizures of property due to debt delinquency has marked the highest figure since 2013, Supreme Court data showed Monday. According to the Internet Registry Office of the Supreme Court, there were 129,703 applications for auction of court-seized real estate filed this year through November. This already marks the highest figure since 148,701 in 2013. The figure for actual auctions of court-seized property marked 105,61

Dec. 16, 2024

S. Korea-China route container shipping costs rebound in Nov.

Container shipping costs from South Korea to China rose in November, reversing the decline recorded the previous month, the customs agency said Monday. The average shipping cost for a 40-foot container from South Korea to China climbed 14.4 percent from a month earlier to 839,000 won ($583.93) in November, according to the data from the Korea Customs Service. This marks a return to the upward trend observed for eight consecutive months starting in February, temporarily disrupted by a dip in Octo

Dec. 16, 2024

Finance minister reassures eased uncertainties following Yoon's impeachment

Finance Minister Choi Sang-mok reiterated Monday that uncertainties from the recent martial law debacle have eased following the impeachment of President Yoon Suk Yeol, emphasizing the country's robust economic system. Choi made the remarks during the opening session of a regional economic forum in Seoul attended by domestic and regional experts, including representatives from the Singapore-based ASEAN+3 Macroeconomic Research Office. On Saturday, the National Assembly voted to impeach Yoon

Dec. 16, 2024

Govt. to expedite economic policy implementation to assist market stabilization

The government will accelerate its implementation of key economic policy measures to help normalize financial markets, which have largely stabilized following the impeachment of President Yoon Suk Yeol over the weekend, the country's top economic policymaker said Monday. Finance Minister Choi Sang-mok made the remarks during an emergency meeting with Bank of Korea Gov. Rhee Chang-yong and other top financial officials, which has been held on a daily basis to discuss ways of minimizing econo

Dec. 16, 2024

S. Korean chip exports face growing competition from China, Malaysia: KOTRA

South Korea's semiconductor exports face growing threats from China, Taiwan and Malaysia amid intensifying global competition in advanced industries, an industry report showed Monday. The report from the Korea Trade-Investment Promotion Agency, better known as KOTRA, on the export similarity index (ESI) for semiconductors showed China as being South Korea's top competitor in the sector, with an ESI score of 72.2 in the third quarter of the year. Taiwan's ESI with South Korea in se

Dec. 16, 2024

Finance minister's profile rises amid leadership vacuum

Finance Minister and Deputy Prime Minister Choi Sang-mok has vowed all-out efforts to fill the leadership vacuum created by President Yoon Suk Yeol's impeachment. On Sunday, he held an emergency economy-related ministerial meeting, where he said, "Our economy once again faces a critical test," warning of growing internal and external uncertainties. He announced that the "2025 Economic Policy Direction" would be jointly released by relevant ministries before year-end, foc

Dec. 15, 2024

[From the scene] Political turmoil weighs more heavily on small vendors

Every year-end, the capital's popular tourist districts attract holiday crowds, with both locals and tourists drawn to the seasonal Christmas lights and year-end shopping. This year, however, underlying spending patterns may tell a different story, in particular in the week following President Yoon Suk Yeol's short-lived declaration of martial law on Dec. 3 -- an unexpected event that has rattled both the nation's political realm and economic outlook. "Usually at this hour,

Dec. 15, 2024

Suspension of Yoon’s presidential power reduces economic uncertainty

The National Assembly's decision to impeach President Yoon Suk Yeol may have cleared some economic uncertainties, though challenges surrounding slowing growth and depreciation of the Korean won linger. On Saturday, Korean lawmakers voted 204 to 85 to impeach Yoon. Market watchers expect the stock market to pick up pace as the impeachment approval clears out uncertainties. “For the capital market, the biggest enemy is uncertainties. With the impeachment providing clear prospects, the s

Dec. 14, 2024

Korea’s sovereign credit rating stable despite martial law chaos: rating agencies

Global credit rating agencies have assessed South Korea's sovereign credit rating as stable, despite political and economic chaos sparked by President Yoon Suk Yeol’s short-lived martial law declaration, according to the Finance Ministry. Amid rising concerns about the country maintaining its high sovereign credit rating in the face of the political fiasco, Deputy Prime Minister and Finance Minister Choi Sang-mok held a videoconference with high-ranking officials from global credit ra

Dec. 13, 2024

S. Korea's import prices rise for 2nd month on strong dollar

South Korea's import prices rose for the second consecutive month in November due mainly to the weak local currency, central bank data showed Friday. The import price index rose 1.1 percent last month from a month earlier, following a 2.1 percent on-month increase in October, according to the preliminary data from the Bank of Korea. From a year earlier, the figure advanced 3.0 percent in November, the first on-year increase since August. Import prices are a major factor that determines the

Dec. 13, 2024

Kospi gains as Yoon’s impeachment looms

South Korea's financial markets experienced brief volatility on Thursday following President Yoon Suk Yeol's refusal to step down, but quickly regained stability, closing higher for a third straight day, signaling potential for a steady recovery. The day began with the benchmark Kospi opening 14.12 points higher at 2,456.63. Early gains followed a two-day rally -- the first consecutive upswing on the Kospi since Yoon's short-lived martial law declaration last Tuesday, which sent s

Dec. 12, 2024

KDI chief downplays lasting economic impact of martial law

Korea Development Institute President Cho Dong-chul expressed confidence that the recent political turmoil sparked by President Yoon Suk Yeol's brief martial law declaration would not have a lasting economic impact, despite increased volatility in local financial markets. "It's undeniable that the recent unexpected political crisis has harmed our economy. However, I believe a severe risk, such as the foreign exchange crisis we faced in the past, is unlikely," Cho said Wednesd

Dec. 11, 2024

Two scenarios for Korea's economic outlook

How the political uncertainty caused by President Yoon Suk Yeol’s Dec. 3 martial law declaration and the opposition party’s push to remove him from power is resolved may change the course of the country’s economy. The market is keeping a close eye on Yoon’s political future as the main opposition Democratic Party will put to a vote a second motion to impeach him on Saturday. Yoon’s immediate removal and earlier election Market experts believe an early presidenti

Dec. 11, 2024

Choi, Yellen reaffirm ‘strong’ Seoul-Washington ties

Finance Minister Choi Sang-mok held a video conference with US Treasury Secretary Janet Yellen Tuesday to reaffirm the two countries' bilateral relationship amid political turmoil grappling South Korea’s capital market, according to the ministry. The meeting, requested by the Korean side, lasted around 25 minutes, the Ministry of Economy and Finance said through a press release on the following day. The meeting follows Choi’s letter sent to Yellen on Dec. 4, in the aftermath of

Dec. 11, 2024

Political turmoil to have only limited impact on exports: trade minister

Trade Minister Cheong In-kyo on Wednesday insisted the recent political situation in South Korea will likely have only a limited impact on exports, stressing that the government will work to address both internal and external uncertainties. Cheong made the remark during an emergency meeting with trade-related organizations to address market concerns sparked by President Yoon Suk Yeol's short-lived martial law declaration last week, according to the Ministry of Trade, Industry and Energy. &q

Dec. 11, 2024

Govt. to invest W14tr to build 'mega port' in Busan

South Korea's oceans ministry said Wednesday the government will invest 14 trillion won ($9.75 billion) through 2045 to upgrade Busan Port, aiming to achieve the world's largest container handling capacity and establish it as the leading logistics hub in the region. Under the plan, South Korea will construct a new port in Changwon, near Busan, integrating it with the existing Busan Port to create an unified "mega port" with double the current cargo handling capacity, accordin

Dec. 11, 2024

Market stabilization measures to be fully in place amid political turmoil: finance chief

Finance Minister Choi Sang-mok said Wednesday that the government will continue to closely monitor the market and to fully implement market stabilization measures amid lingering uncertainties from a political crisis. Choi made the remarks during a daily emergency meeting with Bank of Korea Gov. Rhee Chang-yong and other top financial officials, as the government is scurrying to minimize economic impacts of President Yoon Suk Yeol's short-lived imposition of martial law last week. "As u

Dec. 11, 2024