With more South Korean retail investors flocking to US shares and other overseas stock markets, the balance of foreign equities held by Mirae Asset Securities customers has reached 40 trillion won ($27.6 billion), according to the country’s leading brokerage house Thursday. Investors at Mirae Asset Securities held over 40 trillion won in foreign equities, marking an over 10 trillion won gain from the 30 trillion won recorded in June, the firm said. The brokerage firm also saw its customers

Market Dec. 19, 2024

The South Korean government pledged to implement a set of measures to stimulate corporate investment despite the recent political disruption sparked by President Yoon Suk Yeol's short-lived martial law declaration. “With the escalated uncertainties surrounding the economy, a sense of crisis has been growing,” Deputy Prime Minister and Finance Minister Choi Sang-mok said at a governmental meeting held at the Government Complex Seoul on Wednesday, joined by other economy-related

Economy Dec. 18, 2024

The political turmoil surrounding President Yoon Suk Yeol has begun to subside since the National Assembly passed the motion to impeach him on Saturday, but the uncertainty in state leadership continues to weigh on the country’s sovereign credit rating. Shortly after the fiasco caused by Yoon’s martial law declaration earlier this month, three major global credit appraisers -- Moody's Ratings, Fitch Ratings and S&P Global Ratings -- warned that prolonged political instabilit

Economy Dec. 17, 2024

Riding a “Santa Claus rally,” a hike in markets seen at the tail end of the year, the price of cryptocurrency bitcoin reached another historic milestone on local exchanges Monday, surpassing the 150 million won ($104,493) mark for the first time. Bitcoin, the world’s largest cryptocurrency, topped its previous all-time high and soared to a new peak of 152 million won on Upbit, the largest exchange in Korea, on Monday. The price had retreated slightly to 151 million won as of 5

Market Dec. 16, 2024

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

Economy Dec. 14, 2024

Woori Bank, a banking subsidiary of Woori Financial Group, on Thursday announced a major executive reshuffle, aiming to enhance efficiency and compliance. In the latest reshuffle, the company significantly reduced the number of vice presidents from 23 to 18. Nearly half of the vice presidents were changed as well. The company further said it deployed younger employees to head foreign subsidiaries in countries such as the US and Vietnam. While these positions were typically held by high-ranking e

Industry Dec. 13, 2024

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

Economy Dec. 13, 2024

While the country's benchmark Kospi remains volatile, hit by the recent political strife sparked by President Yoon Suk Yeol’s martial law fiasco, a stock stabilization fund worth over 10 trillion won ($7 billion) may come to the rescue. In response to the turbulence in the local stock market, financial policymakers have vowed to provide unlimited liquidity using public funds. “A stock market stabilization fund worth 10 trillion won will be prepared, ready to be activated at any

Market Dec. 12, 2024

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

Economy Dec. 11, 2024

Private equity firm MBK Partners suggested a stock split for Korea Zinc as part of its initiatives to enhance the shareholder value of the troubled zinc smelter, which has been embroiled in a heated power struggle. While the MBK-Young Poong coalition and the current management of Korea Zinc, headed by Chairman Choi Yun-beom, continue a prolonged quarrel over the right to control the zinc smelter, the private equity house unveiled a set of initiatives to boost its shareholder value, including a s

Industry Dec. 10, 2024

Losing faith in the local stock market, which has fallen to its lowest point in months, South Korean investors are shifting their focus to US shares. However, the weak local currency may have become a burden for cross-border trading. While the benchmark Kospi dropped to a low of under 2,400, closing at 2,360.58 on Monday, retailers are pouring money into US stocks, betting that the depressed value proposition on home turf is likely to continue. According to the Korea Securities Depository, local

Market Dec. 9, 2024

Strengthening international development assistance efforts could be a solution to lifting the stagnant Korean economy, as such aid helps create a global economic environment favorable to countries with an export-led growth model, according to the chief of the multilateral lender World Bank Group’s Korea office. “For a country like Korea that is engaged in trading in international markets and a lot of its wealth comes from access to export markets, creating a stable and prosperous g

Economy Dec. 1, 2024

The Bank of Korea slashed the base interest rate for the second consecutive time Thursday, amid heightened uncertainties and slow growth. The cut surprised the market as the local currency has weakened against the dollar in recent weeks. The Bank of Korea’s monetary policy board trimmed the base rate by 25 basis points, bringing it down to 3 percent. Four of the other six monetary policy board members, not including BOK Gov. Rhee Chang-yong, agreed to the rate cut, while the remaining two

Economy Nov. 28, 2024

  Viva Republica, operator of the mobile financial service Toss, has been paving the way in shifting the dynamics of the traditional financial environment with its innovative services. With the goal of providing a full range of financial solutions through a single super app, Toss, Viva Republica has introduced a wide array of cutting-edge services, from banking and brokerage to insurance and beyond. Toss made its name in August 2021 by not charging commissions for transfers, a feat that sho

Industry Nov. 27, 2024

NEW DELHI -- Indian employees at Korean conglomerates, including LG Electronics, Hyundai Motors and Orion, enthusiastically showcased their new technology and latest products at an industrial exhibition commemorating the 51st anniversary of diplomatic ties between Korea and India. KoINDEX, with G-FAIR 2024, gathered more than 600 exhibitors with over 3,000 booths from India and Korea to create new business opportunities at the Yashobhoomi convention center in Delhi, India, from Nov. 21-23. LG El

Economy Nov. 26, 2024