Hana Financial Group is spearheading female empowerment with its program designed to unlock the potential of women's talents and to nurture them as leaders shaping the future of the group. The financial conglomerate, with subsidiaries of a retail bank, credit card and insurance firms, among others, under its wing, said it launched the fourth edition of Hana Waves, an annual in-house program that has nurtured 98 future female leaders since its establishment in 2021. Hana Waves -- Women

Industry Aug. 22, 2024

Korean corporate foundations are making less social impact than those in major economies because of strict overlapping regulations, the Korea Chamber of Commerce and Industry said Tuesday, urging the government to revise tax codes to encourage corporate philanthropy. According to the World Giving Index, an annual report published by the UK-based Charities Aid Foundation, South Korea has been in a continual decline in making donations, ranking 79th out of some 140 countries in the world in 2023

Economy Aug. 13, 2024

The South Korean government announced it plans to supply more than 80,000 housing units in Seoul and adjacent areas over the next six years by removing restrictions on developing greenbelt areas in the capital for the first time in 12 years. The Ministry of Land, Infrastructure and Transport and Ministry of Economy and Finance on Thursday announced a real estate development plan that aims to stabilize the housing market amid soaring apartment prices in the capital. “The key to stabilizin

Economy Aug. 8, 2024

South Korean shares dived more than 8 percent on Monday, triggering the stock exchange to temporarily halt the main Kospi and secondary Kosdaq markets, as investors were gripped by fear that the US economy may head toward a recession. A record 190 trillion won ($139 billion) was wiped off the Kospi market, as it tumbled 8.77 percent, or 234.64 points, to close at 2,441.55. This is the first time since the benchmark bourse opened that it has fallen by more than 200 points, recording the largest d

Economy Aug. 5, 2024

Analysts here took a mixed view on how US President Joe Biden’s withdrawal from the November presidential race would affect South Korean shares, with growing uncertainty expected to hurt investor sentiment. Some brokerages expected the benchmark Kospi index to dip below the 2,650 level due to heightened short-term volatility. Others anticipated the main bourse would rise to 2,900 thanks to the recovery of shares in the semiconductor, automobile and rechargeable battery industries. These

Economy July 22, 2024

South Korea should work on establishing more artificial intelligence infrastructure to attract global tech firms, otherwise it could be in danger of AI dependence on other countries, said SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry. “Among the things that Korea must proactively do in its AI strategy is creating a lot of AI-related infrastructure, starting with AI data centers,” Chey told reporters during a press conference F

Industry July 21, 2024

The head of the Federation of Korean Industries, the country’s major business lobby has said another term for former US President Donald Trump would be favorable for Korean companies operating there, as he would not discriminate against foreign firms that invest in the country. Ryu Jin, the FKI chairman who also serves as the chairman of Poongsan Corp., suggested that Trump’s win in the November presidential election may offer a better business environment for Korean firms than tha

Economy July 15, 2024

Nuveen, the investment manager of the US Teachers Insurance Annuity Association with $1.2 trillion in assets under management, is seeking to broaden its investor base in the Korean market from big institutions to retail investors by launching funds to invest in unlisted medium-sized companies. Retail investors are now seeking unconventional opportunities in the alternative market to expand their portfolios beyond their typical investment vehicles, such as stocks and bonds. Chang Jae-ho, Nuveen&#

Economy July 10, 2024

Four out of 10 South Korean conglomerates are considering investing in artificial intelligence over the rest of the year, as they expect AI technology would drive production efficiency, a survey by a leading business lobbying group showed on Monday. The Federation of Korean Industries commissioned Mono Research to survey the domestic investment plans of the 500 largest Korean companies in terms of revenue and found that 10.6 percent said they set up capital investment plans tied to AI in the s

Economy July 8, 2024

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