Business leaders from South Korea and the United States signed dozens of non-binding deals and discuss ways to enhance cooperation in semiconductors, future vehicles and clean energy on Tuesday. During President Yoon Suk Yeol's state visit to the US marking the 70th anniversary of the US-South Korean alliance, two events hosted by the Federation of Korean Industries – the Korea-US Business Roundtable and the Korea-US Business Forum were held at the US Chamber of Commerce in Washingt

Industry April 26, 2023

South Korea reinstated Japan to its “white list” of trusted trading partners in more than three years in a push to revive economic cooperation between the two countries, the Ministry of Trade, Industry and Energy said Monday. The ministry released a notification on Japan’s restored status in an amendment of the export and import notification of strategic materials. With the change, Japan will be included the list of 28 other countries who are granted simplified procedures for

Economy April 24, 2023

KB Kookmin Bank recently gained a green light from the country’s financial regulator to continue its mobile telecommunications business after its four-year experiment as a regulatory sandbox program. It is the first lender in the country that has ventured into the mobile telecommunications market, dominated by three major telecommunications carriers. But a question remains: Why would the bank want to continue a business which has been in the red for years and has little relevance to its ma

Market April 23, 2023

South Korea’s securities and asset management firms are racing to capture a bigger piece of the Outsourced Chief Investment Officer market as they expect that more firms and institutional funds will entrust the management of their cash reserves to them. “Institutional investors and private companies used to manage their own investment through an in-house finance team, but once they see an increased amount of cash hoarding, they tend to outsource because it requires complex and prof

Market April 13, 2023

State-run Industrial Bank of Korea aims to double its overseas profits in the next three years by establishing entities in Vietnam and Poland, its president said Tuesday. “We will expand our (global) network ... such as converting the Vietnam branch into an entity and setting up a new entity in Poland to support small- and mid-sized firms entering overseas markets,” IBK President and CEO Kim Sung-tae said during a press conference held to mark his first 100 days in office. By 2025,

Market April 11, 2023

Hyundai Card said on Friday that global rating agency Fitch revised its outlook on the Hyundai Motor Group's credit card unit to positive from stable while retaining its credit rating at BBB. It is the card company's first revision from the ratings firm in 11 years, as its rating and outlook had stayed at BBB stable since July 2012. In a rating action commentary released on March 30, Fitch attributed the rating upgrade mainly to Hyundai Motor Group -- the parent company of Hyundai

Companies April 7, 2023

Financial authorities and prosecutors jointly raided tech giant Kakao Corp. on the suspicion that it participated in stock price manipulation during its takeover of K-pop agency SM Entertainment. The Financial Services Commission on Thursday sent a team of 40 investigators to Kakao and its affiliate Kakao Entertainment in Pangyo, Gyeonggi Province to seize internal documents and other related data. Authorities are looking into the possibility that Kakao violated the Capital Markets Act when

Companies April 7, 2023

Top conglomerate leaders have traveled over 2.5 million kilometers, equivalent to the distance of 64 1/2 rounds around the Earth, to lead diplomatic efforts in support of Busan’s bid to host the World Expo 2030. Since June last year, the World Expo Bidding Committee, a business-led civilian organization made of 11 companies including SK, Samsung and Hyundai, have visited 84 countries for negotiations related to the final vote regarding the host city of the global fair, according to the Kor

Industry April 4, 2023

The Busan Expo bidding committee hosted a welcome lunch on Monday for delegates from the Bureau International des Expositions, who visited the port city for a six-day on-site inspection ahead of its vote for deciding the host city of the World Expo 2030. “Before their busy schedule in Seoul and Busan for the next five days, I hope the delegates have a comfortable time during this lunch. (The inspection) will be a tough process, but I want you know that Korea and Busan are ready for it,&r

Industry April 3, 2023

  South Korea will exempt visa-free foreign entrants from using the electronic travel authorization system, or K-ETA, normally required when entering the country until next year, in a bid to rekindle tourism, the Finance Ministry said Wednesday. Of 112 visa-waiver countries, the exemption scheme for the Electronic Travel Permit System will be applied to 22 select countries with a large volume of visitors and low rates of visa application rejection, including the United States, Japan, Hong K

Economy March 29, 2023

South Korea will continue to tighten its belt by reducing more than 10 percent of its discretionary expenditure while planning to funnel the budget into boosting national security and creating jobs for young people. Next year's budget plan is expected to remain at around 670 trillion won ($515.9 billion), up about 4.8 percent from this year's 638.7 trillion won, which was proposed as a mid- to long-term plan by the government. The budget will be earmarked for enhancing economic vital

Economy March 28, 2023

The government is expected to unveil its scheme to invigorate domestic spending and tourism this week, amid stagnant exports struggles, to shore up the economy. The Ministry of Economy and Finance and Ministry of Culture, Sports and Tourism are drawing up measures chiefly aimed at reviving the local tourism industry, which remains depressed in the aftermath of the COVID-19 pandemic. Authorities are looking at ways to launch a coupon program that provides a certain discount when booking hotel

Economy March 27, 2023

Shareholders of Shinhan Financial Group on Thursday approved the appointment of Jin Ok-dong, its flagship banking unit’s former CEO, as the group’s new chairman. “I feel a great sense of responsibility to meet the expectations of customers and shareholders and lead the growth of Shinhan,” Jin said in his address at the general shareholders’ meeting held at the group’s headquarters in Seoul. Having worked in Japan for almost 20 years, the new Shinhan chief is c

Market March 23, 2023

South Korea and Japan are accelerating their efforts to break down bilateral trade barriers induced by a historical row and to push for revival of economic cooperation. As early as this week, Japan will wrap up procedures to lift restrictions on exports of key semiconductor materials to Korea, while Korea will withdraw its complaint filed with the World Trade Organization against the export curbs, Minister of Trade, Industry and Energy Lee Chang-yang said during a press briefing Wednesday. W

Economy March 22, 2023

South Korea and Japan's easing of trade tensions has spurred hope among Korean businesses, as the two agreed to bolster economic ties on the sidelines of the summit talks held in Tokyo on Thursday. Earlier in the day, Japan announced it would lift restrictions on exports of key semiconductor materials to Korea, while Korea in return decided to withdraw its complaint filed with the World Trade Organization against the export curbs. Both countries also plan to continue talks to reinstate each

Economy March 16, 2023