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Financial firms' overseas real estate investments down in Q3
The outstanding value of overseas real estate invested by Korean financial institutions amounted to nearly 56 trillion won ($38 billion) at the end of September 2024, down 0.5 trillion won from three months earlier, data showed Friday. According to the data compiled by the Financial Supervisory Service, their investments in overseas real estate accounted for 0.8 percent of their total assets of 7,182.7 trillion won. Some 2.64 trillion worth of their investments were estimated to be at risk of tu
April 4, 2025 -
Hana Securities to launch Korea's first cross-border stock trading service
South Korea’s Financial Services Commission announced Wednesday that foreign investors will soon be able to directly invest in Korean stocks through local brokerage firms overseas. Hana Securities, which has received a regulatory exemption under the FSC’s financial innovation program, will be the first to launch the service following a system development period of approximately two months. Once implemented, investors in Hong Kong will be able to trade Korean stocks using accounts at Emperor Secu
April 3, 2025 -
Analysts sound alarm on Trump’s 'worst-case' tariff move
Korean analysts are raising alarms over US President Donald Trump’s sweeping new tariff plan, calling it a “worst-case scenario” that threatens to disrupt Korea’s financial markets and economic stability. The Trump administration on Thursday unveiled its plan to impose 10 percent universal tariffs on all imports to the US, alongside steep "reciprocal" tariffs on about 60 countries with trade surpluses — including a 25 percent levy on South Korean goods. While Trump announced a 25 percent tariff
April 3, 2025 -
AmCham chief stresses Korea-US alliance, economic potential at Global Biz Forum
The American Chamber of Commerce in Korea Chair and CEO James Kim highlighted the promising future of South Korea-US economic ties despite near-term challenges, during a session at the Global Business Forum on Wednesday. The GBF, organized by The Korea Herald and Herald Business, is a 15-week program held every Wednesday, setting the stage for discussions among business leaders, experts, scholars and diplomats on global business trends. In his keynote speech, “Korea at the Crossroads,” CEO Kim e
April 3, 2025 -
FDI pledges to S. Korea fall nearly 10% in Q1 amid uncertainty
Foreign direct investment pledges to South Korea fell 9.2 percent in the first quarter from a year earlier amid economic uncertainties at home and abroad, the industry ministry said Thursday. South Korea received $6.41 billion worth of FDI commitments in the January-March period, compared with $7.05 billion logged a year earlier, according to the Ministry of Trade, Industry and Energy. This year's reading still marked the second-largest amount ever following a record figure logged in the first q
April 3, 2025 -
BOK warns of market volatility amid Trump tariff plan, vows timely responses
The domestic financial market is expected to face increased volatility following the US administration's sweeping tariff plan, the South Korean central bank said Thursday, vowing to closely monitor the market and implement timely responses when necessary. Bank of Korea Deputy Gov. Ryoo Sang-dai made the assessment in a meeting meant to review market conditions after US President Donald Trump announced plans to impose a 10 percent "baseline" tariff on imports from all foreign countries, as well a
April 3, 2025 -
S. Korea to deploy all available tools to stabilize markets amid latest US tariffs: finance minister
The Seoul government will utilize all available tools to help stabilize markets following the United States' announcement of reciprocal tariffs, Finance Minister Choi Sang-mok said Thursday, pledging "swift" and "tailored" support measures for local industries expected to be affected. US President Donald Trump announced plans to impose a 10 percent "baseline" tariff on imports from all foreign countries, and country-specific reciprocal tariffs that include 25 percent tariffs on imports from expo
April 3, 2025 -
S. Korea's foreign reserves rebound from 5-yr low in March: BOK
South Korea's foreign reserves grew from a month earlier in March, rebounding from the lowest level in nearly five years on a quarter-end effect and higher returns on assets denominated in overseas currencies, central bank data showed Thursday. The country's foreign reserves stood at $409.66 billion as of end-March, up $450 million from a month earlier, according to the data from the Bank of Korea. The growth was attributed to an increase in foreign currency deposits at financial institutions in
April 3, 2025 -
US cuts anti-dumping tariffs on S. Korean epoxy resin
The United States has decided to reduce its anti-dumping tariffs on South Korean epoxy resins, Seoul's trade minister said Wednesday. The US Department of Commerce on Monday made a decision to levy a tariff of 5.68 percent to 7.6 percent on South Korean epoxy resins, far lower than the earlier proposal of up to 24.65 percent last year, according to the Ministry of Trade, Industry and Energy. The ministry attributed the reduction to active complaints from the South Korean government and domestic
April 2, 2025 -
Household loans in Korea reach W95.5m per person, highest ever
Government data showed Wednesday that a total of 19.68 million South Koreans, or more than 38 percent of the country’s population, had outstanding household loans in the fourth quarter of last year, owing an average of 95.5 million won ($65,500) per person. The average loan per person marked the highest figure since the government started tallying the figure in 2012, according to Bank of Korea data submitted to Rep. Park Seong-hoon of the ruling People Power Party. The figure includes individual
April 2, 2025 -
Seoul shares end lower ahead of Trump's reciprocal tariffs
Seoul shares ended lower Wednesday as investors await US President Donald Trump's "reciprocal" tariffs set to be announced this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 15.53 points, or 0.62 percent, to close at 2,505.86. Trade volume was slim at 510.62 million shares worth 7.24 trillion won ($4.9 billion), with decliners outpacing gainers 593 to 275. Foreigners sold a net 724.47 billion won worth of stocks, offsetting institutions' an
April 2, 2025 -
'What would Yoon do?': FSS chief defiant over vetoed minority shareholder bill
Lee Bok-hyun, the governor of the Financial Supervisory Service, said on Wednesday that he had tendered his resignation in protest against the acting president’s veto of a bill led by the opposition, which aimed to hold company directors accountable for harming general shareholders through their boardroom decisions. However, the chair of the Financial Services Commission rejected his resignation offer. Lee, whose term ends in June, has been a strong advocate for amending the Commercial Act to br
April 2, 2025 -
Govt. eyes freezing utility prices in H1 to ease household burden
Finance Minister Choi Sang-mok said Wednesday that the government will work to keep utility prices from rising throughout the first half of the year to help mitigate the financial burden on households. "The government will absorb cost increases as much as possible through cost-cutting measures and self-restructuring efforts to keep public utility fees, including electricity, gas and rail service rates, unchanged in the first half of the year," Choi said while presiding over a meeting with econom
April 2, 2025 -
S. Korea seeks to boost animal medicine market to W4tr by 2035: ministry
South Korea will work to triple the size of the animal medicine market to 4 trillion won ($2.7 billion) by 2035 as part of efforts to foster new growth engines for the economy, the agriculture ministry said Wednesday. The government also aims to increase the country's exports of veterinary medicine products fivefold to 1.5 trillion won and create 15 animal pharmaceutical companies with an annual revenue of at least 50 billion won each over the next 10 years, according to the Ministry of Agricult
April 2, 2025 -
Inflation expected to remain stable at around 2% despite uncertainties: BOK
South Korea's consumer inflation is expected to remain stable around the target rate of 2 percent, though close monitoring is required amid persistent uncertainties at home and abroad, the central bank said Wednesday. Bank of Korea Deputy Gov. Kim Woong made the assessment during a meeting meant to review price trends, after government data showed that consumer prices, a key gauge of inflation, rose 2.1 percent from a year earlier in March, accelerating from 2.0 percent in February. The increase
April 2, 2025