Incidents of financial fraud at Korea’s five major commercial banks have already exceeded half of last year’s total damages, underscoring persistent vulnerabilities despite efforts to strengthen internal controls. According to disclosures on Monday, KB Kookmin, Hana, Shinhan, Woori and NH Nonghyup collectively reported 13 incidents this year, resulting in damages approaching 86 billion won ($61.4 million). The latest figure already surpasses half of the 177.4 billion won reported in total damage

By Raymond Cheng The global economy is still embroiled in the US-led tariff stalemate, although market volatility has eased on hopes that President Trump would soften his stance and strike deals with trade partners. This market relief, while temporary, could be useful — investors have an opportunity to use the relative calm to add portfolio bulwarks, including gold and developed market investment-grade government bonds, as well as to diversify currency exposure to mitigate the risk of a prolonge

The head of Woori Bank aims to position the bank’s newly launched branch in Poland as a strategic outpost to Eastern Europe and beyond, particularly in supporting Korean companies likely to be involved in Ukraine’s postwar reconstruction. Woori Bank CEO Jung Jin-wan expressed strong interest in partnering with state-run Korea Water Resources Corporation, or K-water, to play a leading role in rebuilding Ukraine’s water infrastructure, a critical need in the aftermath of the war. “The most urgent

On Children’s Day, Monday, Hyundai Motorstudio Goyang was filled with children and their families who gathered to take part in the automaker’s special exhibition, held in collaboration with the popular animated series Catch! Teenieping. Titled Youth Adventure, the event offered young visitors the chance to explore hands-on activities, pose for photos with life-sized character models, and immerse themselves in a world of imagination inspired by the beloved animation. Running through June 1, the e

Hanwha Ocean shares plunged more than 12 percent on Tuesday as investor concerns mounted over the state-run Korea Development Bank’s plan to sell its stake in one of the world’s largest shipbuilders. Shares of Hanwha Ocean were trading at 78,500 won ($55) as of 2:00 p.m., down 12.09 percent from the previous day’s close. The significant price decline came after local news reported Monday that Korea Development Bank had initiated a bookbuilding process to offload approximately 4.3 percent, or 13

Daewoo Engineering & Construction said on Tuesday that its operating profit rose by more than 30 percent in the first quarter compared to a year earlier, fueled by improved profitability in its housing and plant construction divisions. The company reported an operating profit of 151.3 billion won ($105 million) for the January–March period, up 31.8 percent year-on-year. Consolidated sales declined by 16.5 percent to 2.07 trillion won. Net income also dropped sharply, falling 36.6 percent to 58 b

The International Monetary Fund has revised its forecast for Korea, projecting that its per capita gross domestic product will revert to 2022 levels this year while extending the timeline for its economy to reach the $40,000 milestone. The IMF estimated Korea's 2025 per capita GDP to be $34,642. The metric, used to assess living standards and economic well-being, declined 4.1 percent from the previous year, according to its "World Economic Outlook" report released last Tuesday. The IMF has marke

The South Korean economy contracted in the first quarter, reflecting its struggle to rebound from sluggish consumption affected by political turmoil and poor export performance stemming from weak demand. Preliminary gross domestic product data from the Bank of Korea released on Thursday showed that the economy shrank 0.2 percent in the January-March period from the previous quarter, which was 0.4 percentage point lower than the central bank's earlier forecast in February of 0.2 percent growth. C

The economic proposals unveiled by Lee Jae-myung, the presidential front-runner of the liberal Democratic Party of Korea, are triggering alarm bells among major South Korean conglomerates, particularly his plan to mandate that listed firms retire treasury shares following buybacks. On Monday, Lee introduced an ambitious policy framework aimed at doubling the benchmark Kospi index to surpass 5,000 points if elected. Central to this initiative is the cancellation of treasury shares held by publicl

Korea’s top economic policymakers are set to visit the United States next week in a coordinated diplomatic push to ease US President Donald Trump’s tariffs on Korean exports. The Ministry of Economy and Finance confirmed on Thursday that Deputy Prime Minister and Finance Minister Choi Sang-mok will travel to Washington, where he is scheduled to meet with his US counterpart, US Treasury Secretary Scott Bessent. While the exact schedule and attendees are still being finalized, the meeting is expec

Korean commercial banks are under pressure from Indonesian financial authorities to establish local holding companies, adding to the regulatory challenges that have hampered their efforts to expand in the market. According to industry sources on Tuesday, Otoritas Jasa Keuangan, Indonesia’s independent financial regulatory agency, mandates that companies with either two or more financial affiliates in the country and total assets exceeding 100 trillion Indonesian Rupiah ($5.95 billion), or three

Korea’s central bank is widely expected to hold its benchmark interest rate at 2.75 percent this week as policymakers weigh currency volatility and household debt pressures. Market consensus points to a rate freeze at Thursday’s April meeting, as the Korean won faces renewed pressure from escalating trade tensions driven by US President Donald Trump’s tariffs, fueling global market uncertainty. “Amid rising trade policy uncertainty and growing economic headwinds, the Bank of Korea is expected to

Authorities say 5-month delay aims to give global investors more time to prepare for Korean bond exposure Korea's inclusion in the World Government Bond Index, a key global benchmark for sovereign fixed-income performance, has been confirmed, though the entry date has been postponed by five months, according to the Finance Ministry on Wednesday. The timeline for the full integration into the WGBI, managed by Financial Times Stock Exchange Russell, remains unchanged, with completion still set for

As trade tensions escalate, financial leaders mobilize resources to protect struggling exporters Korea's major financial institutions are implementing extensive support plans for small and medium-sized enterprises and key exporters in response to ongoing economic challenges induced by new US tariff measures. Financial authorities have stressed the need for the financial sector to enhance its core functions to maintain market stability since US President Donald Trump announced a universal 10 perc

Fiscal support seems likely, but monetary easing may hinge on external shocks, inflation The Korean Constitutional Court's decision to uphold the impeachment of President Yoon Suk Yeol has alleviated some degree of political uncertainty while paving the way for stimulus measures designed to buoy domestic consumption. The past four months have seen Asia’s fourth-largest economy embroiled in its worst political turmoil in decades, following Yoon's brief attempt to impose martial law last December,