Finance Minister nominee Lee Hyung-il on Wednesday laid out a growth-focused policy agenda that also emphasizes capital market reform and stronger economic policy coordination. Lee, currently first vice finance minister, met with reporters in Sejong for the first time since his ministerial nomination Sunday. At the briefing, he identified lifting Korea's potential growth rate and reducing polarization as his two top economic priorities. "We need to accelerate the economy's growth momentum and fi

South Korea will raise government spending by 12.8 percent to a record 820.9 trillion won ($599.5 billion) in 2027, the fastest increase on record, as surging tax revenue gives Seoul room to expand investment in artificial intelligence, strategic industries and social programs. Under the government's medium-term fiscal plan, annual spending is projected to surpass 1,000 trillion won for the first time in 2030, reaching 1,005.2 trillion won, while national debt rises to 1,734.1 trillion won. The

As population decline and aging erode financial and social infrastructure across regional South Korea, MG Community Credit Cooperatives is expanding its role beyond banking to support jobs, cultural facilities and vulnerable residents. As of the end of last year, the cooperative financial network operated more than 460 branches across 89 government-designated depopulation areas. Nationwide, it maintained 3,198 outlets, providing face-to-face financial services in communities where elderly reside

Hyundai Capital has begun financial operations in India, launching its 14th overseas finance unit as it seeks to support Hyundai Motor Group's expansion in the world's third-largest automobile market. Hyundai Capital India officially started operations after converting its existing consulting entity into a financial company, Hyundai Capital said Monday. The unit will operate as a stand-alone subsidiary under Hyundai Capital's independent management. The company secured a nonbanking financial com

Hanwha Group's financial affiliates will hold a global finance conference in New York in November, bringing together financial industry leaders and aspiring professionals to discuss how artificial intelligence and technological change are reshaping finance and the skills required in the industry. PLUS, the joint brand of Hanwha's financial affiliates, has opened applications for PLUS NY 2026, which will take place at The Glasshouse in Manhattan on Nov. 13. Under the theme "The New Finance Fronti

Deputy Prime Minister and Finance Minister Koo Yun-cheol nearly canceled his trip to the United States on Sunday after learning at the airport that he would be replaced in a Cabinet reshuffle. He ultimately boarded the flight as scheduled, concluding that he remained responsible for official duties until his successor took office. Koo departed from Incheon Airport on Sunday morning to attend the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina, scheduled for

Deputy Prime Minister and Finance Minister Koo Yun-cheol abruptly canceled his trip to attend a meeting of Group of 20 finance ministers and central bank governors in the United States, fueling speculation over his position amid reports of an impending Cabinet reshuffle. Koo arrived at Incheon International Airport on Sunday morning to travel to Asheville, North Carolina, for the G20 gathering but turned back without boarding his flight, according to government sources. His scheduled bilateral m

South Korea's National Pension Service posted a 27.22 percent investment return in the first half of the year, driven by a sharp rally in domestic stocks, the pension fund said Friday. The return was well above the 18.82 percent return the NPS recorded for all of 2025, which in turn had marked its highest annual return since the fund was established in 1988. The fund's assets stood at 1,866 trillion won ($1.35 trillion) as of end-June, up from 1,458 trillion won at the end of last year. Domestic

A surge in long-term US Treasury yields is driving up borrowing costs in Korea, lifting government bond yields and adding pressure on companies, households and stocks. The spillover was on full display last week. As the US 30-year yield climbed to 5.33 percent, its highest since 2007, Korea’s 30-year government bond yield surged to a record 4.751 percent. The yields have since retreated, but the underlying pressures — heavy US debt issuance, aggressive AI-related borrowing and weakening demand f

Citi is leading South Korea's investment banking market this year as brisk debt and equity issuance continues, with the firm expecting strong deal flow to extend into the second half. Citigroup Global Markets Korea, Citi's investment banking franchise in Korea, currently ranks first in Dealogic's Korea Investment Banking Wallet League table with a 16 percent market share, Citi said Wednesday. The firm also has a strong pipeline of upcoming transactions and expects continued inbound and outbound

Korea's stock market may be starting to shed its long-standing discount, but the Kospi's sharp rally has yet to translate into a market rerating, according to a senior Nomura economist. "We believe Korea is beginning to move beyond the traditional 'Korea discount,' but it is too early to call it a sustained premium," Park Jeong-woo, Nomura's senior economist for Korea and Taiwan, said in a recent interview with The Korea Herald. Despite the Kospi's strong gains, Park said valuations suggest inve

The Export-Import Bank of Korea will provide 300 billion won ($218 million) in financing for LS Cable & System's subsea cable plant in the United States, stepping up support for Korean companies seeking to tap growing power infrastructure demand in North America. The state-run lender said Monday it will provide facility and operating financing for the plant under construction in Chesapeake, Virginia, which is expected to become the largest subsea cable production facility in the US. Surging AI i

Showers swept through Seoul and other parts of central Korea on Saturday, with more scattered rain possible through the evening as hot and humid conditions persist across the country. The Korea Meteorological Administration said Saturday's daytime highs were expected to range from 28 to 34 degrees Celsius, with Seoul reaching around 30 C and southern cities including Gwangju and Busan up to 34 C. While the rain that affected central regions earlier in the day has eased in some areas, scattered s

Geoje and parts of Tongyeong in South Gyeongsang Province were designated special disaster zones Friday as recovery work continues following days of heavy rain. The Ministry of the Interior and Safety said the designation covers all of Geoje and Sanyang-eup and Bongpyeong-dong in Tongyeong, following presidential approval. The designation allows the central government to cover a larger share of local recovery costs, including repairs to roads, rivers and other damaged infrastructure. Geoje was d

South Korea unveiled plans Friday to create a new fiscal fund that will channel tax revenue generated by the semiconductor boom into long-term investment while serving as a buffer against future revenue downturns. The Future Response Fund will invest in youth, new growth engines, regional development, education and talent, while accumulated reserves can be tapped when tax revenue weakens. The plan also includes the first major overhaul of local education funding in more than half a century, aime