South Korea sold $187 million worth of foreign currencies during the second half of last year in an effort to stabilize the market, the central bank said Friday.The Bank of Korea posted the related information on its website, explaining that the transactions were made in response to sudden fluctuations that could negatively effect the economy.The Korean won remained in the 1,000-1,150 won range against the US dollar during the given six months, data showed. In May last year, the government annou

The bid to enter South Korea’s promising internet-only bank market has turned into a one-on-one match between two leading consortia -- brokerage-led, capital-affluent Kiwoom Bank and fintech-based, innovation-focused Toss Bank.Kiwoom Bank, led by local brokerage Kiwoom Securities, touts its financial strength and a diverse shareholder base that includes telecommunications and retail companies. Toss Bank, steered by Viva Republica, operator of popular payment platform Toss, has decided to u

South Korea’s state budget is certain to surpass 500 trillion won ($441.7 billion) for the first time next year as the Cabinet has approved guidelines endorsing expansionary fiscal spending.While seeking measures to revitalize the economy and to enhance social overhead capital for people’s livelihood, the government also vowed to inject more public funds to tackle social problems such as low birth rate and fine dust pollution.The Cabinet on Tuesday approved the compilation guidelines

Viva Republica, operator of mobile payment app Toss, said Monday that it has finalized a consortium to establish Toss Bank, the third internet-only bank here.The consortium will consist of Silicon Valley-based venture capital Altos Ventures, Goodwater Capital, Brazil’s Nubank, UK fintech player Revolut, and the Korea Electronic Certification Authority, the company said in a press release.While Viva Republica will hold a 67 percent stake -- as a financial operator, not as an information and

South Korean cosmetic giant Amorepacific hosted its yearly marathon in Busan on Sunday, seeking to raise public awareness on breast cancer.With some 5,000 participants, the event consisted of a three-kilometer course and a 10-kilometer course, as well as breast cancer tests, clinical consulting and various giveaways.The event, titled “Pink Run,” is held every year in five major cities across the country -- Busan, Daejeon, Gwangju, Daegu, and Seoul.The revenues made from ticket sales and donation

South Korea has seen its exports decline at a steeper rate than other Organization for Economic Cooperation and Development member states, reflecting the contraction in outbound shipments of semiconductors, ships and petrochemical products, data showed Sunday.According to data from the OECD, Asia’s fourth-largest economy saw its exports volume dip 5.9 percent from a year earlier in January, standing 26th out of 32 member states that were subject to the latest survey.The country’s on-

EY Han Young, the fourth of South Korea’s so-called Big Four accounting firms, outran Deloitte Anjin in employee strength for the first time last year and rose to No. 3 in ranking, data showed Wednesday.It also narrowed down the gap in sales, poised to clinch the game while the rival company struggles to recover from the spillover of an extensive accounting rigging scandal.According to the Korean Institute of Certified Public Accountants, the number of accountants at EY Han Young stood at

The overseas branches of South Korean banks last year saw their profit climb 22.2 percent on-year, reflecting the rise in interest income, data showed Tuesday.According to market watchdog Financial Supervisory Service, the banks’ overseas net profit stood at $983 million as of end-2018, which accounted for 8 percent of their total net profit.The total asset volume of overseas businesses came to $114.25 billion, up $93.7 billion or 8.9 percent from a year earlier.“The pick-up mostly r

South Korea’s third-largest insurer in terms of assets, Kyobo Life Insurance Co. Ltd., is facing a dead end ahead of its planned initial public offering as financial investors have effectively issued an ultimatum, rejecting further negotiations.Chairman Shin Chang-jae on Sunday expressed regrets over the financial investors’ latest announcement of an arbitration application to implement their put option.“I request that (the FIs) reconsider (the decision and) re-engage in the ne

The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed. Defining the symbolic cityscape of Seoul is Sejong Main Street, a 10-lane road that runs across the downtown area, stretching from Seoul Station to Gwanghwamun Square. Halfway along this main road, just north of Sungnyemun, the southern gate of Seoul, is the “Taepyeong-ro zone,” location of landmark buildings such as the palace Deoksugun

South Korea’s export prices increased for the first time in four months in February on higher prices of petroleum products, central bank data showed Friday.The export price index stood at 82.97 last month, up 0.2 percent from the previous month, according to data released by the Bank of Korea. This marked the first on-month rise since October.Steering the gain was the petroleum products and coal sector, which saw an 8 percent hike on-month.The country’s benchmark Dubai crude reached

South Korea’s government will expand support for private investors so that ongoing infrastructure projects worth 12.6 trillion won ($11.1 billion) can break ground within the year, according to the Ministry of Economy and Finance on Wednesday.The 13 projects, most of which were originally slated to kick off in 2020 or later, include the construction of a sewage treatment facility in the southern city of Gumi and a highway to connect Pyeongtaek with Iksan. “The government will activel

The European Union confirmed its decision to exclude South Korea from its tax haven blacklist, acknowledging the country’s efforts throughout last year to improve transparency in foreign investment, Seoul’s Ministry of Economy and Finance said Tuesday.The Economic and Financial Affairs Council, consisting of economic and finance ministers of EU member states, made its final decision to rule Korea out of the EU List of noncooperative jurisdictions for tax purposes.In December 2017, th

Facing the most drastic business evolution among South Korea’s major banking groups this year is Woori Financial Group, which has recently resumed its financial holding company structure after years of privatization struggles.As the transformation has come amid the fast rise of financial technology, the downturn of conventional banking business and a generally slowing economy, the novice financial group set its mind this year on buttressing information and communication technology, risk ma

The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed.Opposite Seoul Station, a central hub for the nation’s railway, stands a massive 23-story building the color of red brick.Befitting its grand presence and central location, the edifice is called Seoul Square. With a gross area of 132,806 square meters, the building not only brings in hefty rents but also represents a chapter in South Korea’s dy

The Korea Herald publishes a series of articles to review South Korea’s position in the intellectual property sector per industry, in the light of mounting challenges. This is the first installment. -- Ed.South Korea’s initiative in computer and mobile game contents has long been cited as a major growth engine backing the country’s advanced position in the global intellectual property sector.After decades of neglecting the value of IP rights, however, Asia’s fourth-larges

The Organization for Economic Cooperation and Development on Wednesday inched down its forecast for the global economy, as well as for the South Korean economy, citing slowing trades, weakened growth and other downside risks.In its half-year interim outlook report, the OECD lowered the global economic growth forecast for 2019 to 3.3 percent from the 3.5 percent previously suggested in the November report, the Ministry of Economy and Finance said. The outlook for 2020 was also reduced to 3.4 perc

South Korea ranks 13th in the world in terms of its intellectual property standards, a new US report showed, down two notches from the previous year.The Global Innovation Policy Center’s report on International Intellectual Property Index 2019 showed that Asia’s fourth-largest economy was given 36.06 points out of 45 this year, according to the Ministry of Science and ICT on Wednesday. 2019 International IP Index 2019 (GIPC)The GIPC, a research institution affiliated with the US Chamber of Comme

South Korea’s economy grew 2.7 percent in 2018, marking a six-year low amid sluggish investments, but its per capita income exceeded the $30,000 mark for the first time, central bank data showed Tuesday.The latest figures are considered crucial for Asia’s fourth-largest economy amid the prolonged slow economic growth, as the $30,000 mark is generally considered an entry line for top-tier economies.According to the revised estimates released by the Bank of Korea, the country’s g

KEB Hana Bank, the core affiliate of the banking group, said Thursday that it has appointed Ji Sung-kyoo, vice president of global business, as its new CEO, replacing Ham Young-joo, who had served two consecutive terms.The move indicated a thaw in tension between the bank and the financial watchdog over the reappointment of its embattled chief.The commercial bank had stood at odds with the Financial Supervisory Service concerning the reappointment of Ham for the third time. While the FSS had exp