Hybe, the K-pop powerhouse behind the mega success of bands such as BTS and New Jeans, could be obliged to disclose its corporate information if the total assets of the firm and its affiliates continue to surpass 5 trillion won ($3.7 billion) by the end of this year. The combined total assets of Hybe and its 16 affiliates stood at 5.37 trillion won as of end-June, a report by corporate data research institute CEO Score showed Wednesday. Under the Monopoly Regulation and Fair Trade Act, a busin

South Korean consumers turned pessimistic about overall economic conditions in September for the first time in four months, amid woes over weak exports and rising prices. The composite consumer sentiment index (CCSI) in September stood at 99.7, down 3.4 points from the 103.1 a month before, the Bank of Korea’s report showed Tuesday. “The concerns about the weak exports and contraction in purchasing power due to the rise in prices pulled down the composite consumer sentiment index,&

China’s economic slowdown could deteriorate more than initially projected, increasing the strain on Korea’s export-reliant growth in the short term, an economist from S&P projected. “The number one issue (in China) has to do with private sector debt and over-leveraging. That is a problem that has been building for more than a decade," Diego Iribarren from S&P Global Market Intelligence said in an interview held in the company’s office in central Seoul on Sept

South Korea’s exports in July dropped by the fourth-largest amount among the Organization for Economic Cooperation and Development's member countries, hit by China's sputtering economy, while its imports showed the sharpest fall among them, data showed Sunday. Korea’s export volume in July dropped by 15.5 percent on-year, according to data compiled by the OECD. The drop was the fourth largest among the 38 OECD countries excluding Colombia, whose data has not been added yet.

Financial Minister Choo Kyung-ho said Thursday high interest rates could persist for longer than expected in response to the US Federal Reserve’s decision to hold its policy rates steady earlier in the day. The US Federal Open Market Committee kept its policy rates unchanged at 5.25-5.5 percent, maintaining the rate gap between South Korea and the US at up to 2 percentage points. The Bank of Korea’s current base rate stands at 3.5 percent. “The FOMC decision shows high rates co

Virtual assets accounted for more than two-thirds of the value held in registered overseas accounts this year, a report by the National Tax Service showed Wednesday, after it added them to the list of assets subject to mandatory registration. Some 130.8 trillion won ($98.3 billion) in virtual asset holdings were recorded out of 186.4 trillion won in the total registered external financial assets. Tax residents or corporations in Korea with foreign financial accounts are required to file a report

South Korea has risen to become the European Union's seventh-largest source of imports in the first four months of this year, eclipsing Japan and Russia for the first time, according to the Korea International Trade Association on Thursday. The value of the EU's imports from Korea climbed 10.7 percent on-year from January to April while the European trade bloc’s total imports dropped 8.6 percent during the same period, a report released by KITA showed. Its imports from Korea in t

Economy-related public officials from South Korea and Africa gathered in Busan to attend the 7th Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference, discussing ways to bolster the economic cooperation between two entities and explore new business opportunities. The event, organized by the African Development Bank Group (AfDB), South Korea’s Ministry of Economy and Finance and the Export-Import Bank of Korea, kicked off on Tuesday in the southern port city of Busan. The four-

An expansion of the storytelling platform and content for cryptocurrency is the key to broadening the digital asset industry, said Eric Anziani, president and chief operating officer at Singapore-based crypto trading platform Crypto.com. “Our vision is ‘Crypto is more than trading.’ There are many use cases that can empower creators, developers and builders to reach global audiences,” Anziani said in an interview with The Korea Herald held in central Seoul, Wednesday. As

India, the world’s fifth-largest economy, is one of the strategic markets where South Korea’s Mirae Asset Financial Group has poured considerable resources into expanding its presence. Amid industry-wide efforts to de-risk from China more recently, industry watchers say Mirae Asset’s years-long investment could pay off “soon.” Over the past years, the Korean financial giant has been making bold investments in the fast-growing country, broadening its portfolio from s

South Korea’s tax revenue for this year is likely to fall below the initial estimate by around 60 trillion won ($44 billion) to hover at about 340 trillion won, as major revenue sources such as corporate tax and capital gain tax remain sluggish due to the slow economy. The Finance Ministry is expected to release an update on the estimated tax revenue this week, including corporate taxes prepaid until August. The upcoming announcement comes as the country’s tax revenue has been fallin

The chairman of Hana Financial Group met with foreign investors through an investor relations event held in Hong Kong, Tuesday to expand the Korean banking group's presence in the global financial market. At the event, Chairman Ham Young-joo shared the financial achievements of the financial group and mid-term growth strategies while boasting its sound asset quality and environmental, social, corporate governance (ESG) efforts. The two-day event wraps up on Wednesday. He also explained the

An “office real estate apocalypse” looms in major global cities amid high-flying interest rates and the expansion of remote work during the pandemic. But one market that still remains robust is Seoul, leading investors to explore investment opportunities here, according to industry officials at home and abroad. Investors agree that Seoul’s office market is priced high, but they add that multiple factors such as the low vacancy rate and tight supply can offset the pricing.

The NFT 2023 Seoul Conference, held Friday at Coex in southern Seoul, explored the future of non-fungible tokens, discussing how the decentralized technology would innovate diverse fields from blockchain to finance and art in the near future. The one-day event was organized by The Korea Herald, the nation’s largest English daily, together with ArtToken, a Seoul-based digital art platform, and Soongsil University. “Even at this moment, the world is evolving at a fast pace,” Kore

    Finance Minister Choo Kyung-ho said the government was positively considering the ruling party's proposal to designate Oct. 2 as a one-off public holiday to allow people to have six consecutive days off work. "The ruling party made the suggestion to ensure the people's right to rest and to stimulate domestic consumption. The government agrees with the ruling party," Choo said in an interview held by a local broadcasting station Tuesday. Designating a temporary holiday on

The Cabinet on Tuesday approved the 2024 budget proposal worth 656.9 trillion won ($497 billion), marking the lowest on-year growth in nearly two decades as the country suffers from sluggish tax revenue. The size of the second budget proposal drawn up by the Yoon Suk Yeol administration has increased by 2.8 percent from this year’s 638.7 trillion won, the smallest proposed increase since 2005. The budget for this year was 5.1 percent up on the previous year. “Due to the past administ

The on-year growth in consumer prices is likely to bounce back to the 3 percent range from this month due to the spike in international oil prices. While inflation in Korea has been easing off this year, the Finance Ministry expects it to climb back, reaching the 3 percent range before coming down again in October. Korea's on-year growth in consumer prices has been showing signs of slowing down this year. It came down to 4.8 percent in February from 5.2 percent in January, and stayed in the

The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, maintaining it a fifth consecutive time amid growing China fears and a widened rate gap with the US. In a rate-setting meeting presided over by BOK Gov. Rhee Chang-yong, the six-member monetary policy board unanimously voted to maintain the current policy rate, which has stayed at 3.5 percent since February. “The board decided to hold the rate, projecting it would take significant time for the inflation rate, whic

The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, holding it for the fifth consecutive time since February. Recent economic indicators show inflation could rebound within this year as the base effect from last year’s dip in international oil prices wears off. Oil prices have been on the rise recently, too, adding to the growing inflationary pressure on the Korean economy, which heavily dependent on energy imports. Chinese deflation and default risks from its real

The Vietnamese arm of Hanwha Life Insurance posted its first accumulated profits since its launch 15 years ago. Marking the local unit’s 15th anniversary, the insurer held a ceremony in Ho Chi Minh City, Vietnam on Friday, where it unveiled its financial achievements. Since posting a net profit for the first time in 2016, the Vietnamese subsidiary has recorded profits for nearly five consecutive years between 2019 and 2023. As of the first half of this year, its accumulated profits reached