Gyeonggi Gov. Lee Jae-myung, named presidential candidate of the ruling Democratic Party Sunday, vowed to adopt universal basic income if elected, claiming that he would turn South Korea into the world’s first nation offering the subsidy package, even to the wealthy. In his acceptance speech on Sunday, Lee highlighted his “basic agenda package,” which is expected to be the backbone of his economy policy if elected president. The package consists of a universal basic income pla

Financial authorities on Thursday expressed concerns over increased volatility in the South Korean market and its vulnerability toward external risks. First Vice Finance Minister Lee Eog-won vowed to adopt stabilizing measures at the appropriate time, saying the Korean market has been displaying “somewhat excessive reactions” to global risks, despite solid fundamentals. Lee’s remark comes after the nation’s benchmark Kospi plunged below the threshold of 3,000 points T

South Korea’s housing prices in the first nine months of this year spiked nearly 12 percent, surpassing the annual gains observed in 2001 and 2006, when the instability of the local real estate market triggered by the previous financial crisis concerned onlookers and buyers, data showed Wednesday. According to KB Kookmin Bank’s real estate platform Liiv, the median housing price across Asia’s fourth-largest economy gained 11.98 percent in the January-September period. The fig

South Korea will put forth its best efforts to curb the nation’s fast-growing household debt and roll out additional measures next month to do so, while allowing borrowers to take out loans within their repayment capabilities, the nation’s fiscal chief said Thursday. Deputy Prime Minister and Finance Minister Hong Nam-ki made the remark at a meeting of macroeconomic leaders here, where he was joined by Bank of Korea Gov. Lee Ju-yeol, recently appointed chief of the policymaking Fin

South Korean businesses are beginning to paint a rosier outlook for the coming months with the government gearing up to treat COVID-19 more like seasonal influenza and to ease social distancing, a report from a think tank showed Wednesday. The Korea Economic Research Institute’s forecast for next month’s business survey index of the country’s top 600 companies by sales showed the reading gained 2.8 points on-month to 103.4 for October. A reading above 100 means optimists ou

South Korea’s chief economic policymaker vowed Tuesday to pursue environmental, social and governance-related policies with support, not regulations, to build a stronger cornerstone for the nation’s sustainable growth. Deputy Prime Minister and Finance Minister Hong Nam-ki, in his congratulatory speech at the second Korea Herald Finance and Investment Forum, said that the government will make various efforts such as helping industries establish a market-oriented system, creating ne

The global movement to adopt environmental, social and governance values has pushed South Korea’s financial sector to commit to the ideals, but stronger efforts should be made to bring actual changes in Asia’s fourth-largest economy aiming to become an advanced market, experts and policymakers gathered at The Korea Herald’s second finance and investment forum said Tuesday. Attending the forum -- held under the tagline “Korea’s ESG revolution: Green shoots after the

South Korea’s recent decision to raise electricity prices for the first time in nearly a decade and an expected price surge in home gas is likely to increase inflationary pressure, industry watchers said Sunday. Electricity and home gas prices, which are key components of “public utility charges” -- fees related to supply of electricity, gas, power, water and transport – usually help lower inflationary pressure, with their relatively flat price gains. But the COVID-19 pa

Standard Chartered Korea on Sunday said it has recently launched a promotional event that offers prizes, including a 24-karat gold plated $2 bill, for customers who subscribe to dollar-denominated products for the first time. Customers will receive chances to enter the sweepstake if they subscribe to any dollar-related products including funds, money market funds, savings accounts and insurance. One first prize winner will receive a gold plate weighing 15 grams, while 10 second prize winner

South Korea’s stock market retreated Thursday, hit by the growing debt crisis faced by Evergrande Group, one of China’s biggest property developers, as financial authorities vowed to closely monitor the situation’s impact on the market. The benchmark Kospi lost 12.93 points, or 0.41 percent, to close at 3,127.58 points. The secondary tech-heavy Kosdaq shed 9.86 points or 0.94 percent to close at 1,036.26. Trading volume was moderate at about 612 million shares worth some 13.

The Financial Supervisory Service said Friday it plans to appeal a Seoul court decision last month that nullified the watchdog’s penalty on the current Woori Financial Group chairman, which held him accountable for the misselling of high-risk funds. The Seoul Administrative Court ruled in favor of Sohn Tae-seung, revoking the heavy “reprimand” imposed upon him by the FSS in January 2020. If the warning had been finalized by the policymaking Financial Services Commission, Sohn

Shinhan Bank said Friday that it has acquired a minority stake in a local information and communication technology solutions and services provider to bolster its partnership for development of a new corporate banking platform. Shinhan Bank acquired a 1.97 percent stake worth 72.3 billion won ($61.4 million) in Douzone Bizon for a strategic partnership, which would allow the lender to utilize the ICT solutions firm’s corporate accounting and e-commerce data. Shinhan and Douzone Bizon ha

Female golfers will gather Friday to play in a Korea Ladies Professional Golf Association tournament hosted by OK Savings Bank, which returned this year after being canceled in 2020 due to the COVID-19 pandemic. The KLPGA’s OK Savings Bank Pak Se-ri Invitational – which takes its name after the legendary South Korean golfer – is scheduled from Friday to Sunday at Sejong Silkriver Country Club & Gallery in the city of Cheongju, North Chungcheong Province. Some 120 playe

South Koreans aged between 15 and 29 who were unemployed, not engaged in schooling or housework, and were not seeking jobs increased some 35 percent on-year, data showed Tuesday. As of May, 96,000 were classified as those “not in education, employment, or training” or “NEET,” data compiled by Yonhap News Agency showed. The figure increased 35.8 percent or 25,000 on-year from 71,000 the previous year. They were among a group of 278,000 people within the same age range who

Demand for apartments in South Korea’s capital and the surrounding areas continued to rise for two consecutive weeks, despite the central bank’s latest rate hike and financial institutions’ efforts to cut back lending, data showed Friday. According to the Korea Real Estate Board, the index measuring supply and demand for apartments in Seoul and the surrounding area inched up 0.4 points on-week to 112.1 as of Monday, extending gains for two consecutive weeks. It had gained 0.9

The total loan extended to Koreans in their 20s and 30s to pay their “jeonse” rents more than doubled since President Moon Jae-in took office in 2017, data showed Thursday, reflecting the reality of young people ditching hopes to buy homes, and rent instead. Jeonse is a rental system where the tenant hands over a large lump sum to the landlord -- on average, about 65 percent of the value of the property – for usually two years and does not pay rent. The deposit is returned to

South Korea has placed an excessive tax burden on members of its top income bracket in recent years, a think tank said Wednesday, suggesting that this could cause an exodus of wealthy Koreans. The income tax rate on annual earnings exceeding 1 billion won ($858,400) rose twice in the last five years to the current 45 percent, a report from the Korea Economic Research Institute showed. In 2017, the year President Moon Jae-in took office, the rate increased to 42 percent from 40 percent. It was

South Korea’s financial services lobby groups have called on regulators to take a step back from their involvement in corporate internal affairs, industry sources said Tuesday, apparently irked by the authorities’ clampdown on their chiefs held responsible for private fund misselling scandals. Six representative bodies for financial service firms here, including commercial banking, brokerage and insurers, filed a joint request Monday asking regulators to hand the companies’ b

This is the first installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed.  Kim Ui-jin, a North Korean defector, had never been to a bank or engaged in any kind of financial investment before he crossed the border in 2006. In the totalitarian socialist country, where personal possession of private assets is forbidden, ownership

South Korea’s demand for apartments in the capital and its surrounding areas only got higher, despite the central bank’s recent decision to end 15 months of record-low interest rates, data showed Friday. According to the Korea Real Estate Board, the index measuring supply and demand for apartments in Seoul and the surrounding area inched up 0.9 point on-week to 111.7 as of Monday, compared with 110.8 last week. When the index is higher than 100, it signals that there are more buyer