Korea Development Institute President Cho Dong-chul expressed confidence that the recent political turmoil sparked by President Yoon Suk Yeol's brief martial law declaration would not have a lasting economic impact, despite increased volatility in local financial markets. "It's undeniable that the recent unexpected political crisis has harmed our economy. However, I believe a severe risk, such as the foreign exchange crisis we faced in the past, is unlikely," Cho said Wednesd

Economy Dec. 11, 2024

Hana Financial Group on Tuesday announced bolstered engagement with foreign investors and regulators, as market volatility intensifies amid South Korea's ongoing political turmoil. The group said that it sent letters to overseas investors on Monday, assuring them of the implementation of value-enhancement measures based on its commitment to improving shareholder rights and reinforcing its strong fundamentals. In October, the finance giant unveiled a corporate value-up plan, outlining target

Industry Dec. 10, 2024

Amid the rapidly expanding global virtual asset market, South Korea has decided to push back cryptocurrency trading taxation until 2027. On Tuesday, the National Assembly passed a revised Income Tax Act, which includes a two-year delay on taxing income from virtual asset trading, initially planned for implementation next month. The original plan proposed a 22 percent tax on annual crypto income exceeding 2.5 million won ($1,750) starting in January 2022 but has been delayed three times due to po

Industry Dec. 10, 2024

South Korean shares hit their lowest level of the year on Monday, as market sentiment was weighed down by prolonged political uncertainty following the failure of the motion to impeach President Yoon Suk Yeol. The local currency also continued its decline against the US dollar, fluctuating around 1,435 won throughout the afternoon. The benchmark Korea Composite Stock Price Index, which opened at 2,392.37 points, down 35.79 points from the previous session, extended its losses during the day to t

Market Dec. 9, 2024

The financial subsidiaries of Hanwha Group, South Korea’s seventh-largest conglomerate, have launched an artificial intelligence research center in San Francisco, the global hub for AI development. Hanwha AI Center, established by Hanwha Life in collaboration with Hanwha General Insurance and Hanwha Asset Management, officially opened last week at Hanwha Group’s San Francisco headquarters. The opening ceremony was attended by senior executives, including Hanwha Life Vice Chairman and

Industry Dec. 9, 2024

The general insurance industries of South Korea and Indonesia are deepening their partnership. The General Insurance Association of Korea announced on Monday that it recently signed a memorandum of understanding with the General Insurance Association of Indonesia to strengthen exchanges and collaboration. The agreement outlines plans to support member companies' overseas expansion and collaborate on initiatives aimed at mutual growth in both countries' insurance sectors. The associatio

Industry Dec. 9, 2024

South Korea's financial regulators are set to meet with the heads of major financial groups next week amid escalating political tension surrounding President Yoon Suk Yeol’s impeachment motion. The Financial Services Commission is arranging a meeting with the heads of major financial groups, including KB, Shinhan, Hana, Woori and NongHyup, though the date remains unconfirmed. An official from one of the groups indicated that the meeting, initially set for Thursday, was canceled on Sat

Economy Dec. 8, 2024

Hana Bank, a major commercial lender in South Korea, held the final round of its 19th annual foreign exchange contest on Friday, aimed at enhancing employee expertise in the forex field. The event capped a seven-month journey that began with a record 8,000 participants in the preliminary round. In the picture, Hana Bank CEO Lee Seung-lyul (second row, fifth from left) poses with executives and the top 10 finalists at the bank’s Myeongdong headquarters in Seoul on Friday. (Hana Bank)

Industry Dec. 8, 2024

South Korea's finance minister has sought to reassure foreign investors and global financial institutions through emergency letters and meetings, as political tensions intensify following President Yoon Suk Yeol's martial law declaration. An official from the Ministry of Economy and Finance confirmed that the ministry is continuing to send out emergency letters to major economies, financial regulators and investors to assure them that "the nation’s political, economic and na

Economy Dec. 6, 2024

South Korea’s stock market was already on fragile ground before President Yoon Suk Yeol’s unexpected martial law declaration further undermined the government’s yearlong push to boost corporate value. Foreign investors sold a net 200 billion won ($141 million) on the benchmark Kospi within the first two hours of Thursday’s trading, extending the 400 billion won offloaded the previous day after the six-hour martial law announcement. As of 3 p.m., foreign investors had dump

Economy Dec. 5, 2024

Six hours of unexpected martial law have rattled local markets, with volatility expected to persist despite the lifting of the emergency measure. In response to potential aftershocks, local authorities have pledged comprehensive actions to ensure normal operations and stabilize volatility, including the government's commitment to injecting "unlimited liquidity." "The foreign exchange market and overseas trading of Korean stocks, unsettled by last night’s martial law dec

Economy Dec. 4, 2024

Cryptocurrency prices plunged and exchanges were paralyzed after South Korean President Yoon Suk Yeol unexpectedly declared martial law on Tuesday night. As of 11:30 p.m. Tuesday, Bitcoin, the world's largest cryptocurrency, was trading at around 120 million won ($83,767), down nearly 8 percent from the previous day. Bitcoin, which hovered at approximately 131 million won as of 10:30 p.m. when Yoon announced martial law, briefly plummeted nearly 30 percent to a low of 93.5 million won. Bitc

Economy Dec. 3, 2024

Toss Securities, the brokerage arm of fintech giant Viva Republica, announced Tuesday that its monthly overseas stock trading volume reached a record 30.54 trillion won ($21.75 billion) in November. According to the company, the total monthly trading volume of overseas transactions, combining both sales and purchases, marked a second consecutive monthly increase after reaching 21 trillion won in October. This milestone makes Toss Securities the first Korean brokerage to surpass 30 trillion won i

Industry Dec. 3, 2024

MBK Partners, the private equity firm seeking to take over Korea Zinc, the world’s largest zinc smelter, faces accusations of betrayal for allegedly misusing confidential reports to launch a hostile bid against the company. According to reports from the local investment industry on Monday, MBK had been among the potential partners for Korea Zinc’s ambitious “Troika Drive” and other new business initiatives in 2022. The firm reportedly gained access to sensitive informatio

Industry Dec. 3, 2024

Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an

Industry Dec. 2, 2024