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Leading business groups from South Korea and Japan agreed Monday to deepen cooperation in supply chains, energy security and emerging industries, as Korea Chamber of Commerce and Industry Chairman Chey Tae-won called for broader economic integration between the neighboring countries. The KCCI and the Japan Chamber of Commerce and Industry held their 15th leaders’ meeting at the Westin Sendai in northeastern Japan under the theme “The Korea-Japan Future Starts in the Regions.” Chey, who also chai
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
Bank of Korea Gov. Shin Hyun-song said the won had become more resilient to external shocks and that South Korea’s planned investment in the United States should have a manageable impact on the currency. “We have gained some control over the exchange rate and are well prepared for whatever shocks may come,” Shin told reporters Friday after attending the Jackson Hole Economic Policy Symposium in Wyoming for the first time as BOK governor. He cited the BOK’s recent preemptive rate increase and poi
JPMorgan Asset Management says Korea must turn its semiconductor-led surge into a broader “Korea rally” to attract foreign capital that stays beyond the memory cycle. “A trigger for more durable inflows would be evidence of broader earnings growth across non-memory tech, industrials, financials and consumer. In other words, a ‘Korea rally’ rather than a ‘memory rally,’ along with a wider uplift in turnover,” Alexander Treves, managing director at JPMorgan Asset Management and head of investment
South Korean Vice Minister for Transport Hong Jee-sun was named to lead the Ministry of Land, Infrastructure and Transport on Sunday. Hong, born in Donghae, Gangwon Province, in 1970, has served in the bureaucratic sector since passing the country’s higher civil service examination for local public officials in 1996. As of 2015, he spent about eight years at the Gyeonggi Provincial Government overseeing railroads, construction and logistics. He also served as an assistant governor for urban hous
South Korea’s First Vice Finance Minister Lee Hyung-il was nominated Sunday as deputy prime minister and minister of finance and economy, placing a veteran technocrat with deep experience in macroeconomic policy at the helm of the country’s economy. Born in Daegu in 1971, Lee studied economics at Seoul National University and earned a doctorate from Texas A&M University. He entered public service in 1993 after passing the national civil service examination. At the Finance Ministry, Lee held key
The Bank of Korea on Thursday raised its benchmark interest rate for a second consecutive meeting, tightening monetary policy amid persistent inflationary pressures as chip-led growth outweighed expectations. The Monetary Policy Board lifted the rate by 0.25 percentage point to 3 percent, following an increase of the same size in July. The decision was backed by six of the seven board members, with only one-member dissenting. The hawkish decision puts the base rate back to the 3 percent range fo
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
Mirae Asset Financial Group Chairman Park Hyeon-joo rejects criticism that disappointing shareholder returns are weighing on Samsung Electronics and SK hynix shares, arguing that investment and corporate fundamentals matter more. “Saying a stock falls because the company does not pay enough dividends is a weak argument,” Park said Wednesday at a dinner with employees of Digital X, formerly Korbit, Korea’s first cryptocurrency exchange acquired and renamed by Mirae Asset Securities in July. “What
South Korea wants to move another wave of public institutions out of the capital region. But unions representing financial regulators and policy bodies warn that decentralization could slow crisis response, weaken oversight and drive skilled employees out. The dispute is intensifying as the government prepares the second phase of its decadeslong effort to spread jobs and economic activity beyond Seoul. A road map initially expected in September may now come in October or November, as the governm
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