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Global investment banks revised up their forecasts for South Korea's economic growth this year and next, as a semiconductor export boom strengthens the outlook. Eight major global investment banks projected average growth of 3.5 percent for this year at the end of September, up from 3.3 percent a month earlier, according to figures released Wednesday by the Korea Center for International Finance. JPMorgan raised its estimate to 4 percent from 3.8 percent, the highest among the eight banks. UBS l
MBK Partners Chairman Michael ByungJu Kim has been named a parliamentary audit witness for a second consecutive year as lawmakers scrutinize the private equity firm’s handling of Homeplus. The National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee has called Kim to testify at Wednesday’s audit of the Ministry of SMEs and Startups. Questions are expected to focus on emergency business stabilization funding provided following Homeplus’ entry into court-led rehabilitation and loss
South Korea has again been ordered to compensate US hedge fund Elliott Investment Management over government intervention in the 2015 merger of two Samsung affiliates, despite securing a partial annulment of the original arbitration award earlier this year. The Ministry of Justice said Thursday that the tribunal rehearing the case ordered the government to pay $48.49 million in damages — unchanged from the original award — plus interest and costs. Elliott put the total award at approximately $11
South Korea is leaning toward retaining its 70 percent cap on risky assets in retirement pensions as market volatility slows a reform push to boost weak returns. According to industry sources Wednesday, the Ministry of Employment and Labor and financial firms have shifted toward retaining the cap to protect long-term retirement savings. Scrapping the limit was a key reform proposal, but the Kospi’s slide from above 9,000 to the 6,600 range has fueled caution. A meeting on the proposed fund-type
South Korea raised its tax revenue forecast to a record 478.6 trillion won ($353.5 billion) this year, as an artificial intelligence boom fuels chipmakers' profits and a stock market rally lifts trading-related collections. The government expects to collect 63.2 trillion won more than projected in its supplementary budget, the Ministry of Finance and Economy said Wednesday, citing that the semiconductor boom and stock market rally had been difficult to anticipate during budget planning. The revi
South Korea must develop new technologies and standards to compete in artificial intelligence, industry leaders said Tuesday, warning that advances in memory, computing and infrastructure must keep pace with rapidly growing AI demand. Speaking at the Herald Business Forum 2026 at The Shilla Seoul, executives and researchers outlined challenges ranging from memory bottlenecks to corporate adoption of AI. The opening session, “The Golden Engine of the AI Revolution: Semiconductors,” examined the t
Hana Financial Group and the Small Enterprise and Market Service have launched a nationwide program to help young merchants attract customers and revive neighborhood shopping districts. The Hana On, Youth On project will support 15 teams comprising about 100 young business owners, selected through an open recruitment process over the past three months. Each team will develop projects suited to its district, ranging from community events and joint marketing campaigns to improvements to the local
Hyundai Engineering & Construction has launched Hillstate Godeok Ellist, a 1,779-home apartment development near Samsung Electronics’ Pyeongtaek Campus in Gyeonggi Province. Located in Godeok International New Town, the development occupies two blocks in the Godeok Internationalization District. Block A12 will have 942 homes in buildings up to 23 stories, while A65 will contain 837 homes in buildings up to 27 stories. All units have 84 square meters of floor space. Most homes feature four-bay la
Shinhan Financial Group explored closer Korea-Japan cooperation in transition finance, carbon markets and digital assets at a Seoul conference, the group said Tuesday. Held Monday at the Korea Financial Investment Association in Yeouido, the conference brought together representatives from academia, financial authorities and the Asian Development Bank to discuss building trusted climate finance infrastructure in Asia. Yonsei University’s Graduate School of Environmental Finance and the Korea Gre
A network of Seoul National University alumni working in finance allegedly used confidential deal information to make more than 20 billion won ($14.7 million) in illicit trading profits, financial authorities said Tuesday. The suspects, graduates of South Korea’s most prestigious university, allegedly shared information through connections formed at an SNU investment club and a global consulting firm. Investigators say the network extended to relatives and friends, with around 10 people trading
AmCham chief receives honorary doctorate from Korea Aerospace University
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LG, Apple take on Amazon, Google with AI home devices
Hyundai bets $15.5b on India as global production hub
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