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The Korea Herald

Markets

June 01, 2021
Rate hike inevitable in H2 under current pace of recovery: think tank

South Korea’s central bank should raise its benchmark interest rate in the second half of the year, given the faster-than-expected pace of the economic recovery, a think tank here said. “If the Bank of Korea decides to carry out a belated rate hike, then the economy could see a bigger shock st...
May 27, 2021
Hyundai Card says won’t buy Citi Card

Hyundai Card has decided it would not acquire the credit card business unit of Citibank Korea, which has been up for sale following its parent company’s reorganization plans in Asia, the company said May 27. ”We have initially reviewed the case but concluded not to proceed acquisition (of Cit...
May 27, 2021
Authorities to discuss green finance during P4G Seoul Summit

South Korea’s top financial regulator said Thursday that it will host a special session ahead of the upcoming P4G Seoul Summit to discuss the finance industry’s role in the global fight against climate change. The event, “Role of Finance in Post COVID-19 Green Recovery,” will be convened vir...
May 27, 2021
Central bank says leveraged crypto trading threatens banking system

Leveraged cryptocurrency trading by individuals in South Korea threatens the nation’s financial system, Bank of Korea Gov. Lee Ju-yeol said on May 27. Given the price volatility of virtual assets, increased trading in such assets leaves Korea’s financial system subject to instability, Lee said...
May 20, 2021
Renewed real estate measures coming up in June: finance minister

Finance Minister Hong Nam-ki said on May 20 that the government will roll out changes to housing policies which may include real estate taxation reforms as early as next month. While maintaining the key framework and the stance of the real estate policy announced on Feb. 4, which focuses on easi...
May 17, 2021
Climate response fund to be set up in 2022 to bolster renewable energy transition

The South Korean government will support the development and commercialization of clean energy technologies and set up a climate response fund next year to achieve the goal of going carbon neutral by 2050. Finance Minister Hong Nam-ki said Monday that preparation for the scenario to achieve net ...
May 14, 2021
Real estate fiasco sidelines Moon’s income-led growth drive

Transforming South Korea’s economy into a fairer and more transparent one was what President Moon Jae-in had in mind when entering office in 2017. To soothe the public enraged over high-profile corruption involving the former president, his political archrival Park Geun-hye, Moon and his campai...
April 22, 2021
[Feature] Korea’s aging society faces burden of rising debts, heavy taxes

Cho Young-eun, a 68-year-old retiree in Seoul, thought she would have a comfortable life in the years ahead. She and her husband had an apartment to live in, and a pension and savings to cover their daily expenses. But her expectations were shattered when she learned about the tax hike on her ho...
April 11, 2021
NPS to widen domestic equity allocation range

South Korea’s National Pension Service has adjusted its rules to raise the strategic asset distribution limit for domestic stock holdings by 1 percentage point, Minister of Health and Welfare Kwon Deok-cheol said on April 9. “The proportion of strategic asset allocation limit for domestic equi...
March 30, 2021
Lending rate cap to be lowered to 20% from July

South Korea’s maximum legal interest rate that private lenders can charge customers will be lowered to 20 percent per annum from July, the nation’s top financial regulator said on March 30. A revised enforcement ordinance to cut the maximum lending rate suggested by the policymaking Financial ...
March 16, 2021
Tax agency cracks down on use of cryptocurrencies to hide assets

South Korea’s tax agency said on March 15 that it had caught more than 2,400 individuals who hid assets in virtual currencies to avoid taxation. The National Tax Service collected data from digital currency exchanges and caught 2,416 tax delinquents who had concealed assets through cryptocurren...
$Kakaopay CEO urges adoption of fractional share investing$

March 04, 2021
Kakaopay CEO urges adoption of fractional share investing

South Korea should adopt fractional share investing in order to enhance financial inclusiveness and diversify asset portfolio of small investors still rely heavily on real estates, the head of a local fintech firm suggested on March 4. By allowing investors to buy less than a full share, investo...
March 03, 2021
KDB commits $126m financing to satellite project

South Korea’s state-run lender Korea Development Bank said March 3 that it had agreed on a $126 million commitment to finance an artificial satellite project in Indonesia. KDB is the first Korean lender to finance a space satellite project. The bank’s funding is part of the latest batch of a...
February 26, 2021
[Exclusive] Korean investors' $16.8b coal exposure highlights call for climate action

Forty South Korean investors were found to have invested a total of $16.8 billion in securities issued by thermal coal-related companies worldwide as of January, data exclusively obtained by The Korea Herald showed Feb. 25. The figure highlights calls for more aggressive climate action on the pa...
February 22, 2021
[News Focus] Power struggle? FSC, BOK bicker over revision of payment settlement law

Tension between the nation’s financial regulator and the central bank are escalating over which institution should hold a supervisory authority in the area of online payment settlements emerging as a key financial transaction method in the era of digital economy. Payment settlement is the proces...

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