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South Korea's economy extended its growth in the second quarter, weathering oil price volatility sparked by conflict in the Middle East, as robust chip exports fueled the expansion. According to preliminary data released by the Bank of Korea on Thursday, the country's real gross domestic product — a key gauge of economic growth — expanded 0.6 percent in the April-June period from the previous quarter, following a revised growth of 1.8 percent in the first months of this year. "Although (gross d
US President Donald Trump’s repeated mentions of South Korean shipbuilders for its Navy buildup have raised expectations that companies like Hanwha Ocean and HD Hyundai Heavy Industries could play a bigger role in modernizing the country’s aging naval fleet. The momentum is real. Since South Korea and the US launched their shipbuilding partnership under the “Make America Shipbuilding Great Again” initiative last August, the two sides have moved from broad political commitments toward concrete co
The American Chamber of Commerce in Korea said Wednesday it concluded its annual Washington Doorknock mission after four days of high-level meetings in Washington from July 13 to 16. The delegation held more than 30 meetings with senior officials from the US administration, Congress, leading business organizations and policy institutions. This year's program also launched K-Doorknock, a new initiative aimed at engaging Korean companies that are expanding investment and business operations in the
Should someone who owns one ultra-expensive Seoul apartment receive more tax protection than a person with several modest homes in regional cities? And does owning only one property necessarily make it a home rather than an investment? Those questions are at the heart of what could become the biggest rethink of South Korea's property tax system in years. Long centered on the distinction between single-home and multiple-home owners, the system is now being reassessed around a different set of cri
Mirae Asset Financial Group’s acquisition of local cryptocurrency exchange Korbit marks the first takeover of a digital asset exchange by a financial group in South Korea. The move signals regulators' growing willingness to allow traditional financial groups to expand into digital assets. Earlier this month, the country's antitrust watchdog approved Mirae Asset Consulting's acquisition of a 92.06 percent stake in Korbit. The unit is the de facto holding company of the brokerage-led financial gro
As South Korean institutional investors grapple with a wave of distressed overseas real estate assets, the need for specialized workout capabilities has become increasingly important, according to Tailwind Real Estate Partners. Before the Covid-19 pandemic, local institutional investors aggressively expanded their overseas real estate exposure, snapping up high-profile properties in the US, such as trophy office assets in Manhattan. The sharp rise in interest rates and structural changes in the
The Bank of Korea raised its benchmark interest rate for the first time in more than three years on Thursday, as stronger-than-expected economic growth provided the central bank with greater room to tackle mounting inflationary pressures. The BOK's monetary policy board voted unanimously to raise the benchmark rate by 0.25 percentage points to 2.75 percent, ending a yearlong pause in its policy cycle. The move marked the BOK's first rate hike since January 2023, when it raised borrowing costs to
The Bank of Korea on Thursday raised its benchmark interest rate for the first time since May 2025, ending a pause in monetary policy that had persisted for more than a year, as mounting inflationary pressures and the prolonged weakness of the won strengthened the case for further monetary tightening. The Monetary Policy Board agreed to raise the benchmark interest rate by 0.25 percentage point, bringing the base rate to 2.75 percent. The decision came as surging global oil prices triggered by t
South Korea on Tuesday raised its 2026 economic growth forecast from 2 percent to 3 percent and unveiled plans to turn the current semiconductor boom into a lasting increase in the country's growth potential. The government expects nominal gross domestic product to expand 12.3 percent this year — the fastest pace in three decades. Exports are projected to surge 40 percent, while the current account surplus is forecast to more than double to a record $290 billion, driven by soaring semiconductor
A wave of single-stock leveraged exchange-traded funds tied to SK hynix's newly listed US shares is set to hit the market this week, underscoring growing investor demand for products linked to the South Korean chipmaker. US ETF issuers are lining up to launch products tied to the chipmaker, following the strong Nasdaq debut of SK hynix's American depositary receipts, which jumped 13.08 percent from their offering price to close at $168.49 on Friday. The flurry of ETF launches underscores growing
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