Toss Bank, Kiwoom Bank likely to renew challenge with improved proposals

Global rating agency Moody's Investors Service said Monday that it is maintaining its rating on South Korea at "Aa2" with a stable rating outlook.  Moody's rating for Asia's fourth largest economy has been Aa2, the third-highest level on the company's table, since 2015, when the rating agency upgraded it from Aa3.  "The Government of Korea's (Aa2 stable) credit profile balances the country's very strong economic and fiscal fundamentals against high exposure to event

The total assets under management by South Korea's state pension fund exceeded the 700 trillion won ($596 billion) mark for the first time three decades after its birth, data showed Monday.The milestone comes 31 years after Asia's fourth-largest economy launched the income support program with its assets being equivalent to 37 percent of the country's gross domestic product, according to the data compiled by the National Pension Service, the fund's operator.As of Friday, the fund's assets stood

South Korea's finance minister on Monday pressed Japan to withdraw its export restrictions on key semiconductor materials as the Japanese move could have a negative impact on the global economy.Hong Nam-ki, the minister of economy and finance, said Japan's export restrictions run counter to the principles of the World Trade Organization.The comments came days after Japan began to tighten regulations on exports to South Korea of high-tech materials essential for the production of semiconductors a

Sales of South Korea's corporate bonds hit a record high in the first half of the year, as low interest rates prompted companies to sell more debt, data showed Monday.  The corporate debts floated in the January-June period, including bank bonds and asset-backed securities, stood at 48.8 trillion won ($41.5 billion), up 12.7 percent from a year ago, according to the data by the Korea Financial Investment Association.  It was the largest corporate offerings on a half-year basis, th

FSC chief dispels concerns, saying Japan’s possible withdrawal won’t affect market

Management in Korea is a regular column written by representatives of Egon Zehnder Seoul. It touches on various topics concerning Korean enterprises and business leaders and offers management tips. -- Ed.Chaebol played a critical role in South Korea’s recovery after the Korean War and then in enabling the nation to become an economic powerhouse. But to remain competitive in today’s environment, it is essential for Korea to also have vibrant small and midsized businesses to drive inno

　With housing prices in Seoul showing clear signs of rebounding, the government is considering taking steps to rein in the overheated market.　Officials at the Ministry of Land, Infrastructure and Transport said Sunday that the ministry will intervene if housing prices in Seoul grow faster than expected on the basis of government projections. 　According to the Korea Appraisal Board last Monday, Seoul apartment prices had increased 0.02 percent from a week before, ending a downward trend that went

South Korea’s top fiscal policymaker said Friday he is likely to meet the top executives of Samsung Group and other ranking conglomerates to address Japan’s export restrictions.“There seems to be no reason why I shouldn’t meet (with them),” said Deputy Prime Minister and Finance Minister Hong Nam-ki.“I shall confirm (the details) after discussing (the possibility of the meeting) with Cheong Wa Dae.” The remarks came in answer to the reporters’

　South Korea on Thursday delivered a stern warning to Japan regarding restrictions on exports of high-tech materials to Korea, calling Japan’s decision a breach of international law and vowing “corresponding steps” if necessary. 　“Japan’s export restrictions are a form of political retaliation that violate international law,” the National Security Council of the presidential office Cheong Wa Dae said in a press release.　In the meeting, chaired by Presidential

South Korea's current account balanced turned to black in May, one month after the country posted its first deficit in seven years amid sluggish exports, central bank data showed Thursday.The country's current account surplus came to $4.95 billion in the month, marking a turnaround from a $660 million deficit the month before, according to preliminary data from the Bank of Korea. The turnaround was largely attributed to a $1.16 billion surplus in the primary income account, which in April posted

‘Japan’s export curbing actions were not reason for figure revision’

‘Japan’s export curbing actions were not reason for figure revision’

South Korea's trade ministry said Wednesday it will hold the second round of negotiations with Chile on revising their bilateral free trade agreement that went into effect in 2004.The two-day talks, which will be held in Chile from Thursday, will focus on expanding the scope of free trade and updating terms of the 15-year-old FTA, according to the Ministry of Trade, Industry and Energy.Chile was South Korea's first FTA partner. Two-way trade volume quadrupled to US$6.28 billion last year from $1

South Korea’s government on Wednesday revised the growth rate forecast for this year to 2.4-2.5 percent, down 0.2 percentage point from its earlier figure, amid sluggish exports and investments.It also reiterated the call for the National Assembly to approve the pending supplementary budget bill of 6.7 trillion won ($5.7 billion), vowing to execute 70 percent of the amount within two months. “The government has devoted maximum efforts for an economic paradigm conversion but uncertain