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The Korea Herald

Markets

March 08, 2024
S&P cuts outlook on Mirae Asset Securities, Korea Investment & Securities

S&P Global Ratings on Thursday lowered the outlook for two major Korean asset management firms, Mirae Asset Securities and Korea Investment & Securities, from "stable" to "negative." The agency kept their long-term issuer credit ratings at BBB and short-term ratings at A-2. The negative outlook r...
March 08, 2024
Moody's turns negative on Korean banks' ratings outlook

Ratings agency Moody's downgraded the outlook on the South Korean banks' credit rating to "negative" from "stable" Thursday, predicting their asset quality and profitability will weaken. The agency released a report on the Korean banking system and lowered the credit ratings outlook of 19 South Ko...
March 08, 2024
Finance chiefs of S. Korea, Vietnam discuss cooperation

South Korean Finance Minister Choi Sang-mok held talks with his Vietnamese counterpart Friday and asked the Southeast Asian government to further improve the business environment to seek closer ties. Choi met his Vietnamese counterpart, Ho Duc Phoc, in Seoul to discuss ways to further bolster bila...
March 08, 2024
S. Korean antitrust regulator takes steps to penalize Meta

South Korea's antitrust watchdog has taken steps to penalize Meta Platforms for allegedly failing to protect local consumers on its e-commerce platforms of Facebook and Instagram, sources said Friday. The Fair Trade Commission (FTC) has concluded its investigation into Meta's purported violations ...
March 07, 2024
Woori revamps private banking service

Currently, the bank employs approximately 640 private banking specialists dedicated to selling products for private banking and investment. Additionally, the bank is implementing a more intricate self-inspection process for customers before purchasing high-risk products. Following contract signing...
March 07, 2024
Eximbank, US energy department join hands on supply chain resilience

The state-run Export-Import Bank of Korea said Thursday that it has inked a memorandum of understanding with the US Department of Energy to bolster their partnership in supporting the Korea-US supply chain and sustainable energy projects between the two nations. This marks the first time Eximbank ...
March 07, 2024
AmCham holds policy talks with FTC chief

Fair Trade Commission Chair Han Ki-jeong on Thursday shared the key policies of the antitrust regulator for this year, including the controversial anti-monopoly platform bill, at a conference hosted by the American Chamber of Commerce in Korea. “The Fair Trade Commission will strive to establish ...
March 07, 2024
[KH Explains] ‘Kimchi premium’ returns, but weaker

With the unprecedented global rally of bitcoin seen earlier this week, the “kimchi premium,” referring to the price discrepancy in cryptocurrency between Korea and other international markets, has soared as well. The gap had widened to 12 percent as of 5 a.m. Wednesday, meaning the bitcoin that ...
March 07, 2024
Finance minister stresses banks' role in FX market reform

Finance Minister Choi Sang-mok on Thursday asked for major banks' role and support for the successful reform of the foreign exchange market, the finance ministry said. Choi made the request during a meeting with the chiefs of KB Kookmin Bank, the state-run Korea Development Bank, Shinhan Bank, Woo...
March 07, 2024
Lotte E&C reduces liabilities by securing $1.7 billion

South Korean embattled builder Lotte E&C announced Thursday that it has successfully completed a 2.3 trillion won ($1.7 billion) real estate project financing (PF) fund, which was raised in collaboration with commercial banks and other financial institutions. This financing was fully funded, along...
March 07, 2024
4 carmakers to recall nearly 70,000 vehicles for faulty parts

Hyundai Motor, BMW Korea and two other carmakers will recall nearly 70,000 vehicles due to faulty components, the transport ministry said Thursday. The four companies, including Kia and Stellantis Korea, are voluntarily recalling a total of 69,044 units of 43 different models, the Ministry of Land...
March 07, 2024
Seoul court upholds injunction to keep SK hynix official from moving to Micron

South Korean semiconductor powerhouse SK hynix has won a non-compete injunction against a former researcher who left to work for its US chipmaking rival Micron Technology, sources said Thursday, amid an intensifying race for cutting-edge artificial intelligence (AI) chips. Last month, a Seoul cour...
March 07, 2024
Posco mulls LFP joint venture with Chinese firm

Kim indicated a phased approach to collaboration with Chinese entities and stressed the necessity to promptly finalize agreements concerning the IRA and the Advanced Manufacturing Production Credit. Kim echoed the sentiments of chairman-nominee Chang In-hwa regarding the company's unwavering commi...
March 06, 2024
Korea on guard against inflation

Consumer price growth resurged to above 3 percent in February, showing that Korea may be facing stickier-than-expected inflation. Consumer prices, a key gauge of inflation, advanced 3.1 percent on-year last month, according to data from Statistics Korea. Though price growth fell to 2.8 percent in...
March 06, 2024
NH Bank cracks down on W11b internal failure

A NongHyup Bank employee is being investigated by local police for possible embezzlement reaching nearly 11 billion won ($8.2 million), the bank disclosed on Wednesday. The bank's internal investigation revealed a financial irregularity that could extend up to 10.95 billion won, which is the total...

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Herald Corporation |CEO : Choi Jin-Young |Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea |Title : The Investor |Date of registration : 2016.06.21 |Date of issue : 2016.06.21
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