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The Korea Herald

Economy

June 23, 2020
Tokyo’s bid to replace HK threatens Seoul’s dream of becoming financial hub

Turning Seoul into a new financial hub in Asia has for long been a campaign promise of local politicians cutting across party lines. Seoul Mayor Park Won-soon, who is now in his third term, is no exception. He had even announced plans to replace old apartment buildings with high-rises of up to 50...
June 08, 2020
Authorities to open up public financial database to public for innovation

As part of its move to nurture the data-based financial industry and financial technology businesses, Korea’s financial authorities will open up 44.5 million pieces of public financial data to the public for free, starting on June 10, regulator Financial Services Commission said on June 8. The r...
May 29, 2020
FTC approves Hyundai Oilbank-SK Networks merger

South Korea’s antitrust watchdog has approved Hyundai Oilbank’s plan to take over SK Networks’ gas station business, officials said on May 29. Upon the approval, Hyundai Oilbank has become the second-largest in the industry in terms of the number of gas stations as it has acquired 306 SK Netwo...
May 13, 2020
Cosmetics exporters eye expansion in China with regulation changes

With the Chinese government poised to revise its regulations on beauty products for the first time in 30 years, South Korean cosmetics firms are seeking to expand shipments to their largest export market, a government agency said on May 13. Under the current regulations, exporters must pass a com...
April 21, 2020
[Herald Interview] Patent attorney takes on Chinese IP brokers, discusses misperception on China

December was one of the most memorable months in Ryu Sung-won’s career. The patent attorney with 16 years of experience had concluded a 15-month legal journey, winning back 53 brands whose trademarks were stolen in China. In 2018, on behalf of the 53 Korean companies, Ryu, managing partner of J...
April 06, 2020
Cyberattacks in Korea spike on virus crisis

The number of cyberattacks in South Korea spiked in the first quarter this year, due to the number of people working remotely amid the novel coronavirus outbreak, according to SK Infosec on April 6. The nation‘s biggest data security solution provider detected 1.74 million cyberattacks in the f...
March 25, 2020
Remote work culture finally takes off in Korea, but will it stick?

Various industries in South Korea have been forced into a mass experiment with the remote work system, intent to flatten the spread of COVID-19 since January. With more people working from home, demand for telecommuting solutions has also been rapidly rising. A number of Korean and multinationa...
March 24, 2020
Impact of plunging oil prices on Korean markets

The plunging crude oil prices may increase pressure on South Korea’s financial market with rising volatility forcing investors to secure cash, not to mention its negative impact on the economy. The sharp drop in oil prices in recent weeks has rattled the stock market, already reeling from the de...
March 18, 2020
New coronavirus outbreak: desperate crisis for shopkeepers

While all industry sectors in South Korea are struggling to handle the economic impact of COVID-19, the nation’s 5.48 million self-employed and small business owners are among those suffering the most. Oh Myong-seok, who has been running a 24-hour diner in Yongsan, Seoul, for seven years, is exp...
March 13, 2020
[COVID-19 Impact] South Korea‘s economic rebound loses heat

After struggling with a record-low growth pace last year, South Korea’s economy was aspiring to make a rebound in 2020, hopefully on the back of global trade improvements and a chip industry recovery -- until suffering the harsh blow of the novel coronavirus. As of December, major global organiz...
March 13, 2020
[COVID-19 Market Impact] IPOs, business meetings delayed, commercial banks on high alert

Local brokerages and banks in Yeouido, the country’s main investment and financial district, have allowed employees to work from home as part of efforts to contain the new coronavirus. Over 73 percent of the nation’s financial companies are reviewing telecommuting plans, according to a poll condu...
March 13, 2020
[COVID-19 Market Impact] Stocks in steep decline, fear spreads to real estate, M&As

The commercial real estate segment will also likely feel the pinch if the pandemic causes a global economic downturn, according to property management firm CBRE. “A negative impact on demand for office space is inevitable if the coronavirus crisis lingers,” the company said in a recent repo...
March 11, 2020
Foreign banks fined W1.3b for fixing prices of forex derivatives

South Korea’s antitrust watchdog said on March 11 that it had fined four foreign banks a total of 1.3 billion won ($1.1 million) for fixing the prices of foreign exchange derivatives and manipulating the bidding process when dealing with local firms. According to the Fair Trade Commission, Citib...
March 09, 2020
KCCI calls for W40tr extra budget to revive economy

Korea Chamber of Commerce and Industry Chairman Park Yong-maan said Monday that the supplementary budget currently being discussed at the National Assembly should be expanded to 40 trillion won ($33 billion) as the coronavirus damage is likely to continue for a considerable period of time. “This...
February 27, 2020
Rents, commissions lowered as virus rages through economy

As the economy in Korea shoulders headwinds from weakened consumer sentiment due to the coronavirus spread, a number of companies and building owners are coming up with self-rescue measures to help prop up the ecosystem. Telecom giant KT announced Thursday it will reduce three months’ rent for s...

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