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MSCI sees limited progress in Korea’s market accessibility
Korea’s investment barriers for foreign investors remain in place despite recent foreign exchange market reforms, Morgan Stanley Capital International said Friday, casting doubt on the country’s prospects for an upgrade in MSCI’s index system. In its 2025 Global Market Accessibility Review, released ahead of next week’s annual market reclassification announcement, MSCI acknowledged that Korea has implemented “a series of foreign exchange market reforms,” including allowing global financial insti
June 20, 2025 -
Korea unveils W30.5tr stimulus to revive growth, ease household strain
Just two weeks into office, President Lee Jae Myung’s administration has unveiled a proposal for a 30.5 trillion won ($22.1 billion) supplementary budget aimed at jump-starting the sluggish economy. The package includes a 10.3 trillion won revenue revision — the first in five years. “Fiscal soundness and adherence to balanced budgeting are important, but the current downturn is too severe for the government to stand by,” Lee said during a Cabinet meeting on Thursday. “It is time to put public fi
June 19, 2025 -
Korea’s tax agency joins IOTA assembly to boost European cooperation
The National Tax Service of Korea said Thursday that it participated in the 29th Intra-European Organisation of Tax Administrations General Assembly held in Baku, Azerbaijan, this week for strategic expansion into the European market. As an associate member of IOTA, the NTS attended the event to explore opportunities for expanding tax cooperation with European tax authorities. The two-day meeting on Wednesday and Thursday brought together tax officials from 44 member countries, along with repres
June 19, 2025 -
S. Korea has 10th-most millionaires in world
South Korea had the world’s 10th-highest number of millionaires globally last year, with 1.3 million individuals holding wealth exceeding $1 million, or 1.37 billion won, a report showed Thursday. According to the Global Wealth Report 2025, released by Swiss investment bank UBS, the figure marked a slight increase from 1.2 million recorded in 2023, placing the country 10th among 56 countries surveyed. There were about 60 million millionaires globally, holding a total of $226.47 trillion in wealt
June 19, 2025 -
Shinhan Bank launches FDI support unit to aid foreign investors
Korean financial provider Shinhan Bank announced Thursday the launch of "Shinhan FDI Partners," an organization dedicated to providing comprehensive support services for foreign direct investment in Korea. The initiative is designed to streamline the investment process for foreign individuals and corporations while enhancing consulting services for domestic firms seeking global expansion. The new unit will serve as a one-stop platform, staffed by experts across three teams: the Global Investment
June 19, 2025 -
Baemin to exempt commissions on orders under 10,000 won
Delivery application Baemin will not be charging stores for brokerage fees on small orders of 10,000 won ($7.20) or less, the operator of the largest online delivery service in Korea said Thursday. Woowa Brothers Corp., the app's operator, said it has reached a provisional agreement with local trade associations representing franchise store owners, including the Korea Franchisee Union. This is part of the company's three-year plan to subsidize 300 billion won for the store owners using its servi
June 19, 2025 -
S. Korea vows enhanced market monitoring, swift responses amid Middle East crisis
The government will enhance monitoring of the economy and financial markets and devise appropriate responses based on contingency plans amid escalating tensions in the Middle East, the finance ministry said Thursday. The pledge was made during a meeting on macroeconomic issues presided over by Acting Finance Minister Lee Hyoung-il and attended by Bank of Korea Deputy Gov. Ryoo Sang-dai, along with senior officials from the Financial Services Commission and the Financial Supervisory Service, acco
June 19, 2025 -
US Fed leaves key interest rate unchanged, still projects 2 cuts this year
The US Federal Reserve on Wednesday held its benchmark interest rate steady and continued to project two rate cuts this year, as it remains in a wait-and-see mode to assess the impact of President Donald Trump's tariff policies and the deepening Israel-Iran conflict. Following the two-day Federal Open Market Committee meeting, the central bank decided to keep the key rate at the 4.25-4.50 percent range, as Trump has been ratcheting up pressure on Fed Chair Jerome Powell to lower the rate. FOMC m
June 19, 2025 -
BOK chief backs need for won-based stablecoin, warns of FX risks
Bank of Korea Gov. Rhee Chang-yong said Wednesday that he is not opposed to the issuance of a Korean won-pegged stablecoin and, in fact, sees a need for it. When asked whether the issuance of a won-based stablecoin could trigger inflation by increasing the money supply, Rhee clarified his position. “I do see the need for a won-backed stablecoin. Let me be clear — I am not against it,” he said during a press conference held at the central bank’s headquarters. He added that the impact of such a st
June 18, 2025 -
Global banks eye Kospi 3,200 breakout
Major foreign investment banks are turning increasingly bullish on Korea’s equity market, with projections suggesting the benchmark Kospi could climb over 3,200 points within the next 12 months, driven by government-led reforms aimed at improving corporate governance and bolstering shareholder protections. Citigroup raised its 2025 Kospi target to 3,300, up from a previous projection of 2,900, citing President Lee Jae Myung’s push to overhaul the chaebol-dominated corporate governance system lon
June 18, 2025 -
Top 100 firms contribute over W1,600tr to economy in 2024
South Korea's top 100 companies contributed more than 1,600 trillion won ($1.16 trillion) to the national economy in 2024, with Samsung Electronics Co. topping the list for the second consecutive year, a market tracker said Wednesday. Their combined economic contribution reached 1,615.2 trillion won, up 3.9 percent from 1,554.9 trillion won the previous year, according to CEO Score. Samsung Electronics' contribution rose 7 percent on-year to 157.5 trillion won. The 100 companies are among the na
June 18, 2025 -
AmCham wraps up 2025 Washington Doorknock with push for deeper US-Korea economic ties
The American Chamber of Commerce in Korea said Tuesday it successfully concluded its 2025 Washington Doorknock from June 9 to 12, marking a major private-sector engagement with the US under Korea’s new administration. Led by Chairman and CEO James Kim, the AmCham delegation held nearly 40 meetings with government officials, lawmakers and policy experts. Key discussions took place with officials from the Departments of the Treasury, Commerce, State, Energy and Defense; the US Trade Representative
June 17, 2025 -
Korea Eximbank backs record solar project in Saudi Arabia with $225m loan
South Korea’s policy lender will provide $225 million in project financing for a solar power plant in Saudi Arabia, the largest overseas solar project undertaken by a Korean company, the Export-Import Bank of Korea announced on Tuesday. In November, a consortium led by the United Arab Emirates' global renewables company Masdar, secured the project to build a solar power plant in the Sadawi desert area, 523 kilometers north of Riyadh. The state-run Korea Electric Power Corp. and GD Power of China
June 17, 2025 -
Weakening corporate efficiency, infrastructure undermine S. Korea's competitiveness: report
South Korea's global competitiveness ranking fell by seven notches this year, as corporate efficiency and infrastructure showed signs of decline, a report showed Tuesday. According to the 2025 report by the International Institute for Management Development, Korea ranked 27th in terms of global competitiveness among 69 countries surveyed, sharply down from a record-high 20th place last year. The Switzerland-based institution has released the annual report since 1989, evaluating the competitivene
June 17, 2025 -
S. Korea's global competitiveness falls 7 notches to 27th in 2025: report
South Korea's global competitiveness ranking dropped seven notches in 2025, largely due to declines in corporate efficiency and infrastructure, a report showed Tuesday. According to the finance ministry, the latest report from the International Institute for Management Development showed South Korea ranked 27th among 69 countries surveyed, down from a record high 20th place last year. The IMD, a Switzerland-based business school, has published its annual World Competitiveness Ranking since 1989,
June 17, 2025