It has been revealed that foreign currency loans extended by South Korea’s top four banks have swelled to nearly 91 trillion won (US$68.27 billion) this year, with an increase of nearly 1 trillion won. This surge is attributed to the apprehension among businesses, driven by the continued volatility
As of the end of August this year, South Korea’s foreign exchange reserves were recorded at US$418.3 billion. This marks a decrease of US$3.5 billion compared to the previous month.On Sept. 5, the Bank of Korea announced the size of foreign exchange reserves and attributed the decrease to primarily
Mirae Asset Global Investments’ Indian subsidiary announced on Aug. 6 that it has completed an investment in a large-scale logistics center covering about 46,450 m² located in Mumbai.This marks the second deal after the company, as the first foreign asset management firm to enter India, directly inv
The author is an analyst for NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.With the resumption of Chinese group tours to Korea, we anticipate a rapid recovery in indicators, led by mass visitors. Particularly positive is the return of customers who have been absent for a l
Exports of cathode materials, one of the core materials for electric vehicle batteries, are surging. But experts have pointed out that much of the money that Korean companies make by exporting them ends up going to China as they import core raw material compounds such as lithium and precursors to ma
As South Korean President Yoon Suk-yeol embarks on a tour of Indonesia and India Sept. 5-10, much attention is being paid to the South Korean defense industry’s issues with Indonesia and India. Indonesia is a major defense export destination with which South Korea has close military ties, although t
The government is considering increasing the quota for foreign workers to address the labor shortages plaguing the shipbuilding industry. It has embarked on a comprehensive effort to support shipbuilding companies, including an increase in the refund guarantee (RG) fund to 400 billion won (US$303.15
The South Korean government’s initiative to issue “Samurai Bonds” has been seen as a signal of enhanced economic cooperation between South Korea and Japan. Following the government’s move to issue Samurai Bonds, there is growing interest in whether South Korean companies will also embark on yen-deno
POSCO International has laid the foundation for stably securing graphite, a raw material for anode materials for secondary batteries in Africa. In response to the U.S. Inflation Reduction Act (IRA), the company is accelerating its move to reduce its dependence on China in its battery supply chain.PO
The fate of the 11Street (11st) platform hangs in the balance as its planned Initial Public Offering (IPO) becomes uncertain, leading to speculations of a potential sale. The inability to complete the IPO within the timeline promised to investors has led SK square to consider divestment as an altern
On Aug. 31, Lotte Chemical announced that it has entered into a business agreement with the city of Cilegon, Indonesia, to bolster educational support and eco-friendly initiatives.The agreement ceremony was held on the 30th at the Cilegon City Hall. Representatives included Lim Dong-hee from Lotte C
KT announced on Aug. 31 that it will be hosting a conference with the Global System for Mobile Communications Association (GSMA) named Mobile 360 Asia Pacific (M360 APAC) at the Westin Chosun Hotel in central Seoul Sept. 7-8.The M360, held continentally, witnesses participation from over 1,000 major
Korea Easy Payment Foundation, the official operator of ZeroPay, announced the introduction of Alipay+ global cross-border digital payments and marketing solutions at over 1.7 million merchants across South Korea, in a move to further ensure a smooth and convenient experience for Asian tourists.Star
SK Group has embarked on the sale of its stake in Londian Wason, the parent company of the world’s largest copper foil manufacturer Wason. This move comes approximately four years after its initial investment in 2019 and if successful it is expected to realize profits of around 1 trillion won (US$75
Hanwha Ocean will build global production centers for submarines in North America (Canada) and Europe (Poland). The company has recently reorganized its submarine-related specialty ship organization to focus on domestic and international submarine orders worth a total of 80 trillion won.On Aug. 30,
Hyundai Motor’s losses in Russia are snowballing as the Ukraine-Russia war has been dragging on, paralyzing the Korean automakers’ factories. In recent years, the Russian government has been nationalizing assets of foreign companies that left the country, raising the risk that Hyundai Motor will be
The government, in a joint effort with the private sector, is establishing a “Startup Korea Fund” with a total size of 2 trillion won (US$1.51 billion) by 2027 to support the global expansion of deep tech and startups.The Ministry of SMEs and Startups (MSS) announced the “Comprehensive Startup Korea
Mirae Asset Securities announced on Aug. 30 that the inflow of overseas stocks from foreign depositories has exceeded 2 trillion won (US$1.51 billion). This growth is attributed to increased demand for stock compensation system consulting services targeting employees of overseas companies.According
Despite the rain on the afternoon of Aug. 28, the streets of Myeongdong in Seoul were bustling with foreign tourists. However, groups of Chinese tourists were noticeably absent. Volunteers stationed around the area were busier assisting in English and Japanese than in Chinese.China recently allowed
The government has supplied more than 10,000 workers, both nationals and foreigners, to the shipbuilding industry in the first half of this year. Out of these, foreign workers totaled 8,300.According to the Ministry of Trade, Industry, and Energy and the Ministry of Justice, a total of 11,104 produc