Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
Unsecured national debt to soar to nearly W800tr next year
Korea's national debt that relies solely on taxpayers' funds for repayment is forecast to soar to a staggering 792.4 trillion won ($601 billion) next year, which more than doubled compared to the figure in 2017, according to a government report released Sunday. In 2017, the unsecured debt amounted to 374.8 trillion won, and over the course of seven years, this figure has steadily climbed, now approaching 800 trillion won. Among the forthcoming 1,190 trillion won of total national d
Industry Sept. 3, 2023
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Government attempts to reassure KFCC depositors
The government on Thursday stepped in to soothe public anxiety over the Korean Federation of Community Credit Cooperatives (KFCC), as depositors' distrust toward the nation's primary mutual financial institution lingers over its high delinquency rates. The joint briefing was organized by relevant agencies including the Ministry of the Interior and Safety, the Financial Services Commission and the KFCC. "Customer assets, including savings deposits, are guaranteed to remain secure u
Industry Aug. 31, 2023
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DGB to establish asset management firm in Singapore
DGB Financial Group, a Korean financial holding company, said it plans to establish an asset management company in Singapore. The company recently submitted an application to the Monetary Authority of Singapore seeking a license to operate as a registered fund management company. "Our primary focus for now is securing the approval as Singapore financial authorities have tightened their approval processes due to the substantial influx of Hong Kong funds into the country," a DGB Financia
Industry Aug. 29, 2023
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Export slump to recover in first half of 2024: KITA
Korea's export downturn will see a recovery in the first half of next year, with the semiconductor market expected to rebound in the fourth quarter of this year, the Korea International Trade Association forecast on Monday. The prediction was based on findings that the primary factor behind Korea's export slump is the slowdown in the global information and communications technology market, according to KITA. “Upon closer examination, I realized that the decrease in the global d
Industry Aug. 28, 2023
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China's property woes will have minimal impact on Korea: FSC
South Korea’s financial authorities downplayed the possibility that the uncertainties stemming from the Chinese real estate crisis will have a serious and direct impact on domestic financial markets. “There is no need to feel excessively anxious, as the stable fundamentals of the Korean economy and financial market are being maintained," Kim So-young, vice chairman of the Financial Services Commission, said during an emergency meeting held Tuesday in Seoul, with representatives
Industry Aug. 23, 2023
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KB, Citibank launch first joint branch in Daejeon
KB Kookmin Bank, South Korea's leading commercial bank, and Citibank Korea inaugurated a joint branch in Daejeon on Monday, according to the Korean lender. Typically, when a bank's branch faces challenges in sustaining its operations while demand still exists in the area, the option of establishing a joint branch is contemplated, an official from KB Kookmin Bank explained. The joint branch will consist of a KB Kookmin Bank branch on the second floor of Citibank's current Daejeon J
Industry Aug. 22, 2023
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Yeouido to go English-friendly to attract investment
The Seoul Metropolitan Government said Monday that it has begun turning Yeouido, home to finance and investment banking businesses in Seoul, into a more English-friendly area in a bid to transform it into a global financial hub. “In the long term, we are considering the possibility of making English the official language of Yeouido to attract foreign investment,” Seoul Metropolitan Government official Kim Guk-jin said. “However, this cannot be accomplished in the short term, so
Industry Aug. 21, 2023
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A third of global GDP covered by Korea-US-Japan partnership
The leaders of South Korea, the US and Japan reached an agreement to establish a trilateral economic security partnership, during a summit held at the Camp David presidential retreat in Maryland on Friday. The trilateral summit was held between Korean President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Fumio Kishida. "We anticipate enhanced stability within our supply chains, financial markets and foreign exchange markets, along with seamless collaboration in cutti
Industry Aug. 20, 2023
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FSC vows to tackle overheated themed stocks
Kim So-young, vice chairman of the Financial Services Commission, stressed the agency's commitment to shielding investor trust from volatile themed stocks. “During the second half, we will strengthen our efforts to address the issue of excessive investment concentration in themed stocks,” Kim said during a press conference held at the Central Government Complex in Seoul on Thursday. The FSC's stance on themed stocks follows a recent surge in volatility in Korean seconda
Industry Aug. 17, 2023
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Government to boost exports with W23tr financial support plan
In a bid to bolster the competitiveness of the country's exports, which form the foundation of Korea's economy, the government has introduced an additional 23 trillion won ($17.18 billion) financial support plan, building upon a prior 16.7 trillion won initiative in funds for export enterprises. The "Comprehensive Export Finance Support Plan" comes after the fourth meeting on export strategy convened by President Yoon Suk Yeol in February. "Korea's exports have face
Industry Aug. 16, 2023
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Foreign investment banks lukewarm on Korea’s near-term growth
Global investment banks offered a lukewarm outlook for South Korea’s near-term growth, with their average projection for 2024 remaining at 1.9 percent as of July, according to a report from the Korea Center for International Finance on Monday. If the Korean economy aligns with these forecasts and achieves 1 percent growth for two consecutive years, it would be the first time since collecting a growth rate statistic in 1954. The Korean economy's growth rate has fallen below 2 percent o
Industry Aug. 14, 2023
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[70th Anniversary] Citibank director counts on The Korea Herald's restless reinvention
In the eyes of Jason Batman, the managing director responsible for Citibank's treasury and trade solutions division, there's a remarkable parallel between Citibank Korea and The Korea Herald. Both entities function as essential conduits that forge connections between Korea and the rest of the world. "Korean conglomerates look at Citibank and see access to the global infrastructure of banking. A one-stop shop that can cater to their needs in 95 markets worldwide," Batman said
70th anniversary Aug. 13, 2023
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Toss Bank logs first monthly profit in July
Toss Bank, the internet-only banking arm of fintech giant Viva Republica, has reported its first monthly profit of approximately 1 billion won ($755,000) in July since its launch in October 2021, according to the lender on Friday. Toss Bank traditionally discloses its net profits and losses only on a quarterly basis. The turnaround was first announced to Toss Bank employees through an internal company bulletin on Wednesday. With the improving performance, both industry insiders and Toss Bank its
Industry Aug. 11, 2023
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Foreign Ministry hopes for smooth resolution on Iran's frozen funds
South Korea’s Ministry of Foreign Affairs on Friday expressed hope for a "seamless resolution" after the release of news reports that Iran has secured assurances from the US that it would be able to unfreeze its funds in Korea. "Our government has been closely collaborating with relevant countries such as the US and Iran to address the frozen fund issue,” an official from Korea’s Ministry of Foreign Affairs added during a meeting with local press Friday. Accord
Industry Aug. 11, 2023
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[Herald Interview] ‘Empowering women goes beyond representation’
Achieving diversity and inclusion within a company goes beyond merely increasing the quantity and presence of female employees, said Tanuj Kapilashrami, the head of human resources at Standard Chartered Bank. In a country that often ranks near the bottom of global gender equality indices, SC Bank Korea has achieved approximately 30 percent representation of senior female leaders. “In Korea, we've made great progress. I'm incredibly proud of the fact that 30 percent of our senio
Industry Aug. 10, 2023
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