South Koreans' investments in foreign assets have reached a record high, while foreign investors continue to pull out of the local market, pushing the gap to an all-time high. According to Bank of Korea's International Investment Position report for the third quarter, the nation's net foreign financial assets in the came to $977.8 billion as of the end of September, up $119.4 billion from the previous term. This marked the third consecutive quarter of growth, with the increase bei

The International Monetary Fund on Wednesday lowered its economic growth forecast for South Korea to 2 percent next year, down from 2.2 percent projected in October, citing high uncertainties and weak domestic demand. The announcement came after a team of IMF officials led by Korea mission chief Rahul Anand made a two-week visit to Seoul for an annual country meeting with the finance ministry, the Bank of Korea and other institutions to discuss the country's economic policy measures. "

Lotte Group's stock plummeted to record lows on rumors of a liquidity crisis, but experts claim these concerns are overstated and emphasize the need for better debt control. The holding company’s stock closed at 20,550 won ($14.80) on Monday, down 6.6 percent from the previous day, while Lotte Chemical saw the sharpest decline among its subsidiaries, falling 10.22 percent to 65,900 won and reducing its market capitalization to 2.82 trillion won, a 15-year low. Both stocks hit 52-week

South Korean prosecutors raided the headquarters of Woori Bank on Monday as part of an ongoing probe into alleged improper loans linked to family members of former Woori Financial Group Chairman Son Tae-seung. The Seoul Southern District Prosecutors' Office searched offices at Woori Bank’s central Seoul headquarters, including those of the group chairman and the bank’s CEO, seeking internal documents, payment records and transaction logs tied to the alleged 35 billion won ($25 m

Hana Financial Group Chairman Ham Young-joo pledged to enhance wealth management services tailored to senior generations in Hong Kong, emphasizing the group’s global expertise and commitment to deepening ties between South Korea and the city’s financial sectors. Ham made the remarks during a meeting Thursday with Peter Lam, chairman of the Hong Kong Trade Development Council, following the South Korean financial delegation’s investor relations event in the city. The meeting als

Korean platform companies are increasingly setting sights on US listings as the domestic stock market loses momentum. Viva Republica, the operator of financial app Toss, recently paused its initial public offering plans in Korea to explore a US listing instead. “We are considering the US as our listing destination over Korea, but no specific plans or timeline have been set,” a Viva Republica official said Wednesday, noting that both markets remain options. Viva Republica’s pivo

Hankook & Co., the holding firm of Korea's largest tire maker Hankook Tire & Technology, announced Friday that it has signed a definitive agreement to acquire a stake in Seoul-based automotive parts supplier Hanon Systems. Under the agreement, Hankook & Company will purchase a 23 percent stake in Hanon Systems from private equity firm Hahn & Co. for approximately 1.23 trillion won, finalizing the deal about six months after the two companies signed a memorandum of understand

Viva Republica, the company behind the popular financial app Toss, is now aiming for a US market debut, pivoting from its initial plan to list in Korea. “We are considering the US as our listing destination over Korea, but no specific plans or timeline have been set,” a Viva Republica official said Wednesday, adding that while they are focusing on the US, a debut there has not yet been set. The confirmation follows reports from the previous day that Viva Republica has decided to drop

The Asia-Pacific region’s largest annual tax administration meeting launched Tuesday in Seoul, bringing together top tax officials from 18 countries to advance tax administration and bolster international cooperation. The 53rd annual meeting of the Study Group on Asia-Pacific Tax Administration and Research opened at Shilla Hotel in central Seoul, hosted by South Korea's National Tax Agency. This is the fourth time Korea has hosted this gathering, and the first since 2013. Around 180

KB Financial Group reported record third-quarter profits driven by increased interest revenues from expanded loans while announcing a plan to enhance shareholder returns linked to its financial stability. The group posted a net profit of 1.61 trillion won ($1.17 billion), a 17.5 percent on-year increase, marking its best performance for the third quarter to date. Cumulatively, the year-to-date net profit reached 4.4 trillion won, up 0.4 percent from the previous year. However, compared to the

By Choi Jae-bong, Vice Commissioner of National Tax Service Nestled in the southeastern corner of France lies the small sovereign state of Monaco, a tranquil city-state renowned for actress Grace Kelly and Formula 1 racing. However, in 1962, this peaceful city-state found itself at the center of a tense standoff along its borders due to a conflict over taxation between French tax authorities and taxpayers. Taking advantage of the fact that Monaco has no income tax, many French taxpayers sought

Ten years and over a trillion won in investment — an extraordinary commitment to technology that few local finance companies can match. Hyundai Card Vice Chairman and CEO Chung Tae-young has shown that this massive bet was not a gamble but a visionary investment positioning the company for the next era as the world accelerates into the age of artificial intelligence. Last week, Hyundai Card signed a landmark deal with Japan’s Sumitomo Mitsui Card Co. to export its proprietary AI soft

South Korea's internet-only K bank will postpone its stock market debut to next year, due to insufficient demand. On Friday, K bank announced it is pushing back its initial public offering, which was originally scheduled for Oct. 30, to early next year. The bank also disclosed that it has filed to withdraw its securities registration with the Financial Services Commission. K bank stated in its disclosure, "The company has decided to withdraw this public offering, with the results of the rec

The ongoing power struggle at Korea Zinc, the world's largest zinc smelter, looks to be taking an unexpected turn, as the CEO of Trafigura, one of Korea Zinc's key partners and strategic investors, prepares to visit Seoul next month. According to local investment industry sources on Friday, Trafigura CEO Jeremy Weir, accompanied by his successor Richard Holtum -- who will assume the CEO role in January 2025 -- will meet with Korea Zinc Chairman Choi Yun-beom during the visit. Korea Zinc has conf

The proportion of South Korea's total corporate tax revenue that comes from foreign multinational companies, including Google and Netflix, stands at just 7 percent, one of the lowest ratios in the Organization for Economic Cooperation and Development. According to an analysis of OECD corporate tax data by Rep. Ahn Do-geol, submitted at the parliamentary audit of the National Tax Service on Wednesday, the share of corporate tax revenue from foreign multinationals in Korea is less than one-th

Hyundai Card announced Thursday that it has secured a global deal to sell its self-developed artificial intelligence software. The Korean card issuer signed an agreement to sell its AI software, known as Universe, to Japan's Sumitomo Mitsui Card Co., marking the first AI software export deal by a Korean financial company. While the exact financial details were not disclosed, Hyundai Card stated the deal is valued at several tens of billions of won. Universe is a hyperpersonalized platform b

The CEOs of major foreign insurance firms in Korea have been reappointed as they navigate challenges posed by a slowing market and local competition. Lina Life Insurance, the Korean unit of American insurance group Chubb, recently nominated current CEO and President Cho Jee-eun as the sole candidate for reappointment. Barring any unexpected issues, she is expected to secure her next term at the extraordinary shareholders meeting on Oct. 29. Fubon Hyundai Life’s Lee Jae-won and MetLife Kore

K bank, South Korea's first internet-only bank, has announced plans for business expansion, seeking to raise over 1 trillion won ($733.6 million) from its upcoming initial public offering. "K bank will drive inclusive and innovative finance by using the IPO funds to advance our three core growth strategies — retail, small- and medium-sized enterprises and platforms — along with risk management and technology," said CEO Choi Woo-hyung during a press conference in Seoul

Eight out of 10 international college students studying in Korea are willing to work in the country, yet the proportion of professional foreign laborers securing jobs remains quite low, according to a recent report by the Korea International Trade Association. The report, released Monday, noted that the number of foreign students in Korea has steadily increased over the past decade, reaching 197,000 in 2022. However, only 6 percent of these students secured employment through the E-7-1 professio

Samsung Electronics, South Korea’s largest chipmaker, has seen its market cap shrink by a staggering 90 trillion won ($66.6 billion) since September, largely driven by a sustained selling spree among foreign investors. According to the Korea Exchange on Sunday, foreigners have net sold 10.6 trillion won in Samsung Electronics shares over the past month, marking 23 consecutive days of selling since Sept. 3 -- just two days shy of the record 25-day selling streak set in 2022. During this per