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[Photo News] APEC 2025 collector coins
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Korea Herald
2 days ago
- Korea Herald
Woori Bank opens first Korean bank branch in Texas
Woori Bank, a banking subsidiary of Woori Financial Group, said Sunday its US arm has opened a branch in Austin, Texas, becoming the first Korean bank to establish a presence in the city. The new branch will provide core financial services such as account opening, remittances and lending to help Korean companies settle in the southern US. It will also leverage networks in accounting, tax and legal services to assist with establishing local subsidiaries and serve Korean expatriates, the bank explained. 'Launching the first branch in the city as a Korean bank, where many Korean companies have taken root, carries significant meaning,' a Woori Bank official said, pledging continued support for the Korean business community in the southern US. The lender noted that the move also comes as capital investment from South Korea into the US is expected to increase, ahead of the Aug. 25 summit between President Lee Jae Myung and US President Donald Trump. Austin, home to about 15,000 Korean residents, has become a hub for advanced industries such as semiconductors and artificial intelligence. For instance, Samsung Austin Semiconductor has operated in the city for more than three decades, while Samsung Electronics is building a new chip plant in Taylor, Texas. The Austin branch is Woori's second in Texas after Dallas, and its third in the US South, including a location in Duluth, Georgia.
Korea Herald
4 days ago
- Korea Herald
[Photo News] APEC 2025 collector coins
The Bank of Korea will issue two commemorative coins on Sept. 9 to celebrate Korea's hosting of the APEC 2025 summit in Gyeongju, North Gyeongsang Province. The coins are designed to symbolize economic strength and regional cooperation. Reservations run Sept. 8–26 via KOMSCO, Woori Bank and NongHyup Bank. (The Bank of Korea)
Korea Herald
5 days ago
- Korea Herald
Import prices rebound for first time in 6 months: BOK
Import prices rose for the first time in six months in July, driven by rising global oil prices and a weaker Korean won, central bank data showed Thursday. The import price index went up 0.9 percent last month from a month earlier, rebounding after a five-month losing streak, according to preliminary data from the Bank of Korea (BOK). The increase came as the average price of Dubai crude, South Korea's benchmark, climbed 2.3 percent from a month earlier to an average $70.87 per barrel in July. Also attributable was the local currency falling 0.6 percent against the US dollar to an average 1,375.22 won per dollar in July, the BOK said. Import prices are a key factor of inflation as they affect production costs and consumer prices through the supply chain. The export price index also rose for the first time in four months in July, gaining 1 percent from the previous month, the data showed. (Yonhap)
