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Korea Herald
28-05-2025
- Business
- Korea Herald
[Photo News] KB Financial tops value-up push
KB Financial Group Chair Yang Jong-hee (right) poses for a photo with acting Finance Minister Kim Beom-suk during a ceremony marking the first anniversary of the Corporate Value-up Program, held at the Korea Exchange in Yeouido, western Seoul, Tuesday. At the event, 10 best practice companies were recognized for their efforts to enhance market valuation. KB Financial received the top honor, the Deputy Prime Minister's Award. (KB Financial Group)
Korea Herald
23-05-2025
- Business
- Korea Herald
Financial authorities hold meeting to assess impact of US, Japan bond yield surge
South Korea's top financial officials convened a meeting Friday to assess the potential impact of rising US and Japanese government bond yields on the domestic financial and foreign exchange markets, the finance ministry said. The meeting, chaired by acting Finance Minister Kim Beom-suk, brought together Bank of Korea Governor Rhee Chang-yong, Financial Services Commission Chairman Kim Joo-hyun and Financial Supervisory Service Governor Lee Bok-hyun, according to the Ministry of Economy and Finance. The meeting came amid heightened global market volatility, triggered in part by a sharp uptick in long-term bond yields. On Wednesday, the yield on 30-year US Treasury bonds rose 12.3 basis points to 5.092 percent, its highest closing level since October 2023. Similarly, yields on Japan's 30-year and 40-year government bonds hit multi-year highs earlier this week. The authorities emphasized that they will remain vigilant and take timely actions to ensure market stability. (Yonhap)
Korea Herald
21-05-2025
- Business
- Korea Herald
Govt. to implement additional W28.6tr in policy financing for export firms
The government said Wednesday it will utilize an additional 28.6 trillion won ($20.5 billion) in emergency liquidity and financial assistance to support domestic export companies affected by US tariff measures. "The imposition of tariffs by the United States and intensifying global competition in high-tech industries have heightened difficulties for South Korean companies," the Ministry of Economy and Finance said in a press release. The ministry said it plans to secure the funding through a recently passed extra budget and other fiscal channels, with the goal of swiftly implementing tailored financial support for affected sectors. The latest support package includes 16.3 trillion won in emergency relief for companies directly impacted by the tariffs, the ministry said. This will encompass low-interest loans and ongoing consulting services to help affected businesses weather the crisis. Additionally, 7.4 trillion won will be allocated to assist exporters exploring new overseas markets. Of that, 4.1 trillion won will be used to offer targeted low-interest loans, including 1 trillion won for export diversification financing and 100 billion won for new market entry funds. Another 4.9 trillion won will be dedicated to facility investments in high-tech industries and the restructuring of key industrial sectors, officials said South Korea has been striving to lower the rates of US President Donald Trump's administration's new duties, including 25 percent "reciprocal" tariffs on South Korea, as well as sectoral tariffs that include 25 percent levies on automobiles, steel and aluminum. "Since the launch of the new US administration, the government has proactively established an export response plan," acting Finance Minister Kim Beom-suk said during a meeting with economy-related ministers. "We will continue to mobilize all available resources to minimize the impact of tariffs." The finance ministry said relevant ministries will closely monitor the implementation of the measures and hold briefings for industry stakeholders, as well as conduct joint promotions with related agencies. Authorities said they will continue to gather feedback from export companies and consider additional support measures as needed. (Yonhap)
Korea Herald
14-05-2025
- Business
- Korea Herald
Govt. announces additional support for exporters amid continued US tariff concerns
The government on Wednesday announced a set of additional support measures for small and medium-sized domestic exporters expected to be impacted by new US tariffs, citing continued uncertainty in the global trade environment. "Despite yesterday's tariff agreement between the United States and China, global trade conditions are still marked by considerable uncertainty," acting Finance Minister Kim Beom-suk said during a meeting with economy-related ministers. The announcement follows high-level negotiations held in Geneva, Switzerland, on Tuesday (local time), where Washington and Beijing reached a temporary agreement to ease tariffs for a 90-day period. Under the deal, US tariffs on Chinese goods will be reduced from 145 percent to 30 percent starting Wednesday, while China will cut tariffs on US exports from 125 percent to 10 percent. In response to new US tariffs, including 25 percent country-specific duties on South Korea that are temporarily lowered to 10 percent until early July, the South Korean government has introduced a series of measures aimed at easing the burden on affected domestic exporters and bolstering resilience in key industries. The measures included the implementation of the so-called one-on-one liaison officer system to provide direct support for local exporters affected by tariffs, helping them resolve customs-related difficulties, the finance ministry said in a press release. Under its latest support measures, the government will increase overseas shipping fee discounts, from the current 10 percent to 15 percent, through collaboration with major logistics companies. The government will also enhance monitoring to prevent unfair trade practices, such as the unjust transfer of tariff burdens to subcontractors, officials said. To support the continued growth of the secondary battery and electric vehicle industries, the government will introduce a mandatory quota system for the use of recycled materials in new batteries. Also, the government will expand the deployment of reused batteries in sectors such as ports and rural areas to stimulate early demand for recycled energy storage solutions. In addition, the government plans to exempt low-risk waste generated during battery production from waste management regulations, in a bid to facilitate recycling. "The government will remain vigilant to ensure that the South Korean economy can safely navigate through the tunnel of uncertainty," Kim said. (Yonhap)
Korea Herald
08-05-2025
- Business
- Korea Herald
Govt. to closely monitor financial markets after US rate freeze
The finance ministry said Thursday it will closely monitor the country's financial markets to assess the impact of the latest US rate freeze, noting persistent uncertainties surrounding global trade. In an interagency meeting on macroeconomic and financial issues chaired by Acting Finance Minister Kim Beom-suk, authorities agreed that the global financial markets remained generally stable following the US Federal Reserve's rate freeze decision, which factored in rising employment and inflationary risks. On Wednesday, the Fed held its benchmark interest steady at the 4.25-4.5 percent range for the third consecutive time, citing increased uncertainty on the economic outlook in America. The ministry said it plans to hold weekly macroeconomic meetings to swiftly respond to uncertainties surrounding concerns over a possible US recession, along with trade tensions involving the United States and China, and Washington's tariff policies. The government also plans to monitor volatility in the foreign exchange market following last week's sharp appreciation of Asian currencies against the US dollar, the ministry said. (Yonhap)
