Yi Whan-woo

Korea, Uzbekistan sign cooperative deal in procurement service

MetLife's Asia head encourages Korean sales agents with breakfast

MetLife Asia Regional President Lyndon Oliver encouraged outstanding sales agents in Korea during his recent trip to the county, the Seoul office of New York-headquartered insurer MetLife said Monday. MetLife Korea said Oliver served select sales agents who were invited to a special breakfast in recognition of their exceptional sales performance. Titled “CEO Server’s Morning,” the breakfast took place at MetLife Korea’s office in southern Seoul on April 1. The event was attended by MetLife Korea CEO Song Young-rok and other executives in line with the multinational insurer’s goal to foster unity and boost corporate morale. “The professionalism of our agents, the diversity of our distribution channels, and our market-leading digital innovations are a true differentiator for MetLife,” Oliver said. He pointed out that these three traits are also behind MetLife Korea being the top foreign insurer in the Korean market. “I deeply appreciate the strong partnership we have with our career and general agency partners, whose deep relationships with their customers fully align with ou

Investors turn to non-export stocks as tariff woes persist

Shares of companies whose business relies largely on domestic demand are drawing investors' attention as they try to minimize risks from the fallout of U.S. President Donald Trump’s tariff war, which has hit exporters hard, analysts said Monday. Trump has been shocking stock investors in Seoul for more than a week with his administration's erratic tariff policy by first imposing more severe than expected duties and then abruptly declaring a 90-day delay in implementing the plan. The country-specific tariffs also took a new turn with the exclusion of smartphones and other electronic devices, regardless of country of origin. The unpredictable nature of Trump’s policy continues to unnerve the Korean stock market as it is closely related to exports. The uncertainty is prompting investors to buy stocks that are relatively safe from U.S. tariff shocks, analysts said. Hanwha Investment & Securities analyst Kim Soo-yeon said the correlation between the benchmark KOSPI and daily export value is estimated at 0.85 from January to September 2024, according to securities data. A reading closer to

Is it right to compel commercial banks to share profits?

Years of pressure on commercial banks to share their profits with society is gaining ground again ahead of the June 3 snap presidential election, fueling a dispute over whether such a move is justifiable in a free market economy. The pressure is associated with widening inequality in Korea, which the government and political circles are addressing in a bid to woo the public. They have slammed banks for reaping massive interest incomes, in contrast to the snowballing debts that many households and businesses struggle to pay off. Some economists believe that candidates for the snap election are likely to raise criticism against lenders, as multiple polls show that more than one third of voters nationwide remain undecided. “The polls suggest candidates need a pledge that can captivate undecided voters, and in that sense, bank-bashing can be a tempting option,” said Shin Se-don, a professor emeritus of economics at Sookmyung Women's University. Nevertheless, the professor asserted, “It is time to stop compelling banks to return their profits for political reasons.” He emphasized, “S

Seoul stocks rally on Trump's 90-day tariff delay

Korean stocks rallied at the steepest pace in more than five years, Thursday, after U.S. President Donald Trump declared an immediate 90-day tariff pause for U.S. trading partners, including Korea. The benchmark KOSPI went up 151.36 points, or 6.6 percent, to close at 2,445.06 points — a massive turnaround after it fell below 2,300 points to a 17-month low Wednesday. It also marked the biggest daily gain since March 24, 2020, when the index rose 8.6 percent. The secondary bourse Kosdaq gained 38.40 points, or 5.97 percent, to finish at 681.79 points, after declining below the 650 point to a 16-month low. On the daytime trading market on Thursday, Korean currency also strengthened by 27.7 won against the U.S. dollar to close at 1,456.4 won per dollar, after weakening to the lowest level in 16 years a day earlier. The sharp turnarounds at the financial markets came as Trump said Wednesday (local time) that he will temporarily lower the hefty duties he had imposed on dozens of countries, except for China, for 90 days. The announcement was made less than 24 hours after hostile tariff rates

Procurement office helps SMEs explore business opportunities with USFK

The Public Procurement Service (PPS) is ramping up efforts to support small- and medium-sized enterprises (SMEs) in exploring business opportunities with U.S. Forces Korea (USFK), officials said Thursday. The PPS jointly hosted a seminar with USFK on Wednesday to help local small businesses understand how the U.S. military acquires goods and services from the civilian sector through large-scale bids related to combat readiness and operations. The seminar, Joint Industry Day with PPS and the USFK Acquisition Partners, marked the first event held in coordination with multiple procurement entities within USFK. It took place at PPS’ regional office in southern Seoul, attracting about 150 Korean procurement service firms. From the U.S. side were the Army Corps of Engineers, 411th Contracting Support Brigade, Defense Logistics Agency and Non-Appropriated Funds. The four, according to the PPS, are key entities responsible for USFK procurement. The participating Korean companies promoted their products and services to USFK contracting officers and talked about potential strategies for successful

Korean won falls to 16-year low as Trump tariffs go into effect

The Korean currency weakened to the lowest level in more than 16 years against the U.S. dollar, Wednesday, as Donald Trump’s reciprocal tariffs took effects. The won closed at 1,484.1 won per dollar on the daytime trading market, depreciating by 10.9 won from the previous day’s close. It was the lowest level since March 12, 2009, during the global financial crisis. The won’s depreciation was largely attributable to a 25 percent tariff against Korea-manufactured goods, market analysts said. The measure took effect at 1 p.m. in Seoul, triggering the Korean currency to slide further, inching closer to 1,500 won per dollar. The won had already slid nearly 40 won against the dollar on Tuesday from the previous day. A possible breach of the 1,500 won level poses a more serious threat to the ailing Korean economy, as the level has only been surpassed during the 1997-98 Asian financial crisis, the 2008-09 global financial crisis and the COVID-19 pandemic. “The currency market should brace for the possibility of the won-dollar exchange rate climbing over 1,500 won throughout the first half

Trump tariff tumult further exacerbates concerns over rising inflation

Korea is facing steeper upward pressure on the prices of goods and services as U.S. President Donald Trump’s tariff war further fuels global inflation, according to economists on Tuesday. The concerns over consumer prices here came as agricultural, livestock and fisheries products, as well as processed foods, have been driving up the overall inflation rate to over 2 percent for a third straight month through March. Market observers suggest expanding imports of consumer goods, arguing that an increase in supply can help lower their prices and eventually bring down the overall inflation rate below 2 percent as it was in the last four months of 2024. But whether such an import strategy can be effective is questionable, as Trump’s tariff hikes against its major trading partners last week are expected to hike the prices of goods worldwide. “A looming global inflation means higher prices of imported goods in Korea,” Hanyang University economics professor Ha Joon-kyung said, adding, “A more carefully crafted import strategy is required as we face a turbulent trade environment.” Ha no

Seoul stocks nosedive on Trump's tariff shock

Seoul stocks plunged by more than 5 percent, Monday, as U.S. President Donald Trump’s tariff war began to take a toll on the country and across almost all Asian markets, according to market watchers. The benchmark KOSPI plunged 5.57 percent, or 137.22 points, to close at 2,328.20 points, extending its losing streak to the fourth session since last Wednesday, when investors were rattled by Trump’s planned announcement later in the day on tariff rates against major U.S. trading partners. The Korean won also weakened by 33.7 won against the U.S. dollar, closing at 1,467.8 won per dollar, as foreign investors dumped local stocks. This was the biggest drop since March 19, 2020, during the COVID-19 pandemic. The market turned very volatile from its opening, and a sidecar trading curb took effect at one point for the first time since Aug. 5, 2024, which was labeled as “Black Monday.” The sidecar trading curb was activated at 9:12 a.m., halting the selling of shares for five minutes after the KOSPI 200 index slid over 5 percent for more than a minute. The index refers to the 200 largest l

Educational expenses rise at steepest pace since global financial crisis

Park Woong-han, a father to two college students, was shocked when he learned about his sons’ tuitions. "They have increased at a faster pace than consumer prices," Park said. “I am not fully sure because I don’t keep track of statistical data all the time, but it feels like college tuitions weigh on my household heavier than most other expenses." Park is not wrong, according to Statistics Korea data released Monday, which showed that educational expenses in March rose at the steepest pace in more than 16 years. The expenses increased by 2.9 percent from a year earlier, marking the highest level since February 2009, when the figure went up 4.8 percent year-on-year during the global financial crisis. Educational expenses rose sharper than overall consumer prices in March, which climbed 2.1 percent from the year before. “The 2.9 percent increase is largely attributable to hikes in college tuitions, mainly driven by private schools, which prompted public schools to take the same measure,” Statistics Korea said. It said the costs to attend private universities went up 5.2 percent in