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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

SMEs hit harder by plunging won

Small and medium-sized enterprises (SMEs) are grappling with the recent sharp weakening of the Korean currency against the U.S. dollar, market watchers said Sunday. Most of them say their operating margin target was based on the Korean currency moving at around 1,304 won relative to the global reserve currency. However, the figure is now approaching 1,500 won, depreciating to 1449.9 won, as of 3:30 p.m. Friday. Last week, the Korean currency fluctuated by 67.6 won, the widest changes in value since July, when the local foreign currency trading was extended to 2 a.m. the following morning from the previous daytime closing of 3:30 p.m. According to a survey by the Korea Federation of Small and Medium Business in January, more than half of the 360 surveyed, or 51.4 percent, cited the weakening won as a major negative for their businesses. Only 13.3 percent said the currency depreciation was a positive for them. At the time of the survey, their combined break-even currency averaged 1,334.6 against the dollar. This means the currency losing ground further will translate to losses for their bu

Apr 13, 2025By Lee Kyung-min
SMEs hit harder by plunging won

Seoul plunges in global rich city ranking due to won's weakness, exodus of wealthy

Seoul experienced the sharpest drop in ranking among the world’s 50 wealthiest cities last year, driven by a weakening won against the dollar and an exodus of high-net-worth individuals, data showed Friday. According to an annual report published by investment migration specialist Henley & Partners, in collaboration with data intelligence firm New World Wealth, the number of millionaires living in Seoul stood at 82,500 as of December 2024 — a 16.5 percent drop from a year earlier. As a result, Seoul’s ranking fell five notches to 24th place, marking the steepest decline among the 50 cities analyzed. New York (384,500) and the San Francisco Bay Area (342,400) in the U.S. claimed the first and second spots, respectively, while Tokyo (292,300) and Singapore (242,400) followed in third and fourth. The report defines a millionaire as someone with investable liquid assets exceeding $1 million, excluding real estate. Assets such as publicly traded stocks, cash and cryptocurrencies are included in the calculation. Although a combination of factors appears to have contributed to the decline,

Apr 11, 2025By Lee Yeon-woo
Seoul plunges in global rich city ranking due to won's weakness, exodus of wealthy

Seoul shares down 1.54% late Friday morning on US-China tariff row

Korean stocks traded sharply lower late Friday morning amid an intensifying trade conflict between the United States and China stemming from Washington's reciprocal tariff scheme. The benchmark Korea Composite Stock Price Index (KOSPI) slid 37.57 points, or 1.54 percent, to 2,407.49 as of 11:20 a.m. Overnight, Wall Street, which rallied the previous session from U.S. President Donald Trump's pause on reciprocal tariffs for 90 days, plunged amid the intensifying tit-for-tat retaliatory tariff measures between Washington and Beijing. The S&P 500 dropped 3.46 percent, the Dow Jones Industrial Average fell 2.5 percent, and the tech-heavy Nasdaq composite tumbled 4.31 percent. In Seoul, market bellwether Samsung Electronics slipped 2.48 percent, while its chipmaking rival SK hynix dropped 3.44 percent. Leading battery maker LG Energy Solution plunged 5.29 percent, and top automaker Hyundai Motor lost 4.87 percent. Steel giant POSCO Holdings and leading refiner SK Innovation retreated 3.26 percent and 5.68 percent, respectively. The local currency was trading at 1,451.55 won against the U.S. doll

Apr 11, 2025By Yonhap
Seoul shares down 1.54% late Friday morning on US-China tariff row

Downside risks increasing amid US tariff woes: finance ministry

Korea's economy is facing increasing downside risks amid U.S. tariff woes while recovery in domestic demand is being delayed, the finance ministry said Friday. The ministry has maintained its assessment since January that economic downside risk has been increasing due to a slowdown in export growth and domestic demand. But this month, the finance ministry highlighted worsening external conditions that stem from the U.S. tariffs. "There are concerns that worsening trade conditions caused by tariffs by major economies would increase market volatility and cause a slowdown in exports and economic growth," the ministry said. U.S. President Donald Trump announced a 90-day suspension of newly imposed reciprocal tariffs on imports from major trading partners, including Korea, just hours after the sweeping scheme took effect Wednesday. But the universal 10 percent tariff on all imports remains in place, along with 25 percent tariffs on steel, aluminum and automobiles entering the United States. Korea's industrial output, retail sales and facility investment increased from a month earlier in Februar

Apr 11, 2025By Yonhap
Downside risks increasing amid US tariff woes: finance ministry

Seoul shares open sharply lower on intensifying US-China tariff row

Korean stocks opened sharply lower Friday amid an intensifying trade conflict between the United States and China stemming from Washington's reciprocal tariff scheme. The benchmark Korea Composite Stock Price Index (KOSPI) slid 39.21 points, or 1.6 percent, to 2,405.85 in the first 15 minutes of trading. Overnight, Wall Street, which rallied the previous session from U.S. President Donald Trump's pause on reciprocal tariffs for 90 days, plunged amid the intensifying tit-for-tat retaliatory tariff measures between Washington and Beijing. The S&P 500 dropped 3.46 percent, the Dow Jones Industrial Average fell 2.5 percent, and the tech-heavy Nasdaq composite tumbled 4.31 percent. In Seoul, market bellwether Samsung Electronics dropped 2.13 percent, while its chipmaking rival SK hynix shed 2.95 percent. Leading battery maker LG Energy Solution slumped 4.29 percent, and top automaker Hyundai Motor lost 4.22 percent. Steel giant POSCO Holdings and leading refiner SK Innovation retreated 2.68 percent and 5.48 percent, respectively. The local currency was trading at 1,454 won against the U.S. dolla

Apr 11, 2025By Yonhap
Seoul shares open sharply lower on intensifying US-China tariff row

ADB slashes Korea's 2025 growth forecast to 1.5%

The Asian Development Bank (ADB) has sharply lowered its 2025 growth outlook for the Korean economy to 1.5 percent, Seoul's finance ministry said Wednesday. The latest figure marks a 0.5 percentage-point decline from its earlier projection presented in December, the ministry said, citing the latest report by the Manila-based bank. The projection is on par with the forecasts by the Organization for Economic Cooperation and Development (OECD) and the Bank of Korea (BOK). The International Monetary Fund (IMF) has presented a 2 percent expansion for Asia's fourth-largest economy this year, and the Korean government expected 1.8 percent growth. The adjustment was due mainly to such domestic factors as weak private consumption caused by high interest rates, household debts and political uncertainty, as well as the sluggish construction sector. The bank also pointed to intensified export competition with the United States and China and to uncertainties in the global economy as major challenges, the ministry said. The latest projection does not factor in the potential impact of the Donald Trump ad

Apr 9, 2025By Yonhap
ADB slashes Korea's 2025 growth forecast to 1.5%

KB's IB unit in New York

KB Kookmin Bank Corporate Investment Banking Customer Group Senior EVP Oh Bo-youl, second from right, poses with other bank executives and guests during an opening ceremony of the bank's New York Investment Bank (IB) unit at the lender's New York branch, April 7. The New York unit was launched to strengthen networks with global financial companies there and enhance the bank's IB capabilities. Courtesy of KB Kookmin Bank

May 13, 2019By Lee Kyung-min
KB's IB unit in New York

You Will Never Walk Alone

Woori Financial Group Chairman Sohn Tae-seung, front row second from right, walks with employees on a trail on Mount Nam in central Seoul, Tuesday. The walking event is part of the group's “Healthy Woori” campaign designed with workers' health in mind. / Courtesy of Woori Financial Group

May 8, 2019By Jhoo Dong-chan
You Will Never Walk Alone

Alliance for single parents

KEB Hana Bank CEO Ji Sung-kyoo, fourth from left, and Korea Housing Finance Corp. (KHFC) CEO Lee Jung-hwan, third from left, pose at the KHFC in Seoul, April 7, after signing an agreement to form a business alliance for helping single parents by offering financial support for their housing. Courtesy of KEB Hana Bank

May 7, 2019By Lee Kyung-min
Alliance for single parents

Greeting ADB President

Finance Minister Hong Nam-ki, left, shakes hands with Asia Development Bank (ADB) President Takehiko Nakao at the Sheraton Villa hotel in Nadi, Fiji, May 4. Hong will chair next year's ADB meeting to be held in Incheon. His election was decided during this year's ADB meeting. / Courtesy of Ministry of Economy and Finance

May 5, 2019By Jhoo Dong-chan
Greeting ADB President
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