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Banking & Finance

Effectiveness of shared bank branches, ATMs called into question

Commercial banks have been adopting joint retail branches and shared ATM booths to balance in-person and digital services, but the strategy’s effectiveness remains uncertain because banks’ operational practices vary, industry officials said Friday. Data compiled by the Financial Supervisory Service showed that the four largest commercial banks — KB Kookmin, Shinhan, Hana and Woori — reduced their combined branch network by 26 percent, from 3,625 in 2019 to 2,688 in June. Their ATMs also fell, from 33,707 in 2020 to 25,987 in July. These reductions, driven by the rise of non-face-to-face transactions and ongoing cost-cutting, have increasingly excluded customers with limited digital skills, such as some older adults, from banking services. In response, the banks have partnered to open joint branches and shared ATMs to cut costs while maintaining access to in-person banking services. These branches were intended to increase convenience by allowing customers to complete most transactions in one place, with multiple banks sharing a single location to provide services such as deposits

Nov 1, 2025By Yi Whan-woo
Effectiveness of shared bank branches, ATMs called into question
Economy

Tariff deal may lead BOK to keep rate steady through year-end

Bank of Korea (BOK) is likely to hold its key rate unchanged next month, aided in part by the recent breakthrough in Korea-U.S. tariff negotiations and the U.S. Federal Reserve’s back-to-back rate cuts, market watchers said Friday. The rate differentials with the U.S. have narrowed, reducing fears of foreign capital outflow and a weaker Korean currency against the U.S. dollar. Aside from external conditions, the central bank is expected to focus more on the overheating property market, given the rise in Seoul apartment prices and consumer expectations of further price increases over the coming year. Also under consideration is the country’s better-than-expected July-September GDP of 1.2 percent, raising hopes that this year’s figure will come in at 1 percent or higher, better than the forecast of 0.9 percent made in August. BOK Governor Rhee Chang-yong repeatedly spoke against monetary easing over concerns it would fuel a rise in property values, reflecting longstanding concerns that the country’s growth potential is eroded by real estate investment, heavy borrowing- and debt ser

Oct 31, 2025By Lee Kyung-min
Tariff deal may lead BOK to keep rate steady through year-end
Economy

Industrial output expands in September on robust chip production; retail sales down for 2nd month

Korea's industrial production expanded from a month earlier in September, driven by robust semiconductor production, while retail sales lost ground for the second consecutive month, data showed Friday. Industrial production went up 1 percent last month compared with the previous month, according to data from the Ministry of Data and Statistics. Retail sales, a gauge of private spending, inched down 0.1 percent on-month. Facility investment jumped 12.7 percent, rebounding from an on-month decline in August. The rise in overall industrial output was led by a 1.8 percent rise in the service sector. Gains in wholesale and retail, as well as finance and insurance, offset declines in arts, and accommodation and food services. In contrast, the output of the mining and manufacturing sector, considered the backbone of the economy, lost 1.2 percent on-month. Within this sector, however, semiconductor output surged 19.6 percent, marking the largest monthly increase since March 2023, when production jumped 26.5 percent. Automobile production, in contrast, fell 18.3 percent, the steepest monthly decline

Oct 31, 2025By Yonhap
Industrial output expands in September on robust chip production; retail sales down for 2nd month
Economy

AI led to fewer jobs for young people, more jobs for older workers: BOK

Jobs for younger workers in industries most exposed to artificial intelligence (AI) are disappearing, while those among their older peers are rising, a central bank report said Thursday. Central to the finding is younger workers performing standardized, knowledge-based tasks that can be easily replaced by AI. In contrast, their older peers’ work requires understanding context, interpersonal communication and leadership, areas where AI falls short for the time being. Whether the recent AI-induced decline in youth employment will persist remains to be seen, since the businesses could hire more AI-savvy young workers in the years to come, as part of human capital investment reorientation. According to the Bank of Korea (BOK), the rapid spread of AI is deepening generational divides in employment. The finding comes amid concerns that seniority-biased technological change is exacerbated by the early phase of AI adoption in Korea, similar to one experienced in the U.S. From July 2022 to July this year, 211,000 jobs held by Korean workers aged 15 to 29 disappeared. Most of them, or 208,000, wer

Oct 31, 2025By Lee Kyung-min
AI led to fewer jobs for young people, more jobs for older workers: BOK
Economy

KOSPI eyes further gains on boost from Korea-US tariff deal

The Seoul stock market is expected to accelerate its gains after surpassing the 4,000-point mark, with the long-awaited conclusion of the Korea-U.S. tariff deal likely to support further growth, analysts said Thursday. Experts noted that the bilateral deal clears up uncertainties for the export-reliant Korean economy, as details on levies for automobiles, shipbuilding and related companies were finalized during the summit between the leaders of the two countries in Gyeongju, North Gyeongsang Province, Wednesday. The conclusion came after the benchmark KOSPI topped an unprecedented 4,000 points on Monday, supported by investment sentiment surrounding the 2025 Asia-Pacific Economic Cooperation (APEC) meetings in Gyeongju. “The investment confidence surrounding the APEC meetings was somewhat vague, but it has become more concrete after the Korea-U.S. summit and the conclusion of the tariff negotiations,” said Jung Eui-jung, head of the Korean Stockholders’ Alliance. He added that the KOSPI could aim for 4,100 points within a week. The KOSPI closed at 4,086.89 points on Thursday, gainin

Oct 30, 2025By Yi Whan-woo
KOSPI eyes further gains on boost from Korea-US tariff deal
Economy

Financial markets to open 1 hour later on college entrance exam day

Korea will delay the opening of its financial markets by one hour on the day of the college entrance exam, the bourse operator said Thursday. The benchmark Korea Composite Stock Price Index (KOSPI), tech-heavy KOSDAQ markets and small business-focused KONEX markets will open at 10 a.m. and close at 4:30 p.m. on Nov. 13, one hour later than their ordinary opening and closing time, the Korea Exchange said. The delayed market opening is intended to ease morning rush-hour traffic jams that could hamper students from arriving on time at testing sites of the annual exam, known as "Suneung." Hundreds of thousands of people, mostly high school seniors, are scheduled to take the exam, which is widely seen as the key to their admission to college and subsequent career.

Oct 30, 2025By Yonhap
Financial markets to open 1 hour later on college entrance exam day
Economy

Korea exports premium beef to UAE, marking 5th overseas market for 'hanwoo'

Korea began exporting its premium "hanwoo" beef to the United Arab Emirates on Thursday, making the Middle Eastern country the fifth official overseas destination for the prized meat, the agriculture ministry said. The government shipped about 1.5 tons of hanwoo worth 250 million won ($175,426) to the UAE via Incheon International Airport earlier in the day, according to the Ministry of Agriculture, Food and Rural Affairs. The UAE became Korea's fifth export market for hanwoo, following Hong Kong, Malaysia, Cambodia and Laos. The UAE, which relies on imports for more than 90 percent of its beef consumption, is expected to emerge as a key market for Korean beef exports, given the growing local demand for premium meat. The Korea Agro-Fisheries & Food Trade Corp. (aT) said the government "will use the successful halal-certified hanwoo export to the UAE as a stepping stone to enter the Singaporean market and expand into larger halal markets, such as Indonesia."

Oct 30, 2025By Yonhap
Korea exports premium beef to UAE, marking 5th overseas market for 'hanwoo'
APEC 2025

Digital assets take center stage at APEC

Digital assets took center stage at the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, North Gyeongsang Province, appearing alongside key industries such as shipbuilding, artificial intelligence (AI) and defense — a reflection of their growing significance and market influence, industry officials said Thursday. Oh Kyoung-suk, CEO of Dunamu — operator of Korea's largest cryptocurrency exchange, Upbit — delivered a keynote speech at the APEC CEO Summit Wednesday, to an audience of global business leaders. Dunamu also hosted the Future Tech Forum Thursday, a side event of the summit, representing Korea's digital asset industry. Speakers included Michael Casey, senior advisor to the MIT Media Lab, and Lu Yin, APAC lead at the Solana Foundation. "The Future Tech Forum this year covers key national industries such as shipbuilding, defense, AI and future energy," a Dunamu official said. "The inclusion of digital assets marks a rare case for the APEC stage, where discussions have traditionally centered on physical industries." During Wednesday's speech under the theme "The Fu

Oct 30, 2025By Lee Yeon-woo
Digital assets take center stage at APEC
APEC 2025

Presidential office says semiconductor tariffs part of deal with US

The presidential office said Thursday semiconductor tariffs were part of a finalized trade deal with the United States, dismissing remarks by U.S. Commerce Secretary Howard Lutnick that chip tariffs were not a part of the agreement. Presidential spokesperson Kim Nam-jun said that Seoul and Washington clinched an agreement on tariff levels for Korean semiconductors, although Lutnick said in a social media post that semiconductor tariffs were not part of a trade deal. "Regarding semiconductors, the two nations agreed to apply tariffs at levels not less favorable than those applied to Taiwan," Kim said. "The outcome of the negotiations can be seen as having secured an equal footing with Taiwan, a major competitor in the semiconductor sector, and reduced uncertainties." Kim added that the agreement on the U.S. semiconductor tariffs will be reflected in related documents, which are currently under final review. In August, U.S. President Donald Trump announced plans to impose a tariff of about 100 percent on imports of semiconductors, but the measure has not yet been implemented. In regard to L

Oct 30, 2025By Yonhap
Presidential office says semiconductor tariffs part of deal with US
APEC 2025

Finance chief vows swift preparation of US investment bill

Finance Minister Koo Yun-cheol on Thursday pledged to swiftly propose a special bill to promote investment in the United States, after the two countries agreed on the specifics of Seoul's $350 billion investment package as part of a trade deal. The agreement was reached during President Lee Jae Myung's summit with U.S. President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju, North Gyeongsang Province, the previous day. "The conclusion of the Korea-U.S. tariff negotiations will ease uncertainties surrounding exports to the U.S. and help secure tariff rates equivalent to those of major economies such as Japan and the European Union," Koo said during a parliamentary audit. Koo added that the government is preparing a special act that would establish a fund to encourage investment in the U.S. and will work to have it submitted to the National Assembly as quickly as possible. "We aim to submit the bill in November so that it can be applied starting Nov. 1," he said. If the government submits the bill as planned, U.S.

Oct 30, 2025By Yonhap
Finance chief vows swift preparation of US investment bill
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