The Secretary for Financial Services and the Treasury (SFST) Christopher Hui started his visit to Korea on May 2.Mr. Hui met with the President of the Asian Development Bank (ADB), Mr Masatsugu Asakawa. He told Mr Asakawa that with the advantages of accessing Mainland and international markets, and
By Ding Yiting, People's DailyAs China works to pursue the "dual carbon" goal, which is to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, its energy storage industry, as an important pillar for building a new type of power system, is going through a rapid expans
By Liu Yang, People's DailyThe Chinese sci-fi blockbuster "The Wandering Earth II", which hit the cinema during the Chinese New Year holiday, presented a feast of science and technology to the audience – blue-fire-blowing earth engines, a quantum computer that knows everything, a space elevator risi
Six financial institutions, including the Korea Federation of Banks, held the 2023 Pan-Financial New Year's Greeting at the Crystal Ballroom of Lotte Hotel in Sogong-dong, Seoul on Jan. 3.This year's pan-financial New Year's greeting is a more meaningful event in that it has resumed events that have
By Ding Yiting, Hong Qiuting, People’s DailyAlthough the lowest temperature in Harbin city, northeast China’s Heilongjiang province, can drop to below minus 30 degrees Celsius in winter, an eco-tech industrial park in the city’s Songbei district has never needed the city’s heating network.“These bui
By Finance Editor Kim Hyung-daeJB Financial Group announced on May 30 that the Group has signed a stock purchase contract to acquire Mega Investment, a venture investment company (new technology business finance business).The target of the acquisition is a 100% stake in Mega Investment, which is own
The Bank of Korea (BOK)'s Monetary Policy Committee set the benchmark interest rate at 1.25 percent per year, raising 0.25 percentage points at a meeting on Jan. 14, the first time this year.As a result, the Bank of Korea's key interest rate returned to the level in early 2020, before the COVID-19 e
The mayoral elections in Seoul and Busan, the two largest cities of Korea, on April 7, ended in a landslide victory for the main opposition People Power Party (PPP). Mayor Oh Se-hoon of Seoul won 2,798,575 votes (58% of the total) over the running Democratic Party Candidate Mme. Park Young-sun who c
Amid Covid-19 uncertainties, Korean banks saw their net profit tumble more than 11 percent in 2020 compared to the previous year due to high loan loss provisions amid Covid-19 uncertainties.Local banks recorded 12.3 trillion won ($10.9 billion) in net income in 2020, down 11.5 percent from a year ag
한국수력원자력(사장 정재훈)이 개최한 국내 최초 수자원분야 ‘공공데이터 활용 수력 댐 강우예측 AI 경진대회’가 산·학 관계자의 참여와 관심 속에 성공적으로 끝났다.한국수력원자력 중앙연구원은 올해 10월 5일(월)부터 11월 13일(금)까지 국내 수자원 분야 최대 규모 학회인 한국수자원학회와 공동으로 한국수력원자력 주요 수력 댐에서 발생할 비의 양을 예측하는 인공지능 알고리즘 경진대회를 열었다.수자원 학계와 데이터 전문가 등 총 461개 팀이 참가해 치열한 경쟁을 펼쳤으며, 레이더 영상의 시간적 순서 정보를 최대한 활용한 가천대학교
Korea and China have extended a bilateral currency swap and raised its value. The Ministry of Economy and Finance on Oct. 22 said the central banks of both countries concluded a deal to extend and expand the size of the swap.The deal had initially been extended three years but the two sides raised t
By Sofia SenbitCOVID 19 has revealed the capacity of some countries in terms of their internal health care system and their leadership in overcoming an unprecedented plague. On the contrary, it has shown the weakness and the lack of leadership in some of the world’s biggest powers. The lack of globa
Corporate retirement pension funds managed by South Korea's financial firms posted poor returns in 2018 amid low interest rates, market data showed Monday. Most of those retirement pension funds saw their yields hover below the 2 percent mark last year, with the best performer chalking up a retu
The head of the financial watchdog said Thursday he will continue to make efforts to keep household debt under control and make the country's financial system resilient against external shocks. Yoon Suk-heun, governor of the Financial Supervisory Service (FSS), told reporters that the FSS will p
Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO), a sole state-run currency manufacturer of Korea, has made significant progress in its pursuit of overseas markets. On September 11, 2017, the company announced that it has won a noteworthy contract to manufacture 370 million coins
The following are excerpts from an interview with Director Dr. Jeffrey I. Kim of the Office of the Foreign Investment Ombudsman.—Ed.Question: Please introduce the background of establishment of the Office of Foreign Investment Ombudsman.Answer: The Office of the Foreign Investment Ombudsman (O
South Korea's finance minister said Monday that the country has a low possibility of falling into an economic crisis in the coming months despite rising concerns over a slew of financially weak firms and increased currency volatility."There is little possibility that the South Korean economy wi
SEOUL, Jan. 30 (Yonhap) -- The privatization of Woori Bank, South Korea's No. 2 lender by assets, is expected to be completed this week after the state deposit insurer receives a final payment for its sale of a major stake.The Korea Deposit Insurance Corp. (KDIC) signed a 2.4 trillion-won (US$2.
SEOUL, Jan. 30 (Yonhap) -- The global memory chip market is expected to grow at an annual rate of 7.3 percent till 2021, on the back of solid demand and higher prices, data showed Monday.The global market size for DRAM and NAND flash is forecast to reach US$109.9 billion in 2021, up from last year
FINANCE“Sarangbang Bus Service” marks 1st anniversaryFSS addresses financial problems ofsocially weak and alienated persons ▲Chairman Choi Soo-hyun of the Financial Supervisory Service (sixth from left) and President & CEO Shin Chung-shik of Nonghyup Bank (fourth from right) hold a sign indicating t