South Korea will be revealing its records on foreign exchange market intervention at an incremental pace, as part of efforts to promote the credibility of the nation’s currency policies, according to the top financial policymaker on Thursday.“The disclosure of the (government’s) measures to stabilize the foreign exchange market is the right way to go,” said Deputy Prime Minister and Finance Minister Kim Dong-yeon in a meeting of economy-related ministers.“But consid

Economy May 17, 2018

Seoul citizens spend an average of an hour and 36 minutes traveling to and from work every day, data showed Wednesday.According to a report by the Ministry of Land, Infrastructure and Transport and the Korea Transport Institute, Seoul citizens’ average commuting time as of 2016 stood at 96.4 minutes, the longest among major cities and provinces nationwide. Of this daily average, 41.8 minutes were spent going to work and 54.6 minutes on returning home.The corresponding figures for the metro

Economy May 16, 2018

South Korea’s millennials -- those born between the 1980s and early 2000s -- have positive views of the country’s economic outlook for this year, but they found fault with its uneven distribution of wealth, according to Deloitte Consulting Korea. (Yonhap)The 2018 Deloitte Millennial Survey by Deloitte Global showed that the proportion of millennials here with a positive appraisal of the economy stood at 48 percent, up 35 percentage points from the previous year, officials said Tuesday.Furthermor

Industry May 15, 2018

South Korea’s small and medium-sized businesses are increasingly taking aggressive legal measures to defend their patents in the US market, according to the Korean Intellectual Property Office and the Korea Intellectual Property Protection Agency.The 2017 IP Trend Annual Report showed Monday that the number of patent litigations filed by Korean companies in the United States, which had been on a steady decline since 2013, took an upturn last year and stood at 182 cases, up 38 from the previous y

Industry May 14, 2018

Kyobo Life Insurance CEO Shin Chang-jae shared his ideas on human-centered management with small-sized business owners, government officials and scholars from around the world, officials said Sunday.“Profit is like fuel. A company cannot live without it but should not live for it, either,” said Shin in his keynote speech at a forum held Friday in New York, local time.Shin Chang-jae, CEO of Kyobo Life Insurance. (Kyobo Life Insurance)The event, titled “Sustainable Stakeholder Relationship Managem

Industry May 13, 2018

The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the 14th installment. -- Ed.At the heart of a recent thaw in relations on the Korean Peninsula were two symbolic cultural events: the joint performances of South Korean and North Korean art troupes. The first one took place in February on the sidelines of the 2018 PyeongChang Winter Olympic Games and the second one in Pyongyang ahead of the inter-Korean summit in April. While this may be

Industry May 13, 2018

“Have you eaten rice?”It’s one of the most frequently used greetings in Korea, where the staple has long been considered a synonym for a meal. Even amid the rise of western food and snacks, rice continued to be appreciated as the prime source of sustenance and a symbol of the country’s traditional food legacy.But recent health trends increasingly consider rice -- and carbohydrates in general -- to be the main culprit of obesity and all sorts of other modern lifestyle dise

Economy May 11, 2018

Patent applications in the renewable energy sector have sharply increased in recent years, on the back of artificial intelligence and its integration with energy systems, data showed Tuesday.The number of renewable energy patents involving artificial intelligence issued in 2006-2017 totaled at 253, according to the Korean Intelligence Property Office.The yearly figure, which lingered in the 11-17 range in 2010-2012, took a drastic upturn starting 2013 to reach 40 in 2016 and 47 in 2017.Of the ac

Industry May 8, 2018

Yoon Suk-heun, the newly inaugurated chief of the Financial Supervisory Service, on Tuesday underlined the need for the watchdog to remain independent from administrative pressure and market interests.“As suggested in the name ‘Financial Supervisory Service,' our role is to supervise financial (businesses)," said the 70-year-old reformist scholar upon taking office as the FSS governor, viewing independence as a key virtue in accomplishing such function. “Financial supervis

Market May 8, 2018

IT'S YOUR BIG DAY -- President Moon Jae-in on Saturday celebrates Children's Day at Cheong Wa Dae with children invited from isolated regions. (Yonhap)

Politics May 5, 2018

Even after the two previous leaders’ terms ended amid disputes, the next candidate tapped as chief of the financial market watchdog is, again, another reformative nonbureaucrat, reflecting the administration’s determination for financial reform.President Moon Jae-in on Friday approved Yoon Suk-heun as the new governor of the Financial Supervisory Service. Yoon is a visiting professor of business administration at Seoul National University and chairman of the FSC’s Financial Adm

Market May 4, 2018

Even after the two previous leaders’ terms ended amid disputes, the next candidate tapped as chief of the financial market watchdog is, again, another reformative nonbureaucrat, reflecting the administration’s determination for financial reform.The Financial Services Commission said Friday that it had nominated Yoon Suk-heun as the new governor of the Financial Supervisory Service. He is a visiting professor of business administration at Seoul National University and chairman of the

Market May 4, 2018

Hyundai Mobis, the auto parts maker affiliate of Hyundai Motor Group, said Wednesday that it will retire treasury stocks worth 587.5 billion won ($546 million) over the next three years as part of its plan to enhance shareholder value.In a special directorate meeting, the company said that it would retire its current 1.61 million treasury stocks, worth around 40 million won, officials said.The company currently holds 2.04 million stocks, which are to be converted into 1.61 million units after a

Economy May 2, 2018

Starting Monday, the trading of shares for South Korea’s tech giant Samsung Electronics will be suspended for three business days, in the course of a first-ever stock split action, according to the nation’s bourse Korea Exchange on Sunday.While the 50-for-1 stock split is intended to activate transactions and to boost shareholder value, many observers also suggested that the positive consequences are likely to remain limited. As the local stock market is to be closed on Tuesday in celebration of

Industry April 29, 2018

The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the 13th installment. -- Ed.Due to its active trade relations with leading Western nations, South Korea has long been a frontrunner in introducing patent protection measures in various sectors, including the pharmaceuticals industry.While such early adoption had the positive effect of stimulating the country’s intellectual property environment, it has also involved a number of excessive

Industry April 29, 2018