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☆ South Korea launches panel on banks amid outcry over pay
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 22 (Reuters) - South Korea launched a task force on Wednesday to study ways to improve business practices and pay schemes at banks, days after the country's president called on lenders to help curb the cost-of-living burden on vulnerable people. The panel is headed by the deputy chief of the top financial regulator, the Financial Services Commission (FSC), and comprises regulators, scholars, researchers and officials from financial industry associations, the FSC said in a statement. Kim So-young, vice chairman of the FSC, said at the panel's inaugural meeting that it would study ways to boost competition either between existing banks or by allowing entries of niche service providers. The panel would also look into ways to help banks diversify their business practices, currently heavily dependant on interest rate margins, and improve their pay structure, he said. President Yoon Suk-yeol and other government officials have said there is growing public discontent over reports of big performance-sharing and early-retirement bonus payments by banks.

☆ North Korea may try to pressure U.S. with ICBM, nuclear tests - S.Korean lawmakers
▼ + stars: | 2023-02-22 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

[1/3] A Hwasong-15 intercontinental ballistic missile (ICBM) is launched at Pyongyang International Airport, in Pyongyang, North Korea February 18, 2023 in this photo released by North Korea's Korean Central News Agency (KCNA). KCNA via REUTERSSEOUL, Feb 22 (Reuters) - North Korea could test-fire intercontinental ballistic missiles on a lower, longer trajectory and conduct its seventh nuclear test this year to perfect its weapons capabilities, South Korean lawmakers said on Wednesday, citing intelligence officials. The briefing came as the U.S., South Korean and Japanese navies staged joint tactical drills on Wednesday in waters between the Asian neighbours. A Japanese escort vessel and U.S. and South Korean destroyers joined the training aimed at stepping up trilateral ballistic missile responses, Tokyo's defence ministry said. Youn Kun-young, another member of the committee, said North Korea might also develop solid fuel-based ICBMs this year, and confirmed the defence ministry's report that Chinese spy balloons did not enter South Korean airspace.

☆ South Korea's 'jeonse' rent-free renters hit by property downturn
▼ + stars: | 2023-02-21 | by ( Jihoon Lee | ) www.reuters.com time to read: +4 min

[1/2] Yoo Ha-jin, 27, looks at a building where she lives in Seoul, South Korea, February 21, 2023. Yoo Ha-jin, 28, regrets not getting insurance for her jeonse deposit when she signed in March 2021. "I thought I would be just fine as long as I could get a jeonse deposit loan from the bank," Yoo told Reuters. Jeonse deposit loans more than quadrupled in less than six years through October to 172 trillion won ($132 billion), according to the central bank. Jeonse deposit loansPROPERTY FALLOUTStill, almost all jeonse loans have guarantees from public enterprises, leaving little credit risk for commercial lenders.

☆ 'Past Lives' director draws from real life for love story across continents, time
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

That scene re-creates a moment from director Celine Song's life that inspired her to make the film, her first feature, which premiered at the Sundance Film Festival to rave reviews. The Korean-Canadian director recounts visiting a bar with her American husband and a childhood sweetheart from Korea. This idea from the movie that we've all known each other from our past lives," Lee told Reuters. "I really hope that people come for the romance and for the love and the idea of just a simple story about love," she said. "But maybe they can leave with something bigger about life and about what connects us to each other as human beings."

☆ Brain implant startup backed by Bezos and Gates is testing mind-controlled computing on humans
▼ + stars: | 2023-02-18 | by ( Ashley Capoot | ) www.cnbc.com time to read: +7 min

Philip O'Keefe, one of Synchron's patients in the SWITCH clinical trial, using his BCI. Philip O'Keefe, one of Synchron's patients in the SWITCH clinical trial, was the first person in the world to tweet using a BCI device. About 20 months earlier, O'Keefe was implanted with Synchron's BCI. Synchron's technology has caught the attention of its competitors. Source: SynchronIn January, the medical journal JAMA Neurology published the peer-reviewed, long-term safety results from a trial of Synchron's BCI system in Australia.

☆ South Korea PM says will increase flights from China by end of month
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 17 (Reuters) - South Korea will increase the number of flights into the country from China to 80 from 62 per week by the end of this month, South Korea's Prime Minister Han Duck-soo said on Friday, in Seoul's latest step to ease curbs on travellers from China. "We will gradually expand the flights to 100 per week from next month as was agreed by the two countries and will review an additional increase," Han said, speaking during a meeting on responses to the COVID-19 pandemic. The remarks come days after China announced it will resume issuing short-term visas for travellers from South Korea starting Saturday, following South Korea's lifting of similar visa curbs last week. South Korea had imposed a number of border measures on travellers from China after Beijing's decision to lift stringent zero-COVID policies, but has been easing some of them citing an improved COVID situation in its neighbour. Seoul will decide next week whether to drop remaining border restrictions, including mandatory COVID tests for arrivals from China, Han said.

[1/5] Eldery people who use the free subway service to deliver parcels gather in Seoul, South Korea, February 8, 2023. "But honestly, I wouldn't be doing it if subway rides weren't free because there wouldn't be much left over for me." Free rides have been a perk enjoyed nationally by those 65 and older for four decades and are credited with keeping senior citizens active. In the greater Seoul area, where almost 3.7 million people are 65 or older, more than 233 million free rides were taken last year. Sixty percent of Koreans support raising the minimum age for senior citizen benefits including free subway rides to 70, according to a Gallup poll released last week.

☆ These are the 12 healthcare startups that have already laid off employees in 2023
▼ + stars: | 2023-02-15 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +1 min

Digital health startups are laying off employees in droves to cut spending in a tough market. These are the 12 healthcare startups to slash staff so far in 2023. Digital health layoffs have been on the rise since last year. Twelve digital health startups have already cut staff less than two months into 2023. Here are the digital health startups that have cut staff so far in 2023, as of February 15:Have a tip about digital health layoffs that you want to share?

☆ South Korea to restart issuing short-term visas for China travellers on Feb 11
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 10 (Reuters) - South Korea plans to resume issuing short-term visas for travellers from China on Saturday after China improved its COVID-19 situation, Seoul officials said on Friday. South Korea suspended issuing short-term visas to Chinese visitors last month after China abruptly ended its stringent "zero-COVID" policy, leading to a wave of infections. Beijing retaliated against Seoul by halting short-term visas for South Korean travellers. South Korea's prime minister, Han Duck-soo, last week hinted at lifting restrictions before the end of February if China's COVID situation became "manageable." Reporting by Hyonhee Shin and Choonsik Yoo; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

[1/3] South Korea's 1st Vice Minister of Economy and Finance Bang Ki-sun speaks during an interview in Seoul, South Korea, February 9, 2023. The Ministry of Economy and Finance/Handout via REUTERSSEOUL, Feb 9 (Reuters) - South Korea's plans to loosen restrictions in its currency market will raise the won's status globally and boost business opportunities for local financial firms, a vice finance minister told Reuters on Thursday. South Korea's economy contracted in the December quarter but Bang said the most recent information indicated it would return to growth in the January-March period, without providing specific data. House prices in South Korea fell 1.98% in December from a month earlier, the fastest drop since data releases began in late 2003 and a seventh consecutive month of decline. The comment contrasted with a long practice of South Korean authorities expressing their concerns about the adverse effect on price competitiveness of their export goods abroad.

SEOUL, Feb 9 (Reuters) - South Korea's plans to loosen restrictions in its currency market will raise the won's global status and, as a result, boost business opportunities for local financial firms, a vice finance minister told Reuters on Thursday. Vice Minister Bang Ki-sun said the government was working on follow-up measures with the aim of implementing the plans in July next year, while dismissing concerns about the won facing a loss of stability. The new measures call for more than doubling the trading hours on the won until past midnight local time and allowing qualified global financial firms to directly trade the currency through two onshore spot brokerage houses. South Korea's economy suffered a contraction in the December quarter and Bang said the most recent information indicated it would return to growth in the January-March period, without providing specific data. Reporting by Choonsik Yoo and Yena Park; Additional reporting by Jihoon Lee; Editing by Lincoln Feast.

☆ South Korea, Australia central banks renew currency swap agreement
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

[1/2] The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, March 8, 2016. REUTERS/Kim Hong-Ji/File PhotoSEOUL, Feb 6 (Reuters) - South Korea's central bank said it renewed on Monday a currency swap agreement with its Australian counterpart, valued at 9.6 trillion won or A$12 billion, for five years until early 2028. The agreement, first signed in 2014, allows either party to exchange funds in own currency for the other currency under pre-set terms. The Bank of Korea and the Reserve Bank of Australia have since renewed the agreement several times. ($1 = 1,246.9200 won)($1 = 1.4432 Australian dollars)Reporting by Choonsik Yoo; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ The 15 billion-dollar healthcare startups facing a make-or-break year in 2023
▼ + stars: | 2023-02-02 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +2 min

Billion-dollar healthcare startups could take a hit to their valuations if they fundraise this year. These are the 15 highest-valued healthcare startups that could be hit by the market contraction. Throughout the year, 85 healthcare companies hit valuations of $1 billion or higher worldwide, according to CB Insights. Of the 15 startups with the highest valuations in healthcare, 11 companies haven't announced funding rounds since 2021. Here are the 15 highest-valued healthcare startups to watch.

☆ South Korea Jan inflation 5.2%, faster than expected
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 2 (Reuters) - South Korea's consumer inflation ticked up in January to a three-month high, against economists' expectations, official data showed on Thursday. The consumer price index was 5.2% higher in January than in the same month a year before, faster than 5.0% seen in December, according to Statistics Korea. Economists had expected the pace of growth to stay steady at 5.0%. The index rose 0.8% on a monthly basis, compared with 0.2% in the previous month and 0.5% tipped in a Reuters poll. Reporting by Jihoon Lee and Choonsik Yoo: Editing by Neil Fullick and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Exports fell 16.6% in January from a year earlier, trade ministry data showed, worse than an 11.3% decline predicted in a Reuters survey and the fastest drop in exports since May 2020. Imports fell 2.6% compared with a year earlier, less than a 3.6% drop predicted in the survey. As a result, the country posted a monthly trade deficit of $12.69 billion, setting a record amount for any month. Leading the sluggish trade performance in January were a 44.5% dive in semiconductor exports and a whopping 31.4% plunge in sales to China, the trade ministry data showed. The government has forecast this year's exports would fall 4.5% after posting a 6.1% gain in 2022, and the trade ministry has said it would do what it can to avert a decline.

☆ South Korea Jan inflation ticks up, leaves policy outlook steady
▼ + stars: | 2023-02-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

The annual rate of price rises was the highest since October, when it was 5.7%. Temporary effects that had pushed up inflation included a lift in electricity charges, unfavourable weather for vegetables and a strong round of regular annual price rises, the Finance Ministry said in a statement. A breakdown of the data showed January public utility costs had risen 4.6% from the previous month while agricultural products had jumped 6.2%, leading the index higher. The Bank of Korea said in a separate statement that the tick-up in the inflation rate was in line with its expectations. The annual rate would be just as high in February, around 5%, it said.

"Samsung, in a roundabout way, is saying production will decrease slightly," said analyst Kim Yang-jae at Daol Investment and Securities. CHIP PROFIT TUMBLESEarlier on Tuesday, Samsung reported its lowest quarterly profit since 2014 and said persistent macroeconomic uncertainty will make for a tough first half of this year, though it expects demand to start recovering in the second half. At 4.3 trillion won ($3.49 billion), October-December operating profit was Samsung's lowest quarterly profit in eight years. Some analysts expect the chip business to book a loss in the first quarter, pulling overall profit below that of the fourth. In mobile, Samsung said fourth-quarter profit fell to 1.7 trillion won from 2.66 trillion won a year earlier, as a decline in low- and mid-end smartphone sales was greater than expected.

☆ Yuanta Securities Korea discusses outlook for Samsung
▼ + stars: | 2023-01-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSamsung's first-quarter numbers aren't looking good, but it's still competitive: StrategistDaniel Yoo of Yuanta Securities Korea says the company's overall numbers for the first quarter aren't "looking good," but expects "quite a bit of a turnaround."

☆ Inside digital health's reckoning, where once-hot startups are suddenly scrambling for cash
▼ + stars: | 2023-01-31 | by ( Blake Dodge | Rebecca Torrence | ) www.businessinsider.com time to read: +11 min

Analysts and CEOs told Insider more than half of healthcare startups will shut down by 2024. Healthcare startups looking to stay afloat have been laying off employees left and right. The online pharmacy Truepill burned through its cash as it struggled to fill prescriptions efficiently, two former employees told Insider. A spokesperson for Truepill told Insider in an email that the company's burn rate was in line with its projections. Courtesy NOCDWhile the broader economic pressures will hurt many startups that can't raise, it may help others, experts told Insider.

☆ South Korea pension fund will deplete faster than expected, report says
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 27 (Reuters) - South Korea's huge national pension fund is set to see its pool of money depleted by 2055, earlier than expected, because of a shrinking population amid low economic growth, an official estimate showed on Friday. A government panel commissioned for the estimate, made every five years, said in a report that the National Pension Service (NPS) would see its fund depleted two years earlier than 2018 estimate predicted. The fund will grow until at least 2040 as the relatively young pension system, launched in 1988, still has more contributions than payments. President Yoon Suk-yeol, who took office in May 2022, has promised sweeping reforms of the national pension system with the aim of making it more sustainable, and the panel's findings will be the basis for the reform plans. South Korea's population has started shrinking since reaching its peak in 2020 at 51.84 million, and the speed of decline will likely quicken because of low birth rates, official data and estimates show.

Playing down the economic slowdown as part of a global trend, Finance Minister Choo Kyung-ho pledged prompt support measures for exporters, such as tax breaks and administrative help. Central bank estimates showed gross domestic product (GDP) shrank 0.4% in the October-December period from the previous quarter. Markets showed a muted reaction to the data, which was largely in line with repeated warnings in recent weeks by the government and central bank. The central bank estimated that in 2022 the full-year value of the economy, Asia's fourth-largest, had been 2.6% larger than in 2021, when it showed growth of 4.1%. Reporting by Jihoon Lee and Choonsik Yoo; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

[1/4] A man clears away the snow from an alley as it snows on a cold winter day in Seoul, South Korea, January 26, 2023. REUTERS/Kim Hong-JiSEOUL, Jan 26 (Reuters) - South Korea plans to double energy vouchers and a discount of gas prices for underprivileged families to cope with spiralling heating bills amid a prolonged cold wave, officials said on Thursday. Many South Korean households began to feel the impact in recent weeks after turning up the heat amid a cold spell, with monthly gas bills up 34% last month from a year ago, according to Statistics Korea. "There is an inevitable aspect of realising energy prices under these difficult external circumstances," he told a briefing. Many South Koreans expressed concerns over additional hikes in energy bills as freezing winter weather continued.

☆ South Korea Q4 GDP shrinks 0.4% q/q, worse than expected
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Jan 26 (Reuters) - South Korea's economy contracted in the final quarter of 2022 for the first time in 2-1/2 years, as a post-pandemic spending spree faded and global trade tumbled, central bank estimates showed on Thursday. Gross domestic product (GDP) shrank 0.4% in the October-December period from the previous quarter, the Bank of Korea estimated, after a 0.3% gain in the July-September quarter. South Korea's economy last contracted in the second quarter of 2020. Fourth-quarter 2022 GDP was 1.4% higher than a year earlier, compared with a 3.1% annual gain seen in the third quarter and the 1.5% forecast in the poll. Reporting by Jihoon Lee and Choonsik Yoo; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Sam Bankman-Fried gave $400 million to an obscure crypto-trading firm cofounded by a Jane Street trader just 2 years out of college, report says
▼ + stars: | 2023-01-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried sent $400 million to Modulo Capital, an obscure crypto trading firm. A spreadsheet shared by the Financial Times in December 2022 showed that Alameda Research, the trading firm cofounded by Bankman-Fried, invested two separate sums in Modulo — $250 million and $150 million. CoinDesk first reported that Modulo's founders used to work at Jane Street Capital, the trading firm where Bankman-Fried began his career, but didn't publish their identities. Court documents reviewed by Insider show that FTX spent $5.8 million at the Albany in nine months up to September 2022. Federal prosecutors have already seized over $500 million from Bankman-Fried, including $50 million kept in the tiny Farmington State Bank, but they're still searching for more.

☆ South Korean exports fall 2.7% in Jan 1-20 period
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 21 (Reuters) - South Korea's exports for the first 20 days of January fell 2.7% from a year earlier, but the pace of drop was slower than that recorded in December, customs data showed on Saturday. In December, South Korean exports fell 9.0% on-year during the first 20 days and declined 9.6% for the full month, as global demand cooled after a wave of aggressive policy tightening to contain inflation. For the first 20 days of January, exports to China fell 24.4%, whereas shipments to the United States rose 18.1%, the Korea Customs Service data showed. Imports over Jan. 1-20 rose by 9.3% on-year, bringing South Korea's trade deficit to $10.26 billion over the period. South Korea's government expects overseas sales in 2023 to fall 4.5%, after a 6.1% gain in 2022, but the trade ministry has vowed to do all it can to achieve growth in exports.

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