Money supply up for 6th month in November amid restrictive policy: BOK

SEOUL, South Korea’s money supply rose for the sixth consecutive month in November amid tightening policy, central bank data showed Wednesday.

The country’s M2, a key gauge of the money supply, stood at 3,894 trillion won (US$2.91 trillion) in November, up 0.9 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

The M2 is a measure of the money supply that counts cash, demand deposits and other easily convertible financial instruments.

The central bank has been implementing its restrictive mode, as it delivered seven consecutive hikes in borrowing costs from April 2022 to January 2023 to tame soaring inflation in Asia’s fourth-largest economy.

Earlier this month, the BOK held its key interest rate steady at 3.5 percent for the eighth straight time amid a slowdown in growth and moderating inflation.

Source: Yonhap News Agency

Foreign currency deposits up for 3rd month in December

SEOUL, Foreign currency deposits increased for the third straight month in December as export settlements increased, central bank data showed Wednesday.

Residents’ outstanding foreign currency-denominated deposits reached US$103.88 billion at end-December, up $2.12 billion from the previous month, according to the data from the Bank of Korea.

Residents include local citizens, foreigners staying in South Korea for more than six months and foreign companies. The data excludes interbank foreign currency deposits.

By currency, dollar-denominated deposits rose by $1.96 billion to $85.79 billion, and Japanese yen-denominated deposits declined by $220 million to $9.7 billion last month.

Euro-denominated deposits also increased by $290 million to $5.8 billion, and Chinese yuan-denominated deposits climbed by $90 million to $1.25 billion, according to the data.

Corporate deposits had come to $88.26 billion as of December, up $2.02 billion from the previous month, with individual holdings rising by $100 million t
o $15.62 billion.

Source: Yonhap News Agency

Drugs seized in S. Korea jump 23 pct in 2023

SEOUL, The amount of drugs seized before being smuggled into South Korea jumped 23 percent on-year in 2023, the customs agency said Wednesday.

A total of 769 kilograms of drugs had been seized at borders last year, up from 624 kg from the previous year, according to the Korea Customs Service (KCS).

The number of smuggling attempts fell 9 percent to 704 cases, but the average volume involved in each case had risen sharply from 446 g in 2021 to 1,092 g last year.

South Korea has tightened its border control in line with rising demand for narcotics here and the subsequent rising prices.

Of the total, 43 percent was carried out through international mail, followed by express cargo accounting for 36 percent and air travelers with 19 percent.

The drug smuggling attempts through travelers, in particular, have surged in 2023 in line with the growing international travel after the COVID-19 pandemic.

The amount of drugs to be brought in via travelers more than quadrupled to 148.1 g in 2023 from the previous year
‘s 36.2 g, and the number of such cases climbed 58 percent on-year to 177 such cases.

By type, methamphetamine accounted for 57 percent of all the drugs seized, followed by hemp at 19 percent and ketamine at 5 percent.

By origin, Thailand topped the list by accounting for 24 percent of the total volume, or 187 kg, followed by the United States with 20 percent, Germany with 12 percent and Laos with 9 percent, the data showed.

Source: Yonhap News Agency

Occult thriller ‘Exhuma’ starring Choi Min-sik to hit theaters

SEOUL, A new supernatural mystery thriller starring Choi Min-sik, Kim Go-eun, Yoo Hae-jin and Lee Do-hyun will hit theaters next month.

Titled “Exhuma,” also known as “Pamyo” in Korean, the Korean film revolves around mysterious events affecting a geomancer, an undertaker and a young shaman duo after they exhume the grave of an ancestor from a wealthy family for a large amount of money.

The Korean word “pamyo” means exhumation for relocation or cremation. It is also practiced when an unfavorable location in feng shui of an ancestor’s burial site causes misfortune for their descendants.

Director Jang Jae-hyun said Wednesday the idea of making the film came from his childhood experience of witnessing an exhumation.

“When I was a child, I watched people exhuming a tomb in a rural area where I hung around every day to move it for a highway construction. I still remember the smell and colors of the soil from the tomb that appeared to be 100 years old or more,” he said during a press conference at a Seoul thea
ter.

He recalled feeling a mix of curiosity and fear while watching them dig out an old wooden coffin and perform a ritual, wondering what would emerge. “My heart pounded when I filmed the close-up shot of the weathered coffin.”

A master of the occult genre, known for “The Priests” (2015) and “Svaha: The Sixth Finger” (2019), Jang expressed his desire to portray an energy that cannot be seen with the naked eye.

“Exhuma” marks the main cast members’ debut in the genre.

For veteran actor Choi Min-sik, in particular, it is his first in his 35-year acting career. He plays the role of Sang-deok, a seasoned geomancer with 40 years under his belt, in the supernatural thriller.

“I don’t usually enjoy this kind of film because they are too scary. I joined because of the director, whose previous works I liked very much,” he said. “I really enjoyed watching him visualize a metaphysical and abstract subject from beginning to end, and I learned a lot from him.”

Yoo Hae-jin said he was curious about how the director
would make such a story feasible. “I thought it was really weird when I saw the film’s draft version after all the shooting.”

Kim Go-eun admitted she was initially afraid of working on a set of this genre but ended up enjoying the filming process.

Kim and Lee Do-hyun portray the shaman duo Hwa-rim and Bong-gil, respectively, hired by the eldest son of a wealthy family to investigate a mysterious generational disease plaguing their lineage.

Sensing that the source lies within the ancestral tomb, Hwa-rim enlists aid from the geomancer Sang-seok and a mortician named Yeong-geun (Yoo Hae-jin) for an exhumation. Their actions then unleash a malevolent force buried underneath.

The actors shared how they struggled not to be seen as sloppy by professionals.

“I frequently visited a shaman’s house and ate together to learn the gestures and dances of possession,” Kim said.

Choi spoke highly of Kim’s resulting performance, joking, “I was worried she might find a second job.”

“I think her unprecedented transformati
on as a shaman is one of the highlights of the movie,” he added.

Yoo also took lessons from one in the profession to ensure authenticity as a top-tier undertaker.

“I just wanted everything, including skills as an undertaker and his relationship with Sang-deok, to look natural as if he always does this,” he said.

Lee Do-hyun, best known for his role in “The Glory” (2022), did not attend the press event as he is currently in the military to perform his mandatory service.

Source: Yonhap News Agency

Number of N. Korean defectors coming to S. Korea estimated at 190 last year

SEOUL, The number of North Korean defectors coming to South Korea almost tripled to around 190 last year from a year ago, with defections by North Korean diplomats and trade officials on the rise, South Korea’s vice unification minister said Wednesday.

The preliminary tally for 2023 compared with 67 recorded for the whole year of 2022, according to data from Seoul’s unification ministry. The government will soon disclose confirmed yearly figures.

“There is a trend of more elite North Koreans defecting to South Korea,” Vice Unification Minister Moon Seoung-hyun told a television program, without providing further details.

North Korean diplomats stationed at the country’s overseas missions and officials engaged in trade affairs are believed to have chosen to flee their oppressive home country, as they are under pressure to send hard currency to the regime.

South Korea has a longstanding policy of accepting any North Korean defectors who want to live in the South and repatriating any North Koreans who stray
into the South if they want to return.

South Korea is now home to more than 34,000 North Korean defectors, and the flow of defectors continues amid chronic food shortages and harsh political oppression in North Korea.

The number of North Koreans who arrived in South Korea hit a record low of 63 in 2021 as North Korea kept its borders closed to fend off the COVID-19 pandemic. This marks a dramatic decline from a record high of 2,914 in 2009, according to the ministry.

Source: Yonhap News Agency

S. Korea calls for France’s cooperation on EV subsidy scheme

SEOUL, South Korea has asked for France’s active cooperation on addressing the exclusion of some locally produced electric vehicles (EV) from the list eligible for subsidies in the European country, Seoul’s industry ministry said Wednesday.

The ministry made the request during the eighth forum on the cooperation of new industry technologies held in Paris, as the Niro and Soul EVs of South Korea’s Kia Corp. were excluded from the list of eligible car types in accordance with France’s revised rules on consumer incentives for EV purchases.

The subsidy scheme, implemented this month, includes new criteria of the amount of carbon emitted over the course of manufacturing EVs, and Niro and Soul were excluded as they are manufactured in South Korea before being shipped to Europe.

The list mostly involves European models, and South Korean carmaker Hyundai Motor Co.’s Kona SUVs were the only model on the list as they are produced in the Czech Republic.

“On the sidelines of the forum, the two sides had in-depth dis
cussions on pending economic issues, and South Korea asked once again for France’s cooperation on the policy,” the ministry said in a release.

The Seoul government has expressed regret to France over the exclusion decision and has called for the swift beginning of an official appeal process.

The forum, meanwhile, brought together some 80 French companies and 25 South Korean firms, as well as experts and relevant institutions, and they explored ways of working together on advanced technologies and supply chains of new industries, according to the ministry.

Source: Yonhap News Agency

Ateez, Le Sserafim to perform at Coachella festival

SEOUL, K-pop groups Ateez and Le Sserafim will be performing at the Coachella Valley Music and Arts Festival, the largest music festival in North America.

Ateez will take the stage at the festival in California on April 12 and April 19, while Le Sserafim will perform on April 13 and April 20, according to the festival’s homepage Wednesday.

Ateez will become the first K-pop boy group to perform at the festival.

Last year, girl group BLACKPINK made history by becoming the first K-pop act to headline the festival.

The festival’s headliners this year include singer-songwriter Lana Del Rey; rapper-producer Tyler, the Creator; and rapper Doja Cat.

Source: Yonhap News Agency

Civic group names 34 former, sitting lawmakers deemed unfit for election nominations

SEOUL, A civic group announced a list of 34 sitting and former lawmakers that it claimed should be excluded from nominations for April’s general elections for poor parliamentary performances and ethical reasons.

The Citizens’ Coalition for Economic Justice said it compiled the list based on the number of legislative proposals, frequency of absences from parliamentary sessions and ethical issues, including involvement in scandals and excessive real estate or stock holdings.

The group conducted an analysis between May and November last year of related data of all those elected to the current 21st-term National Assembly in 2020, including those who later lost their seats due to various reasons.

“If the lawmakers, whom we determined to be unfit for nomination, end up being nominated, we will hold their parties responsible,” said Kim Seong-dal, an official at the group.

Three of the 34 people — Reps. Kim Tae-ho, Kim Hee-kuk and Park Duk-hyum of the ruling People Power Party (PPP) — were deemed unfit for nom
inations for not only one but for two reasons, the group said.

Rep. Kim Tae-ho had the highest absence rate of 19.9 percent for general parliamentary sessions and 26.5 percent for parliamentary committee meetings, the group said.

The other two had issues ranging from high absence rates to involvement in scandals, it added.

The group also identified another group of 72 people that it claimed should be closely vetted for potential problems with their qualifications.

The group said it will deliver the lists to the PPP and the main opposition Democratic Party in person.

Source: Yonhap News Agency

POSCO raises US$500 mln in green bond sale for facility investments

SEOUL, South Korean steelmaker POSCO said Wednesday it has raised US$500 million by selling global green bonds for domestic facility investments.

POSCO issued the U.S. dollar bond at the interest rate of three-year U.S. Treasurys plus 1.1 percent, the company said in a statement.

The steelmaker began to attract investors on Jan. 3, and about 200 institutional investors placed orders reaching $4 billion in the deal, it said.

With the proceeds, it plans to build a 2.5-million-ton-a-year electric furnace in its existing integrated steel mill in Gwangyang, 287 kilometers south of Seoul.

POSCO has another domestic integrated steel plant in Pohang, 262 km southeast of Seoul, and one overseas plant in Indonesia.

Green bonds refer to debts that are sold with the commitment to use the proceeds for green investments.

Source: Yonhap News Agency

S. Korean Bond Yields on Jan. 17, 2024

Today (%) Previous Session(%) Change (BP)

1-year TB 3.372 3.369 +0.3

2-year TB 3.336 3.303 +3.3

3-year TB 3.277 3.235 +4.2

10-year TB 3.369 3.322 +4.7

2-year MSB 3.332 3.297 +3.5

3-year CB (AA-) 4.025 3.982 +4.3

91-day CD 3.710 3.720 -1.0

Source: Yonhap News Agency