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  • Economy

    Mirae Asset Securities fails to secure SpaceX IPO shares, frustrating Korean investors

    Korean investors were shut out of SpaceX's record-breaking initial public offering (IPO) after domestic underwriters, including Mirae Asset Securities, failed to receive any shares in the final allocation process, according to industry officials Sunday. Shares in the Elon Musk-led aerospace and satellite company surged more than 19 percent from their IPO price in their Nasdaq debut on Friday, closing at $161.11. The gain gave SpaceX a market value of $2.1 trillion and made Musk the world's first trillionaire on paper. For domestic investors, securing shares through the IPO would have provided a chance to buy the stock at its $135 offering price before its sharp first-day rally. Instead, they were left empty-handed. SpaceX had initially earmarked 2.31 million shares for Mirae Asset Securities out of the 555.6 million common shares sold in the offering. But Goldman Sachs, the lead underwriter, ultimately allocated no saleable shares to any Korean members of the underwriting syndicate. Market participants attributed the move to stronger-than-expected demand from institutional investors, pro

    2 MIN READBy Park Han-sol
    Mirae Asset Securities fails to secure SpaceX IPO shares, frustrating Korean investors
  • Economy

    Korea, Saudi Arabia sign agreement on crude oil, gas cooperation

    1 MIN READBy Yonhap
    Korea, Saudi Arabia sign agreement on crude oil, gas cooperation
  • Economy

    Korea's ICT exports for May hit all-time high amid AI chip demand: data

    1 MIN READBy Yonhap
    Korea's ICT exports for May hit all-time high amid AI chip demand: data
  • Economy

    Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data

    2 MIN READBy Lee Hyo-jin
    Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data
  • Others

    Foreign investors return to KOSPI buying, powering rally above 8,000

    3 MIN READBy Jun Ji-hye
    Foreign investors return to KOSPI buying, powering rally above 8,000
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Economy

Import prices log fastest increase in 19 months in Nov. on weaker won: BOK

Import prices increased at the fastest pace in 19 months in November, despite a decline in global oil prices, due largely to the weaker Korean won, central bank data showed Friday. The import price index rose 2.6 percent on-month in November, accelerating from a 1.9 percent gain in October, according to preliminary data from the Bank of Korea (BOK). The November reading marked the fastest growth since April 2024, when the index jumped 3.8 percent, and the fifth straight monthly increase. On a year-on-year basis, the index climbed 2.2 percent. The rise came as the Korean won fell markedly against the U.S. dollar, with the currency averaging 1,457.77 won per dollar in November, compared with 1,423.36 won in October. The price of Dubai crude, South Korea's benchmark, edged down 0.8 percent on-month to $64.47 per barrel. Import prices are a key driver of inflation, as they influence production costs and consumer prices throughout the supply chain. The data also showed that the export price index rose for a fifth consecutive month in November, increasing 3.7 percent from the previous month, thou

Dec 12, 2025By Yonhap
Import prices log fastest increase in 19 months in Nov. on weaker won: BOK
Cryptocurrency

Crypto mogul Do Kwon sentenced to 15 years in prison for $40 bil. stablecoin fraud

NEW YORK — Onetime cryptocurrency mogul Do Kwon was sentenced Thursday to 15 years in prison after a $40 billion crash revealed his crypto ecosystem to be a fraud. Victims said the 34-year-old financial technology whiz weaponized their trust to convince them that the investment — secretly propped up by cash infusions — was safe. Kwon, a Stanford graduate known by some as “the cryptocurrency king,” apologized after listening as victims — one in court and others by telephone — described the scam’s toll: wiping out nest eggs, depleting charities and wrecking lives. One told the judge in a letter that he contemplated suicide after his father lost his retirement money in the scheme. Engelmayer said at a daylong sentencing hearing in Manhattan federal court that the government’s recommendation of 12 years in prison was “unreasonably lenient” and that the defense’s request for five years was “utterly unthinkable and wildly unreasonable.” Kwon faced a maximum sentence of 25 years in prison. “Your offense caused real people to lose $40 billion in real money, not som

Dec 12, 2025By AP
Crypto mogul Do Kwon sentenced to 15 years in prison for $40 bil. stablecoin fraud
Policy

New budget office likely to launch leaderless next month

A new budget management office, which will oversee a 727.9 trillion won ($494.29 billion) budget next year, is likely to launch without a leader on Jan. 2, 2026, according to government officials Thursday. Roughly translated as the Ministry of Planning and Budget, the office is taking over several key functions from the Ministry of Economy and Finance, including drafting and allocating the budget and establishing medium- to long-term national development strategies. It will operate under the Prime Minister’s Secretariat, in line with President Lee Jae Myung’s reform plan, following criticism that the Ministry of Economy and Finance held “excessive power” over other ministries through its budgetary authority. This marks the first time since 2008 that a government body tasked with managing the budget will be formed separately from the finance ministry. However, the decision on who will lead the ministry has not yet been made, raising concerns about whether it can get off to a smooth start while managing heavy responsibilities. “Not a single candidate has been nominated with less t

Dec 12, 2025By Yi Whan-woo
New budget office likely to launch leaderless next month
Policy

Lee vows expansionary fiscal policy for time being to boost economy

President Lee Jae Myung said Thursday the government has no choice but to pursue an expansionary fiscal policy for the time being to boost a sluggish economy, indicating the government could spend more in 2027. "For the time being, we have no choice but to pursue an expansionary fiscal policy," Lee told a policy briefing by the Ministry of Economy and Finance, adding that a 2027 budget plan also needs to be based on an expansionary fiscal policy. Lee assessed that the economy has been on a steady downward trend and said, "It needs the state's efforts (for the economy) to hit the bottom and draw an upward curve." Lee also urged a government task force to speed up its work on reforming how economic crimes are punished, saying the focus should shift from lengthy criminal cases to stronger financial compensation and fines. "Criminal laws often end up punishing working-level officials rather than corporate executives or those who actually profit. Moreover, investigations and trials can drag on for five or six years," Lee said. "Such punishments fail to function as an effective economic sancti

Dec 11, 2025By Yonhap
Lee vows expansionary fiscal policy for time being to boost economy
Economy

Korea to begin issuing new 3-yr treasury for retail investors in 2026: finance chief

Korea will start issuing new three-year treasury bonds for retail investors next year as part of efforts to expand the investor base of the government bond market in line with the country's planned inclusion in a key global government bond index, Finance Minister Koo Yun-cheol said Thursday Koo unveiled the plan during the 12th Korea Treasury Bond Conference, via a video message, saying that the country's government bond market will be able to establish a foundation for growth with the inclusion in the World Government Bond Index (WGBI) managed by FTSE Russell in April. To attract foreign investment to the market, the country will newly introduce three-year treasurys for individual investors and provide regular interest for government bonds, while fostering demand for short-term bonds, such as fiscal notes and won-denominated foreign exchange bonds, he said. The government will also devise measures to stabilize the bond market and manage potential risks by creating a dedicated team on monitoring and responding to market trends. Next year's total government bond issuance ceiling will be a

Dec 11, 2025By Yonhap
Korea to begin issuing new 3-yr treasury for retail investors in 2026: finance chief
Economy

KOMSCO clinches global banknote award for 80th Liberation Day design

A sample banknote produced by the Korea Minting and Security Printing Corp. (KOMSCO) to commemorate the 80th anniversary of Liberation Day has won top honors at this year’s High Security Printing (HSP) Asia Awards, the state-run banknote manufacturer said Thursday. The work, designed by seasoned KOMSCO designer Kim Jae-min, helped the company win the HSP award for the second time, following its previous work commemorating the PyeongChang 2018 Winter Olympics. Courtesy of KOMSCO

Dec 11, 2025By Yi Whan-woo
KOMSCO clinches global banknote award for 80th Liberation Day design
Economy

Seoul to create sovereign wealth fund, special fund for export support: finance chief

The finance ministry will push for the creation of a sovereign wealth fund and a special fund for strategic export support next year as part of efforts to boost the economy, Minister Koo Yun-cheol said Thursday. "To raise the potential growth rate (of the Korean economy) and overcome polarization, we will come up with an economic growth strategy for 2026 by the end of January," Koo said during a work report to President Lee Jae Myung, noting the strategy will be centered around six key areas. Koo said his ministry will push for the establishment of a sovereign wealth fund to effectively manage state-owned assets worth some 1,300 trillion won ($882.3 billion). The strategy will also include a plan to foster artificial intelligence (AI) transition, with a focus on physical AI. "We will work to achieve at least 1.8 percent economic growth through proactive fiscal policies and measures aimed at boosting consumption, investment and exports, while thoroughly managing the foreign exchange and real estate markets with a system to regularly monitor those markets," Koo added.

Dec 11, 2025By Yonhap
Seoul to create sovereign wealth fund, special fund for export support: finance chief
Others

BOK likely to hold in January despite Fed's 3 consecutive rate cuts

The Bank of Korea (BOK) is widely expected to hold steady in January, despite three consecutive rate cuts by the U.S. Federal Reserve, hamstrung by sustained sharp weakness of the Korean currency and persistent rise in household debt, market watchers said Thursday. The Korea-U.S. interest rate differential has narrowed to 1.25 percentage points, limiting concerns about foreign capital outflow. However, a recent sharp demand for the U.S. dollar driven by asset managers including the National Pension Service and retail investors seeking increased holdings in the U.S. equity remains a key deterrent for the central bank against further monetary easing. Many say Korea is in a “monetary policy bind," with external conditions strengthening the case for easing, while domestic concerns make it risky. The central bank is likely to hold steady as the Fed hinted at a slower pace of easing. The Fed lowered the federal funds rate by 25 basis points this week to 3.50-3.75 percent, its third straight cut following September and October. The Fed said in its statement that downside risks to employment ha

Dec 11, 2025By Lee Kyung-min
BOK likely to hold in January despite Fed's 3 consecutive rate cuts
Economy

Job growth hits record low in 2024; employment of young people falls for 2nd year

South Korea's job growth slowed to a record low in 2024 due mainly to a slump in the construction sector and demographic changes, data showed Thursday. The country recorded 26.71 million jobs last year, up 60,000, or 0.2 percent, from a year earlier, according to the Ministry of Data and Statistics. Both the growth rate and the number of new jobs were the lowest since the agency began compiling such data in 2016. Job growth, which had hovered around 800,000 per year from 2020 to 2022, had plunged to 200,000 in 2023. The further slowdown last year was mainly attributable to the sluggish construction industry, which lost 60,000 positions. The finance and insurance sector and the transportation and warehousing field also had fewer positions, while health and social welfare added 130,000 jobs, driven by government-led care service positions. Large companies shed 80,000 jobs, reducing their total employment to 4.43 million, while small and medium-sized enterprises had 10,000 fewer jobs last year, marking the first drop since the record keeping began. By age group, workers in their 50s held the l

Dec 11, 2025By Yonhap
Job growth hits record low in 2024; employment of young people falls for 2nd year
Policy

InterviewCustoms officer stands out in landmark crackdown on fake K-beauty products

Byun Chae-eun, 28, a fourth-year officer at the Korea Customs Service (KCS), has distinguished herself in the fight against counterfeit Korean cosmetics, helping to safeguard the global reputation of K-beauty. She played a key role in a landmark crackdown, uncovering 22,339 fake Korean skin care items sent from China to Korea via express cargo, including imitations of popular brands such as Sulwhasoo, KAHI and d’Alba. The operation was carried out by KCS’ Incheon Airport Regional Customs from June to November at Korea’s main gateway, which handles over 60 percent of imported express cargo. This shipping method has been increasingly exploited to bring knockoffs of popular Korean brands into the country, with counterfeit products slipping into domestic health and beauty stores or being resold overseas. “I feel proud that my work has contributed, even in a small way, to enhancing global trust in K-beauty,” Byun said in a recent interview with The Korea Times. “At the same time, it is rewarding to realize that doing my best in my role helps protect our domestic industries.” The

Dec 11, 2025By Yi Whan-woo
Customs officer stands out in landmark crackdown on fake K-beauty products
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