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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

    US-Iran deal offers relief to Korean economy, but lower energy prices may take time

    2 MIN READBy Yonhap
    US-Iran deal offers relief to Korean economy, but lower energy prices may take time
  • Policy

    Labor groups demand minimum wage of $7.90 in 16.3% increase

    1 MIN READBy Yonhap
    Labor groups demand minimum wage of $7.90 in 16.3% increase
  • Economy

    Korea's currency strengthens on US-Iran peace deal

    1 MIN READBy Yonhap
    Korea's currency strengthens on US-Iran peace deal
  • Economy

    KRX issues buy-side sidecar for KOSPI on sharp rise

    1 MIN READBy Yonhap
    KRX issues buy-side sidecar for KOSPI on sharp rise
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Economy

Number of high net worth individuals grows over 3% to nearly 480,000: report

The number of Koreans holding more than 1 billion won ($676,818) in financial assets rose more than 3 percent last year to nearly 480,000, a report showed Sunday. According to a wealth report by the research institute of the KB Financial Group, an estimated 476,000 individuals held at least 1 billion won in financial assets as of end-2024, representing 0.92 percent of the total population. The figure marked a 3.2 percent increase from a year earlier and more than tripled from 130,000 in 2011, when the survey began. Their combined financial assets totaled 3,066 trillion won, up 8.5 percent from a year earlier, accounting for 60.8 percent of total household financial assets nationwide. "The growth rate of the wealthy individuals' financial assets was nearly double that of overall household financial assets," the institute said. "Wealth accumulation among the rich has been markedly faster than among the general population." The report showed that 32,000 people held financial assets worth between 10 billion and 30 billion won, while 12,000 individuals owned more than 30 billion won worth of f

Dec 14, 2025By Yonhap
Number of high net worth individuals grows over 3% to nearly 480,000: report
Others

Gov't expected to create W6 tril. sovereign wealth fund through nonlisted shares of state firms

The Lee Jae Myung administration is planning to establish a government-run sovereign wealth fund aimed at supporting strategic growth industries, with investment returns intended to benefit the public, market watchers said Friday. Led by the Ministry of Economy and Finance, the initiative aims to create a fund that will pursue aggressive strategies: investing in overseas megaprojects, supporting domestic artificial intelligence (AI) and semiconductor firms, and channeling state assets into long-term sources of national wealth. Comparable models include Singapore’s Temasek and Australia’s Future Fund. However, concerns linger over inefficiencies in resource allocation and management, as existing government funds of over 2 trillion won ($1.3 billion) have yet to find suitable investment targets. Questions also remain about whether the ministry-driven fund would be managed in a way that is meaningfully distinct from the 150 trillion won government-run growth fund launched Thursday. Experts say the launch of the envisioned fund is likely to mobilize about 6 trillion won in government-own

Dec 12, 2025By Lee Kyung-min
Gov't expected to create W6 tril. sovereign wealth fund through nonlisted shares of state firms
Economy

Mexico's tariff hike plan to have limited impact on Korean exports: ministry

Mexico's tariff hike plan will likely have a limited impact on Korean exports thanks to the country's tariff reduction programs for intermediate goods imports, the industry ministry said Friday. The ministry offered such an assessment during an emergency meeting with Korean automobile, auto parts and steel companies, held a day after Mexico's Senate approved tariff hikes from next year on imports of automobiles, auto parts, textiles, steel and other goods from countries that do not have a free trade agreement with the country, including Korea. Under the plan, Mexico plans to impose 25 percent tariffs on imported auto parts, 25-30 percent tariffs on washing machines, 25 percent duties on refrigerators and 30 percent duties on microwaves. The ministry said the tariff rates have been reduced from initially proposed rates, partly thanks to Korea's efforts to address concerns over such measures through various channels, including meetings between the countries' trade and foreign ministers. The ministry also insisted the planned tariff hikes will have only a limited impact on Korea's exports s

Dec 12, 2025By Yonhap
Mexico's tariff hike plan to have limited impact on Korean exports: ministry
Economy

S. Korea, US to launch joint FTA committee to implement tariff deal: finance chief

Finance Minister Koo Yun-cheol said Friday that a joint committee for the South Korea–U.S. Free Trade Agreement (FTA) will be established soon to implement a recent tariff deal reached by the two countries. In late October, Seoul and Washington finalized an agreement outlining the details of South Korea's $350 billion investment pledge, made in exchange for lowering U.S. tariffs, during summit talks between President Lee Jae Myung and U.S. President Donald Trump. "The two countries plan to push forward with hosting the South Korea–U.S. FTA Joint Committee soon to ensure proper implementation of the agreed measures," Koo said while presiding over an economy-related ministers' meeting. Last week, the Trump administration posted on the Federal Register a notice implementing certain tariff elements of the South Korea-U.S. trade deal, including a reduced duty rate of 15 percent on Korean autos retroactive to Nov. 1. Koo added that Seoul will consult closely with Washington to ensure that the detailed implementation plan for non-tariff measures serves the national interest. The minister als

Dec 12, 2025By Yonhap
S. Korea, US to launch joint FTA committee to implement tariff deal: finance chief
Economy

Foreigners snap 6-month buying of S. Korean stocks in November

Foreign investors became net sellers of South Korean stocks in November, ending their six-month buying streak as they sought to cash in gains, data showed Friday. Offshore investors sold a net 13.37 trillion won ($9.1 billion) worth of local stocks last month, following a net purchase of 4.2 trillion won the previous month, according to the data from the Financial Supervisory Service (FSS). Foreigners had been net buyers of Korean stocks since May. Following their net selling in November, offshore investors owned 1,192 trillion won worth of local stocks, or 29.6 percent of total market capitalization. By country, investors from Britain were the top sellers in November, net selling 4.5 trillion won worth of shares, followed by those from the United States, who net sold 4.1 trillion won, according to the data. In the local bond market, foreign investors purchased a net 17.62 trillion won worth of local bonds last month. Their holdings of local bonds stood at 321.6 trillion won as of end-November, accounting for 11.6 percent of listed bonds here, the data showed.

Dec 12, 2025By Yonhap
Foreigners snap 6-month buying of S. Korean stocks in November
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
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