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  • Economy

    Expected BOK rate hike prompts concern over rising interest burdens on households, firms

    Expectations of imminent interest rate hikes by the Bank of Korea (BOK) are adding to pressure on households and businesses already struggling with rising borrowing costs, analysts said Sunday. Lending rates at major banks have continued to climb as BOK Gov. Shin Hyun-song struck a hawkish tone following a Monetary Policy Board meeting on May 28, reinforcing market expectations that the central bank could begin raising rates as early as July. According to banking industry data, fixed-rate mortgage loans offered by the country's five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — carried interest rates ranging from 4.39 percent to 7.33 percent as of Friday. The upper end of the range was up 0.33 percentage point from a month earlier, when rates stood between 4.4 percent and 7 percent. It marked the first time since October 2022 that the highest fixed mortgage rate among the five major lenders exceeded 7.3 percent. Personal credit loan rates have also moved higher. As of Friday, interest rates on personal credit loans for top-tier borrowers with one-year maturities ra

    2 MIN READBy Lee Hyo-jin
    Expected BOK rate hike prompts concern over rising interest burdens on households, firms
  • Policy

    Top policymakers vow stern action against speculative FX market activities as won weakens

    2 MIN READBy Yonhap
    Top policymakers vow stern action against speculative FX market activities as won weakens
  • Cryptocurrency

    Bithumb's bitcoin payout blunder results in $1.6 mil. compensation

    2 MIN READBy Lee Hyo-jin
    Bithumb's bitcoin payout blunder results in $1.6 mil. compensation
  • Economy

    S. Korean retail investors sell over $641 bil. in overseas stocks in 1st week of June

    1 MIN READBy Yonhap
    S. Korean retail investors sell over $641 bil. in overseas stocks in 1st week of June
  • Economy

    Seoul stocks, won hammered by massive foreign selling

    2 MIN READBy Park Han-sol
    Seoul stocks, won hammered by massive foreign selling
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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

Korea posts trade surplus of intellectual property right in H1

Props used for the TV series “Squid Game” are seen on display at the “Hallyu! The Korean Wave” exhibition at the Victoria and Albert museum in London, Sept. 21. AP-Yonhap Korea posted a trade surplus of intellectual property rights (IPRs) in the first half of this year thanks to a rise in copyright payments amid popularity of Korean music and other cultural content, central bank data showed Friday.The country's surplus from cross-border IPR trade came to $370 million in the January-June period, according to the preliminary data from the Bank of Korea (BOK).This marked a sharp rise from a surplus of $40 million tallied six months earlier. It also turned around from a deficit of $70 million in the same period a year earlier. The first-half increase came as the country logged a surplus of $870 million in the copyright area. In particular, it posted a surplus of $490 million from software development and other research development efforts. Its surplus from exports of cu

Sep 23, 2022
Korea posts trade surplus of intellectual property right in H1
Economy

Producer prices drop in Aug. for 1st time in nearly 2 years

A shopper browses eggs at a supermarket in Seoul, June 23. NewsisKorea's producer prices dropped for the first time in nearly two years in August as global crude oil prices fell amid recession woes, central bank data showed Friday.The producer price index, a major barometer of consumer inflation, stood at 122.57 last month, down 0.3 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK).This marked the first decline in producer prices since October 2020 when the prices declined 0.4 percent from the previous month.Compared with a year earlier, however, the index rose 8.4 percent, the 21st consecutive month of on-year increase.The on-month downturn is attributed to a fall in international crude oil prices amid worries that aggressive monetary tightening in major countries could weigh on economic growth. Factory product prices were down 0.3 percent on-month in August, with the prices of coal and oil products dropping 8.6 percent over the same period, the data showed. An increase in producer prices could add to upward pressure on inflation as it coul

Sep 23, 2022
Producer prices drop in Aug. for 1st time in nearly 2 years
Economy

Seoul's stocks down, currency dips to over 13-yr low following Fed's rate hike

A monitor at the dealing room of Hana Bank headquarters in central Seoul shows the KOSPI's closing numbers Thursday. Yonhap Korean stocks closed down on Thursday, as investors were spooked by growing worries over a global economic recession following the U.S. Federal Reserve's sharp rate hike decision. The Korean won fell to a 13-year low against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.9 points, or 0.63 percent, and closed at 2,332.31. Trading volume was light at 436.1 million shares worth 7.3 trillion won, with decliners outnumbering gainers 579 to 299.After starting low at the opening bell, the main bourse tumbled near the 2,300 mark but the losses were trimmed on bargain hunting. Thursday's losses came after the Fed's overnight decision to raise its benchmark federal funds rate by 75 basis points for a third straight time, with its Chair Jerome Powell confirming his resolution to fight inflation "until the job is done." The

Sep 22, 2022
Seoul's stocks down, currency dips to over 13-yr low following Fed's rate hike
Economy

FSS probe found $7.22 bil. involved in abnormal overseas money transfers

The Financial Supervisory Service (FSS) / Korea Times fileKorea's financial regulator said Thursday that it has found around 10 trillion won ($7.22 billion) worth of dubious funds sent abroad via local banks in transactions suspected of being linked to cryptocurrency markets.The Financial Supervisory Service (FSS) said that it has conducted a probe in which it has found that 82 firms have been involved in abnormal overseas money remittance worth a combined 10.1 trillion won abroad for abnormal reasons. The amount was about 950 billion won larger than its preliminary probe results announced last month.Of the total, the largest $5.17 billion were sent to Hong Kong, followed by $1.09 billion to Japan and $360 million to China, respectively, the FSS said. Shinhan Bank handled the largest $2.36 billion worth of transactions, with Woori Bank and Hana Bank dealing with $1.62 billion and $1.08 billion, respectively. The FSS suspected that much of the money involved was collected from local cryptocurrency exchanges to bank accounts of those firms' local branches before being remitted overseas

Sep 22, 2022
FSS probe found $7.22 bil. involved in abnormal overseas money transfers
Economy

Won-dollar rate soars to 1,409.7 on Fed rate hike

Bank of Korea Governor Rhee Chang-yong, second from left, sits next to Financial Supervisory Service (FSS) Governor Lee Bok-hyun, first from left, finance minister Choo Kyung-ho, third from left, and Financial Services Commission (FSC) Chairman Kim Joo-kyun, first from right, during a press conference after an emergency macroeconomic meeting in central Seoul, Thursday. YonhapBOK chief hints at more aggressive tighteningBy Anna J. Park The Korean won to U.S. dollar exchange rate soared above the 1,400 level for the first time in more than 13 years on Thursday in the wake of the U.S. Federal Reserve's overnight hike of its key interest rate by 75 basis points for the third straight time.With the U.S. Fed's hawkish attempt to curb inflation, the won-dollar exchange rate soared, ending at 1,409.7 won at the Seoul foreign currency exchange on Thursday. It marked a 15.5 won increase from Wednesday.The rate started off at 1,398 won, a 3.8 won increase from the previous close, and quickly surpassed the 1,400 won mark in the early trading hours of Thursday. It reached 1,413 at one point durin

Sep 22, 2022By Anna J. Park
Won-dollar rate soars to 1,409.7 on Fed rate hike
Cryptocurrency

UDC 2022 kicks off in Busan with focus on blockchain

Song Chi-hyung, co-founder and chairman of Dunamu, delivers opening speech of the Upbit Developer Conference 2022, at the Busan Port International Exhibition & Convention Center, Thursday. Courtesy of DunamuPolygon, Solana upbeat over new era of Web 3.0By Lee Min-hyungBUSAN ― The Upbit Developer Conference (UDC) 2022 started Thursday with great fanfare under the key theme of “Imagine your blockchain life,” bringing together prominent blockchain developers from here and abroad in the nation's largest port city. Leaders and developers from major blockchain network operators ― such as Polygon, Solana, TRON and FTX ― have appeared at the event, where they discussed how blockchain will reshape people's daily lives.The UDC 2022 is expected to grab the attention of more than 3,000 visitors during the two-day-long fair. This marked the first time since 2019 that the event was held offline due to the years-long COVID-19 pandemic.Song Chi-hyung, co-founder and chairman of Dunamu, welcomed the audience with an opening address. Upbit is the nation's largest crypto exchange and an

Sep 22, 2022By Lee Min-hyung
UDC 2022 kicks off in Busan with focus on blockchain
  • Dunamu looks to global NFT market for growth
Cryptocurrency

Dunamu looks to global NFT market for growth

Dunamu CEO Lee Sirgoo speaks during a press conference on the sidelines of the Upbit Developer Conference 2022 at the Busan Port International Exhibition & Convention Center, Thursday. Courtesy of DunamuBy Lee Min-hyungBUSAN ― Dunamu, the operator of the nation's dominant crypto exchange platform, Upbit, has identified the worldwide non-fungible token (NFT) industry as its next big growth area amid the rise of the “fandom economy,” CEO Lee Sirgoo said, Thursday, on the sidelines of this year's Upbit Developer Conference (UDC) in Busan. “We have tried multiple businesses ― such as custody and digital wallet services ― but faced difficulties expanding into non-crypto trading sectors,” Lee told reporters during a press conference. “But we need to keep finding new revenue areas, and have high hopes of turning a new joint venture ― set up with Korea's top entertainment firm, HYBE ― into our next major growth driver.”Dunamu and HYBE, the Seoul-based music label managing K-pop superstar group BTS, established the joint venture, named Levvels, recently

Sep 22, 2022By Lee Min-hyung
Dunamu looks to global NFT market for growth
  • UDC 2022 kicks off in Busan with focus on blockchain
Economy

Delinquency ratio on bank loans inches up in July

This file photo taken Oct. 14, 2021, shows a bank branch in Seoul. YonhapThe delinquency ratio on loans extended by banks in Korea inched up in July from a month earlier, but it still had remained at a record-low level on the back of state supportive measures for virus-hit small merchants, the financial watchdog said Thursday.The delinquency ratio on banks' won-denominated loans had come to 0.22 percent as of end-July, up from an all-time low of 0.20 percent tallied a month earlier, according to preliminary data from the Financial Supervisory Service (FSS).From a year earlier, the July figure was down 0.05 percentage point.The ratio reflected loans overdue by one month or longer in principal and interest payment. The delinquency ratio on household loans went up 0.01 percentage point on-month to stand at 0.19 percent as of end-July, and the figure for corporate loans came to 0.24 percent by rising 0.02 percentage point from a month earlier, according to the data.The delinquency ratio has remained low recently, as the government has implemented various financial measures to support sma

Sep 22, 2022
Delinquency ratio on bank loans inches up in July
Economy

Won's tumble darkens outlooks for economy

An electric signboard in the dealing room of Hana Bank in Seoul shows the Korean won changing hands with the U.S. dollar at 1,408.80, Sept. 22. Yonhap A recent accelerating slide in the local currency against the U.S. dollar is feared to aggravate uncertainty over the Korean economy already struggling in the face of galloping inflation, high borrowing costs and worries over slowing growth, observers said Thursday.The won's sharp depreciation will likely exert upward inflation pressure and increase the cost of borrowing that experts worry could undercut the growth momentum of Asia's fourth largest economy by dampening consumption and corporate investment. On Thursday, the won dived through the 1,400 mark for the first time in more than 13 years. It had been trading at 1,408.9 won as of 11:20 a.m., the lowest not seen since March 31, 2009, when the local currency hit 1,422 won per the greenback in intraday trading. The won's tumble came as the dollar rallied following

Sep 22, 2022
Won's tumble darkens outlooks for economy
  • Won hits over 13-year low against dollar after Fed's rate hike
Economy

Capital outflows from Korea won't incur drastic foreign liquidity shortage: BOK

A clerk sorts $100 banknotes at the headquarters of Hana Bank in Seoul, Sept. 5. YonhapKorea is not likely to suffer a sudden shortage of foreign currency liquidity even in the case of massive capital outflows from domestic financial institutions over recent U.S. interest rate hikes, a central bank report showed Thursday. There have been concerns about the country's foreign liquidity position over the Korean won's recent plunge and the U.S.' aggressive monetary tightening.On Thursday, the local currency dipped below the 1,400 won mark against the U.S. dollar for the first time in more than 13 years, after the Federal Reserve decided to raise its policy rate by 75 basis points for a third straight time."Our assessment showed that domestic banks' foreign exchange liquidity coverage ratio came to 122.8 percent as of June, far higher than the minimum threshold of 70 percent," the Bank of Korea (BOK) said in its latest financial stability report.The figures for securities firms and insurance companies stood at 118.2 percent and 262.6 percent, respectively, the report showed.The foreign ex

Sep 22, 2022
Capital outflows from Korea won't incur drastic foreign liquidity shortage: BOK
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