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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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Economy

Stock settlements drop 27% in H1: KSD

Korea Securities Depository (KSD) / Korea Times fileThe amount of stock settlements here plunged 27 percent in the first half of this year from a year earlier, largely due to a slump in the global stock market, data showed Wednesday.In the January-June period, a total of 203.9 trillion won ($156 billion) worth of stock settlements were made through the Korea Securities Depository (KSD), down 27.3 percent from a year ago, according to the data. The tally also shrank 11.6 percent from six months earlier. The KSD said stock settlements were on a decline since the second half of 2021. Over the same period, bond settlements dropped 1.3 percent on-year to 3,446 trillion won. The decline came amid uncertainties in the global stock market.Investors turned risk-averse against the rising inflation pressure that fanned concerns about aggressive monetary tightening, in addition to the global energy crunch and supply bottleneck stemming from the Russia-Ukraine war. Last week, the Bank of Korea delivered an unprecedented 0.5 percentage-point rate hike in its benchmark seven-day repo rate to 2.25 p

Jul 20, 2022
Stock settlements drop 27% in H1: KSD
Economy

Korean economy feared to slow down amid external uncertainty: gov't

gettyimagesbankThe Korean economy is feared to slow down, as inflationary pressure has mounted and export growth could lose steam amid deteriorating external economic conditions, the finance ministry said Wednesday.Market volatility and global economic downside risks further increased, led by the Federal Reserve's fast rate hikes, China's economic slowdown, and the protracted war between Russia and Ukraine, the ministry said in its monthly economic assessment report, called the Green Book."Domestic demand has been on a mild recovery track on improvement in the job market and a rebound in in-person services. But there are concerns about the economic slowdown, as inflation picked up and export growth could be dented due to worsened external economic conditions," the report said.Concerns about stagflation, a mix of slumping growth and high inflation, have increased due to heightened external economic uncertainty.Inflationary pressure has rapidly built up, as crude oil and commodity prices have soared due to Russia's invasion of Ukraine and continued supply chain disruptions. A recovery

Jul 20, 2022
Korean economy feared to slow down amid external uncertainty: gov't
Economy

Korean consumers show stronger preference for online shopping: Samil PwC

Image of Samil PwC's annual survey report / Courtesy of Samil PwCBy Anna J. Park Korean consumers have a much higher receptivity when it comes to online shopping, compared to their global peers. This finding is according to Samil PwC's latest Global Consumer Insights Pulse Survey on 9,069 consumers across 25 countries. The biannual survey report showed that Korean consumers are much more optimistic about the future growth of online shopping, as they forecast increased online shopping expenditures over 20 percent more than average global consumers. Korean respondents were also shown to have a strong preference for fast and efficient delivery services compared to their global peers. As a result, delivery delays and inventory shortages were picked as the main factors that impede online shopping experiences. Though the Korean consumers surveyed were more sensitive and nimble regarding online shopping, they were not the only people who were. Sixty-three percent of global respondents said that they have increased their reliance on online shopping during the pandemic, and more than half of

Jul 20, 2022By Anna J. Park
Korean consumers show stronger preference for online shopping: Samil PwC
Cryptocurrency

Dunamu to invest $383 million to create 10,000 jobs

Top crypto operator pledges to invest more in blockchain, NFT and metaverseBy Lee Min-hyungDunamu is set to invest 500 billion won ($383 million) over the next five years to create more than 10,000 jobs for regional communities around Korea. The company is the operator of Korea's dominant cryptocurrency exchange, Upbit.The drive is part of the firm's efforts to help young people here catch up with the era of the so-called Web 3.0 ― which refers to the upcoming third-generation internet featured with trendy technologies, such as machine learning, artificial intelligence and blockchain.Under the vision, Dunamu will establish regional offices in the nation's major metropolitan cities including Busan, Daegu, Gwangju and Daejeon with a view to offering more opportunities to young people nationwide. The company has also drawn a blueprint for a series of consulting programs to help 500 startups in the aforementioned tech areas to stand on their own feet.The company said the latest decision came as part of its corporate social responsibility to help more companies and young workers expand th

Jul 20, 2022By Lee Min-hyung
Dunamu to invest $383 million to create 10,000 jobs
Economy

FSC chair aims to foster 'BTS of the financial industry'

Financial Services Commission (FSC) Chairman Kim Joo-hyun, left, speaks next to Financial Supervisory Service (FSS) Governor Lee Bok-hyun during a regulatory reform meeting held at the Korea Federation of Banks in central Seoul, Tuesday. YonhapFSC chief hints at revising long-held act mandating separation of industrial and financial capital By Anna J. Park The country's top regulator once again stressed the need for innovative deregulation of the local financial industry, in order to respond nimbly to the global financial transformation towards full-blown digitalization. Such deregulation would create a new field where leading players like BTS can be born in the financial industry, he added. Speaking at a regulatory reform meeting held at the Korea Federation of Banks in central Seoul Tuesday morning, Financial Services Commission (FSC) Chairman Kim Joo-hyun said that the local financial industry faces an important juncture where existing financial rules do not apply anymore.“With the acceleration of the Fourth Industrial Revolution and digital transformation, the boundaries am

Jul 19, 2022By Anna J. Park
FSC chair aims to foster 'BTS of the financial industry'
Economy

Vice finance minister hosts meeting to cut greenhouse gas emissions

First Vice Finance Minister Bang Ki-sun, center, speaks during a consultative meeting with experts on reducing greenhouse gas emissions at Government Complex Seoul in central Seoul, Tuesday. Courtesy of the Ministry of Economy and FinanceBy Yi Whan-wooFirst Vice Finance Minister Bang Ki-sun hosted a meeting to consult with experts on reducing greenhouse gas emissions in accordance with global climate goals, the finance ministry said Tuesday.It said Bang shared ideas with scholars, business executives and other environment-related experts on possible measures to raise the reduction goal from 26.3 percent to 40 percent by 2030, as compared to the 2018 level.The goal is in accordance with Korea's Nationally Determined Contribution (NDC), the national plan for climate change mitigation and greenhouse gas emissions reduction. NDCs were put forth to achieve the goals of the Paris Agreement on climate action in December 2015.“The vice minister vowed to set up thorough policy directions and principles, to enhance the division of roles between the public and private sectors and go over

Jul 19, 2022By Yi Whan-woo
Vice finance minister hosts meeting to cut greenhouse gas emissions
Economy

Banks request licensing for digital asset business

gettyimagesbankBy Lee Min-hyungCommercial banks here have urged the government to issue licenses for them to operate digital asset businesses amid ever-toughening competition against big tech firms that are expanding their financial presence at a rapid pace. They submitted the request to the Financial Services Commission (FSC), which has pledged to ease a set of regulatory hurdles that the financial industry faces, so industry players can remain agile in their ongoing digital transformation.Industry officials said nothing specific has been confirmed for the time being over their possible expansion in the nascent growth area. But banks can seek new revenue sources and more partnerships with digital asset players if the authority eases relevant regulations, they said.“Even if most banks do not have any specific vision toward digital asset businesses, they have made efforts in areas such as blockchain and central bank digital currency (CBDC), both of which are closely related with digital assets,” an official from a major commercial lender said.Banks called on the authority

Jul 19, 2022By Lee Min-hyung
Banks request licensing for digital asset business
Economy

Seoul's average apartment price jumps nearly fourfold in 18 years: civic group

gettyimagesbankThe average price of an apartment in Seoul has shot up nearly fourfold in the past 18 years after more than doubling under the previous Moon Jae-in administration alone, a civic group analysis showed Tuesday. A 99.1-square-meter apartment in the capital fetched 1.28 billion won ($973,162) on average as of May, up 940 million won from the average price of 340 million won in January 2004, according to the Citizens' Coalition for Economic Justice's analysis of 124,000 apartment units in the city.The average Seoul apartment price more than doubled during the five-year term of the previous Moon administration alone, with the number skyrocketing from 599 million won in May 2017 to 1.28 billion won five years later. The corresponding price rose from 340 million won to 525 million won under the Roh Moo-hyun administration (2003-2008) before posting a drop to 491 million won during the following Lee Myung-bak government (2008-2013). The number turned upward again under the next Park Geun-hye government (2013-2017) to reach 599 million won in May 2017. The price hike means it ta

Jul 19, 2022
Seoul's average apartment price jumps nearly fourfold in 18 years: civic group
Economy

FSC chief highlights need to ease restrictions preventing industrial businesses from owning banks

Head of the Financial Services Commission (FSC) Kim Joo-hyeon, center, speaks during a regulatory reform meeting in Seoul, July 19. YonhapKorea's top financial regulator said Tuesday it is necessary to ease a rule that restricts industrial businesses from owning banks, saying that such deregulation could generate mega players like BTS in the financial sector. The government restricts industrial capital from being used to purchase stakes in banks and financial institutions in a bid to make it hard for business owners to take advantage of them as private coffers. Under the rule, businesses can own up to a 4 percent stake in a bank."The financial sector should grow into an axis of our economy, and in this process, regulations should not stand in the way," Kim Joo-hyeon, head of the Financial Services Commission (FSC), told a regulatory reform meeting."Financial regulatory reforms are aimed at creating a new field on which such leading players as BTS can be born in our financial industry," he added.He also emphasized that the government will make efforts to ease regulations in a way that

Jul 19, 2022
FSC chief highlights need to ease restrictions preventing industrial businesses from owning banks
Economy

BOK, FSC chiefs agree to intensify policy coordination against mounting economic, financial market woes

BOK Gov. Rhee Chang-yong, left, meets with FSC chief Kim Joo-hyeon at the central bank's headquarters in Seoul, July 18. Courtesy of FSCKorea's top central banker and financial regulator on Monday agreed to intensify policy coordination to secure macroeconomic and financial market stability amid concerns over growing volatility.Bank of Korea (BOK) Gov. Rhee Chang-yong and Kim Joo-hyeon, head of the Financial Services Commission (FSC), held a meeting and discussed a wide range of issues, according to their offices. It was their first meeting since Rhee and Kim took office in April and last week, respectively."The BOK governor and the FSC chief came to the consensus that they will make all necessary efforts to ensure macroeconomic and market stability through preemptive policy response against current economic and financial situations," the BOK said in a press briefing. "First and foremost, both organizations agreed to intensify coordination so that monetary and financial policies could be carried out in a harmonious manner," it added. They met as concerns are growing over global monet

Jul 18, 2022
BOK, FSC chiefs agree to intensify policy coordination against mounting economic, financial market woes
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