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  • Others

    AI-fueled Samsung affiliates reshape KOSPI market cap rankings

    The composition of KOSPI's largest companies has shifted markedly this year as investor enthusiasm for artificial intelligence (AI) propelled Samsung Group affiliates and semiconductor-related stocks higher, while secondary battery, shipbuilding and defense shares that dominated the market last year lost ground, according to the Korea Exchange Sunday. Among the top 10 KOSPI companies by market capitalization, excluding preferred shares, only Samsung Electronics, SK hynix and KB Financial Group maintained their rankings from the end of last year through Friday, holding the No. 1, No. 2 and No. 10 spots, respectively. The positions of the other seven companies changed within less than six months. Several Samsung affiliates entered the top 10 by market capitalization this year, led by Samsung Electro-Mechanics. Benefiting from the AI boom, the company saw its share price surge 589 percent as demand and prices for multilayer ceramic capacitors, a key component used in AI servers, climbed sharply. As a result, its market capitalization expanded from about 19 trillion won ($12 billion) to 131

    2 MIN READBy Jun Ji-hye
    AI-fueled Samsung affiliates reshape KOSPI market cap rankings
  • Economy

    Financial authorities vow stern action against excessive volatility, one-sided FX market moves

    1 MIN READBy Yonhap
    Financial authorities vow stern action against excessive volatility, one-sided FX market moves
  • Economy

    Corporate lending grows at fastest pace in 3 1/2 years in Q1: BOK

    1 MIN READBy Yonhap
    Corporate lending grows at fastest pace in 3 1/2 years in Q1: BOK
  • Economy

    Economy continues 'gradual improvement' on strong chip exports: KDI

    2 MIN READBy Yonhap
    Economy continues 'gradual improvement' on strong chip exports: KDI
  • Economy

    Koreans feel pinch from rising egg prices

    2 MIN READBy Lee Hyo-jin
    Koreans feel pinch from rising egg prices
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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

Can Chinese demand cushion blow of US recession on Asian economies?

Jerome Powell, chairman of the US Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington DC on June 15. EPA-YonhapChina is expected to pick up steam in coming months: HSBC economistBy Kim Bo-eunHONG KONG ― Record-high inflation, aggressive rate hikes and stock market chaos have stoked concern that the U.S. economy could slip into recession, causing a growth slump in other parts of the world.In Asia, eyes are also fixed on China, with some wondering whether the world's No. 2 economy will be able to act as a buffer against a potential contraction in the U.S.China has a significantly lower rate of inflation than the U.S. and “prudent” economic policy during the first two years of the pandemic has given Beijing room to roll out targeted support for the economy. While numerous headwinds remain, the easing of coronavirus restrictions after months of lockdowns in major cities like Shanghai, coupled with new stimulus measures, have buoyed hopes among some analysts that the worst might be over.“China is likely past it

Jul 3, 2022By Kim Bo-eun
Can Chinese demand cushion blow of US recession on Asian economies?
Economy

Financial regulator to take measures to ease volatility in stock markets

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,305.42 points on July 1, down 27.22 points, or 1.17 percent, from the previous session's close. YonhapFinancial authorities said Friday they will take a series of measures from next week to ease volatility in stock markets, as the nation's benchmark stock index sank to a 20-month low due to fears of an economic recession. From next Monday, brokerage firms will be exempted from an obligation to hold at least 140 percent of the value of each stock purchase, to provide credit to their customers, the Financial Services Commission (FSC) said in a statement. The exemption will in effect from next Monday until Sept. 30, the FSC said. Also, the FSC will ease a regulation for listed firms' purchase of their own stocks. The FSC said it will also conduct an inspection into short-selling practices and the possibility of them causing market disturbance. Financial authorities "will review and implement market volatility mitigation measures in accordance with contingen

Jul 1, 2022
Financial regulator to take measures to ease volatility in stock markets
Economy

Trade deficit hits record high in H1

A container terminal at Incheon Port, west of Seoul, bustles with cargo trucks transporting containers on June 15. YonhapKorea's exports rose 5.4 percent on-year in June on solid demand for chips and petroleum products, but the country extended its trade deficit for the third consecutive month due to high global energy prices, data showed Friday.During the first six months of this year, the country saw exports reach an all-time half-year high, but high-flying energy prices sent the trade deficit to the highest figure for any first-half period, according to the data compiled by the Ministry of Trade, Industry and Energy.Last month, outbound shipments stood at $57.73 billion, up from $54.78 billion a year earlier.It is the highest tally for any June since the ministry began compiling related data in 1956. The previous record was set a year earlier.June marked the 20th consecutive month that the country's exports have logged an on-year expansion. But the growth slowed down to end 15 straight months of double-digit growth.The slowdown came as the country had fewer working days in June du

Jul 1, 2022
Trade deficit hits record high in H1
Cryptocurrency

'Crypto rebound will be more powerful than stocks'

gettyimagesbankOutlook for Bitcoin, stablecoins remains promisingBy Lee Min-hyungPeter Chung, head of research at KorbitCryptocurrencies will pull off a stronger rally than stocks when global monetary authorities send gestures to turn less aggressive in hiking their interest rates, a crypto expert said in a recent interview.The global crypto market enjoyed its heyday in 2021 on a trading frenzy driven by substantial liquidity. But the sentiment took an abrupt turn for the worse at the start of 2022 on escalating fears of global monetary tightening.Bitcoin prices fell below $20,000 (25.7 million won) for the first time in 18 months in June. The short-term outlook remains cloudy on the crypto and stock markets here and abroad, as the U.S. Fed and major central banks across the globe warn of more aggressive monetary tightening to tame soaring inflation.Peter Chung, head of research at Korbit, however, shared an optimistic view on the possible rebound of the crypto market, saying that the industry will reach a major inflection point when investors expect global monetary authorities to sl

Jul 1, 2022By Lee Min-hyung
'Crypto rebound will be more powerful than stocks'
Economy

Korea's industrial output, investment rebound in May

gettyimagesbankKorea's industrial output and facility investment rebounded in May from the previous month in the latest sign that Asia's fourth-largest economy is maintaining mild recovery momentum amid heightened external uncertainty, data showed Thursday.Industrial production rose 0.8 percent in May from the previous month, compared with a 0.9 percent month-on-month fall in April, according to the data from Statistics Korea.Compared with a year earlier, industrial output grew 7.1 percent.Facility investment increased 13 percent in May, a turnaround from a 7.6 percent decline in April, and the first increase in four months.But retail sales, a gauge of private spending, declined for the third straight month in May.Retail sales shed 0.1 percent last month, after a 0.2 percent month-on-month fall in April.In April, the country's industrial production, consumption and investment declined for the first time in 26 months, spawning concerns that the economic recovery momentum remained fragile.The statistics agency said the rebound in industrial output in May was led by robust services prod

Jun 30, 2022
Korea's industrial output, investment rebound in May
Economy

Summer electricity demand forecast to creep up over heat wave

gettyimagesbankKorea's electricity demand over this summer is forecast to rise higher than the level a year earlier due to hotter-than-usual weather conditions, the industry ministry said Thursday.The country's maximum electricity demand is estimated to reach 91.7 to 95.7 gigawatts (GW) during the peak of the summer, or around the second week of August, larger than 91.1 GW last year, according to the Ministry of Trade, Industry and Energy.The estimated supply is 100.9 GW this year, nearly the same as last year's 100.7, as the production growth from nuclear power plants will offset the fall in output from coal-fired power plants, the ministry said.The country's energy reserves are expected to sink to their lowest level in recent years to around 5.2 GW this summer, the ministry said. The comparable figures for 2020 and 2021 were 8.9 GW and 9.6 GW, respectively.In an effort to ensure a stable electricity supply, the government has secured an additional 9.2 GW of reserve power on standby, as well as fuel needed for power generation in the coming months amid a global energy shortage.It pl

Jun 30, 2022
Summer electricity demand forecast to creep up over heat wave
  • Gov't braces for soaring power demand in summer
Economy

Business sentiment worsens for July amid inflation, recession woes

Gasoline and diesel prices are seen at a filling station in Seoul, in this June 28 photo. YonhapKorea's business sentiment worsened for July amid deepening concerns over high raw materials prices and a global economic downturn, a central bank poll showed Thursday.The business sentiment index (BSI) for local companies came to 82 for July, down 5 points from the previous month, according to the survey by the Bank of Korea (BOK).The index measures corporate prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists.The figure for both manufacturers and non-manufacturing firms went down, as they said the continued surge in prices of raw materials was their No. 1 source of difficulties in corporate management.Uncertainties in the global economy and high labor costs have also negatively affected the business circumstances, the poll showed."The prolonged Ukraine crisis has pushed up raw materials prices and logistic costs. High inflation, major nations' interest rate hikes and concerns over a global economic slowdown have also dented b

Jun 30, 2022
Business sentiment worsens for July amid inflation, recession woes
Economy

Hole-in-one golf insurance policy exploited by fraudsters

gettyimagesbank By Anna J. ParkVarious golf-related insurance policies are thriving, as the number of frequent golfers has increased over the pandemic period in the country. While the specifics of the various insurance coverage differ according to each product, most local golf insurance policies cover injuries, damages or vehicle accidents at golf courses, as well as hole-in-one related incentive payments and costs. As hole-in-ones for amateur golfers are extremely rare ― with only a one in 12,000 chance on average ― some local golf insurance firms either grant incentive payments to their golf insurance policy holders if they hit a hole-in-one or compensate costs incurred by the golfer due to celebrations for the hole-in-one events.Yet, local insurance firms' benefits policies tend to have shifted towards reimbursement of costs incurred by golfers, upon submitting receipts of such costs, rather than simply granting hole-in-one congratulatory gift money. That's becau

Jun 30, 2022By Anna J. Park
Hole-in-one golf insurance policy exploited by fraudsters
Economy

Finance ministry, World Bank co-host Seoul forum for developing countries

The World Bank headquarters in Washington, D.C. / Korea Times fileBy Yi Whan-wooThe Ministry of Economy and Finance co-hosted a forum with the World Bank in Seoul, Wednesday, to discuss their cooperation on innovation and digital technology for developing countries.The ministry said the two sides assessed ongoing projects under the Korea-World Bank Partnership Facility (KWPF), a joint initiative established in May 2013 with an objective of helping developing member countries of the World Bank achieve inclusive and sustainable economic growth, during the Innovation and Digital Entrepreneurship for Development Forum at the Grand Hyatt Seoul.The ministry said the nascent Yoon Suk-yeol administration will “actively support” target countries through KWPF as well as the Economic Development Cooperation Fund (EDCF) that Korea launched in 1987 to fund the countries' development.“Korea's experience with cutting-edge technological solutions and involvement of the private sector is very beneficial to the developing world to help accelerate progress toward the Sustainable Devel

Jun 29, 2022By Yi Whan-woo
Finance ministry, World Bank co-host Seoul forum for developing countries
Economy

Looming 'big-step' rate hike heightens jitters among borrowers

A signboard directs customers to the personal loan service section at a commercial bank in Seoul, June 22. YonhapEight out of 10 customers borrowed money on floating rateBy Yi Whan-wooBank customers who took out loans are under mounting pressure to redeem their debt due to the growing possibility of the Bank of Korea (BOK) taking an unprecedented “big step” on the key interest rate.Almost eight out of 10 customers who borrowed money in Korea took out the loans on a floating interest rate, which tracks the benchmark interest rate. This means the more the base rate increases, the bigger the repayment burden will be for the borrowers who opted for loans on a floating interest rate.A “big step” refers to a hike in the policy rate by half a percentage point, which is unprecedented in Korea. A need for such a hike was brought up in the market only recently as the BOK's multiple quarter percentage point increases in the past months were regarded as being insufficient to tame soaring inflation.Under the circumstance, data released by the BOK on Wednesday showed that 7

Jun 29, 2022By Yi Whan-woo
Looming 'big-step' rate hike heightens jitters among borrowers
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