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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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Cryptocurrency

Luna collapse causes chaos

Terraform Labs CEO Do Kwon / YonhapBy Lee Min-hyungThe collapse of Terra and Luna cryptocurrencies is causing chaos around the world, triggering a domino effect of sequential defaults from companies that invested in the ill-fated stablecoin and its sister token.Three Arrows Capital, a Singapore-based crypto investment company, defaulted on Monday after failing to repay more than $670 million in crypto loans. Earlier, the crypto-focused hedge fund lost $200 million it had invested in Luna.The company's financial status got worse after the recent crypto downfall. Prices for not just alternative coins, but major ones such as Bitcoin and Ethereum, the world's two most valuable cryptocurrencies in market capitalization, also declined sharply in the wake of the Luna shock in May.This escalates fears that more crypto companies and Luna investors may follow a similar path as the hedge fund in case the ongoing crypto winter lasts longer than expected.Earlier this week, hacktivist group Anonymous sent a warning message to Do Kwon, founder of the two coins and CEO of Terraform Labs.“Do Kw

Jun 29, 2022By Lee Min-hyung
Luna collapse causes chaos
Economy

BOK likely to lean more toward 'big-step' rate hike if June inflation hits 6%

Bank of Korea / Yonhap Demand for an unprecedented "big-step" rate hike among policymakers at the Bank of Korea (BOK) will likely intensify ahead of an upcoming rate-setting meeting should the country's consumer prices rise 6 percent or higher in June, according to a high-ranking central bank official.It is rare for a BOK official to predict such an aggressive rate hike, though a growing number of market watchers are speculating that the central bank will lean more toward the possibility of a 0.5 percentage-point hike when monetary policy board members gather July 13 in the face of fast-rising inflationary pressure. The country's consumer prices, a major gauge of inflation, jumped 5.4 percent year-on-year in May, the fastest rise in almost 14 years, and Finance Minister Choo Kyung-ho earlier said prices could rise 6 percent in June and August. Consumer price data for June will be released early next month."Whether the BOK will take a big-step increase or not greatly

Jun 29, 2022
BOK likely to lean more toward 'big-step' rate hike if June inflation hits 6%
Economy

Inflation expectations in S. Korea hit 10-year high in June

Shoppers select vegetables at a supermarket in Seoul, June 27, 2022. YonhapInflation expectations in Korea hit the highest level in about a decade in June amid worries that prices are fast increasing due to high energy and commodity costs, a central bank report showed Wednesday.Ordinary people expected consumer prices to rise 3.9 percent over the next year, the fastest pace since April 2012, according to the report from the Bank of Korea (BOK). The June figure was also higher than a 3.3 percent rise predicted the previous month. Data on expected inflation is closely monitored, as a rise could prompt people to demand more wage hikes for fear of a fall in their purchasing power, which will eventually apply additional upward pressure on already-high inflation.Korea has been grappling with fast-rising prices, as rebounding demand from the pandemic and supply chain disruptions caused by the war in Ukraine sent energy and key commodity prices higher.In May, the country's consumer prices, a major gauge of inflation, jumped 5.4 percent year-on-year, the fastest rise in almost 14 years and a

Jun 29, 2022
Inflation expectations in S. Korea hit 10-year high in June
Economy

Hike in utility fees feared to have domino effect on inflation

Outdoor units of air conditioners are installed outside a building in central Seoul, Monday, when the government announced plans to raise the price of electricity. YonhapExperts advise Bank of Korea to move faster to curb pricesBy Yi Whan-wooHikes in utility fees, including a sharper-than-expected increase in the electricity rate, Monday, are stirring up concerns of heightened inflation reminiscent of the Asian financial crisis in the late 1990s.Analysts said Tuesday that such an unwanted domino effect can push the annual inflation rate above 5 percent, which is higher than the mid to upper 4 percent range forecast by the government and the central bank.Announced by the Ministry of Trade, Industry and Energy, the electricity rate will rise by 5 won per kilowatt-hour beginning in July, which is the sharpest increase seen since a new billing system went into effect in 2021.The system takes into account international fuel prices in adjusting the electricity rate every quarter. The rate was frozen for months under the previous Moon Jae-in administration as part of efforts to lessen the f

Jun 28, 2022By Yi Whan-woo
Hike in utility fees feared to have domino effect on inflation
Economy

Meeting with top financial regulator

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, front row sixth from left, poses with CEOs of securities firms and asset management companies before a meeting held at Yeouido, Seoul, Tuesday. In his first meeting with the heads of the financial investment industry, Lee urged them to focus on risk management. Yonhap

Jun 28, 2022
Meeting with top financial regulator
Economy

Korea on track to cut dependency on China for rare earths

A machine is seen at the Bayan Obo mine mining for rare earth minerals, in Inner Mongolia. Reuters-YonhapKorea places hopes in US-led Minerals Security Partnership, domestic production of rare earth metalsBy Kim Bo-eunHONG KONG ― South Korea's decision to join a U.S.-led pact on mineral supply helps satisfy a “definite need” to cut dependency on China for key resources, including rare earths, analysts said.Securing key resources has become a core task for major economies around the world, as minerals are a crucial element incorporated into cutting-edge technologies, green energy and national defense industries.Countries have traditionally relied on China as it not only holds the largest amount of rare earth reserves, but it also is the world's biggest producer.But China's recent moves to regulate the mining and exports of rare earths has had economies scrambling to secure alternative supplies, with the U.S.-led Minerals Security Partnership launched earlier this month.“Korea is more dependent on China [for supply of rare earth] because of proximity and because of th

Jun 28, 2022By Kim Bo-eun
Korea on track to cut dependency on China for rare earths
Economy

Korea's overseas financial assets hit new high in 2021

A worker at KEB Hana Bank's anti-counterfeit center inspects U.S. dollar bills at the financial institution's headquarters in Seoul, Dec. 5, 2017. Korea's overseas financial assets hit a new high in 2021. YonhapKorea's overseas financial assets hit a new high in 2021 thanks largely to a jump in investment in U.S. stocks, central bank data showed Tuesday. The nation's external financial assets came to $1.715 trillion at the end of December last year, up $177.8 billion from a year earlier, according to preliminary data from the Bank of Korea (BOK).The BOK attributed the year-on-year surge mainly to increased investment in the United States and European Union countries amid stock rallies. Financial assets in the U.S. jumped $141.8 billion to $675 billion, touching a new high and accounting for 39.4 percent of the total.Korean entities' financial assets in the EU climbed $11.5 billion to $236 billion, and their financial assets in China rose $8.9 billion to $164.6 billion.In line with an international norm, the tally excluded Korea's foreign reserves, which stood at $463.1 billion as of

Jun 28, 2022
Korea's overseas financial assets hit new high in 2021
Economy

PM calls for measures to stabilize inflation

Prime Minister Han Duck-soo speaks at a Cabinet meeting at the Government Complex in Sejong, June 28. YonhapPrime Minister Han Duck-soo called for ministers to come up with measures to help stabilize inflation Tuesday, noting that soaring prices are hurting consumers' pocketbooks."The government must make the utmost effort to manage prices in order to stabilize the livelihood of the people and take every measure to reduce their cost of living," Han told a Cabinet meeting. Korea is facing mounting inflationary pressure, as the protracted Russian invasion of Ukraine has jacked up crude oil and commodity prices. Han said inflation is expected to stay high for the time being due to external factors, including the Russia-Ukraine war and global supply chain constraints.The country's consumer prices jumped 5.4 percent year-on-year in May, the fastest rise in almost 14 years, with the Bank of Korea (BOK) warning of faster inflation growth.Market watchers say the BOK could take more aggressive monetary tightening steps to fight inflation, particularly as the U.S. Federal Reserve hiked its key

Jun 28, 2022
PM calls for measures to stabilize inflation
Economy

Finance chief calls for corporate restraint on 'excessive' wage increases amid inflation woes

Finance Minister Choo Kyung-ho speaks during a meeting with members of the Korea Enterprises Federation in Seoul, June 28. YonhapFinance Minister Choo Kyung-ho asked companies Tuesday to refrain from excessively raising wages for employees as the move could further accelerate inflation.Choo made the request during a meeting with members of the Korea Enterprises Federation, including its chief and CJ Group Chairman Sohn Kyung-shik, and Rhee In-yong, president of Samsung Electronics."We're concerned that some IT companies and large conglomerates have recently jacked up wages, and such a trend has shown signs of spreading to other industries and companies," Choo said."Excessive wage increases not only worsen the inflation situation but also expand the wage gap between large companies and small to midsized firms, which make workers at SMEs feel a sense of deprivation," he added.How to tame surging inflation has been Korea's No. 1 policy priority ― the country's consumer prices jumped 5.4 percent year-on-year in May, the fastest rise in almost 14 years."The government has gone all out to

Jun 28, 2022
Finance chief calls for corporate restraint on 'excessive' wage increases amid inflation woes
Economy

Korean currency rises by most in 1 month amid eased recession fears

Movements of Seoul's stocks and currency are shown on a screen at a Hana Bank dealing room in Seoul, June 27. Yonhap The Korean currency rose by the most against the U.S. dollar in about a month Monday as expectations that the Federal Reserve may slow its aggressive monetary tightening eased concerns about a global economic recession.The local currency closed at 1,286.50 won against the greenback, up 11.70 won from the previous session.It marked the highest daily increase since May 30, when the won rose 17.60 won per the dollar.Financial market volatility has recently heightened over fears of the U.S. central bank's aggressive rate hikes and a resulting global recession. The Korean currency slid below 1,300 per dollar Thursday for the first time in nearly 13 years.But it rose for the second straight session Monday, as appetite for riskier assets revived on eased fears about a recession, analysts said.U.S. consumer sentiment dipped to a record low in June, which prom

Jun 27, 2022
Korean currency rises by most in 1 month amid eased recession fears
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