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  • Others

    KOSPI plunges 8% on concerns over end of chip earnings cycle, interest rate hike

    Korean stocks tumbled Monday, as a broad-based correction in global semiconductor shares triggered heavy selling across the market, prompting the activation of both sidecar trading curbs and circuit breakers on the KOSPI and Kosdaq markets. Attention is centered on whether KOSPI, which has staged a record-breaking rally this year, can resume its upward trajectory after a short-term correction or whether market volatility will intensify further. The benchmark KOSPI opened 112.50 points, or 1.38 percent, lower at 8,048.09 before extending its losses throughout the session to close at 7,484.41, down 676.18 points, or 8.29 percent. The index reached an all-time intraday high of 8,933.62 on June 2. After plunging 5.54 percent on Friday, the KOSPI posted losses for a second consecutive session, underscoring growing concerns over a pullback in semiconductor stocks that had fueled the market's recent rally. Amid heavy selling pressure, trading restrictions kicked in shortly after the market opened, with a Level 1 circuit breaker triggered at 9:03 a.m. and a sell-side sidecar activated at 9:34 a.

    3 MIN READBy Jun Ji-hye
    KOSPI plunges 8% on concerns over end of chip earnings cycle, interest rate hike
  • Economy

    Lee attributes weakening won to foreign investors' portfolio rebalancing

    2 MIN READBy Lee Hyo-jin
    Lee attributes weakening won to foreign investors' portfolio rebalancing
  • Economy

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

    2 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
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Economy

Banks mull lowering loan interest rates amid gov't pressure

A pedestrian walks by a promotional banner hung outside of a local commercial bank in Seoul, Thursday. YonhapConcerns grow over attempts to interfere in financial markets By Anna J. ParkLocal commercial banks have started to lower their loan interest rates, as financial authorities have recently been voicing clear criticisms that the banks exploit the financially vulnerable by imposing high interest rates.Earlier this week, both President Yoon Suk-yeol and the Financial Supervisory Service (FSS) Governor Lee Bok-hyun urged local banks to cooperate with the financial authorities in reducing the interest rate burden on financial consumers.“In a period of rising interest rates, financial institutions and the financial authorities need to cooperate together to reduce financial consumers' excessive burden from interest rates,” President Yoon said on Monday, urging his key aides to devise measures to decrease the interest payments of financially vulnerable people. On the same day, FSS Governor Lee also sent a similar message to local bank heads. He said although interest rates

Jun 23, 2022By Anna J. Park
Banks mull lowering loan interest rates amid gov't pressure
Economy

Korea to crack down on speculative property investments by foreigners

gettyimagesbankThe country's land ministry, the justice ministry and other agencies said Thursday they will launch an investigation into speculative real estate investments made by foreigners.The authorities also plan to designate regions where restrictions will be imposed of real estate transactions by foreigners, and compile statistics on foreign ownership of properties here to better tackle speculative investments.The investigation will be carried out into 10,000 cases suspected to be speculative, out of 20,000 property transactions by foreigners between 2020 and May 2022.The portion of annual property transactions by foreigners here accounts for less than 1 percent of the total, but their transactions have been on the rise, reaching around 8,500 per year on average in 2020 and 2021, a sharp rise from some 7,000 deals between 2017 and 2019.There have also been complaints from local citizens that restrictions on foreigners' property transactions are relatively lax. Going forward, the land ministry said it plans to compile detailed data on their property transactions next year to st

Jun 23, 2022
Korea to crack down on speculative property investments by foreigners
Cryptocurrency

INTERVIEW 'Crypto party isn't over yet'

Lee Sirgoo, the CEO of Dunamu, which operates Korea's largest cryptocurrency exchange operator, Upbit, responds to questions about recent updates in the global cryptocurrency market after the collapse of Terra-Luna during a recent interview at its headquarters in Seoul. Korea Times photo by Choi Won-sukBlowup of Terra's stablecoin raises credibility concerns for industry, forcing crypto investors to wait longer for price rebound By Kim Yoo-chulThings are changing rapidly in the world of crypto. Very recently, the global cryptocurrency market saw an extension of volatility even to stablecoins, mostly due to the huge collapse of the TerraUSD, a UST or algorithmic stablecoin, and its sister token, Luna ― which should theoretically maintain a 1:1 peg to a currency and commodity. Plus, because inflation remains too much of a force on central banks around the world, pressuring them to move expeditiously to bring the level back down by raising the benchmark rate sharply, more than 40 percent of crypto holders are now underwater in terms of their investments, according to analysts.All of the

Jun 23, 2022By Kim Yoo-chul
[INTERVIEW] 'Crypto party isn't over yet'
Economy

US Fed chair admits recession a 'possibility' after rate hikes

U.S. Federal Reserve Chair Jerome Powell testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing on the "Semiannual Monetary Policy Report to the Congress", on Capitol Hill in Washington, D.C., June 22. Reuters-YonhapThe U.S. economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger a recession, Federal Reserve Chair Jerome Powell cautioned Wednesday.Powell, whose testimony before senators was closely watched by investors and analysts, also said the world's largest economy faces an "uncertain" global environment and could see further inflation "surprises."The Fed chair again stressed that policymakers understand the hardships caused by rising prices and are committed to bringing down inflation, which has reached a 40-year high.Last week, the U.S. central bank announced the sharpest interest rate increase in nearly 30 years and promised additional similar moves to combat the price surge, with gas and food costs skyrocketing and millions of Americans struggling to get by.But when peppered with questions

Jun 23, 2022
US Fed chair admits recession a 'possibility' after rate hikes
Economy

Producer prices grow for 5th month in May on high energy, services costs

gettyimagesbank Korea's producer prices grew for the fifth straight month in May, driven by rising prices of coal, oil and services, central bank data showed Thursday.The producer price index, a major barometer of consumer inflation, stood at 119.24 in May, up 0.5 percent from a revised 118.59 a month earlier, according to the preliminary data from the Bank of Korea (BOK).From a year earlier, the index jumped 9.7 percent, the 18th straight month of year-on-year rises.Energy and raw material prices remained high due to protracted supply disruptions caused by the pandemic, and compounded by the ongoing war in Ukraine.Prices of coal and oil-related products jump 5.9 percent month-on-month in May. Chemical product prices rose 0.7 percent over the same period.In the services sector, prices rose with restaurants and lodgings gaining 0.9 percent and transportation rising 1 percent.A rise in producer prices could add to upward pressure on inflation as they could translate i

Jun 23, 2022
Producer prices grow for 5th month in May on high energy, services costs
Economy

Won falls to lowest point in 13 years against dollar in intraday trading

An electronic signboard at Hana Bank in Seoul shows the Korean currency trading at 1,300.50 won against the dollar. Yonhap Korea's currency fell below the 1,300-won level against the U.S. dollar for the first time in about 13 years Thursday amid growing concerns about global monetary tightening and an economic recession.The won was trading at 1,300.50 against the dollar as of 9:19 a.m., down 3.2 won from the previous session.This was the first time the won has fallen through the 1,300-won level to the greenback since July 15, 2009. (Yonhap)

Jun 23, 2022
Won falls to lowest point in 13 years against dollar in intraday trading
Economy

Kepco, Korail, LH face drastic restructuring

President Yoon Suk-yeol speaks as Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, on Yoon's right, listens with other ministers during a weekly Cabinet meeting at the presidential office in Yongsan District in central Seoul, Tuesday. The topics covered at the meeting included reform measures for state-owned firms. YonhapBy Yi Whan-wooKorea Electric Power Corp. (Kepco), Korea Railroad Corp. (Korail), Korea Land and Housing Corp. (LH) and other laxly managed state-owned firms are facing possible drastic restructuring, as President Yoon Suk-yeol and Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho have vowed to reform their operations. During a weekly Cabinet meeting, Tuesday, Yoon suggested selling off the offices of the state-run firms as a part of efforts to cut the expenses of the public corporations. The meeting also discussed ways to prevent the possible misuse of corporate credit cards and unethical behavior of employees. “Reform is a task that cannot be delayed any further,” Yoon said, adding that evaluations thus will

Jun 22, 2022By Yi Whan-woo
Kepco, Korail, LH face drastic restructuring
Economy

Seoul stocks drop almost 3% on recession fears; Korean won at 13-year low

An employee passes by a market index monitor in the dealing room of Hana Bank headquarters in Myeongdong, downtown Seoul, Wednesday. The main benchmark Kospi closed at 2,342.81 points, falling by 2.74 percent from the previous day, while the tech-heavy Kosdaq tumbled 4.03 percent to finish at 746.96 points. Korean won ended at 1,297.30 won against the U.S. dollar, down 3.7 won from the previous day and the lowest value in 13 years. YonhapKorean stocks fell again, shedding almost 3 percent Wednesday as recession woes saw investors avoid risky assets amid hawkish monetary policies in major economies. The local currency also fell to its lowest point against the U.S. dollar in 13 years.The Kospi dropped 66.12 points, or 2.74 percent, to close at 2,342.81. Trading volume was moderate at 520.87 million shares worth 8.5 trillion won ($6.54 billion), with decliners far outpacing gainers, 870 to 40.Institutions and foreign investors offloaded a net 85.3 billion won and 320.6 won worth of shares, respectively, while retail investors bought a net 376.7 billion won worth.The market got off to a

Jun 22, 2022
Seoul stocks drop almost 3% on recession fears; Korean won at 13-year low
Economy

Plunging stock market

An employee passes by a market index monitor in the dealing room of Hana Bank headquarters in Myeongdong, downtown Seoul, Wednesday. The main benchmark Kospi closed at 2,342.81 points, falling by 2.74 percent from the previous day, while the tech-heavy Kosdaq tumbled 4.03 percent to finish at 746.96 points. Korean won ended at 1,297.30 won against the U.S. dollar, down 3.7 won from the previous day and the lowest value in 13 years. Yonhap

Jun 22, 2022By Yoon Ja-young
Plunging stock market
Cryptocurrency

Korea's five crypto exchanges launch first alliance amid Luna fiasco

The leaders of Korea's major crypto exchanges pose after launching their joint consultative body at the headquarters of Coinone in Seoul, Wednesday. From left are Bithumb CEO Lee Jae-won, Coinone CEO Cha Myung-hun, Gopax CEO Lee Jun-hang, Korbit Chief Strategy Officer Kim Jae-hong and Dunamu CEO Lee Sirgoo. Courtesy of BithumbBy Lee Min-hyungKorea's top five cryptocurrency exchanges have launched their first joint consultative body in response to growing calls for preemptive measures to protect customers from possible crypto-related fiascos. The so-called Digital Asset eXchange Alliance (DAXA), consisting of Upbit, Bithumb, Coinone, Korbit and Gopax, was launched on Wednesday aiming to drive the industry's sustainable growth here and to come up with measures to enhance customer protection, according to the five exchanges.This move was the first follow-up measure jointly taken by the exchanges after the National Assembly and the government held an emergency conference earlier this month to discuss countermeasures against a possible recurrence of the recent crypto debacle surrounding t

Jun 22, 2022By Lee Min-hyung
Korea's five crypto exchanges launch first alliance amid Luna fiasco
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