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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

What changes will prosecutor-turned-FSS chief bring?

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during his appointment ceremony held at FSS headquarters in Seoul, Tuesday afternoon. Courtesy of FSS Lee's leadership to strengthen FSS' law enforcement roles By Anna J. ParkFormer chief prosecutor Lee Bok-hyun's appointment as the head of the Financial Supervisory Service (FSS) is an unprecedented case in many regards. First, he is the first-ever FSS governor to have been a prosecutor before assuming the chief role at the financial authority. Born in 1972, he is also the youngest-ever FSS governor ― he's even younger than most of the directors at the financial supervisory institution.These two facts about the FSS' 15th governor are making market watchers expect considerable changes in the supervisory agency. Given his specialty in investigating financial and tax crimes, the FSS is expected to strengthen its investigative and punishment-related roles. The new chief's relatively young age in the conser

Jun 8, 2022By Anna J. Park
What changes will prosecutor-turned-FSS chief bring?
  • Yoon under fire for too many ex-prosecutors taking key posts
Economy

15 in 100 employed people in Korea changed jobs in 2020

gettyimagesbank Nearly 15 out of 100 employed people in Korea changed jobs in 2020 amid the sluggish employment market hit by the COVID-19 pandemic, data showed Wednesday.The number of registered employees in Korea, who are eligible for state insurance programs, came to 24.83 million in 2020, up 1.9 percent from the previous year, according to the data from Statistics Korea.Of them, 3.67 million people changed jobs in 2020, accounting for 14.8 percent of the total.The 2020 rate marked a fall from the 15.9 percent recorded for 2019, the data showed.Of the people who changed jobs, people aged between 15 and 29 accounted for 20.5 percent, while those in their 40s took up 13 percent.Of the total registered employees, 17.2 million people engaged in the same job in 2020, compared with the previous year.The data showed 59.2 percent of the people who changed jobs saw their wages rise in 2020.Korea shed the largest number of jobs in 22 years in 2020 due to the fallout from t

Jun 8, 2022
15 in 100 employed people in Korea changed jobs in 2020
Economy

Economy grows slower than earlier predicted in Q1 amid weak investment, spending

Containers for exports and imports are stacked at a pier in South Korea's largest port city of Busan, June 6. YonhapKorea's economy grew at a slightly slower pace than earlier predicted in the first quarter of this year as investment and spending weakened amid lingering worries over the COVID-19 pandemic, central bank data showed Wednesday. The country's gross domestic product (GDP) grew 0.6 percent in the January to March period from three months earlier, according to the preliminary data from the Bank of Korea (BOK).The growth rate was slightly down from the 0.7 percent growth estimated in April, with the revision reflecting updated data on industrial output and other economic indicators. The quarter-on-quarter growth slowed from a 1.3 percent rise tallied in the fourth quarter of last year ― year-on-year, Asia's fourth-largest economy expanded 3 percent. The economy had been under pressure from the protracted fight against COVID-19 and stringent restrictions on business operations and people's movements. But the government recently lifted almost all antivirus curbs as infections s

Jun 8, 2022
Economy grows slower than earlier predicted in Q1 amid weak investment, spending
Economy

Korea Customs Service holds workshop for African countries

Korea Customs Service (KCS) Commissioner Yoon Tae-sik, sixth from left in the first row, poses with participants of a workshop being hosted by the KCS in Seoul this week to deepen cooperation in trade and customs policies with African countries. Courtesy of KCSBy Yi Whan-wooThe Korea Customs Service (KCS) is hosting a workshop for senior customs officials from 14 African countries to bolster exports of Korea's electronic customs clearance system and to enhance cooperation in administrative policies.The workshop began in Seoul on Tuesday and will run through Friday. It invites a total of 30 participants, including two ministerial-level officials from Lesotho and Tanzania and lower-ranking officials from Angola, Burundi, Botswana, Eswatini, Ethiopia, Malawi, Mauritius, Madagascar, Mozambique, Namibia, Rwanda and Zimbabwe.“This year's workshop is more meaningful considering it is taking place in person at a time when cooperation between customs authorities of the two sides is becoming increasingly important,” KCS Commissioner Yoon Tae-sik said in his welcoming speech.He high

Jun 8, 2022By Yi Whan-woo
Korea Customs Service holds workshop for African countries
Economy

Global investment banks growing more skeptical over KOSPI rebound

An electronic board set up at Hana Bank's dealing room in Seoul shows the KOSPI's decline on Tuesday morning. YonhapBy Lee Min-hyungGlobal investment banks are growing more skeptical in their outlook for the Korean stock market amid rising inflationary pressure and the weakening local currency against the dollar. The benchmark KOSPI has moved in a boxed range of 2,500 and 2,800 points for the past three months as the U.S. Fed has turned hawkish and started key rate hikes for the first time following the outbreak of the pandemic in 2020.The Bank of Korea (BOK) is also scheduled to continue adopting more tightening of monetary policies for the next few months to attempt to tame inflation and remain in tandem with the Fed's foreseeable moves for additional big rate hikes.Such woes have resulted in big declines of not just Korean stocks, but also U.S. stocks in the second quarter. Given that Korean stocks generally show a weak pattern following an overnight fall on Wall Street, they are widely expected to face volatility from a near-term perspective.Last month, JPMorgan revised down its

Jun 7, 2022By Lee Min-hyung
Global investment banks growing more skeptical over KOSPI rebound
Economy

New FSC chief vows to facilitate innovative growth through deregulation

Financial Services Commission Chairman nominee Kim Joo-hyun speaks during a press conference at the headquarters of the Credit Finance Association (CREFIA) in central Seoul, Tuesday. YonhapKim plans to support fintech, blockchain industriesBy Anna J. ParkThe Yoon Suk-yeol administration has appointed Kim Joo-hyun, the incumbent chairman of the Credit Finance Association of Korea (CREFIA), as chief of the Financial Services Commission (FSC). The much-awaited appointment of the top financial regulator came about four weeks after the new administration was inaugurated.During Tuesday's press conference held at CREFIA headquarters in central Seoul, the appointee stressed that he will seek to overhaul financial regulations and remove outdated rules for the sake of the financial industry's growth.“As chief of the FSC, I will boldly reform financial regulations so that the financial sector can grow further as a key independent axis of the nation's dynamic economy,” Kim said at the press conference. The FSC chief nominee added that as the breakthrough of the Korean economy should

Jun 7, 2022By Anna J. Park
New FSC chief vows to facilitate innovative growth through deregulation
  • Former prosecutor Lee Bok-hyun appointed to lead FSS
Economy

Former prosecutor Lee Bok-hyun appointed to lead FSS

Chief economics officer for former President Park Geun-hye named to head KDBBy Anna J. Park Financial Supervisory Service (FSS) Governor Lee Bok-hyun / Courtesy of FSS Lee Bok-hyun, a former chief prosecutor with expertise in investigating financial crimes, has been appointed as the governor of the Financial Supervisory Service (FSS) on Tuesday afternoon. The former chief public prosecutor at the Seoul Northern District Prosecutors' Office has been engaged in various financial and economic investigations throughout his career. He is a Certified Public Accountant (CPA) license holder, in addition to having passed the bar exam.“The nominee is evaluated to be a qualified candidate to carry out the FSS' various imminent tasks, including creating an ethical management environment for financial companies and improving consumer protection in the financial sector, considering his past experiences of achieving economic justice through investigating major economic and financial

Jun 7, 2022By Anna J. Park
Former prosecutor Lee Bok-hyun appointed to lead FSS
  • New FSC chief vows to facilitate innovative growth through deregulation
Economy

Cargo truckers' strike feared to add fuel to inflation

Cargo trucks are parked at a freight station in Uiwang, Gyeonggi Province, on the first day of a general strike by unionized cargo truckers, Tuesday. YonhapBy Yi Whan-wooA general strike staged by unionized cargo truckers is fueling concerns of worsening soaring inflation and aggravating supply chains in the country.The strike aims at extending the Safe Trucking Freight Rates System, which was introduced in 2020 for a three-year run. It ensures minimum freight rates and a favorable working environment for truck drivers to prevent overloading and speeding.The unionized members of Cargo Truckers Solidarity are demanding an extension of the system, arguing that high fuel costs will threaten their survival if the system expires on Dec. 31 as scheduled.But freight companies and manufacturers disagree.They say minimum freight rates increased seven times since 2021 and that production costs will rise as long as the disputed system is sustained.In particular, minimum freight rates for shipping distances of 50 kilometers or shorter increased up to 32.2 percent between 2020 and 2021, according

Jun 7, 2022By Yi Whan-woo
Cargo truckers' strike feared to add fuel to inflation
Economy

Korea seeks legislation on policy support for stable supply chains

Finance Minister Choo Kyung-ho / YonhapKorea plans to seek legislation on state policy measures to secure stable supply chains amid heightened economic uncertainty, the finance minister said Tuesday.The government will push to submit a set of three bills that center on the provision of fiscal support, tax benefits and financial assistance for companies making efforts to diversify supply chains, according to Finance Minister Choo Kyung-ho."Building stable supply chains requires close cooperation between the private sector and the government," Choo said at an economy-related ministerial meeting.He said details will be soon unveiled after related ministries discuss the issue.How to ensure stable supply chains has emerged as a key issue in strengthening economic security, as the prolonged war between Russia and Ukraine, and China's COVID-19 shutdowns have aggravated global supply chain disruptions amid the pandemic.South Korea has decided to join the Indo-Pacific Economic Framework (IPEF), the U.S.-led new economic initiative, following a May summit in Seoul between President Yoon Suk-ye

Jun 7, 2022
Korea seeks legislation on policy support for stable supply chains
Economy

USTR Tai says fighting inflation more complex than cutting China tariffs

U.S. Trade Representative Katherine Tai speaks during a reception to celebrate Asian American, Native Hawaiian, and Pacific Islander Heritage Month, in the Rose Garden of the White House in Washington, D.C., in this May 17, file photo. Reuters-YonhapU.S. Trade Representative Katherine Tai said Monday that fighting inflation is a more complicated issue than can be addressed with a "singular focus" on China tariffs, and that it was important to bring a "thoughtful, strategic, deliberate" approach to the U.S.-Chinese trade relationship.Tai, in remarks to the Washington International Trade Association, said inflation was "scary" and hurting Americans' pocketbooks but was a complicated issue with many causes."The economy is large and there are a lot of pressure points and levers in that economy," Tai said. "If we're going to take on an issue like inflation, and given the seriousness that it requires, then our approach to tools for mitigating and addressing that inflation need to respect that it is a more complicated issue than just tariffs at the border."Tai's remarks indicated that a deb

Jun 7, 2022
USTR Tai says fighting inflation more complex than cutting China tariffs
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