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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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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

Summit tips Korea's economic axis toward US

Conglomerate leaders attend a banquet hosted by the presidential office on the occasion of the summit between President Yoon Suk-yeol and U.S. President Biden, at the National Museum of Korea in Yongsan District in central Seoul, Saturday. From left in the back are Lotte Group Chairman Shin Dong-bin, CJ Group Chairman Sohn Kyung-shik and SK Group Chairman Chey Tae-won. YonhapSeoul's moves expected to draw backlash from ChinaBy Yi Whan-wooThe bilateral summit between leaders of Korea and the United States, Saturday, shows Seoul's tilt toward the U.S. concerning the economy, which accordingly is anticipated to benefit from the Washington-led alliance in global supply chain networks and trade. But because such a move could mean an end to Seoul's double allegiance to Washington and Beijing, they have the risk of provoking China, which has increasingly been weaponizing trade against U.S. allies in its continued trade war with the U.S.“The summit will support Korea Inc. gain a foothold in markets in the U.S. and allies at a time when economic security is increasingly being underlined

May 22, 2022By Yi Whan-woo
Summit tips Korea's economic axis toward US
  • Yoon, Biden reaffirm stronger alliance, NK deterrence at key air base
Economy

Will BOK take 'big step' to tame inflation?

Bank of Korea (BOK) Governor Rhee Chang-yong, right, stands next to Finance Minister Choo Kyung-ho at their breakfast meeting held at the Korea Press Center located in central Seoul on May 16. NewsisCentral bank expected to raise interest rates by 25 basis points this monthBy Anna J. ParkWhile it is almost certain that the Bank of Korea (BOK) will raise its key interest rate during this week's policy meeting scheduled for Thursday, aiming to curb the country's rising inflation, the question for now is whether the central bank will take a 'big step,' or an interest rate hike of over 50 basis points this month.The possibility of a big-step increase for the country's benchmark rate stems from a recent comment by BOK Governor Rhee Chang-yong, who took the central bank chief position late last month, saying he does not completely rule out the option of bigger interest rate increases over the course of this year. “It would not be appropriate for now to say whether the bank could rule out the big-step option in the coming months. The decision (about the big-step) would have to be made

May 22, 2022By Anna J. Park
Will BOK take 'big step' to tame inflation?
Economy

US stocks end bruising week near 'bear market' territory

Visitors wear Lady Liberty souvenir headwear outside the New York Stock Exchange, May 20, in New York. The stock market clawed back from a midday drop Friday after coming to the edge of its first bear market since the beginning of the COVI-19 pandemic. AP-Yonhap The Dow and S&P 500 finished a rollercoaster session essentially flat, concluding a bruising week of losses on an uncertain note.Worries about a recession as the Federal Reserve hikes interest rates and inflation tests consumer resilience weighed on the market all week, pushing the S&P 500 into a bear market earlier in Friday's session.The broad-based S&P 500 finished at 3,901.36, basically unchanged for the day but down 3 percent for the week.A "bear market" is a drop of at least 20 percent from a recent market peak. The S&P 500 is currently down about 19 percent from its January high.The Dow Jones Industrial Average was also unchanged at 31,261.90, while the tech-rich Nasdaq Composite Index fell 0.3 percen

May 21, 2022
US stocks end bruising week near 'bear market' territory
Economy

Biden's summit with Yoon to boost chip, battery, nuclear power stocks

From left are President Yoon Suk-yeol and U.S. President Joe Biden. AFP-Yonhap By Lee Min-hyungStocks related with chip, battery and nuclear energy closed Friday with a gain on growing expectations for the upcoming first summit between President Yoon Suk-yeol and U.S. President Joe Biden.The benchmark KOSPI achieved a rare rally by closing at 2,639.29, up 1.81 percent from the previous day, on a buying spree of overseas and institutional investors.With Biden starting his business trip to Korea at a Samsung Electronics chip plant in Pyeongtaek, Gyeonggi Province, Friday, investors regained their confidence particularly in some stocks that will benefit from the much-anticipated meeting between the two leaders.Korea's large-cap tech stocks have in particular bounced back on expectations that the two countries will be able to tighten their partnership in the semiconductor and secondary battery industries.Shares of Samsung Electronics closed with a gain of 0.74 percent a

May 21, 2022By Lee Min-hyung
Biden's summit with Yoon to boost chip, battery, nuclear power stocks
  • Korea, US to launch dialogue channel on economic security
Economy

Can Indo-Pacific Economic Framework help South Korea reduce reliance on China?

Under new conservative President Yoon Suk-yeol, South Korea looks to forge closer ties with a range of economies in the Indo-Pacific. gettyimagesbank Government urged to seek ways to diversify export destinationsBy Kim Bo-eunHONG KONG ― South Korean President Yoon Suk-yeol is gearing up to reorganize the country's trade relations by reducing its dependence on China and building “supply chain alliances.”The world's No. 2 economy is by far South Korea's largest trading partner, accounting for 25 percent of total trade last year, followed by the United States, whose share stands at 15 percent.But under Yoon's new conservative administration ― which is seen as being more hawkish towards China ― Korea is looking to forge closer ties with a range of economies in the Indo-Pacific. The shift is set to take place as the U.S.-led Indo-Pacific Economic Framework (IPEF) materializes. While it is not a free trade pact, the trade rule-setting initiative is set to boost the econom

May 21, 2022By Kim Bo-eun
Can Indo-Pacific Economic Framework help South Korea reduce reliance on China?
Economy

INTERVIEW 'Fintech businesses yield both innovation and inclusion'

Lee Keun-ju, Chairman of the Korea Fintech Industry Association (KORFIN), speaks during an interview with The Korea Times at his office in central Seoul. Korea Times photo by Choi Won-sukFintech association leader calls for removal of regulatory uncertainty and opening up direct communication channel By Anna J. Park As the country's financial industry is fast shifting towards digitalization amid the pandemic, the fintech sector has been leading the transformation from the center of the tide. The fintech industry can contribute to social welfare amid this change, according to Lee Keun-ju, Chairman of the Korea Fintech Industry Association (KORFIN). “The fintech industry can contribute to social welfare, as it creates both inclusion and innovation in society. Fintech firms provide financial inclusion to those who were previously excluded from traditional financial companies, and they also achieve innovation while expanding the market and benefiting consumers,” Lee highlighted during an interview with The Korea Times.Lee, who's also a CEO at Korea Easy Payment Foundation (KE

May 21, 2022By Anna J. Park
[INTERVIEW] 'Fintech businesses yield both innovation and inclusion'
Economy

Korea to face 'grave' inflation risk for time being: official

First Vice Finance Minister Bang Ki-sun, center, speaks during the government's first vice-ministerial meeting on inflation at The Export-Import Bank of Korea in Seoul, May 20. Yonhap Korea is expected to face a "grave" risk from rising inflation for the time being, as the recovery of consumption will further add price pressure amid high energy costs, a senior government official said Friday.The government plans to beef up its monitoring of key items, including cooking oil and petroleum products, in a bid to ease the burden from elevated inflation, according to First Vice Finance Minister Bang Ki-sun."The prices situation facing the Korean economy is not good," Bang said at the government's first vice-ministerial meeting on inflation.Korea's inflation has been under upward pressure due to a hike in fuel prices and a rebound in demand from the pandemic.Consumer prices spiked 4.8 percent year-on-year in April, the fastest increase in more than 13 years. This followed

May 20, 2022
Korea to face 'grave' inflation risk for time being: official
Economy

Producer prices up for 4th month in April on energy, raw material price hikes

gettyimagesbank Producer prices here grew for the fourth straight month in April as hikes in energy and raw material prices drove up the costs of manufacturing products, central bank data showed Friday.The producer price index, a major barometer of consumer inflation, stood at 118.02 in April, up 1.1 percent from a revised 116.70 tallied a month earlier, according to the preliminary data from the Bank of Korea (BOK).From a year earlier, the index jumped 9.2 percent, faster than the previous month's revised 9 percent gain. It represented the 17th straight month of year-on-year rises.Energy and raw material prices remained high due to protracted supply disruptions caused by the COVID-19 pandemic, which have been compounded by the ongoing war in Ukraine. Korea relies heavily on imports for energy and key raw materials. Coal and oil-related products saw their prices rise 2.9 percent month-on-month in April, with factory product prices growing 1.2 percent over the cited

May 20, 2022
Producer prices up for 4th month in April on energy, raw material price hikes
Economy

1.7% of local coin investors hold over 100 million won in cryptocurrencies

gettyimagesbankBy Anna J. ParkNearly 100,000 local coin investors turned out to have over 100 million won ($78,247) in cryptocurrencies, accounting for about 1.7 percent of all local coin investors. According to data compiled by the Financial Services Commission (FSC), Thursday, the total number of users registered at local cryptocurrency exchanges stood at 5.58 million as of the end of last year. Only 1.7 percent of them, or about 94,000 people, hold over 100 million won worth of digital assets at the cryptocurrency exchanges, while about 4,000 people hold over 10 billion won.Over 730,000 people, or some 13 percent of all local coin investors, hold coins worth between 10 million won and 100 million won, while 2.76 million people, or 49 percent, have below one million won in their coin exchange accounts. Also, 1.63 million people, or 29 percent of all coin investors in Korea, have digital assets between one million won and below 10 million won. By gender, 67 percent of the investors, or 3.74 million, are male, far exceeding the proportion of females in the ownership of digital assets

May 20, 2022By Anna J. Park
1.7% of local coin investors hold over 100 million won in cryptocurrencies
Economy

Summit could pave way for currency swap: analysts

National Security Office First Deputy Chief Kim Tae-hyo gives a press briefing on the Korea-U.S. summit scheduled on Saturday, at the presidential office in Yongsan District in central Seoul, Wednesday. He said consultation is underway between the two countries on cooperation on foreign reserves to the equivalent level of a currency swap. YonhapBy Yi Whan-wooA possible revival of an expired currency swap contract between Korea and the United States is raising hopes here, as the agenda to be covered during a scheduled summit between the leaders of the two countries in Seoul, Saturday, apparently prioritizes close links between the economy and national security.But while it remains uncertain if a bilateral currency swap is on the agenda, Kim Tae-hyo, the first deputy chief of the National Security Office, fueled optimism over that possibility, Wednesday. “Consultation is underway concerning cooperation on foreign reserves to the equivalent level of a currency swap,” Kim said.”Analysts contacted by The Korea Times say striking a deal is unlikely on the occasion of the

May 20, 2022By Yi Whan-woo
Summit could pave way for currency swap: analysts
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