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  • Economy

    Weakening won emerges as hurdle to Korea's US investment package

    Korea's weakening currency is emerging as a challenge to the country's planned $350 billion investment package in the United States, analysts said Thursday, as a senior finance ministry official prepares to travel to Washington for talks on foreign exchange market stability. Moon Ji-sung, deputy minister for international affairs at the Ministry of Finance and Economy, will meet senior U.S. Treasury officials in Washington on Friday (local time), according to government sources. Moon's trip is viewed as unusual, as senior officials overseeing foreign exchange policy rarely make separate visits to Washington outside regular consultation channels between the two countries' finance authorities. While the ministry declined to comment on the details of Moon's visit, market watchers expect the discussions to focus on ensuring that exchange rate volatility does not disrupt implementation of Korea's investment commitments in the U.S. The Korean won has remained under pressure in recent weeks, with the won-dollar exchange rate hovering around 1,500-level and trading near its weakest level since 2

    3 MIN READBy Lee Hyo-jin
    Weakening won emerges as hurdle to Korea's US investment package
  • Economy

    InterviewHong Kong's role as Korea-China business bridge grows, Chinese chamber chief says

    3 MIN READBy Lee Yeon-woo
    Hong Kong's role as Korea-China business bridge grows, Chinese chamber chief says
  • Economy

    Seoul shares close higher as AI woes ease amid Middle East uncertainties

    1 MIN READBy Yonhap
    Seoul shares close higher as AI woes ease amid Middle East uncertainties
  • Policy

    Korea's tax agency seeks transformation from tax collector to integrated revenue authority

    3 MIN READBy Jun Ji-hye
    Korea's tax agency seeks transformation from tax collector to integrated revenue authority
  • Economy

    Gov't calls on exporters to address FX volatility

    1 MIN READBy Yonhap
    Gov't calls on exporters to address FX volatility
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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

Consumer sentiment up in April amid lifting of most pandemic restrictions

gettyimagesbank Korea's consumer sentiment improved for the third straight month in April as the country lifted most social distancing rules as part of efforts to return to normal from the pandemic, central bank data showed Wednesday.The composite consumer sentiment index came to 103.8 for the month, up 0.6 points from March, according to the data from the Bank of Korea.A reading above 100 means optimists outnumber pessimists, and the April figure marked the third straight month-on-month rise. Last week, the government lifted almost all virus restrictions, except for the mask mandate, as part of efforts to bring the country back to normal more than two years after the first case was reported here.Daily coronavirus infections peaked at over 600,000 in mid-March but have been retreating fast ever since. On Tuesday, the country reported 80,361 new COVID-19 cases. (Yonhap)

Apr 27, 2022
Consumer sentiment up in April amid lifting of most pandemic restrictions
Economy

Will Korea succeed in joining World Government Bond Index?

Finance Minister Hong Nam-ki speaks at a meeting with reporters during his visit to Washington D.C. on April 21. Courtesy of the Ministry of Economy and FinanceGov't aims to join benchmark global bond index to raise credibility of won-denominated debtBy Anna J. ParkThe Korean government seeks to join the World Government Bond Index (WGBI) operated by FTSE Russell, a move seen as a way to raise the credibility of Korean won-denominated sovereign bonds on the global market and attract more foreign capital into the country.The WGBI is a broad index designed to measure the performances of sovereign fixed income markets, such as local currencies and investment-grade sovereign bonds of 23 advanced countries, including the U.S., U.K. Japan and Germany. The index is a benchmark for global financial institutions' bond investments, with a whopping $2.4 trillion or some 3,031 trillion won worth of global money tracking it. This is according to Finance Minister Hong Nam-ki's recent comments, as he spoke to reporters during his visit to the U.S. to attend a G20 meeting. “Given that the Kore

Apr 27, 2022By Anna J. Park
Will Korea succeed in joining World Government Bond Index?
Economy

Will Yoon's stock policy help boost KOSPI?

President-elect Yoon Suk-yeol speaks during a conference at an industrial cluster in Gwangju, located about 330 kilometers south of Seoul, April 20. Joint Press Corps-YonhapLackluster stock market has little to do with short-selling: expertsBy Lee Min-hyungWith President-elect Yoon Suk-yeol ready to reinforce the monitoring of short-selling shares, retail investors are stepping up their calls for the incoming administration to impose tighter regulations on the trading practice carried out by institutional and foreign investors.These complaints reflect the effects of the months-long lackluster stock market performances here. The benchmark KOSPI and secondary KOSDAQ have been on a downward trajectory after reaching historic highs last year.As the local stock market is faced with multiple external risk factors such as possibly drastic rate hikes from the U.S. Fed, the sentiment of fear has been escalating, particularly among retail investors, that the stock markets may lose further ground. They also reiterated the need for the incoming Yoon administration to keep a closer watch on any i

Apr 27, 2022By Lee Min-hyung
Will Yoon's stock policy help boost KOSPI?
Economy

External risks feared to derail Korea's economic recovery

GDP growth slows to 0.7% in Q1 on sluggish spending and investmentsBy Yi Whan-wooThe Korean economy is feared to lose growth momentum further in the coming quarters as multiple headwinds, such as the Ukraine-Russia war and soaring energy prices, are set to weigh on the nation's exports that underpinned economic performance in the first quarter.The concerns come as the Bank of Korea (BOK) reported Tuesday that the nation's gross domestic product (GDP) grew 0.7 percent in the first quarter compared to the previous three months, slowing from the 1.2 percent expansion seen in the fourth quarter of 2021, due to sluggish private spending and corporate investments hit by the fallout of the COVID-19 pandemic.Experts expect Korea's robust outbound shipments will be unable to support the country's growth in the coming quarters, as global economic risks can pose a greater threat to its exports and trade balance.They said Russia's invasion of Ukraine and China's largest-ever COVID-19 lockdown in parts of the country may aggravate hikes in energy and commodity prices as well as exacerbate disrupt

Apr 26, 2022By Yi Whan-woo
External risks feared to derail Korea's economic recovery
Economy

Finance minister nominee vows to overhaul national pension system

Choo Kyung-ho, left, the nominee for deputy prime minister and minister of economy and finance, speaks to Land Minister nominee Won Hee-ryong during a meeting of the presidential transition committee at its office in Jongno District, Seoul, Monday. Joint Press CorpsBy Yi Whan-wooDeputy Prime Minister and Minister of Economy and Finance nominee Choo Kyung-ho has called for an overhaul of the state pension fund, which experts agree is crucial considering the country's aging and shrinking population.“Given the low birth rate and the increase in the elderly population, failure in reform will dent the fund's financial soundness and drastically increase the burden on younger generations,” Choo said in a Q&A submitted to the National Assembly as part of the preparations for his Assembly hearing scheduled for May 2.He views the current pension fund management system under the National Pension Service (NPS) as inefficient, saying, “It will only increase the national debt and will not last long.”He called for a “comprehensive check-up” on the premium rat

Apr 26, 2022By Yi Whan-woo
Finance minister nominee vows to overhaul national pension system
Economy

Daily FX turnover hits record high in Q1 amid increased volatility, trade

Bank of Korea / YonhapDaily foreign exchange (FX) trading by banks in Korea hit a record high in the first quarter as currency market volatility increased and trade expanded, central bank data showed Tuesday.The daily FX turnover including trading of derivatives came to an average of $65.55 billion in the January to March period, up 14.9 percent from three months earlier, according to the data from the Bank of Korea (BOK).The amount marked the largest since 2008, when relevant statistics started to be compiled under revised rules.The rise was caused by deepened currency market volatility amid expectations that the U.S. Federal Reserve will hike interest rates at a faster-than-anticipated pace to tame inflation.The FX transactions also grew due in part to increased exports and imports during the cited period, the BOK said. (Yonhap)

Apr 26, 2022
Daily FX turnover hits record high in Q1 amid increased volatility, trade
Economy

Korea's economy grows at slower pace in Q1 amid Omicron woes, Ukraine war

gettyimagesbankKorea's economy grew at a slower pace during the first quarter as consumption and corporate investment remained sluggish amid the fast spread of the Omicron variant of COVID-19 and heightened uncertainty over the Russian invasion of Ukraine, central bank data showed Tuesday.The country's gross domestic product is estimated to have grown 0.7 percent quarter-on-quarter in the January to March period, according to the data from the Bank of Korea (BOK), slower than the 1.2 percent tallied in the fourth quarter of last year. From a year earlier, Asia's fourth-largest economy expanded 3.1 percent. The growth decelerated as consumer spending and corporate investment remained sluggish amid the rampant spread of the Omicron variant. Korea saw coronavirus infections surging early this year with daily cases peaking at 621,178, March 17.The fast spread of the highly infectious disease caused people to refrain from outdoor activities and led to less spending. Consumer spending shrank 0.5 percent quarter-on-quarter as people cut down spending on entertainment, transportation, restau

Apr 26, 2022
Korea's economy grows at slower pace in Q1 amid Omicron woes, Ukraine war
Economy

BOK chief concerned more about inflation than growth but undetermined on monetary policy direction in May

Bank of Korea Governor Rhee Chang-yong / YonhapThe new chief of Korea's central bank said Monday he was more concerned about inflation than momentum for economic growth "up until today" but more data was needed to determine whether to push for a further interest rate hike next month.The Bank of Korea (BOK) hiked its policy rate by a quarter percentage point in mid-April, the fourth rate increase since August last year, as it is striving to tame inflation after it kept borrowing costs at record lows to bolster the pandemic-hit economy. The BOK is to hold its next rate-setting meeting in late May. "When deciding the April rate hike, more emphasis was placed on inflation than on growth," BOK Gov. Rhee Chang-yong said during a press meeting just days after his inauguration. "Though I need to read more data, there are more concerns over inflation up until today.""The trend of normalizing monetary policy will continue going forward, but the decision on its speed should be determined based on analysis of (more) data," he added. Since his nomination last month, Rhee, a former director at the

Apr 25, 2022
BOK chief concerned more about inflation than growth but undetermined on monetary policy direction in May
Economy

Seoul stocks, currency tumble on Fed rate hike woes

An electronic signboard in the dealing room of Hana Bank in Seoul, April 25, shows the benchmark Korea Composite Stock Price Index (KOSPI) having declined 47.58 points, or 1.76 percent, to close at 2,657.13. YonhapKorean stocks fell for a second straight session to retreat more than 1.5 percent Monday, as worries over the U.S. Federal Reserve signaling an aggressive rate hike next week dampened investor sentiment. The local currency fell against the U.S. dollar. The Korea Composite Stock Price Index (KOSPI) closed down 1.76 percent, or 47.58 points, to 2,657.13. Trading volume was heavy at 988.3 million shares with decliners far outpacing gainers 761 to 142. Foreigners unloaded a net 733.7 billion won ($586.1 million) worth of local equities, with institutions selling off a net 348 billion won. Retail investors scooped up a net 1.06 trillion won."The Fed's move for a rate hike has widely been expected since its March minutes were released, but the hawkish remarks last week by Fed Chairman Powell amplified the concerns about bolder than expected monetary tightening," Han Ji-young, an

Apr 25, 2022
Seoul stocks, currency tumble on Fed rate hike woes
Economy

Fears of stagflation grow amid inflation, rate hikes, weakening won

Agricultural produce are on display at a grocery market in Seoul, Sunday. The International Monetary Fund (IMF) projected Korea's 2022 inflation at 4 percent, the second-highest among the eight advanced economies in Asia as categorized by the IMF. YonhapGov't urged to take preemptive measures against stagflationBy Yi Whan-wooThe specter of stagflation, a deadly cocktail of stagnant growth and inflation, has been growing, as a triple whammy of rising prices, interest rate hikes and the weakening Korean won have combined to weigh heavily on the Korean economy.Such fears come as the ongoing Russia-Ukraine war, coupled with escalated COVID-19 lockdown restrictions in parts of China, have hampered economic recovery while leading to hikes in energy prices and supply chain disruptions worldwide.The high inflation is feared to disrupt Korea's 2022 growth target of 3.1 percent, with problems caused by the hikes in the key interest rate and a sharp depreciation of the Korean won against the U.S. dollar, also putting pressure on the recovery path. According to Statistics Korea, consumer prices

Apr 24, 2022By Yi Whan-woo
Fears of stagflation grow amid inflation, rate hikes, weakening won
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