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  • Economy

    Korean won gains sharply against US dollar on renewed hope on US-Iran peace deal

    The Korean won strengthened sharply against the U.S. dollar on Friday as U.S. President Donald Trump said a peace agreement with Iran could be signed as soon as this weekend. The won opened at 1,518 won per dollar, up 10.9 won from the previous session, marking the highest opening price since June 2. However, the local currency trimmed some gains and was quoted at 1,518.5 won per dollar as of 10:14 a.m. Trump has said a peace deal with Iran is in "pretty final shape" and, if finalized, it would reopen the Strait of Hormuz, a key shipping route for oil, fertilizer and other commodities. Earlier in the day, Korean stocks opened sharply higher as investors bet on a possible settlement of the Iran war. At one point in the morning trading, the benchmark Korea Composite Stock Price Index jumped 7.09 percent to 8,314.56 points.

    1 MIN READBy Yonhap
    Korean won gains sharply against US dollar on renewed hope on US-Iran peace deal
  • Policy

    5 nations sign AI alliance pact to shape global tech rules

    2 MIN READBy Jhoo Dong-chan
    5 nations sign AI alliance pact to shape global tech rules
  • Policy

    BOK chief again signals rate hike to curb inflation pressure

    2 MIN READBy Yonhap
    BOK chief again signals rate hike to curb inflation pressure
  • Economy

    KRX issues buy-side sidecar for KOSPI on sharp rise

    1 MIN READBy Yonhap
    KRX issues buy-side sidecar for KOSPI on sharp rise
  • Economy

    Stocks up nearly 8% late Friday morning on hopes for end of Iran war

    1 MIN READBy Yonhap
    Stocks up nearly 8% late Friday morning on hopes for end of Iran war
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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

Finance minister nominee vows to execute Yoon's market-driven economic vision

Choo Kyung-ho, the head of the presidential transition committee's planning subcommittee, gets to work at the committee office in Samcheong-dong, Jongno District, Seoul, Friday. President-elect Yoon Suk-yeol tapped him as the deputy prime minister and minister of economy and finance, Sunday. Joint Press CorpsBy Yi Whan-wooChoo Kyung-ho, the nominee for deputy prime minister and the minister of economy and finance, is likely to capitalize on his experience as a seasoned former economic policymaker to implement the market-driven economic policies prioritized by President-elect Yoon Suk-yeol.Currently the head of the presidential transition committee's planning subcommittee, Choo has been regarded as an ideal figure to work as a team with the prime minister nominee, Han Duk-soo.Han, whose expertise is in macroeconomics, trade and diplomacy, was nominated to the country's No. 2 post last week in Yoon's apparent bid to emphasize the importance of the economy.Lee Chang-yang, the minister of trade, industry and energy nominee“I am burdened by being a candidate who will be in charge of

Apr 10, 2022By Yi Whan-woo
Finance minister nominee vows to execute Yoon's market-driven economic vision
  • President-elect nominates 8 Cabinet ministers
Economy

Contribution Strong policies help Korea navigate uncertain times

Krishna Srinivasan, the Deputy Director of the Asia and Pacific Department at the IMF By Krishna Srinivasan and Martin KaufmanKorea has been recovering well from the pandemic ― a testament to its strong economic fundamentals and appropriate policy responses. Economic output has surpassed pre-crisis levels despite multiple waves of infection. The recovery was supported by the effective containment of the pandemic, including rapid vaccinations last year and pursuing proactive economic policy support, which helped minimize economic scarring, sustain income growth and maintain financial stability. Given Korea's high degree of global integration, strong external demand has also provided support to the recovery. Before the war in Ukraine, Korea's growth had been expected to remain robust this year and next, absorbing any remaining economic slack. Inflation had been projected to return gradually to target by next year, as reflected in the recent IMF report. But significant

Apr 10, 2022By Lee Kyung-min
[Contribution] Strong policies help Korea navigate uncertain times
Economy

Decade-high inflation presses BOK for rate hike despite chief's absence

Bank of Korea (BOK) governor nominee Rhee Chang-yong responds to reporters as he heads to a meeting in Seoul, April 1, to prepare for a parliamentary hearing scheduled on April 19. The BOK will hold its rate-setting meeting for the first time without the governor being officially appointed yet, Thursday. YonhapBy Yi Whan-wooThe Bank of Korea (BOK) is under increasing pressure to raise the benchmark key interest rate this week despite the current BOK chief position being vacant, as inflation is not likely to let up after topping 4 percent for the first time in more than 10 years.The more hawkish U.S. monetary policy is also putting the BOK in a tight spot, amid speculation that the interest gap between Korea and the U.S. may be reversed in the coming months, thereby prompting an outflow of foreign capital.The BOK will hold its rate-setting meeting, Thursday, with its governor nominee, Rhee Chang-yong, awaiting a National Assembly hearing before taking office, after the term of former BOK chief Lee Ju-yeol ended on March 31. Rhee's hearing is scheduled for April 19.The transition perio

Apr 10, 2022By Yi Whan-woo
Decade-high inflation presses BOK for rate hike despite chief's absence
Economy

More coin exchanges linked with banks to open: report

An electronic board displays the real-time prices of major cryptocurrencies at a Bithumb customer service center in Seoul, April 4. Yonhap By Lee Min-hyungA group of three to four more existing crypto exchanges are expected to make their debuts as ones that offer coin trading services in the Korean won, a media report said Friday.In Korea, no crypto exchange can operate a coin trading service via the local currency unless they sign a contract with a commercial bank here. Thus, only five exchanges offer such services after securing real-name bank accounts for their users. They are Upbit, Bithumb, Korbit, Coinone and Gopax.But a number of local media have reported that the incoming administration will join hands with local financial authorities to enable more exchanges to offer such services sometime in the latter half of this year.Most crypto exchanges have had essentially to shut down their services here after last September, as they failed to sign such contracts wi

Apr 8, 2022By Lee Min-hyung
More coin exchanges linked with banks to open: report
Economy

Current account surplus narrows in Feb. amid surging energy costs

Senior Bank of Korea official Kim Young-hwan / Yonhap Korea posted a current account surplus for the 22nd straight month in February, but the surplus narrowed from a year earlier as soaring oil prices boosted import bills, central bank data showed Friday.The current account surplus reached $6.42 billion for the month, down from $8.06 billion the previous year, according to the preliminary data from the Bank of Korea (BOK).The current account has remained in the black since May 2020 on the back of robust exports. But the surplus fell year-on-year in February as imports grew at a faster pace than exports amid surging energy prices.Crude oil and other raw material prices jumped amid Russia's invasion of Ukraine. South Korea depends mostly on imports for its energy needs.The goods balance logged a surplus of $4.27 billion for the month, smaller than a surplus of $5.86 billion a year earlier.Exports, which account for half of the Korean economy, grew 19.1 percent year-on

Apr 8, 2022
Current account surplus narrows in Feb. amid surging energy costs
Economy

BOK chief nominee calls for restructuring to boost potential economic growth

Rhee Chang-yong, the nominee for governor of the Bank of Korea (BOK), answers questions from reporters, April 1, as he prepares for a National Assembly confirmation hearing. YonhapThe nominee for Korea's central bank chief said Friday it is urgent to carry out restructuring to foster new industries, thereby boosting the country's potential economic growth rate. Rhee Chang-yong, the nominee for governor of the Bank of Korea (BOK), made this reply in response to a written question by a lawmaker over ways to raise the growth rate, ahead of a National Assembly confirmation hearing set for April 19."In the short term, it is urgent to use resources spent to support marginalized firms during the pandemic for the nurturing of new growth engines and new industries," Rhee said.Over the long haul, the country should ease regulations to increase productivity in the private sector and enhance flexibility in the labor market, he added.The potential growth rate refers to the maximum possible growth rate at which an economy can grow without triggering inflation. Korea's potential growth rate is esti

Apr 7, 2022
BOK chief nominee calls for restructuring to boost potential economic growth
Economy

Who will be next financial regulator chief?

The Financial Supervisory Service building headquarters in Yeouido, Seoul. Yonhap By Yoon Ja-young Kim Yong-beom / Yonhap Following a report that President-elect Yoon Suk-yeol has almost made a decision on the nominees to lead the Ministry of Economy and Finance and the Financial Services Commission (FSC), all eyes are now on who will be chosen as the head of the Financial Supervisory Service (FSS).According to aides from the transition team, Rep. Choo Kyung-ho of the main opposition People Power Party (PPP) is almost certain to be named as the deputy prime minister for the economy,?while former Vice Minister of Economy and Finance Choi Sang-mok is expected to become the chairman of the FSC.The FSS Governor is a vice minister-level position and is in charge of overseeing financial services firms across the entire financial sector. Among those mention

Apr 7, 2022By Yoon Ja-young
Who will be next financial regulator chief?
Economy

Seoul shares dip over 1% on Fed's hawkish minutes

Currency dealers work in the dealing room of Hana Bank in Seoul, April 7, with an electronic signboard showing that the benchmark KOSPI had fallen by over 1 percent. Yonhap Korean stocks fell more than 1 percent Thursday, as minutes from the U.S. Federal Reserve's March meeting suggested a stronger-than-expected hawkish stance on rate hikes. The Korean won fell against the U.S. dollar, as the benchmark KOSPI lost 39.17 points, or 1.43 percent, to close at 2,695.86.Trading volume was moderate at around 1.21 billion shares worth some 9.8 trillion won (US$8 billion), with losers far outnumbering gainers 703 to 189.Foreign investors and institutions sold stocks worth 771.3 billion won and 520.9 billion won, respectively, while retail investors alone picked up shares worth 1.28 trillion won.The market opened lower, tracking overnight losses on Wall Street, after the Federal Reserve's minutes of its latest meeting showed that the officials are considering raising rates by

Apr 7, 2022
Seoul shares dip over 1% on Fed's hawkish minutes
Economy

External economic uncertainty posing greater downside risks: KDI

This photo, taken April 6, shows a sign with information on gas prices put up at a filling station in Seoul. NewsisThe Korean economy is on a moderate recovery track, but it faces greater downside risks as external economic uncertainty has heightened amid the Ukraine crisis, a state-run think tank said Thursday.Asia's fourth-largest economy has extended its recovery momentum, led by robust growth in the manufacturing sector, but business sentiment has worsened as Russia's invasion of Ukraine has jacked up raw material prices, the Korea Development Institute (KDI) said in a monthly economic assessment report."Trade balance deteriorated due to soaring raw material prices and consumer prices jumped, which could put a drag on the recovery of the South Korean economy moving forward," the report said.Korea's consumer prices grew more than 4 percent for the first time in more than 10 years in March as energy prices shot up amid Russia's war with Ukraine.Consumer inflation rose 4.1 percent on-year in March, accelerating from a 3.7 percent gain in February and above the central bank's inflati

Apr 7, 2022
External economic uncertainty posing greater downside risks: KDI
Economy

Minimum wage policy faces major overhaul under new administration

President-elect Yoon Suk-yeol answers questions from reporters on his way to the presidential transition committee's office in Seoul, Tuesday. Joint Press Corps-YonhapYoon's move is a step in the right direction: expertsBy Lee Min-hyungThe incoming administration headed by President-elect Yoon Suk-yeol will seek to overhaul the country's highly controversial minimum wage policy in a bid to help small businesses reeling from the economic fallout of the prolonged COVID-19 pandemic.The dispute is centered on revamping President Moon Jae-in's pro-labor wage policies by applying differential wage systems for each industry at a critical juncture where a growing number of the self-employed and small business owners are crying foul over a rising labor cost burden.The country's hourly minimum wage came in at 6,470 won ($5.31) in 2017, the first year of Moon's presidency. But it soared by 16 percent the following year and has since been on a steep rise to 9,160 won in 2022, an increase of 41 percent compared to five years ago.Yoon has expressed his idea of revising the system in a more realist

Apr 6, 2022By Lee Min-hyung
Minimum wage policy faces major overhaul under new administration
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