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  • Others

    Foreign investors return to KOSPI buying, powering rally above 8,000

    Foreign investors returned to net buying in the KOSPI market on Friday for the first time in 25 trading days, fueling a sharp rally that briefly sent the benchmark index soaring past the 8,400 mark during intraday trading. KOSPI opened 6.44 percent higher at 8,263.85, up 499.90 points from the previous session, and briefly surged as much as 8.5 percent to hit an intraday high of 8,424.13 before paring gains to close at 8,123.62, up 359.67 points, or 4.63 percent, on the day. The rapid advance in KOSPI futures prompted the Korea Exchange to activate a sidecar, temporarily halting program buy orders early in the trading session. Foreign investors played a pivotal role in KOSPI’s rebound, snapping a prolonged selling streak with net purchases of 2.12 trillion won ($1.4 billion) on the day. Institutional investors also lent strong support, buying a net 2.4 trillion won in stocks. The return to net buying came after nearly a month of heavy foreign outflows that had weighed on the market. Before Friday, overseas investors had sold a net 75.6 trillion won worth of KOSPI shares over 24 straigh

    3 MIN READBy Jun Ji-hye
    Foreign investors return to KOSPI buying, powering rally above 8,000
  • Economy

    Rate hike seen as strongest tool to support won as FX measures lose impact

    2 MIN READBy Lee Hyo-jin
    Rate hike seen as strongest tool to support won as FX measures lose impact
  • Economy

    Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data

    2 MIN READBy Lee Hyo-jin
    Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data
  • 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
  • Economy

    Korean won gains on renewed hope of U.S.-Iran peace deal, foreign net buying

    1 MIN READBy Yonhap
    Korean won gains on renewed hope of U.S.-Iran peace deal, foreign net buying
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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

KEPCO to freeze unit fuel cost for electricity rate for Q2 amid high inflation

gettyimagesbank The state-run Korea Electric Power Corp. (KEPCO) said Tuesday it will freeze the adjusted unit fuel cost, a key part of the country's electricity rates, in the second quarter despite high energy prices amid rising inflation.KEPCO said it has decided to set the adjusted unit fuel cost at zero won per kilowatt-hour for the April-June period of this year, the same as the previous three months.The company proposed a 3 won (US$0.002) increase in the adjusted unit fuel cost, citing soaring global energy costs, but the government rejected it amid high inflation, KEPCO said.In accordance with the decision, the electricity rate will go up 6.9 won per kWh starting next month, as the government earlier decided to raise the prices linked to climate change and other costs."The government said it needs to seek price stabilization for the people who have difficulties due to the prolonged COVID-19 pandemic and high inflation," KEPCO said in a release.Late last year,

Mar 29, 2022
KEPCO to freeze unit fuel cost for electricity rate for Q2 amid high inflation
Economy

3 in 10 exporters suffer worse financial situation this year: poll

gettyimagesbank Nearly three in 10 Korean exporting companies have seen their financial situation worsen this year due to the COVID-19 pandemic and other negatives, a poll showed Monday.The survey of 102 manufacturing exporters out of the country's top 1,000 firms by sales showed 31.4 percent of respondents saying their financial situation has become worse this year compared to 2021.About 55 percent answered their financial conditions are similar to those a year earlier, with about 14 percent reporting improvements.The survey was conducted by the Federation of Korean Industries, the lobby for local family-controlled conglomerates, called "chaebol" here.Sluggish sales have been cited as the main reason for their worsened financial situation (39.6 percent), followed by rising costs (37.5 percent) and increases in debt-servicing costs (9.4 percent).The federation said the exporting companies have been hit by weakening sales stemming from the coronavirus pandemic, risin

Mar 28, 2022
3 in 10 exporters suffer worse financial situation this year: poll
Economy

Korea's energy imports soar 85% this year

A sign shows oil prices at a gas station in Seoul, March 27. Korea's energy imports spiked more than 85 percent this year on soaring international prices, government data showed Monday. YonhapKorea's energy imports spiked more than 85 percent this year on soaring international prices, government data showed Monday, burdening the country's trade balance and consumer inflation.The country's imports of oil, natural gas and coal came to $38.49 billion from Jan. 1-March 20, up 85.4 percent from a year earlier, according to the data from the Korea Customs Service.Crude oil imports soared nearly 70 percent over the cited period, with those of natural gas and coal shooting up 92 percent and about 151 percent, respectively.Energy imports jumped 131.4 percent in January, 53.4 percent in February and 75.5 percent in the first 20 days of this month.The jump in energy imports came due to high international prices that resulted from the global economy's recovery from the coronavirus fallout and Russia's attack on Ukraine.For example, import prices of Dubai crude oil, Korea's benchmark, closed at $

Mar 28, 2022
Korea's energy imports soar 85% this year
Economy

FSS plans to bolster audits of local companies this year

The headquarters of the Financial Supervisory Service (FSS), located in Seoul's financial district, Yeouido / NewsisBy Anna J. ParkThe Financial Supervisory Service (FSS) plans to strengthen its audits of local companies, aiming to prevent accounting irregularities as witnessed recently in companies like Osstem Implant in times of growing global economic uncertainty. The financial authority said Sunday it will examine 180 local companies this year, along with 17 accounting firms. The FSS also plans to expand the scope of corporate audit screenings further in the future, by streamlining its audit and sanction processes. Around 100 of the companies are expected to have their financial records evaluated, while some 50 firms will be scrutinized more thoroughly due to confirmed wrongdoings or alleged violations. The number of accounting firms that will be screened has also risen to 17 from 13 last year. The financial supervisory agency also plans to maintain a close consultative partnership with the U.S.-based Public Company Accounting Oversight Board (PCAOB), a nonprofit corporation esta

Mar 28, 2022By Anna J. Park
FSS plans to bolster audits of local companies this year
Economy

Korea, Arab nations to resume free trade talks after 13 years

President Moon Jae-in poses with Gulf Cooperation Council (GCC) Secretary General Nayef Falah Al-Hajraf prior to their talks at the GCC headquarters in Riyadh, Saudi Arabia in this photo taken on Jan. 19. Korea Times fileKorea and a group of Arab countries will resume talks for their free trade deal this week after a 13-year hiatus in a move to forge deeper economic ties, Seoul's industry ministry said Sunday.Korea and the Gulf Cooperation Council (GCC) will began the fourth round of official talks for a bilateral free trade agreement (FTA) in Seoul on Monday for a four-day run, according to the Ministry of Trade, Industry and Energy.The GCC involves six countries: the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.Korea and the GCC agreed to push for a trade agreement in 2007 and had three rounds of talks between 2008 and 2009. But the negotiations have since stalled after the council announced the suspension in 2010."The Gulf region is a crucial market for Korea given its population, income and growth potential. A free trade deal with the resources-rich GCC nat

Mar 27, 2022
Korea, Arab nations to resume free trade talks after 13 years
Economy

Falling yen feared to adversely affect Korean exporters

An employee at the headquarters of Hana Bank fans a handful of yen with U.S. dollar bills in the rear on March 23. NewsisBy Anna J. Park As the Japanese yen has fallen to a near seven-year low this month amid a global energy price hike and worsening trade balance, concerns are rising that the yen's depreciation could weaken local companies' export competitiveness.The yen rose to 122.4 yen against the dollar, which is its weakest level since November 2015. Its value against the dollar fell by more than 5 percent in the past three weeks. Reflecting the global weakening of the yen, the exchange rate for 100 Japanese yen to the Korean won has also fallen to its lowest level in the past few years. In particular, the exchange rate hit 1,000 won ($0.82) for the first time on Wednesday, although it finished at 1,002.26 on Friday. The core reason for the weakening yen lies in the differing monetary policies between the U.S. and Japan. While the U.S. Fed has been confirming its moves to raise its interest rate this year, the Bank of Japan (BOJ) maintains its monetary easing policy for economic

Mar 27, 2022By Anna J. Park
Falling yen feared to adversely affect Korean exporters
Economy

Eximbank bolsters network in Latin America

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, left, poses with Maria Lombana, right, Colombia's Minister of Commerce, Industry, and Tourism, after Eximbank and Colombia's Banco de Occidente signed a re-lending deal at the Eximbank's office in Bogota, Colombia, March 22. Courtesy of EximbankEximbank signs re-lending deal with Colombia's Banco de OccidenteBy Yoon Ja-youngExport-Import Bank of Korea (Eximbank) is strengthening its financial network in Latin America to help Korean businesses get a head start winning orders overseas before the post-pandemic era starts.Eximbank CEO Bang Moon-kyu held separate meetings with the presidents of Colombia and the Dominican Republic as well as the chief of the Central American Bank for Economic Integration (CABEI), discussing comprehensive measures for cooperation to induce more Korean businesses to advance into Latin America's infrastructure and energy sectors.Bang had meeting with Colombian President Ivan Duque at his office in Bogota, March 22, where they discussed how Korea's Economic Development Cooperation Fund (EDCF) should sup

Mar 27, 2022By Yoon Ja-young
Eximbank bolsters network in Latin America
Economy

Korea's accession to CPTPP likely to boost real GDP, damage agricultural sector

A group of angry farmers and fishermen stage a protest to call on the government to withdraw its plan to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during a public hearing held at the government complex in the central city of Sejong, March 25. Korea's envisioned joining of the mega free trade deal could boost its real gross domestic product (GDP) up to 0.35 percent, but it could cause substantial damage to the agricultural and fisheries sector, the industry ministry said Friday. Yonhap Korea's envisioned joining of a mega free trade deal in the Asia-Pacific region could boost its real gross domestic product (GDP) up to 0.35 percent, but it could cause substantial damage to the agricultural and fisheries sector, the industry ministry said Friday.The Ministry of Trade, Industry and Energy made public its assessment during a public hearing earlier in the day on the country's push to join the Comprehensive and Progressive Agre

Mar 25, 2022
Korea's accession to CPTPP likely to boost real GDP, damage agricultural sector
Economy

Korea shares digitalization strategy in taxation with UK, Bulgaria

National Tax Service (NTS) Commissioner Kim Dae-ji, left, shakes hands with Jim Harra, First Permanent Secretary and Chief Executive of the U.K. HM Revenue & Customs, after their meeting in London, March 22. Courtesy of NTSBy Yoon Ja-youngKorea's tax agency has shared its digitalization strategy in taxation with its counterparts in the U.K. and Bulgaria and also agreed to coordinate closely with them to tackle offshore tax evasion.The National Tax Service (NTS) said its commissioner Kim Dae-ji had a meeting with Jim Harra, First Permanent Secretary and Chief Executive of the U.K. HM Revenue & Customs, in London, March 22.At the meeting, the chiefs of the tax agencies of the two countries agreed that exactly grasping incomes and setting up an income data hub are essential in getting rid of blind spots in social welfare as well as enhancing efficiency in budget spending.National Tax Service (NTS) Commissioner Kim Dae-ji, right, shakes hands with Rumen Spetsov, the head of the National Revenue Agency of Bulgaria, after their meeting in Sofia, Bulgaria, March 24. Courtesy of NTSG

Mar 25, 2022By Yoon Ja-young
Korea shares digitalization strategy in taxation with UK, Bulgaria
Economy

Crypto exchanges seek new business models in metaverse, NFT

Seen above is a screenshot of Korbit's metaverse platform, Korbit Town. Courtesy of KorbitBy Lee Min-hyungKorea's cryptocurrency exchanges are seeking new business models in the emerging metaverse and non-fungible token (NFT) markets.The moves are part of their efforts to diversify revenue streams into untapped areas with high growth potential by taking advantage of their expertise in blockchain technology.Major exchange operators such as Dunamu, Bithumb and Korbit have achieved eye-catching earnings growth in recent years on increased crypto-trading commission profits.But the industry has been agile in finding its next cash cow due to the volatile nature of cryptocurrencies. While the two emerging markets do not currently guarantee any immediate profits, the cryptocurrency exchanges are stepping up their competition to take the lead in the nascent business sectors.Bithumb recently established its metaverse-focused subsidiary, Bithumb Meta, investing 17 billion won ($14 million). The subsidiary then launched its own metaverse platform through a partnership with Unity, a global softwa

Mar 24, 2022By Lee Min-hyung
Crypto exchanges seek new business models in metaverse, NFT
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