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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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Economy

Leader of NH Investment & Securities to focus on regaining market trust

NH Investment & Securities CEO Jeong Young-chae raises his glasses during a National Assembly audit in Seoul, on Oct. 20, 2021. Joint Press Corps-YonhapBy Lee Min-hyungNH Investment & Securities CEO Jeong Young-chae will focus on regaining the market's trust during his extended two-year tenure.Jeong took office as the leader of the securities firm in 2018 and will lead the company until March 2024 after receiving approval on his term extension during a regular shareholders' meeting held recently.He is tasked with enhancing its corporate image tarnished by its involvement in sales of scandal-ridden Optimus Asset Management funds.Despite the controversy, the company took swift measures last year by deciding to provide full compensation to its customers who fell victim to the mis-selling of the troubled fund products.He was acquitted late last year on charges of fraud and breach of trust, which helped him extend his tenure once again.But Jeong still faces the crucial task of winning back the trust of investors during the next two years. The market pays particular attention to ho

Mar 24, 2022By Lee Min-hyung
Leader of NH Investment & Securities to focus on regaining market trust
Economy

BOK chief nominee vows to consider growth, inflation, financial instability 'in balancing manner'

The nominee for chief of the Bank of Korea Rhee Chang-yong / YonhapRhee Chang-yong, the nominee for chief of the Bank of Korea (BOK), said Thursday he will carry out monetary policy by taking into account economic growth, inflation and financial stability "in a balancing manner," if confirmed to lead the central bank. Rhee, director of the Asia and Pacific department at the International Monetary Fund (IMF), was nominated as new central bank chief Wednesday to replace Lee Ju-yeol, who is to leave office later this month. Rhee is currently in Washington and expected to return to Korea next week to prepare for a confirmation hearing."There is a growing possibility that the spread of the omicron variant in China could slow down its economy at a time when the U.S. Federal Reserve is speeding up its monetary policy normalization," Rhee said in remarks sent via the BOK. "Since the Ukraine situation is unfolding in a way that it is hard to predict what will happen even a step forward, it is not easy to project its impact on domestic and global economies.""With external uncertainty mounting,

Mar 24, 2022
BOK chief nominee vows to consider growth, inflation, financial instability 'in balancing manner'
  • No drastic monetary policy shift expected under new BOK governor
  • Outgoing BOK chief warns of prolonged inflation
Economy

Producer prices up for 2nd straight month on high energy costs

gettyimagesbankSouth Korea's producer prices grew for the second straight month in February, as high energy costs drove up the prices of factory-produced goods, central bank data showed Wednesday.The producer price index, a major barometer of consumer inflation, stood at 114.82 in February, up 0.4 from a month earlier, according to the preliminary data from the Bank of Korea (BOK).It marked the second straight month that the index has risen following January's 1.1 percent on-month gain.From a year earlier, the index jumped 8.4 percent, though it slowed from an 8.9 percent rise a month earlier. It was still the 15th consecutive month of an on-year increase.The ascent is attributed to high coal and oil product costs, which jumped 8.1 percent from a month earlier.High energy costs drove up factory product prices, which also gained 1.1 percent from January, the data showed.Farming, forestry and fishery products, however, saw their prices decline 5.1 percent over the cited period.The price increase came as South Korea is grappling with rising inflation pressure driven by global supply sna

Mar 24, 2022
Producer prices up for 2nd straight month on high energy costs
Economy

Will foreign investors continue to desert KOSPI?

gettyimagesbankBy Anna J. Park Foreign investors are dumping Korean stocks, with the percentage of foreign ownership among KOSPI-listed stocks falling to its lowest level in six years. Analysts say these investors are likely to continue net-selling Korean stocks for the time being, as the Korean economy has turned out to be comparatively more vulnerable to global inflation, due to its lack of raw materials and energy resources. This month alone, foreign investors net-sold 5.24 trillion won ($4.32 billion) worth of Korean stocks on the benchmark KOSPI market. In 12 of 15 trading sessions this month until Wednesday, foreign investors opted to net-sell Korean stocks. When calculated from late February when Russia began its invasion of Ukraine, foreign investors have dumped some 6 trillion won worth of local stocks on the KOSPI so far. When their net-selling on the tech-heavy Kosdaq and futures markets are also counted, nearly 8 trillion won left the local stock market. The selloff pulled down foreign investors' ownership ratio of KOSPI-listed stocks to around 30 percent, the lowest leve

Mar 23, 2022By Anna J. Park
Will foreign investors continue to desert KOSPI?
Economy

Outgoing BOK chief warns of prolonged inflation

Outgoing Bank of Korea (BOK) Governor Lee Ju-yeol, left, receives a plaque in appreciation of his service during his farewell press conference at the BOK headquarters in central Seoul, Wednesday. YonhapLee praises incoming governor Rhee as 'versatile'By Yi Whan-wooBank of Korea (BOK) Governor Lee Ju-yeol warned of prolonged inflation and called for the need to reduce risks regarding financial imbalances during his farewell press conference, Wednesday. Lee, whose term will end on March 31, put concerns over the benchmark interest rate decision aside ahead of the BOK's board meeting scheduled for April 14.He noted that the base rate is decided based on the consensus of the multiple board members and it will not be disputed by the temporary absence of the central bank chief.His comment came as the BOK is highly likely to go on without a leader for the time being, before incoming Governor Rhee Chang-yong takes office.President Moon Jae-in on Wednesday named Rhee, director of the Asia and Pacific Department at the International Monetary Fund (IMF), to succeed the current governor, Lee. Hi

Mar 23, 2022By Yi Whan-woo
Outgoing BOK chief warns of prolonged inflation
  • No drastic monetary policy shift expected under new BOK governor
  • BOK chief nominee vows to consider growth, inflation, financial instability 'in balancing manner'
Economy

Moon gov't eases tax burden on single home owners

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki speaks during a meeting with relevant ministers on real estate policy at the Government Complex Seoul in central Seoul, Wednesday. It was the last in a series of policies announced by the Moon Jae-in administration. Yonhap Experts view policy is unlikely to harmonize with President-elect's plansBy Yi Whan-wooThe Moon Jae-in administration introduced a set of measures that will lower property taxes for more than nine out of 10 single home owners nationwide, Wednesday. These measures are Moon's latest real estate policies, most of which are considered to have failed at stabilizing real estate prices and demand. Jointly announced by the Ministry of Land, Infrastructure and Transport and other relevant ministries, the measures will also exempt 69,000 people from paying a tax levied exclusively on those who own homes that exceed 1.1 billion won ($907,600) in value and owners of multiple homes.The gover

Mar 23, 2022By Yi Whan-woo
Moon gov't eases tax burden on single home owners
Economy

No drastic monetary policy shift expected under new BOK governor

President Moon Jae-in, right, shakes hands with Bank of Korea governor-nominee Rhee Chang-yong at Cheong Wa Dae in Seoul in this file photo taken in January 2019. YonhapIMF Asia and Pacific director to lead Bank of KoreaBy Lee Min-hyungBank of Korea governor-nominee Rhee Chang-yongPresident Moon Jae-in nominated Rhee Chang-yong, director of the Asia and Pacific department at the International Monetary Fund (IMF), as the new governor of the Bank of Korea (BOK), the presidential office said Wednesday.Rhee will replace outgoing BOK Governor Lee Ju-yeol, whose term ends on March 31. But a leadership vacuum at the central bank appears inevitable, since Rhee will be able to take office only after a National Assembly confirmation hearing.The governor nominee had been frequently mentioned as the next BOK chief due to his broad range of experience at major international institutions. Rhee taught economics at Seoul National University and was vice chairman of the Financial Services Commission before becoming a senior economist at the Asian Development Bank.He made headlines in February 2014 af

Mar 23, 2022By Lee Min-hyung
No drastic monetary policy shift expected under new BOK governor
  • Outgoing BOK chief warns of prolonged inflation
  • BOK chief nominee vows to consider growth, inflation, financial instability 'in balancing manner'
Economy

Moon names IMF official as Bank of Korea chief

Rhee Chang-yong, director of the Asia and Pacific department at the IMF / YonhapPresident Moon Jae-in named an official of the International Monetary Fund as the next chief of the Bank of Korea, Wednesday.Rhee Chang-yong, director of the Asia and Pacific department at the IMF, has been nominated to replace Lee Ju-yeol as governor of the central bank, Moon's senior secretary for public communication Park Soo-hyun said.Lee's term ends at the end of this month."Rhee has (knowledge of) both theory and policy implementation in domestic and international economies as well as in monetary policy, and is said to enjoy the strong confidence of those around him," Park said at a press briefing.The presidential office said the nomination was discussed with the incoming government of President-elect Yoon Suk-yeol.Rhee previously worked as an economics professor at Seoul National University, vice chief of the Financial Services Commission and chief economist at the Asian Development Bank. (Yonhap)

Mar 23, 2022
Moon names IMF official as Bank of Korea chief
Economy

Korea's overseas direct investment hits all-time high in 2021

gettyimagesbank Korea's overseas direct investment hit a record high last year as the global economy recovered from the fallout of the COVID-19 pandemic, data showed Wednesday.The value of investments made by Korean companies reached $75.87 billion last year, up 32.8 percent from a year earlier, according to the data from the Ministry of Economy and Finance.This is the highest since the government began compiling related data in 1968.In the fourth quarter, the country's overseas direct investment jumped 62.7 percent year-on-year to an all-time high of $30.21 billion. "Since the second quarter of last year, the country's overseas direct investment has expanded as concerns about the pandemic eased amid the vaccine rollout," the finance ministry said.Korea's net overseas direct investment increased 38.1 percent year-on-year to a record high of $58.42 billion last year.By country, the United States was the No. 1 destination for Korea's direct investment last year on the

Mar 23, 2022
Korea's overseas direct investment hits all-time high in 2021
Economy

Gov't to ease property-related tax burden on owners of one home

Finance Minister Hong Nam-ki speaks during a meeting on the housing policy, March 23. Yonhap The governments said Wednesday it plans to ease the tax burden on owners of a single home amid skyrocketing housing prices.The measure ― which is set to be announced at 11 a.m. ― are meant to prevent the owners of one home from additionally shouldering the burden of paying real estate-related taxes.The government plans to let the owners of one home pay similar amounts of property-holding taxes to those of last year on a temporary basis, Finance Minister Hong Nam-ki said at a meeting on housing policy.One-home owners aged 60 and older will also be allowed to postpone the payment of the so-called comprehensive real estate tax, Hong added.Public discontent over the Moon Jae-in administration's real estate policies has mounted as skyrocketing home prices drove up the tax burden on homeowners and raised costs for people seeking to rent or buy homes.The latest measure comes as the

Mar 23, 2022
Gov't to ease property-related tax burden on owners of one home
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