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  • Economy

    Mirae Asset Securities fails to secure SpaceX IPO shares, frustrating Korean investors

    Korean investors were shut out of SpaceX's record-breaking initial public offering (IPO) after domestic underwriters, including Mirae Asset Securities, failed to receive any shares in the final allocation process, according to industry officials Sunday. Shares in the Elon Musk-led aerospace and satellite company surged more than 19 percent from their IPO price in their Nasdaq debut on Friday, closing at $161.11. The gain gave SpaceX a market value of $2.1 trillion and made Musk the world's first trillionaire on paper. For domestic investors, securing shares through the IPO would have provided a chance to buy the stock at its $135 offering price before its sharp first-day rally. Instead, they were left empty-handed. SpaceX had initially earmarked 2.31 million shares for Mirae Asset Securities out of the 555.6 million common shares sold in the offering. But Goldman Sachs, the lead underwriter, ultimately allocated no saleable shares to any Korean members of the underwriting syndicate. Market participants attributed the move to stronger-than-expected demand from institutional investors, pro

    2 MIN READBy Park Han-sol
    Mirae Asset Securities fails to secure SpaceX IPO shares, frustrating Korean investors
  • Economy

    Korea's ICT exports for May hit all-time high amid AI chip demand: data

    1 MIN READBy Yonhap
    Korea's ICT exports for May hit all-time high amid AI chip demand: data
  • 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
  • Others

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

    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
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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

Korea wins exemption from US' expanded export restrictions on Russia

Korean Trade Minister Yeo Han-koo poses for a photo with U.S. Deputy Secretary of Commerce Don Graves during their meeting in Washington, Friday, in this photo provided by the South Korean ministry. Yonhap Korea won an exemption from the United States' expanded export restrictions on Russia over its invasion of Ukraine, Seoul's industry ministry said Friday.Last week, the U.S. government announced the Foreign Direct Product Rule (FDPR) for "all of Russia" as part of its export controls to block Russia's access to global high-tech products and other major items, such as semiconductors. The measure calls on companies to receive a license from the U.S. for tech-related items using U.S. technology before they can be shipped to Russia, which is feared to affect major South Korean exporters, as they use U.S. technology and software.Trade Minister Yeo Han-koo met with senior U.S. officials in Washington, Thursday, and the two sides agreed to include South Korea in the U.S.

Mar 4, 2022
Korea wins exemption from US' expanded export restrictions on Russia
Economy

Korea to extend fuel tax cuts by 3 months until end of July: FM

Finance Minister Hong Nam-ki, right, participates in a meeting on inflation in Seoul, Friday. Yonhap The government will extend fuel tax cuts by three months as it strives to ease the burden on consumers and a build-up of inflationary pressure, the country's top economic policymaker said Friday. On Nov. 12, the government lowered fuel taxes by a record 20 percent in a bid to tame inflationary pressure. The tax reduction was set to expire at the end of April. The government decided to keep the fuel tax cuts in place for three more months until the end of July amid concerns that the war in Ukraine could drive up energy prices in the near future."If economic uncertainty mounts further as international oil prices grow at a faster pace than current levels, we will also consider expanding the extent of fuel tax cuts," Finance Minister Hong Nam-ki told a meeting on inflation.Korea is confronted with increasing inflationary pressure in the face of a recovery in demand from

Mar 4, 2022
Korea to extend fuel tax cuts by 3 months until end of July: FM
Economy

Korean crypto exchanges block Russian IP addresses over its invasion of Ukraine

Russian rouble banknotes and representations of the cryptocurrency Bitcoin are seen in this illustration taken Tuesday. Reuters-YonhapMajor cryptocurrency exchanges in Korea have blocked IP addresses from Russia in an effort to join global sanctions against Moscow over its invasion of Ukraine.Upbit, the country's largest cryptocurrency exchange by transaction, announced Thursday withdrawal requests from Russian IP addresses could be rejected."We've blocked subscriptions by users in countries which are at high risks of money laundering, in line with guidelines of the Financial Action Task Force," Upbit said, referring to the global anti-money laundering body.The exchange said it could turn down requests to withdraw if they are found to be transactions related to Russia.Gopax, another cryptocurrency exchange, on Wednesday froze some 20 accounts registered by Russian users and barred IP addresses from Russia.Bithumb and Korbit also blocked access from Russian IP addresses Thursday.The United States and its allies have intensified sanctions against Russia, including export controls and r

Mar 3, 2022
Korean crypto exchanges block Russian IP addresses over its invasion of Ukraine
Economy

MyData business should be extended to big tech and medical sector: FSC Chair

Financial Services Commission (FSC) Chairman Koh Seung-beom is on his way to a cabinet meeting being held at the government complex in central Seoul. YonhapBy Anna J. ParkThe country's “MyData” industry needs to be extended to include big tech as well as medical sector data, growing beyond businesses' main preoccupation with the financial sector, Financial Services Commission (FSC) Chairman Koh Seung-beom said Thursday. MyData is one of the government's flagship financial business initiatives, which aims to enable customers to browse their own personal financial information gathered from various financial firms and made available all in one place. Currently more than 18 million people have signed up for MyData services through multiple financial firms. Koh's comment was made on Thursday when the FSC head held a meeting with data experts to discuss the development direction and goals of the MyData industry. “It is necessary to consistently widen the scope of information provided through MyData services. And customers should be at the center of such expansion of servi

Mar 3, 2022By Anna J. Park
MyData business should be extended to big tech and medical sector: FSC Chair
Economy

KRX issues warning against ETF tracking Russian stock market

A Russian ruble banknote is seen in front of a descending stock graph in this illustration made March 1, 2022. Reuters-YonhapMSCI removes Russian equities from EM indexesBy Anna J. ParkThe Korea Exchange (KRX) has warned investors to be cautious about investing in local Russia-related mutual funds, which have stopped being redeemable for the time being following the imposition of multiple layers of international sanctions on Russia.Currently, a total of eight Russia-related mutual funds and one ETF product are being operated in Korea with about 162 billion won ($134 million) worth of money invested in them. Their average rate of return so far this year stood at a minus 41.3 percent due to the Russian stock market's plunge late last week.Against this backdrop, the KRX issued an investment warning against “KINDEX Russia MSCI,” the only listed ETF product in Korea tracking the Russian stock market.The bourse operator explained that the ETF's gap between the product's net asset value (NAV) and its trading price on the Korean stock market has exceeded the legal limit of six pe

Mar 3, 2022By Anna J. Park
KRX issues warning against ETF tracking Russian stock market
Economy

Will KOSPI extend technical rally?

A dealer at Hana Bank takes a look at a computer screen in focus displaying a report about the unification of two opposition presidential candidates, in a dealing room at the lender's headquarters in Seoul, Thursday. YonhapBy Lee Min-hyungThe Korean stock market is on track for a rebound by extending what is widely considered to be a technical rally throughout this week. Despite the slight growth of the benchmark KOSPI, market analysts remained careful about saying that local stocks have regained momentum for stable growth, due to multiple external risk factors, such as the armed conflict between Russia and Ukraine and the U.S. Federal Reserve's planned rate hikes.Starting from Monday, the main bourse has bounced back to some extent despite such external uncertainties, but experts argued that it is too early to share an overly optimistic outlook on the market amid several unsettled factors here and abroad.The KOSPI closed at 2,747.08, Thursday, a gain of 1.61 percent or 43.56 points from the previous trading day. The main bourse had failed to defend the 2,700-mark in late January on

Mar 3, 2022By Lee Min-hyung
Will KOSPI extend technical rally?
Economy

Major politician-related stocks fluctuate on unified candidacy

Ahn Cheol-soo of the minor People's Party, left, speaks with Yoon Suk-yeol of the main opposition People Power Party, after they held a press conference on unification of their presidential campaigns, at the National Assembly in Seoul, Thursday. Joint Press CorpsBy Lee Min-hyungMajor stocks related to presidential hopefuls fluctuated Thursday after presidential candidates Yoon Suk-yeol of the main opposition People Power Party and Ahn Cheol-soo of the minor People's Party decided to unify their campaigns.With Ahn dropping out of the presidential race to empower Yoon, major shares related to the two figures started with a double-digit gain on Thursday morning on the local stock market.Education firm NE Neungyule soared to as high as 17 percent at one point from its previous closing price. The company is considered one of the major politically related stocks related to Yoon.Even though Ahn decided to stop his campaign only about a week before the election, AhnLab shares also saw a sharp rise on the same day. The security software firm was established by Ahn back in 1995. Its stock pric

Mar 3, 2022By Lee Min-hyung
Major politician-related stocks fluctuate on unified candidacy
Economy

Ukraine crisis feared to have extensive impact on Korean economy: finance chief

Finance Minister Hong Nam-ki / Yonhap Finance Minister Hong Nam-ki said Thursday the ongoing crisis surrounding Ukraine is forecast to have significant impacts on the South Korean economy, vowing to seeking every policy means to overcome the difficulties.The government has been closely monitoring Russia's invasion of Ukraine, as it has joined the U.S.-led global efforts to impose sanctions on Moscow."Russia's invasion of Ukraine has had negative fallout on global supply chains and the financial and real economy sectors, and chances are that such impacts will deepen," Hong said during a committee meeting meant to boost competitiveness of the country's parts, materials and equipment segments.South Korea has made all-out efforts to minimize the impacts by taking measures including securing additional stocks of such raw materials as neon and krypton, Hong said, as the country depends heavily on Russia and Ukraine for imports of those items.South Korea relies on overseas

Mar 3, 2022
Ukraine crisis feared to have extensive impact on Korean economy: finance chief
  • Ukraine war impact on US economy 'highly uncertain': Fed chief
Economy

7 in 10 Koreans suffer income reduction amid pandemic: survey

gettyimagesbankNearly seven in 10 South Koreans saw their income fall in the wake of the COVID-19 pandemic, a survey showed Thursday. In the online survey of 2,016 people aged 18 or above by the Korea Institute of Public Administration from Nov. 15 to 22, 68 percent said their average monthly income was lower in 2021 than in 2019 before the pandemic struck. Only 30 percent said their income rose, while the remaining 2 percent said it remained unchanged. Those who earned less lost 1.25 million won ($1,038) per month on average, while those who earned more saw their monthly income increase by 786,700 won on average. The income decrease appeared to be attributable to shorter working hours amid the pandemic. Respondents worked 6.34 hours per day on average before the pandemic but worked 5.62 hours after the pandemic broke out, down by 0.72 hours, or 43 minutes. They stayed longer at home, doing house chores and spending more time with their family, after the pandemic.The survey also showed that 39.2 percent of respondents said they became unhealthier and 43.7 percent said their mental he

Mar 3, 2022
7 in 10 Koreans suffer income reduction amid pandemic: survey
Economy

Korea's GNI per capita surpasses $35,000 in 2021: Bank of Korea

Containers are piled up for shipments at Gamman Pier in Busan on Jan. 25. According to the Bank of Korea, Korea's economy is estimated to have grown 4 percent in 2021 from a year ago, the highest since 2010, when the economy expanded 6.8 percent. Yonhap Korea's central bank maintained its earlier economic growth estimate for 2021, Thursday, but slightly increased its figure for the fourth quarter, citing larger-than-expected exports. The country's economy grew 4 percent in 2021 after expanding 1.2 percent in the October-December period, according to preliminary data from the Bank of Korea (BOK). The 2021 growth rate remained unchanged from the BOK's earlier estimate made Jan. 25, but the fourth quarter figure was slightly higher than the projected rise of 1.1 percent.The 4 percent growth marked a turnaround from a year earlier when the economy shrank 0.9 percent due to the coronavirus pandemic. The fourth-quarter rate also quickened from a 0.3 percent gain tallied t

Mar 3, 2022
Korea's GNI per capita surpasses $35,000 in 2021: Bank of Korea
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