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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, Saudi Arabia sign agreement on crude oil, gas cooperation

    1 MIN READBy Yonhap
    Korea, Saudi Arabia sign agreement on crude oil, gas cooperation
  • 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
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Economy

Moon's savings assistance funding stirs controversy over foreigners' subscriptions

A mobile subscription page of the government's Youth Hope savings product is seen at a bank's sales office in Seoul on Feb. 21. YonhapBy Lee Min-hyungThe government's ambitious savings product is stirring controversy, as foreign nationals residing here can also sign up for the high-interest product, which many people argue goes against its original intent.Those aged between 19 and 34 can subscribe to the so-called “Youth Hope” savings product if their annual salary from the previous year does not exceed 36 million won ($29,800). The product has drawn popularity among young people here, as it offers a maximum of 10 percent interest returns annually.A total of 11 commercial banks here started registration for the product on Feb. 21. The government will allocate a 45.6 billion won budget to providing high returns for subscribers to the welfare program.But this has drawn strong public backlash from those who believe it is a waste of Korean taxpayers' money to provide equal assistance to foreigners residing and paying taxes here.Under the budget, only around 380,000 people can

Feb 28, 2022By Lee Min-hyung
Moon's savings assistance funding stirs controversy over foreigners' subscriptions
Economy

Cryptocurrency gains more attention amid Ukraine crisis

Captured image of the Ukrainian government's Twitter messageBy Anna J. Park The military clash between Russia and Ukraine is now being called the world's first “crypto war,” as the stateless digital currency seems to be used by both sides. The currency is being used to receive charity and donations for one side, but also to fund an autocratic regime on the other.Since the Ukrainian government posted an official Twitter message on Feb. 27 saying that the government is accepting cryptocurrency donations, numerous netizens from all around the world sent digital currency donations for Ukrainians. Many Korean Twitter users have also been posting screen shot images that prove their crypto donations for the country under Russian invasion. Even before the Ukrainian government released its digital wallet address for the donation on Sunday, people from across the world already sent millions of dollars to support the country's army. According to blockchain analytics firm Elliptic, over $4.1 million or 109 BTC was raised in just one day since Come Back Alive, a Kyiv-based NGO foundat

Feb 28, 2022By Anna J. Park
Cryptocurrency gains more attention amid Ukraine crisis
Economy

Korea's dependency on Japan for materials and parts hits new low in 2021

Industry Minister Moon Sung-wook / Yonhap South Korea's dependency on Japanese materials and parts fell to an all-time low last year following Tokyo's imposition of controls on exports of key products bound for Seoul, the industry ministry said Monday.Imports of Japanese materials, parts and equipment came to $39.5 billion in 2021, accounting for 15.9 percent of South Korea's overall purchase of such goods, according to the data from the industry and trade ministry.The figure was down 1.3 percentage points from the previous year and the lowest since relevant data began to be compiled starting 2001.Of 100 key items, such as hydrogen fluoride, the rate of their imports from Japan fell to 24.9 percent last year from 30.9 percent in 2019, the ministry said.In July 2019, Japan imposed export controls on chemicals vital to the South Korean chip industry in apparent retaliation against a Seoul court's ruling the previous year that ordered Japanese firms to compensate victi

Feb 28, 2022
Korea's dependency on Japan for materials and parts hits new low in 2021
Economy

Politics-themed stocks plunging ahead of elections

Ruling Democratic Party of Korea presidential candidate Lee Jae-myung, left, and main opposition People Power Party presidential candidate Yoon Suk-yeol / YonhapBy Anna J. ParkWith the country's presidential election only 10 days away, most election-themed stocks' prices have been on a downward spiral over the past week, according to market analysts, Sunday. Election-themed stocks refer to local listed stocks that bear some relevance ― whether it be significant or random in nature ― with the major presidential candidates. These stocks' prices tend to fluctuate heavily, according to the ebb and flow of candidates' changing levels of popularity during election campaign periods, they said.The analysts warn investors that such election-themed stocks tend to fall drastically when elections are approaching, and investing in companies that do not bear any significant relevance to the candidates is like a pure gamble. Byun Joon-ho, an analyst at Heungkuk Securities, said that extreme volatility has been seen in the prices of such election-themed stocks since late last year. “As it is n

Feb 27, 2022By Anna J. Park
Politics-themed stocks plunging ahead of elections
  • Russia's exclusion from SWIFT system to hit local Russia funds
Economy

Russia's exclusion from SWIFT system to hit local Russia funds

The sign for the Society for Worldwide Interbank Financial Telecommunications (SWIFT) is seen outside the company's headquarters in Brussels on Feb. 20, 2007. The U.S., EU and U.K. agreed on Saturday to block selected Russian banks from the SWIFT global financial messaging system and to impose restrictive measures on its central bank in retaliation for its invasion of Ukraine. AP-YonhapBy Anna J. ParkThe U.S. and EU have agreed to remove selected Russian banks from SWIFT ― the Society for Worldwide Interbank Financial Telecommunication, which enables secure cross-border settlement and payments ― as part of joint sanctions against Russia, imposing severe limits on Russian-denominated assets and the country's capacity to access international reserves. Russia's oil and gas exports are heavily reliant on the SWIFT system, which facilitates global transactions between more than 11,000 banks and financial institutions around the world.The removal of Russia from the SWIFT system is not only expected to wreak havoc on targeted Russian financial institutions, but also deliver a heavy blow to

Feb 27, 2022By Anna J. Park
Russia's exclusion from SWIFT system to hit local Russia funds
  • Politics-themed stocks plunging ahead of elections
Economy

Ukraine crisis casts dark cloud over Korea's growth, inflation

A signboard at a gas station in Seoul shows the spike in gasoline prices, Sunday. Nationwide gasoline prices, according to oil price information website Opinet, are on an upward trajectory for six consecutive weeks and have reached 1,739.8 won ($1.44) per liter. YonhapKorea to consult US in early March on export curbs on RussiaBy Yi Whan-wooThe Korean economy is facing growing risks as the escalating Ukraine-Russia conflict leads to a surge in prices of international oil and raw materials, which will deal a lasting blow to both inflation and the growth of Asia's fourth-largest economy, according to analysts Sunday.Entering its fourth day, the Russian invasion of Ukraine is underway in multiple areas, spawning fears that the large-scale assault could drag on for months and further affect the prices of oil and other raw materials. This is likely to weigh further on forecasts of Korea's economic growth and consumer prices, as most projections were made before Russia's threat of war or did not take into account the possibility of the assault growing into a full-scale conflict.The Ministr

Feb 27, 2022By Yi Whan-woo
Ukraine crisis casts dark cloud over Korea's growth, inflation
Economy

Households debt burden to keep rising even as key rate frozen

A household loan product is promoted in the sales office of a major lender in Seoul, on Nov. 15, 2021. YonhapHousehold debt hits record high of 1,862 trillion wonBy Lee Min-hyungKorean households are under a mounting debt burden even after the Bank of Korea (BOK) recently decided to freeze the key rate at 1.25 percent. The central bank is widely expected to push for additional rate hikes to as high as 2 percent by the end of 2022.Even if the BOK did not push for a consecutive rate hike during the rate-setting meeting held on Feb. 24, the monetary authority delivered a strong signal that it will likely do so throughout this year on the revised consumer price forecast.The message came as growing pressure on households ― most of which would have not expected the central bank to raise the key rate at such a rapid pace, after cutting it to a record low of 0.5 percent in May 2020, amid the pandemic outbreak.The BOK also expected Korea's consumer prices to rise 3.1 percent this year, an increase of 1.1 percentage point from its previous forecast shared in November of last year. The revised

Feb 25, 2022By Lee Min-hyung
Households debt burden to keep rising even as key rate frozen
Economy

Korea shares digitalization know-how on taxation with India, Georgia

National Tax Service (NTS) Commissioner Kim Dae-ji, right, poses with Levan Kakav, the head of the Revenue Service of Georgia, after their meeting in Tbilisi, Georgia, Feb. 21. Courtesy of NTS By Yoon Ja-youngKorea's tax agency has shared its know-how in the digitalization of taxation with the tax agencies of India and Georgia, which can decrease the chances of tax evasion and thus enhance taxpayers' trust in the tax system. According to the National Tax Service (NTS), its commissioner, Kim Dae-ji, had a meeting with Levan Kakav, the head of the Revenue Service of Georgia, in the country's capital of Tbilisi, Feb. 21. It was the first official meeting between the tax agency chiefs of the two countries. Kim also had the sixth Korea-India tax commissioners' meeting with his counterpart, Tarun Bajaj, in New Delhi, India, Feb. 24. The meetings come as the NTS has been engaged in “diplomatic efforts” to seek sustainable growth jointly with tax agencies in other countries

Feb 25, 2022By Yoon Ja-young
Korea shares digitalization know-how on taxation with India, Georgia
Economy

BOK chief hints at additional rate hike to fight inflation

Bank of Korea (BOK) Governor Lee Ju-yeol bangs the gavel to open a rate-setting meeting at the BOK headquarters in central Seoul. Thursday. YonhapKey interest rate frozen at 1.25% amid pandemic, Ukraine crisisBy Yi Whan-wooThe Korean economy will face persistently high inflation “for a substantial period of time,” Bank of Korea (BOK) Governor Lee Ju-yeol said Thursday, as he hinted at additional rate hikes in 2022. His remarks came after the central bank decided to keep the key interest rate unchanged at 1.25 percent at a monetary board meeting earlier that same day.In a separate announcement, the BOK revised up the 2022 inflation projection, from 2 percent in November 2021 to 3.1 percent. It is the first time in 11 years that inflation is forecast to hover around the 3-percent range, with surging oil prices and the escalating Ukraine-Russia conflict anticipated to add to growing inflationary pressure, according to Lee.“It is projected that inflation will remain high and continue to go on an upward trend for a substantial period of time,” he told reporters. &l

Feb 24, 2022By Yi Whan-woo
BOK chief hints at additional rate hike to fight inflation
Economy

Korean stocks plunge amid escalating Russia conflict

Militants of the self-proclaimed Donetsk People's Republic stand outside a military mobilization point in the separatist-controlled city of Donetsk, Ukraine, Wednesday. Reuters-YonhapBy Lee Min-hyungKorean stocks took a serious hit Thursday in the aftermath of Wall Street's overnight fall, sparked by heightened geopolitical risks between Russia and Ukraine.Market analysts expect that Korean stock markets will face an additional downward adjustment, as it is feared the global economy could slow down due to growing external uncertainties.The benchmark KOSPI closed at 2,648.68, a drop of 2.61 percent from the previous day, on a selling spree of overseas and institutional investors, with fear reaching its peak that the two countries are on the brink of war. The secondary Kosdaq also extended more than 3 percent in losses on the same day.“U.S. stocks fell after Ukraine imposed a state of emergency and called up reservists amid the growing likelihood of armed conflict with Russia,” Mirae Asset Securities analyst Seo Sang-young said.“This increases the likelihood for the g

Feb 24, 2022By Lee Min-hyung
Korean stocks plunge amid escalating Russia conflict
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