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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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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

Seoul stocks plunge over 2% on escalating Ukraine crisis

A currency trader talks on the phone in the foreign exchange dealing room at KEB Hana Bank headquarters in Seoul, Feb. 24. AP-Yonhap Stocks on Korea's bourses plunged more than 2 percent Thursday as investor sentiment worsened over Russia's launch of military operations in eastern Ukraine. The Korean won also fell steeply against the U.S. dollar.The benchmark KOSPI tumbled 70.73 points, or 2.6 percent, to close at 2,648.80 points, on high trading volume of about 904 million shares worth 13.1 trillion won ($10.9 billion), with losers outnumbering gainers 797 to 108. Foreign and institutional investors dumped a net 681 billion won and 485 billion won, respectively, while retail investors bought 1.1 trillion won. Stocks opened sharply lower, taking a cue from plunges on Wall Street that stemmed from military tensions in Ukraine. Overnight, the tech-heavy Nasdaq composite tumbled 2.57 percent, while the Dow Jones Industrial Average declined 1.38 percent.Stock losses dee

Feb 24, 2022
Seoul stocks plunge over 2% on escalating Ukraine crisis
Economy

BOK freezes policy rate amid pandemic, Ukraine crisis

Bank of Korea Gov. Lee Ju-yeol bangs the gavel to open a rate-setting meeting, Feb. 24, in this photo provided by his office. Courtesy of Bank of Korea The Bank of Korea (BOK) held its key interest rate steady Thursday amid worries that the upsurge in COVID-19 infections and heightening geopolitical risks stemming from Eastern Europe could undercut the country's economic recovery momentum.The central bank, however, sharply revised upward its inflation outlook for this year, raising the possibility that it could hike the interest rate in its next rate-setting meeting scheduled for mid-April. As widely expected, the monetary policy board of the central bank voted to freeze the benchmark seven-day repo rate at 1.25 percent.The decision came after it delivered a quarter percentage-point hike in January at its first rate-setting meeting of the year. January's rate increase marked the third of its kind since August last year, bringing borrowing costs back to pre-pandemic

Feb 24, 2022
BOK freezes policy rate amid pandemic, Ukraine crisis
Economy

Political pressure results in 4th loan extension, instigating moral hazard

President Moon Jae-in enters a press conference at the Korea Federation of Banks in central Seoul to announce emergency measures to support the self-employed as well as small and medium enterprises stricken by pandemic-induced measures, in this photo taken in April 2020. The financial authorities will extend the rollover on loan payments by small business owners for the fourth time after implementing the first rollover in April 2020. Korea Times file.By Yi Whan-wooThe financial authorities will again extend the deadline for loan payments by pandemic-stricken small business owners, reversing its decision that repayments should start when the grace period ends in March.According to political and financial sources, this reversal made by the Financial Services Commission (FSC) this week comes after repeated demands from ruling Democratic Party of Korea (DPK) lawmakers in the lead-up to the March 9 presidential election.The pressure is seen as a vote-buying scheme, and is feared to instigate moral hazard among heavy debtors who have already been given extended rollovers three times since

Feb 24, 2022By Yi Whan-woo
Political pressure results in 4th loan extension, instigating moral hazard
Economy

Heightened tension in Ukraine to hit carmakers, secondary batteries

Ukrainians gather for a "Mariupol is Ukraine" demonstration in Mariupol, Ukraine, Tuesday. Russian lawmakers on Tuesday authorized President Vladimir Putin to use military force outside the country, a move that could presage a broader attack on Ukraine after the U.S. said an invasion was already underway there. AP-YonhapBy Anna J. ParkWith geopolitical upheaval between Ukraine and Russia pressing Korea's stock market downward, some industries, like automotives and secondary batteries, are expected to be especially exposed to greater risks and price corrections, if the situation worsens. The rationale behind the forecast is that the automotive sector is Korea's top exporter to Russia. Korean conglomerates sold $2.5 billion worth of cars and $1.45 billion worth of car parts to Russia in 2021. Of the country's annual export volume to Russia, cars and car parts account for some 44 percent. Hyundai Motor and Kia accounted for 10.3 percent and 12.3 percent, respectively, of Russia's vehicle market last year. When the two firms' sales volume is combined, the Korean car conglomerate holds th

Feb 23, 2022By Anna J. Park
Heightened tension in Ukraine to hit carmakers, secondary batteries
Economy

Gov't on alert over economic impact of Ukraine-Russia conflict

First Vice Finance Minister Lee Eog-weon speaks during a meeting of the ministry's taskforce concerning the Ukraine-Russia crisis at the Government Complex in Seoul, Wednesday. The Ministry of Trade, Industry and Energy also hosted a separate meeting presided over by Vice Trade Minister Park Jin-kyu, Wednesday, to discuss ways to cope with the crisis. YonhapSurging energy prices, 'agflation' could dent Asia's 4th-largest economy in event of full-scale warBy Yi Whan-wooThe government is on alert over the mounting tensions between Ukraine and Russia, amid speculation that the conflict could send shockwaves through the Korean economy if it spreads to a full-scale war or drags on indefinitely.The general consensus in Korea is that the Ukraine-Russia crisis will not hit the country's economy directly, considering the two make up a small portion of its overall exports. According to trade data, Russia accounts for 1.5 percent and Ukraine 0.1 percent of Korea's exports.The conflict is still feared for its potential compounding impacts on the world's economy, as witnessed from surging oil pri

Feb 23, 2022By Yi Whan-woo
Gov't on alert over economic impact of Ukraine-Russia conflict
Economy

Reporter's Notebook Finance minister's blind optimism on Korean housing market

Finance Minister Hong Nam-ki, left, attends a meeting on the current housing market trend at the Government Complex in Seoul, Wednesday. YonhapBy Lee Min-hyungFinance Minister Hong Nam-ki's recent remarks that the Korean housing market “entered a stabilization phase” are drawing anger from the public, as many still believe the market merely froze in the aftermath of a shoddy set of regulations.“The perception is expanding that the housing market passed the inflection point and entered a downward stabilization period,” Hong said Wednesday.He reiterated the government's strong will to maintain a tough regulatory stance in order to fully stabilize the market. However, many people still wonder if the market has actually stabilized, as they believe that the years-long surge in apartment prices in Seoul and major cities nationwide has temporarily stopped due to tight lending rules introduced by the government over the past two years.A widespread perception here is that most potential buyers will continue to maintain a wait-and-see approach before purchasing homes ah

Feb 23, 2022By Lee Min-hyung
[Reporter's Notebook] Finance minister's blind optimism on Korean housing market
Economy

Presidential candidates less interested in chaebol reform than past

The presidential candidates pose before their joint TV debate at broadcaster MBC's studio in Mapo District, Seoul, Monday. From left are Lee Jae-myung of the ruling Democratic Party of Korea, Ahn Cheol-soo of the minor People's Party, Sim Sang-jung of the minor Justice Party and Yoon Suk-yeol of the main opposition People Power Party. Joint Press Corps By Yi Whan-wooUnlike during previous elections when chaebol reform was one of the key issues, the presidential candidates have barely talked about it ahead of the March 9 election. As people wrestle with skyrocketing housing prices, scarce opportunities for young jobseekers and other more pressing economic issues, chaebol reform is failing to capture the candidates' attention as well.In a joint presidential TV debate, Monday, chaebol reform was hardly mentioned by the four contestants ― Lee Jae-myung of the ruling Democratic Party of Korea (DPK), Yoon Suk-yeol of the main opposition People Power Party (PPP), Sim Sang-

Feb 23, 2022By Yi Whan-woo
Presidential candidates less interested in chaebol reform than past
  • Defection casts light on rift within ruling party ahead of election
  • Early voting kicks off for Korean nationals overseas
Economy

Seoul stocks slump over escalating Ukraine tensions

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,706.79 points on Feb. 22, down 37.01 points or 1.35 percent from the previous session's close. Yonhap Korean stocks retreated Tuesday, as Russia sent forces into breakaway regions of Ukraine; while the Korean won also fell against the U.S. dollar.The benchmark KOSP) lost 37.01 points, or 1.35 percent, to close at 2,706.79 points, even though trading volume was moderate at about 639 million shares worth 10.4 trillion won ($8.7 billion), with losers outnumbering gainers 778 to 101.Institutions sold a net 382 billion won and foreigners offloaded 326 billion won, while retail investors bought 671 billion won.Investors dumped stocks following reports that Russian dispatched what it called "peacekeeping forces" to eastern Ukraine.Investors are closely watching the circumstances in Ukraine, with the incident pushing up oil prices, while sappin

Feb 22, 2022
Seoul stocks slump over escalating Ukraine tensions
  • Defying West, Putin orders troops to Ukraine rebel regions
Economy

Specter of twin deficits looms large over Korea's credit ratings

A meeting hosted by the Ministry of Trade, Industry and Energy takes place to discuss corresponding export measures over the Ukraine-Russia crisis, at the Korea Trade Insurance Corp. in Seoul, Tuesday. YonhapBy Yi Whan-wooConcern is growing over the economy falling into the trap of twin deficits, as the country's trade balance is on the verge of remaining in the red for the third consecutive month while its budget deficit tops 100 trillion won ($83.74 billion).The looming risk of twin deficits, which refers to deficits in both budget balance and current account balance ― with the trade balance being its main component ― is fueling concerns it will also negatively affect Korea's credit ratings to be updated by S&P and Moody's as early as April.Any possible downgrade in sovereign ratings, according to analysts, Tuesday, will add to multiple stumbling blocks to be faced by the next president in revitalizing the pandemic-stricken economy after the March 9 presidential election.Korea's trade deficit during the first 20 days of February is estimated at $1.67 billion, according to the K

Feb 22, 2022By Yi Whan-woo
Specter of twin deficits looms large over Korea's credit ratings
Economy

Central bank to restrict exchanging banknotes for fresh ones

gettyimagesbankBy Yoon Ja-youngStarting next month, it'll be harder to get crisp new banknotes even if one goes to the central bank. The Bank of Korea announced that it will give out brand new banknotes only on special occasions such as Chuseok and Lunar New Year holidays or when replacing banknotes unsuitable for use due to severe damage or contamination. Demand for new banknotes soars especially during holidays as it is customary to offer pristine bills as gifts. Even on these occasions, there will be daily limits on how many new banknotes each person can receive. It is expected to set a daily limit of between 500,000 won and 1 million won per person. The daily limit will vary from region to region.The central bank explained that the measure is aimed at cutting the costs of minting. According to the bank, 79.6 percent of the banknotes that were brought in for exchange were only gently used and still suitable for further use. Eighty-nine percent of bills that the bank gave out for exchange, meanwhile, were new ones, which led to criticism that the obsession with new bills is incurri

Feb 22, 2022By Yoon Ja-young
Central bank to restrict exchanging banknotes for fresh ones
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