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  • Others

    Gold's unusual price swings leave investors at crossroads

    Gold, a traditional safe haven asset, has recently confounded investors with price movements that defy conventional market expectations, according to market watchers Thursday. Prices fell during a period of escalating military tensions between the United States and Iran, only to rebound after the two sides reached a ceasefire agreement, challenging the long-held assumption that gold rises during wars and declines once conflicts subside. Unusual movements in gold prices have fueled debate among investors over whether the recent correction signals further losses ahead or a buying opportunity. According to the Korea Exchange, the domestic spot gold price rose for four consecutive trading sessions, climbing from 208,820 won ($137) per gram on Monday to 209,640 won on Tuesday, 209,700 won on Wednesday and 210,530 won on Thursday. Gold prices had fallen below the 200,000 won mark, touching an intraday low of 196,780 won on June 11 as the Middle East conflict continued. They later rebounded after U.S. President Donald Trump announced on June 14 that an agreement had been reached with Iran to en

    3 MIN READBy Jun Ji-hye
    Gold's unusual price swings leave investors at crossroads
  • Economy

    Seoul stocks open at fresh record high on continued chip rally

    1 MIN READBy Yonhap
    Seoul stocks open at fresh record high on continued chip rally
  • Economy

    US-Iran MOU poses new opportunities, challenges for Korea: finance minister

    2 MIN READBy Yonhap
    US-Iran MOU poses new opportunities, challenges for Korea: finance minister
  • Economy

    Gov't vows to help consumers manage subscription services, curb dark patterns

    2 MIN READBy Yonhap
    Gov't vows to help consumers manage subscription services, curb dark patterns
  • Economy

    Chip giants push KOSPI past 9,000, masking broader market weakness

    2 MIN READBy Lee Yeon-woo
    Chip giants push KOSPI past 9,000, masking broader market weakness
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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

Record number of IPOs scheduled for 2022 to pressure stock markets

Officials from LG Energy Solution and the Korea Exchange celebrate the listing of the battery maker on the benchmark KOSPI, at its office in Seoul on Jan. 27. YonhapBy Lee Min-hyungKorea's stock markets will face downward pressure, as a series of mega-sized initial public offerings (IPO) scheduled for this year is expected to weaken the growth momentum of existing large-cap stocks and widen their price volatility, analysts said Thursday.The outlook comes at a time when the local stock market is set to attract a record amount of capital worth around 25 trillion won ($20.73 billion) through the IPOs of a group of companies, including Hyundai Oilbank, Kyobo Life Insurance and SSG.com.LG Energy Solution, one of the most-sought-after tech stocks this year, was listed on the benchmark KOSPI in January, raising 12.8 trillion won via its much-anticipated IPO. The company became the nation's second-most-valuable company shortly after going public.Even if the main bourse will continue attracting attention from investors with the planned IPOs, market analysts said this will not help rev up the

Feb 3, 2022By Lee Min-hyung
Record number of IPOs scheduled for 2022 to pressure stock markets
Economy

Seoul stocks make strong advance after holiday

A currency trader watches his mobile phone in the foreign exchange dealing room at KEB Hana Bank headquarters in Seoul, Feb. 3. Korean stocks advanced for a second straight session Thursday after the three-day national holiday, tracking overnight gains on Wall Street that stemmed from robust earnings reports. The Korean won fell against the U.S. dollar. AP-Yonhap Korean stocks advanced for a second straight session Thursday after the three-day national holiday, tracking overnight gains on Wall Street that stemmed from robust earnings reports. The Korean won fell against the U.S. dollar.The benchmark KOSPI rose 44.48 points, or 1.67 percent, to close at 2,707.82.Trading volume was moderate at about 429 million shares worth 12.3 trillion won ($10.2 billion), with gainers outnumbering losers 811 to 90.Institutional and foreign investors net bought a respective 51 billion won and 85 billion won, while retail investors offloaded 136 billion won.Shares got off to a bullis

Feb 3, 2022
Seoul stocks make strong advance after holiday
Economy

Working age population predicted to fall by 3.2 million in 2020-2030: report

gettyimagesbank Korea is predicted to see its working age population shrink by a whopping 3.2 million during the 2020 to 2030 period amid the country's graying demographics, a government labor report showed Thursday. The estimate for people aged 15 to 64 would represent a turnaround from a growth of 1.17 million between 2010 and 2020 and 2.66 million during the previous decade, the labor ministry said in a report illustrating the seriousness of the country's low birthrate and fast-aging population.People aged 15 and over grew by 4.63 million during the 2000 to 2010 period and 3.96 million during the following decade, but the growth is predicted to dramatically slow to 1.34 million during the 10-year period ending in 2030, the report showed. The proportion of young people aged 15-29 is also estimated to drop to 14.7 percent in 2030, compared with 19.9 percent in 2020 and 23.8 percent in 2010, according to the report. The percentage of people aged 50 and over, meanwhi

Feb 3, 2022
Working age population predicted to fall by 3.2 million in 2020-2030: report
Economy

BOK calls for vigilance on market volatility following holiday

Bank of Korea / Yonhap Korea should stay vigilant on the possibility of heightening financial market volatility amid persistent worries over inflation in major economies and other risk factors, though the markets showed signs of stability in recent days, a senior central bank official said Thursday.The Bank of Korea (BOK) held a meeting to monitor global financial market situations following the five-day Lunar New Year holiday that ended Wednesday during which local stock and currency markets were closed. The meeting was presided over by BOK Vice Gov. Lee Seung-heon."During the Lunar New Year holiday, international financial markets appear to have remained stable as a whole," Lee was quoted as saying at the meeting."But we should not let our guard down and must keep close tabs on developments of global risks and their possible impacts on local financial markets and the economy," he added.Lee cited major economies' stepped-up pace of monitory policy normalization, ge

Feb 3, 2022
BOK calls for vigilance on market volatility following holiday
Economy

Ratio of non-wage workers hits record low in 2021

gettyimagesbank The ratio of the self-employed and other non-wage workers in Korea dropped to an all-time low in 2021 amid the COVID-19 pandemic, government data showed Thursday.Asia's fourth-largest economy had 6.52 million unsalaried workers as of the end of December last year, marking the 23rd consecutive year of decline, according to the data compiled by Statistics Korea.The number accounted for 23.9 percent of the country's total employed people, the lowest tally since data tracking began in 1963.After peaking at 69.3 percent in 1964, the ratio has been on a steady decline, falling below the 50 percent mark for the first time in 1984.Of the total non-wage workers, self-employed people numbered 5.51 million last year, with the rest working at family-run operations without pay.In contrast, there were 20.75 million salaried workers in Korea, taking up 76.1 percent of all workers. The number was up 51.9 percent from 20 years earlier.Despite its steady decline, Kore

Feb 3, 2022
Ratio of non-wage workers hits record low in 2021
Economy

Who will become new owner of IFC Seoul?

The International Finance Center (IFC) Seoul, located in the Yeouido financial district / gettyimagesbankBy Anna J. ParkThe International Finance Center (IFC) Seoul, located in the Yeouido financial district of the capital, is searching for a new owner.According to the investment banking (IB) industry, Eastdil Secured ― a New York-based global real estate investment banking company ― has been managing the sale process, and a total of five institutional investors were shortlisted for the purchase during the past month: ARA Korea, Mastern Investment Management, KORAMCO REITs & Trust, IGIS Asset Management and MIDAS Asset Management. Eastdil Secured is expected to select a preferred bidder out of the potential buyers sometime this month, after conducting further research and due diligence on the shortlisted candidates. The building complex ― comprised of three IFC Office Towers, Conrad Seoul Hotel and IFC Mall ― was jointly developed by the Seoul Metropolitan Government and AIG Group starting in 2006. Currently, Toronto-headquartered Brookfield Asset Management owns IFC Seoul, after

Feb 3, 2022By Anna J. Park
Who will become new owner of IFC Seoul?
Economy

RCEP mega free trade pact takes effect for Korea

gettyimagesbank The mega Regional Comprehensive Economic Partnership (RCEP) free trade pact took effect for South Korea, Tuesday, which is expected to help diversify the country's trade portfolio, according to the country's industry ministry.In November 2020, South Korea inked the trade deal with 14 other countries ― 10 member nations of the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia and New Zealand ― and the National Assembly ratified the pact in December last year.It came into force Tuesday, 60 days after the government submitted the National Assembly approval to the Secretariat, according to the Ministry of Trade, Industry and Energy.The RCEP is the world's biggest FTA, as the 15 member countries account for around 30 percent of global gross domestic product, population and trade volume, government data showed.The pact officially went into effect Jan. 1, 2022, for some countries, in accordance with a rule that it shall enter into forc

Feb 1, 2022
RCEP mega free trade pact takes effect for Korea
Economy

Number of young people employed to shrink to 42.5 percent of 2021 level in 30 years

gettyimagesbank The number of young people employed is forecast to shrink to 42.5 percent of the 2021 level by 2050, a report showed Monday, renewing concerns that a fast-aging demographic transition could pose a drag on South Korea's economy.According to the recent report by the National Assembly Budget Office, 1.64 million young adults ― those aged between 15 and 29 ― are predicted to be employed in 2050, compared with 3.87 million last year. In contrast, the number of employed people aged 65 and older is forecast to jump to 5.86 million in 2050 from 2.99 million in 2021. The report said the pace of a decline in the number of total employed people will likely slow over the next three decades if more elderly people join the job market. To cope with a situation where more elderly people join the job market, the report urged the government to make efforts to increase the productivity of elderly workers. Separately, Statistics Korea has predicted that the nation's pop

Jan 31, 2022
Number of young people employed to shrink to 42.5 percent of 2021 level in 30 years
Economy

Korea urged to explore ways to reduce China reliance

Getty imagesKorean firms need to diversify production bases abroadBy Yi Whan-wooKorea is being urged to sharpen its strategy to reduce economic dependence on China more than ever, as China is feared to mark its third-slowest growth performance in 2022 since its economy first started taking off in the late 1970s.True, diversification of export markets has been taken as gospel when forging a breakthrough strategy to tackle risks associated with a heavy reliance on China, especially over Beijing's weaponization of trade in the form of export bans or consumer boycotts.Such strategy, however, appears to have resulted in little progress, as implicitly noted by Joo Won, a senior economic researcher at Hyundai Research Institute.“I can't think of any countermeasure that hits the spot in the short term if the Chinese economy gets worse and haunts us,” he said.Under the circumstance, other economists contacted by The Korea Times underlined a need to capitalize on the U.S.-China decoupling in supply chains.They also suggested shifting away from an export pattern characterized with h

Jan 31, 2022By Yi Whan-woo
Korea urged to explore ways to reduce China reliance
Economy

Are Korean stocks heading toward a bear market?

U.S. Fed chairman Jerome Powell addresses an online only news conference in a frame grab from U.S. Federal Reserve video broadcast from the Federal Reserve building in Washington, Jan. 26. U.S. Reuters-Yonhap Foreigners engaging in selling spree for 7 trading daysBy Lee Min-hyungThe Korean stock market will continue to be trapped in a phase of adjustment amid the U.S. Federal Reserve's recent announcement of earlier rate hikes, but its impact is expected to be short-lived, analysts said Friday.This is because Fed Chairman Jerome Powell's hawkish remarks that the authority will start raising its key rate as early as March cleared away uncertainties and rumors prevalent in the market to some extent, they said.The benchmark KOSPI displayed heavy fluctuation on Friday, but managed to gain some ground closing at 2,663.34, up 1.87 percent from the previous session. The secondary Kosdaq also closed with a bigger gain of 2.78 percent during the same period. This was in part

Jan 28, 2022By Lee Min-hyung
Are Korean stocks heading toward a bear market?
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