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  • Policy

    MSCI cites improved access to Korea-linked investment products ahead of review

    Morgan Stanley Capital International (MSCI) said Friday that the Korean financial market has improved in terms of the availability of investment instruments ahead of next week's annual market classification review, while noting that underlying accessibility issues remain unresolved. "Derivative products linked to Korean indexes have recently been listed on international exchanges," it wrote in its 2026 global market accessibility review, upgrading its assessment from minus to plus. A plus rating means there are no major issues, though there is still room for improvement. MSCI said some restrictions remain in Korea on the use of exchange data for the creation of financial products. The Korean market received minus ratings in six of the 18 assessment categories last year. But this year, as the availability of investment instruments category was upgraded to plus, the number of minus-rated categories fell to five: the foreign exchange market liberalization level, investor registration and account setup, information flow, clearing and settlement, and transferability. "Authorities have continu

    2 MIN READBy Lee Yeon-woo
    MSCI cites improved access to Korea-linked investment products ahead of review
  • Economy

    KOSPI slips from record high amid US-Iran uncertainty

    2 MIN READBy Lee Yeon-woo
    KOSPI slips from record high amid US-Iran uncertainty
  • Economy

    Gov't to expand supply of imported eggs amid price hikes

    1 MIN READBy Yonhap
    Gov't to expand supply of imported eggs amid price hikes
  • Economy

    Seoul stocks sharply up late Friday morning on chip rally

    1 MIN READBy Yonhap
    Seoul stocks sharply up late Friday morning on 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
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Economy

Gov't to increase beef, pork supplies ahead of Lunar New Year holiday to tame inflation

gettyimagesbank The government plans to increase the supply of beef and pork by around 50 percent year-on-year ahead of the Lunar New Year holiday in an effort to help stabilize consumer prices, a senior official said Friday.Vice First Finance Minister Lee Eog-weon said the administration will increase the supply of beef and pork, key foodstuffs needed to prepare holiday meals, to 18,700 tons and 67,200 tons, respectively.The government began providing a record amount of 204,000 tons of holiday-related foodstuffs, such as napa cabbages, apples and eggs, Jan. 10 in an effort to help curb inflationary pressure.The country's consumer prices grew at their fastest pace in a decade last year due to surging energy costs and high prices for farm products.Inflation grew 2.5 percent in 2021, accelerating from a 0.5 percent gain the previous year.The country's consumer inflation grew more than 3 percent for the third month in a row in December. The Bank of Korea (BOK) aims to

Jan 21, 2022
Gov't to increase beef, pork supplies ahead of Lunar New Year holiday to tame inflation
Economy

Korea proposes W14 tril. extra budget to support pandemic-hit merchants

Prime Minister Kim Boo-kyum, right, speaks during an extraordinary Cabinet meeting at the Government Complex in Seoul, Jan. 21, to endorse a supplementary budget plan aimed at helping small businesses hit by the COVID-19 pandemic. Next to him is Finance Minister Hong Nam-ki. Yonhap The government proposed an additional extra budget of 14 trillion won ($11.8 billion) Friday to support small merchants hit hard by the COVID-19 pandemic amid extended virus curbs.This year's first extra budget will be financed with a bond sale of 11.3 trillion won, according to the finance ministry, and marks the seventh round of supplementary spending aimed at coping with the fallout of the pandemic.The government plans to submit the extra budget proposal to the National Assembly for approval Monday.The ruling Democratic Party of Korea ramped up the call for another extra budget to aid affected merchants despite criticism that it was vote-buying with cash handouts ahead of the March pre

Jan 21, 2022
Korea proposes W14 tril. extra budget to support pandemic-hit merchants
Economy

Retail investors in biotech on verge of losing money over chilled market sentiment

SillaJen is one of the companies in the medical care and pharmaceutical sectors that are embroiled in financial scandals this year. Korea Times fileBy Yi Whan-wooRetail investors in biotech stocks face the risk of losing their invested money, as financial scandals surrounding key listed companies in the healthcare and pharmaceutical sectors are chilling market sentiment after a rough start in 2022.The related stocks on both the benchmark KOSPI and tech-heavy KOSDAQ took a tumble in general, over embezzlement scandals linked to Osstem Implant and SillaJen, and the bourse operator's preliminary measure to delist them from the KOSDAQ indefinitely.The market capitalization of SillaJen once hovered around 10 trillion won ($8.3 billion) but shrank to 1.24 trillion won in the wake of the scandal.Another KOSDAQ-listed company, Kolon TissueGene, awaits the Korea Exchange's (KRX) final decision as to whether it should be delisted permanently. Its shares have been temporarily suspended from trading since May 2019 over the mislabeling and false reporting of ingredients.KOSPI-listed Celltrion is

Jan 20, 2022By Yi Whan-woo
Retail investors in biotech on verge of losing money over chilled market sentiment
Economy

More people place hopes on lottery tickets as pandemic drags on

By Lee Kyung-min Kim Sun-jin, 20, has been buying a lottery ticket each month, ever since she was let go from her part-time job at an eatery in Seoul in 2020 when the COVID-19 pandemic was tanking the country's job market.“I buy it about once a month, not because I believe I will win, but because I hope I do,” she said. “I think others who buy them feel the same. I feel less worried about my future at the thought of winning billions of won ― however brief that feeling may be.”She thought her minimum wage job was a stable source of income, but she was wrong.“It was mostly about serving food and beer. The work was not that demanding and the owner of the eatery sometimes paid me extra, when sales were good. But people not gathering at night after work led to a sudden sales decline and I was let go as a result.”Similarly, Lee Hee-chan, a man in his 40s who runs an indoor facility where Latin dance classes are held, says he understands why people buy lottery tickets.“It would make all my problems go away. I wouldn't need to pay monthly rent for th

Jan 20, 2022By Lee Kyung-min
More people place hopes on lottery tickets as pandemic drags on
Economy

Residents' foreign currency deposits decline in December

gettyimagesbank Foreign currency deposits at banks here declined in December as companies reduced foreign currency holdings for investment, Bank of Korea (BOK) data showed Thursday.According to the data from the central bank, outstanding foreign currency-denominated deposits held by residents came to $97.27 billion as of the end of December, down $5.75 billion from the previous month.Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data excludes interbank foreign currency deposits.The decline came as companies withdrew their foreign deposits, mostly dollar-denominated holdings, to secure funds for investment.Their foreign currency holdings totaled $78.5 billion, down $6.02 billion from a month earlier, the data showed.Individuals, meanwhile, increased their foreign currency deposits by $270 million over the same period.The rise is attributed to growing expectations that the dollar will gain further ground

Jan 20, 2022
Residents' foreign currency deposits decline in December
Economy

OECD leading index for Korea drops for 5th month in December

gettyimagebank A leading economic index for Korea fell for the fifth consecutive month in December, pointing to a slowdown in Asia's No. 4 economy down the road, data showed Thursday.The composite leading indicator (CLI) of economic activity for Korea stood at 101.2 for December, down 0.09 of a point from the previous month, according to the data from the Organization for Economic Cooperation and Development (OECD).The index for South Korea had been contracting since August following 15 straight months of gains. Yet the December tally was still above the benchmark 100, which separates expansion from contraction.The CLI gauges how an economy will fare four to six months ahead, based on industrial output, gross domestic product, and housing and financial market conditions.Experts voiced concern that the Korean economy may lose growth momentum going forward, given the latest OECD data."The downtick in the OECD index suggests that the recovery pace of the economy could

Jan 20, 2022
OECD leading index for Korea drops for 5th month in December
Economy

Contribution Korea's growth prospects optimistic, despite inflation, rising debt

Florencia T. Castro-Leal By Florencia T. Castro-Leal Korea's handling of the pandemic and policy response have been one of the best in the world. The effective measures have both minimized the loss of lives as well as economic damage. This is due to the mix of adequate health measures, as well as appropriate monetary and fiscal policies, which have enabled the country to weather the health and economic shock during 2020, and foster a strong recovery in 2021.During the pandemic, Korea outperformed most advanced countries in terms of economic output. During 2020 amidst economic uncertainty, GDP fell by less than 1 percent supported by emergency relief funds. Recovery started in the second quarter of 2020 and has continued throughout 2021, so output has already surpassed pre-pandemic levels. The unemployment rate has been below the OECD average; rising to 5.4 percent in January 2021 but coming

Jan 19, 2022By Lee Kyung-min
[Contribution] Korea's growth prospects optimistic, despite inflation, rising debt
Economy

LG Energy Solution draws record demand in IPO subscription

Customers visit a sales office of Shinhan Investment in Seoul, Tuesday, to place bids for LG Energy Solution shares ahead of its initial public offering. Yonhap Retail investors place W114 tril. to subscribe shares of battery giantBy Lee Min-hyungA two-day public subscription for LG Energy Solution's retail investors ended Wednesday, making history among the nation's initial public offerings (IPO). According to securities industry sources, around 4.4 million retail investors submitted bids worth 114 trillion won ($95.59 billion) for the subscription of the firm's common shares.The battery maker made headlines Tuesday by receiving a record-high 32.6 trillion won in bids from investors on the first day of subscription. The company is slated to go public on the benchmark KOSPI on Jan. 27.LG Energy Solution offered 34 million shares via the IPO and set the stock price at 300,000 won per share. The LG affiliate's initial market capitalization will reach 70.2 trillion won

Jan 19, 2022By Lee Min-hyung
LG Energy Solution draws record demand in IPO subscription
Economy

State pension fund cuts exposure to domestic firms in 2021

The headquarters of the National Pension Service in Jeonju / YonhapSouth Korea's state pension fund lowered its exposure to large cap and other domestic shares in 2021 in an apparent bid to boost returns and diversify its portfolio, a corporate tracker said Wednesday.The National Pension Service (NPS) held stakes of 5 percent or more in 265 companies listed on the country's major and secondary bourses as of the end of 2021, down 10 from a year earlier, according to CEO Score.Compared with two years earlier, the number was down 49.Last year, the NPS cut its holdings of shares in 216 corporations, while raising its stakes in 103 firms.The state pension provider has announced plans to cut the ratio of South Korean shares to its total investment to 15 percent by 2025.Last year, the NPS increased holdings of shares in pharmaceutical and bio companies, while reducing stakes in IT, electric and electronics firms.As of the end of 2021, the value of NPS stakes in the 265 large cap firms came to 154.6 trillion won ($130 billion), down 5.9 percent from a year earlier.The NPS saw the value of it

Jan 19, 2022
State pension fund cuts exposure to domestic firms in 2021
Economy

Populist pledges fuel concerns over already-snowballing gov't debt

Lee Jae-myung, right, the presidential candidate of the ruling Democratic Party of Korea (DPK), and his rival Yoon Suk-yeol, of the main opposition People Power Party (PPP), attend a meeting hosted by small businesses on Yeouido in Seoul, Tuesday. YonhapBy Yi Whan-wooThe presidential candidates are pledging to give more cash handouts to people affected by the pandemic, fueling concerns that the country's debt may exceed the 1,060 trillion won ($893.8 billion) estimated for this year. The amount of national debt projected by the Ministry of Economy and Finance is record-high, with the government planning to draw up a supplementary budget worth 14 trillion won to support small businesses hit by the social distancing measures required to control the spread of COVID-19 infections.The two candidates ― Lee Jae-myung of the ruling Democratic Party of Korea (DPK) and Yoon Suk-yeol of the main opposition People Power Party (PPP) ― both view the 14 trillion won as falling short of meeting their campaign promises.“The supplementary budget is not good enough,” Lee said during a recen

Jan 18, 2022By Yi Whan-woo
Populist pledges fuel concerns over already-snowballing gov't debt
  • Lee, Yoon in neck-and-neck presidential race
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