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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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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

Fed rate hikes not entirely drag on stock market: AllianceBerstein

David Wong, senior investment strategist at AllianceBerstein, speaks during an online press conference held in Seoul, Tuesday. Courtesy of AllianceBersteinBy Lee Min-hyungThe U.S. Fed's planned rate hikes will not necessarily exert downward pressure on the global stock market, even if investors refrain from taking risks at this period of monetary normalization, AllianceBerstein said Tuesday.David Wong, senior investment strategist at the asset management company, advised investors to be aware of widespread skepticism that global stocks will enter a bear market in 2022 after enjoying a powerful rally for the past two years since the outbreak of the pandemic.“Since 1930 in the U.S. equity market, the average bull market has lasted for five years and the typical upside has been 250 percent, so we do not necessarily think that there is a natural upper limit on the expansion and the earnings growth that comes with it,” he told reporters during a press conference.Despite the optimistic outlook, he urged investors to carefully pick and choose blue-chip stocks with stable profita

Jan 18, 2022By Lee Min-hyung
Fed rate hikes not entirely drag on stock market: AllianceBerstein
Economy

Korean currency's value falls sharply against US dollar

gettyimagesbankThe South Korean currency has depreciated against the U.S. dollar more steeply than other currencies due to soaring prices of raw materials, the country's heavy dependence on the Chinese economy and foreign investors' selling of local stocks, a central bank report showed Tuesday.The Korean won has fallen about 9 percent in value against the dollar since early last year amid expectations that the greenback will gain strength due to the U.S. Federal Reserve's faster-than-expected tapering and rate hikes, but the Bank of Korea said the won's descent has been steeper than other currencies. A major reason for the steeper descent is soaring prices for raw materials, which have worsened trading terms for Seoul and negatively impacted its economy. The report also cited South Korea's growing reliance on China's economy as another reason, saying concerns over an economic slowdown there have put additional downward pressure on the won. Foreign investors' sell-off of local stocks has also played a part in causing the won to depreciate against the dollar.They have increased their s

Jan 18, 2022
Korean currency's value falls sharply against US dollar
Economy

Korean banks remain conservative toward cryptocurrency industry

Seen above is a real-time trading price of bitcoin at an office of Bithumb in Seoul on Jan. 10. YonhapBy Lee Min-hyungKorean banks are taking a cautious attitude to the emerging digital currency industry, amid lingering concerns over crypto exchange operators' possible security loopholes, industry officials said Monday.Under the Special Financial Transaction Information Act, the nation's crypto exchanges must obtain real-name accounts from affiliated banks for their customers to be able to conduct cryptocurrency transactions in the Korean currency.For instance, K bank, a mobile-only lender, formed a partnership with Upbit, the largest exchange operator in Korea. The partnership enables the lender to offer real-name bank accounts for users of Upbit, so they can engage in crypto transactions. K bank has benefited a lot from the partnership, achieving a major earnings rebound last year, for the first time after it started its business as an internet-only lender back in 2017.However, this is not the case for legacy banks. Officials from commercial lenders said they are leaving open the p

Jan 18, 2022By Lee Min-hyung
Korean banks remain conservative toward cryptocurrency industry
Economy

Additional rate hike adding to woes of young, low-income borrowers

Bank of Korea headquarters in central Seoul / Korea Times file By Yi Whan-wooAn additional hike in key interest rate as hinted by Bank of Korea (BOK) chief is adding to woes of young, low-income borrowers who relied on bank loans to buy homes as well as to invest in risk assets, mainly stocks and cryptocurrencies.Mostly in their 20s and 30s, such borrowers took out cheap loans over the past couple of years, especially after the pandemic when the BOK sustained near-zero percent interest rates to boost spending and shore up the economy.Many of them borrowed the money to build wealth in the shortest time possible with intentions to quickly pay back the funds, with the hope of generating huge returns by capitalizing on soaring housing prices as well as the benchmark KOSPI that went past historic 3,000 mark several times in 2021 and global popularity of digital coins.However, the situation appears to be turning unfavorable. For instance, the transaction price of apartmen

Jan 17, 2022By Yi Whan-woo
Additional rate hike adding to woes of young, low-income borrowers
Economy

Yoon-related stocks spike after clearing 'Kim phone call risk'

The main opposition People Power Party's presidential candidate Yoon Suk-yeol is seen with his wife Kim Keon-hee on MBC's program airing contents of phone calls between Kim and a YouTuber, Sunday. YonhapBy Kim Bo-eunStocks related to main opposition People Power Party's presidential candidate Yoon Suk-yeol surged Monday, after a local broadcaster's airing of personal phone calls between Yoon's wife Kim Keon-hee and a YouTube channel reporter turned out not to be as damaging as expected to Yoon, maintaining his chances of being elected.The reporter for a liberal YouTube channel named Voice of Seoul submitted recorded phone calls with Kim to broadcaster MBC, which aired a program releasing the content late Sunday. Concerns had mounted within the main opposition party, but little of Kim's remarks were considered controversial enough to affect Yoon's rating.The latest polls on support rates of presidential candidates are also seen to have helped push up Yoon-related stocks. Yoon's support rate stands at 40.6 percent according to Realmeter's data released Monday, up 6.5 percentage points

Jan 17, 2022By Kim Bo-eun
Yoon-related stocks spike after clearing 'Kim phone call risk'
  • Wife risk emerges as double-edged sword for PPP presidential candidate
Economy

Cryptocurrency exchange operators face audit amid money laundering concerns

Cryptocurrency exchange operator Bithumb's logo is seen in this photo. YonhapFinancial authority to also examine digital finance businessesBy Kim Bo-eunThe country's major cryptocurrency exchange operators will come under inspection by the financial regulator for the first time, amid growing concern that the exchanges might have been used for money laundering.Beginning next month, the Korea Financial Intelligence Unit (FIU) under the Financial Services Commission will be auditing Bithumb, Upbit, Coinone and Korbit, which are the top four operators in the cryptocurrency exchange market, examining whether they have anti-money laundering systems and other necessary measures in place.With the Financial Supervisory Service, the FIU will look into whether the operators have made the improvements that it had demanded when they were registering as cryptocurrency businesses. The inspection will also verify whether the companies have adopted mandatory systems such as the "Know Your Customer (KYC)" process of identifying and verifying client identity when opening an account and maintaining this

Jan 17, 2022By Kim Bo-eun
Cryptocurrency exchange operators face audit amid money laundering concerns
Economy

Scandal-hit Osstem facing delisting crossroads

Osstem Implant's headquarters in Seoul / Courtesy of Osstem ImplantOver 1,500 investors prepare to file class-action suit against dental implant makerBy Yi Whan-wooOsstem Implant, hit by a massive embezzlement scandal, is at a crossroads facing a possible delisting, with the Korea Stock Exchange (KRX) scheduled to decide by Jan. 24 at the earliest whether the dental implant maker's shares can be allowed to resume trading after being indefinitely suspended.The decision will come amid snowballing fears among the shareholders of Ossteem that they would lose the money they invested in the firm, over the alleged embezzlement of millions of dollars from Ossteem funds, committed by an employee.The amount, 188 billion won ($157.9 million), is believed to be equivalent to 91.81 percent of Osstem's equity capital of 204.76 billion won. The case is the largest-ever embezzlement case in the history of the country's listed firms.Osstem promised that it will make “all-out efforts” to retrieve the money and resume stock transactions, after the KRX, the country's bourse operator, suspend

Jan 16, 2022By Yi Whan-woo
Scandal-hit Osstem facing delisting crossroads
Economy

Listed companies become more active in public disclosure

Getty ImagesBy Anna J. ParkListed companies on the Korean stock market have become more engaging, as the number of the firms' public disclosures increased by 16 percent.According to the Korea Exchange (KRX) ― the country's bourse operator ― on Sunday, the total number of public disclosures announced by listed firms in the main benchmark KOSPI market last year was 18,945, which is a 16 percent increase from the previous year. The average disclosure per company throughout the year was about 23, which is an increase of 2.6 from the previous year. What is notable is the huge increase in the number of voluntary public disclosures. A total of 1,720 disclosures by listed companies were voluntary, up more than 47 percent year-on-year. Listed companies have also become active and fast in responding to widespread rumors or erroneous reports. Public disclosures of this nature more than doubled last year, rising 134.2 percent from the previous year. Frequent company announcements about their ESG-principled management has also been another distinctive feature. Such disclosures are mostly from lis

Jan 16, 2022By Anna J. Park
Listed companies become more active in public disclosure
Economy

Korean stock market could face foreign capital outflow on Fed's earlier rate hike

U.S. Federal Reserve Chairman Jerome Powell, left, and Bank of Korea Governor Lee Ju-yeol / AFP-YonhapBy Lee Min-hyungThe Korean stock market is feared to be facing risks of another “taper tantrum” this year, as the U.S. Fed's increasingly hawkish turn prompts concerns about foreign capital outflows from here, analysts said.With the Fed and the Bank of Korea (BOK) delivering ever-stronger signs for earlier monetary normalization, the benchmark KOPSI has failed to get off to a solid start this year. The main bourse has extended losses for the past few trading days, and appears unlikely to recover the symbolic 3,000-mark in a short period of time, amid weakening investor sentiment.The poor sentiment is attributable to hawkish messages repeatedly shared by ranking Fed officials and the BOK's recent key rate hike. The Fed is set to end its years-long bond-buying campaign by the end of March of this year, and calls are growing that the monetary authority will also start increasing its benchmark rate the same month.As the Fed's monetary normalization results in foreign investor

Jan 16, 2022By Lee Min-hyung
Korean stock market could face foreign capital outflow on Fed's earlier rate hike
Economy

40 percent of self-employed consider closing their biz amid pandemic: survey

People walk on the street of the shopping district of Myeongdong in Seoul, in this Nov. 1, 2021, file photo. Korea Times fileFour out of 10 self-employed people in South Korea are considering closing their businesses due to sluggish sales amid the long-enforced strict social distancing rules designed to fight the COVID-19 pandemic, a survey showed Sunday.According to the survey of 500 people operating restaurants, retail and other services businesses by the Federation of Korean Industries (FKI), a major business lobby group, 40.8 percent said they were considering discontinuing their operations.Of them, 28.2 percent cited declining sales and profits as a major reason, followed by difficulty in securing funding and increasing burdens from loans at 17.8 percent, the survey showed. Small merchants and self-employed people have been hit hard by the protracted social distancing rules and curbs on business operation hours put in place to fight the pandemic. The government plans to maintain a 9 p.m. curfew on restaurants and cafes, while raising the limit on the size of private gatherings t

Jan 16, 2022
40 percent of self-employed consider closing their biz amid pandemic: survey
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