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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 unveils measures to prevent foreigners' illegal property transactions

Apartment buildings in Seoul / YonhapFinance Minister Hong Nam-ki said Wednesday the government will closely monitor foreigners' real estate transactions in a bid to prevent cross-border flows of illegal funds and crack down on dubious deals.The government unveiled a set of measures to prevent foreigners from illegally buying real estate as some non-residents are found to have taken undue profits from property transactions.To monitor any illegal money flows, the Bank of Korea (BOK) and the Korea Customs Service will set up an information-sharing system by March next year. The BOK will collect information about foreigners' purchases of real estate and deliver it to the state customs agency.The government will also not permit foreigners who came to South Korea to study or with short-term stay visas to engage in the property rental business.Hong said the government is considering easing taxes on real estate possession for middle class people who own one home amid growing public discontent ahead of the presidential election next year.But Hong made it clear that the country has no plan to

Dec 22, 2021
Gov't unveils measures to prevent foreigners' illegal property transactions
Economy

FSS vows to strengthen measures for consumer protection

Financial Supervisory Service (FSS) Governor Jeong Eun-bo speaks during an online press conference at FSS headquarters in Seoul on Tuesday. Courtesy of FSSBy Anna J. ParkFinancial Supervisory Service (FSS) Governor Jeong Eun-bo reiterated his long-held position that the financial authorities will continue to focus on balancing preemptive consumer protection measures with post controls such as sanctions on financial institutions, in order to maximize consumer protection. During an online year-end press conference held on Tuesday, Governor Jeong said he firmly believes that the ex-post sanctions by financial authorities alone cannot guarantee protection of consumer rights. “I believe the FSS performs two key functions; first, it needs to guide financial companies to strengthen preemptive and preventive measures against market risks, and secondly, it should impose ex-post sanctions on financial companies in the case of accidents,” he said. “Only when the two functions align together in a balance, then the FSS' supervisory role could be strengthened. Consumer protection

Dec 21, 2021By Anna J. Park
FSS vows to strengthen measures for consumer protection
Economy

Over half of Koreans aged between 40 and 64 indebted

gettyimagesbankMore than half of South Koreans aged between 40 and 64 held debt last year as more people took out loans to buy homes amid skyrocketing housing prices, data showed Tuesday.The data by Statistics Korea showed that 56.5 percent of people in the age group borrowed money from banks or other financial institutes last year, up 0.2 percentage point from the previous year.The amount of their median debt reached 52 million won (US$43,600) last year, up 7.1 percent from a year earlier. Median debt is a mid-point debt that divides such people into two equal groups.For those who possess homes, the median debt jumped to 98.4 million won in 2020, more than three times the 27.8 million won for those who do not own homes, the data showed.This means their indebtedness increased as they took out loans to buy homes.South Korea's housing prices have sharply risen in recent years as people rushed to lend money from banks to buy homes in anticipation of higher price hikes.The country's household debt has been repeatedly cited as the main drag on Asia's fourth-largest economy, as households'

Dec 21, 2021
Over half of Koreans aged between 40 and 64 indebted
Economy

Producer prices grow for 13th month in November

gettyimagesbankSouth Korea's producer prices increased for the 13th straight month in November as a rise in oil and energy prices drove up the costs of manufacturing products, central bank data showed Tuesday. The producer price index, a major barometer of consumer inflation, stood at 112.99 in November, up 0.5 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK).The reading marked the 13th consecutive month of a rise. Compared with a year earlier, it jumped 9.6 percent, the steepest increase since October 2008 when it grew 10.8 percent on-year.The rise stemmed mostly from high prices of commodities, including oil and coal, which drove up the costs of manufactured products.Coal and oil products saw their prices rise 3.8 percent on-month in November, while prices of chemical products gained 0.7 percent. Prices of farming and livestock products also increased 1.6 percent and 0.8 percent over the same period, the data showed. South Korea is grappling with growing concerns over quickening inflation amid global supply bottlenecks and rebounding cons

Dec 21, 2021
Producer prices grow for 13th month in November
Economy

Korea to maintain expansionary fiscal policy in 2022

Deputy Prime Minister and Finance Minister Hong Nam-ki speaks during a press briefing at the Seoul Government Complex, Monday. YonhapFiscal spending to focus on revitalizing economy, bolstering innovative growthBy Lee Kyung-min The government will continue to maintain its expansionary fiscal policy next year, to provide the impetus for an economic recovery in the first half by frontloading 63 percent of the massive 608 trillion won ($509.8 billion) annual budget, the finance ministry said Monday.The decision comes as part of the 2022 Policy Directives unveiled by the Ministry of Economy and Finance, aimed at spurring growth momentum and revitalizing Asia's fourth-largest economy, which has been underpinned by exports.Under the plan, the government will place a priority on supporting the recovery of domestic demand, by expanding tax incentives on credit card use and extending discount coupon schemes. Another focus will be placed on ensuring green and innovative growth by spending up to 33.1 trillion won in related industries, including businesses that advance green and carbon neutrali

Dec 20, 2021By Lee Kyung-min
Korea to maintain expansionary fiscal policy in 2022
Economy

20 brokerages to join carbon emissions trading market

gettyimagesbankBy Anna J. ParkThe Korea Exchange (KRX) has allowed, starting Monday, 20 local brokerage houses to participate in carbon emissions trading in a move to stimulate the local version of this market.The new traders include large sized brokerages such as NH Investment & Securities, Mirae Asset Securities and Samsung Securities to smaller-sized firms including Eugene Investment, eBest Investment and IBK Investment. The local carbon emissions trading market, where entities can trade credits to offset their carbon dioxide emissions, opened in January 2015. Once the government sets the total amount of carbon emissions, companies purchase or trade emissions credits. So far, only 650 registered businesses have acquired government qualification to participate in the market, as well as five market makers ― the Korea Development Bank, Industrial Bank of Korea, Korea Investment, SK Securities and Hana Financial Investment. The addition of the 20 brokerages is expected to facilitate appropriate pricing of the carbon emissions. “The participation by the securities firms will

Dec 19, 2021By Anna J. Park
20 brokerages to join carbon emissions trading market
Economy

STIC becomes 1st KOSPI-listed private equity firm

gettyimagesbankBy Park Jae-hyukSTIC Investments has become the nation's first private equity firm (PEF) to be listed on the Korea Composite Stock Price Index (KOSPI) by completing a merger with its parent company, DPC, a high-voltage transformer manufacturer that was listed on the main bourse in 1997.According to DPC's regulatory filing, Sunday, its shareholders agreed last Friday to the company's plan to change its name to STIC Investments after merging with the PEF. The shareholders also backed the appointment of three STIC executives as new executive directors.The general meeting of DPC shareholders took place two months after the company announced the plan, citing the goal of long-term growth. STIC also reshuffled its executives earlier this month ahead of the merger. At present, the PEF is in talks with an unnamed buyer to sell DPC's manufacturing business, because the merged entity changed its main business to fund management and investments, instead of electronic device manufacturing.Industry officials expect it will become easier for STIC to attract investments after going pu

Dec 19, 2021By Park Jae-hyuk
STIC becomes 1st KOSPI-listed private equity firm
Economy

Korean executives come to fore at global investment banks

The logo of Credit Suisse is seen at its headquarters in Zurich in this March 24 file photo. Reuters-YonhapBy Park Jae-hyukMultiple global investment banks have promoted many of their Korean senior executives recently in light of the contribution of lucrative deals on the Korean market to their earnings this year, according to industry officials, Sunday.The latest example of this was Credit Suisse (CS), which announced Wednesday that it had appointed both Shim Jong-min and Kim Sei-won as new managing directors ― a rank below partners.Shim, who was born in 1981, became the youngest managing director working at the Seoul offices of global investment banks. After working for Macquarie and Nomura, he joined CS in 2014 and handled the sale of Asiana Airlines last year and the initial public offering (IPO) of KakaoBank this year. He also advised on Korean Air's sales of its in-flight meal and duty-free businesses, Olive Young's pre-IPO, IMM Private Equity's sale of Taihan Cable & Solution and SK E&S' issuance of redeemable convertible preferred shares.Kim, who worked for UBS and se

Dec 19, 2021By Park Jae-hyuk
Korean executives come to fore at global investment banks
Economy

Presidential candidates desperate to court agricultural voters ahead of CPTPP

gettyimagesbankBy Lee Kyung-min The two leading presidential candidates called for the government to buy rice to reduce the market supply, Friday, a discretionary measure to limit sharp falls in the price for the staple crop.The unified move ahead of the presidential election next year seeks to court the agricultural industry set to experience a significant threat to their livelihoods, a predicament increasingly becoming a reality following the government push to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).The trade deal among 11 members is certain to tank the profitability of the traditional industry, whose products will not survive a heated competition among producers of cheaper rice in Vietnam, Japan and Singapore ― key signatories of the mega trade agreement.The country's 2.5 million farmers will organize a protest demanding the government halt moves to join the agreement, claiming they will not be sidelined in what they have characterized as a highly problematic move forfeiting food sovereignty at the expense of an industry neglecting t

Dec 17, 2021By Lee Kyung-min
Presidential candidates desperate to court agricultural voters ahead of CPTPP
Economy

Less hawkish Fed expected to boost Santa rally on KOSPI

An employee at Hana Bank's dealing room in Seoul is seen in front of an electronic board that shows a slight loss on the benchmark KOPSI, Friday morning. YonhapBy Lee Min-hyungA year-end “Santa Claus rally” is expected to push the benchmark KOSPI higher, as “predictable” hawkish rhetoric from the U.S. Fed has cleared away investors' jitters on the local stock market, analysts said Friday.Until recently, the local equity market was grappling with widening uncertainties surrounding the Fed's abrupt shift in favor of an earlier end to tapering amid growing inflationary concerns.But with the Federal Open Market Committee (FOMC) meeting finishing in line with the market's earlier expectations, experts said the local stock market will face little volatility over the near-term as it is positioned to fully digest uncertainty regarding the FOMC meeting and achieve a rebound as the year-end approaches on hopes for the Santa rally that refers to a rise in stock prices in the last week of December.Analysts said Korean value stocks would continue their year-end rally on we

Dec 17, 2021By Lee Min-hyung
Less hawkish Fed expected to boost Santa rally on KOSPI
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