my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • 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
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Read more

Economy

Contribution COVID-19 recovery in Korea: short-term strength, long-term weakness

Park Cyn-young / Courtesy of Asian Development BankBy Park Cyn-young Korea's economy has fared relatively well during the COVID-19 pandemic, thanks to exceptional crisis management. After the first confirmed case was reported in January 2020, the country managed to contain several waves of infections without complete border closures or local lockdowns. This helped ensure the continuity of essential social and economic activities. The economy contracted 0.9 percent last year, which was one of the best performances among major economies worldwide.The Korean economy is projected to grow 4 percent this year and 3.1 percent next year. Strong exports and investments have driven the recovery since the second half of 2020. And expansionary macroeconomic policy bolstered consumer spending starting in early 2021. A new flare-up in infections led to tightening of social distancing measures and a sharp drop in domestic demand in the third quarter. However, the near-term outlook remains bright. Global demand for Korea's major exports, including semiconductor chips, electronics, automobiles and sh

Dec 6, 2021By Lee Kyung-min
[Contribution] COVID-19 recovery in Korea: short-term strength, long-term weakness
Economy

Wealthy Koreans see their assets surge in value during pandemic

gettyimagesbank Increase in real estate prices is cited as main reason behind rising asset values By Anna J. Park Among the 30 percent of high-income earners, excluding the top 10 percent, the next 20 percent of the wage bracket saw the value of their assets surge by nearly 150 million won ($126,000) on average over the past year even as the coronavirus pandemic wreaked havoc on the economy, according to a survey published Sunday. Conducted by Woori Finance Research Institute (WFRI) on 4,000 individuals nationwide who fell into the targeted range, the survey showed their average net assets amounted to 913 million won between September and October, up from 764 million won in 2020.The surveyed individuals can be classified as “mass affluent,” which refers to people who still work for a living, but have more money saved up than most households and have significant purchasing power.Their annual income prior to taxation was between 70 million won and 120 million won.The

Dec 5, 2021By Anna J. Park
Wealthy Koreans see their assets surge in value during pandemic
Economy

Gov't balks at complete resumption of short-selling

Financial Services Commission (FSC) Chairman Koh Seung-beom speaks during a press conference at the Government Complex Seoul, Friday. Courtesy of the FSCBy Park Jae-hyukThe government remains uncertain about the complete resumption of short-selling on the Seoul bourse, despite plans to resume talks with the MSCI, for the Korean equity market to be classified by the American index provider as a “developed market.”“We have yet to discuss the timing of the resumption of short-selling with the finance ministry,” Financial Services Commission (FSC) Chairman Koh Seung-beom said in a press conference, Friday.Korea's short-selling ban on small-cap stocks, which has continued since the outbreak of the COVID-19 pandemic, was mentioned in the MSCI's latest market reclassification review in June, as a reason for the index provider to keep the country's equity market classified as “emerging.”“There is no timeline on the potential resumption of short-selling for the remaining securities in the Korean equity market,” it said at that time. “As su

Dec 5, 2021By Park Jae-hyuk
Gov't balks at complete resumption of short-selling
Economy

Bitcoin briefly loses $10,000 in nervous market

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration. Reuters-YonhapThe bitcoin dropped sharply overnight, losing $10,000 in value in a nervous market before recouping some of its losses Saturday morning.At one point late Friday, the often volatile cryptocurrency took a sudden sharp drop to $42,296, losing nearly 20 percent of its value.But by 1600 GMT Saturday, the virtual currency had regained some ground, trading at $48,210, down 10 percent from Friday.The leading Wall Street indicators all ended in the red Friday amid weakness in tech shares and fears about the new Omicron variant of COVID-19."Digital assets got pushed around by the broader risk of conditions related to Omicron and expectations of a more aggressive Fed, but didn't properly sell off until Friday, on contagion from equities," said Martha Reyes, research director at the Bequant digital asset brokerage and exchange.Reyes said the decline in the value of bitcoin, often prone to violent swings, was not entirely surprising. Since late Novembe

Dec 5, 2021
Bitcoin briefly loses $10,000 in nervous market
Economy

Seoul stocks likely to face volatility next week on Omicron scare

Dealers at Hana Bank work at a dealing room at the lender's headquarters in Seoul, Dec. 3. Yonhap Stocks on local bourses are likely to continue to face volatility next week as investors take to the sidelines amid the spreading Omicron strain of COVID-19.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,968.33 points Friday, up 1.09 percent from 2,936.44 points a week ago. The KOSPI plunged Monday and Tuesday in the wake of the first confirmed cases of the Omicron variant in South Korea and other countries, fanning concerns major economies around the world may toughen their lockdown measures to contain the pandemic. The key stock index rebounded afterwards largely on foreign investors' rush to scoop up oversold chip and IT stocks.Analysts said volatility in the stock market may increase next week, citing uncertainties from the renewed fear of COVID-19. Investors are keeping close tabs on the fatality rate and resistance to existing COVID-19 vaccine

Dec 4, 2021
Seoul stocks likely to face volatility next week on Omicron scare
  • KOSPI moving in tandem with US futures amid heightening Omicron uncertainty
Economy

US keeps Korea on monitoring list for currency practices

U.S. Treasury Secretary Janet Yellen testifies at a hearing in the Dirksen Senate Office Building in Washington, DC, U.S., Nov. 30. EPA-Yonhap The United States said Friday that it is keeping South Korea on its list of countries to be monitored for questionable currency practices.The U.S. Treasury Department named 11 other countries, including China and Japan, on the monitoring list in its semiannual report to Congress.However, it said none of the countries were found to have purposefully intervened in currency markets for unfair gains."Pursuant to the 2015 Act, Treasury has also established a Monitoring List of major trading partners that merit close attention to their currency practices and macroeconomic policies," said the report, referring to the Trade Facilitation and Trade Enforcement Act of 2015."In this Report, the Monitoring List comprises China, Japan, Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand, Mexico, and Switzerland. All except

Dec 4, 2021
US keeps Korea on monitoring list for currency practices
Economy

Contribution Korea emerging from pandemic with strong economic outlook and chance to improve

By Jon PareliussenFollowing an extraordinary growth history since the end of the Korean War, Korea is now one of the world's leading economies ranking 10th in the world in terms of nominal GDP. Per capita output surpassed the Organization for Economic Cooperation and Development (OECD) average in 2020, after a very effective pandemic response, and the country has been repeatedly invited to G7 meetings considering its increasing importance in international society. Korea's short-term economic outlook is bright, despite a number of risks on the horizon. To continue its success story, Korea should strengthen investments in its people and in the environment. The OECD Economic Outlook released last week portrays a cautiously optimistic global growth outlook, with continued recovery despite ongoing waves of COVID-19 and the Omicron variant menace. But, the revival is unbalanced, with countries recovering at different paces, with some business sectors booming, while people and businesses more directly affected by the pandemic still face a difficult reality. Some sectors, jobs, technologies

Dec 4, 2021
[Contribution] Korea emerging from pandemic with strong economic outlook and chance to improve
Economy

KOSPI moving in tandem with US futures amid heightening Omicron uncertainty

Dealers at Hana Bank work at a dealing room at the lender's headquarters in Seoul, Friday. YonhapBy Lee Min-hyungKorea's benchmark KOSPI had been moving in sync with Wall Street's overnight gains or losses, but this long-standing pattern has not been so noticeable following the outbreak of the Omicron variant of COVID-19. With the new variant emerging as an escalating fear factor on global financial markets, the local stock markets have been aligned in recent days with the ups and downs of U.S. stock futures.The U.S. futures' influence on the main bourse and junior Kosdaq is expected to widen during the next few weeks as uncertainties triggered by Omicron will emerge as a major risk factor on local equity markets.As trading hours for the U.S. futures overlap with those of the Korean stock markets, the latter have recently been affected more by the movements of futures, because these reflect more up-to-date and real-time information from the U.S.Major stock indices in New York plunged more than 2 percent Nov. 26, the last trading day in the U.S. last week, hit hard by mounting Omicron

Dec 3, 2021By Lee Min-hyung
KOSPI moving in tandem with US futures amid heightening Omicron uncertainty
  • Seoul stocks likely to face volatility next week on Omicron scare
Economy

WTO joint statement to enhance transparency in services industry

gettyimagesbankBy Lee Kyung-min Korean firms will be able to expand their overseas business more efficiently, a move outlined in a joint initiative statement signed by 67 member countries of the World Trade Organization (WTO), the trade ministry said Friday.The Ministry of Trade, Industry and Energy announced the conclusion of negotiations of the Joint Statement Initiative on Services Domestic Regulations, the gist of which involves ways to enhance transparency, predictability, fairness and efficiency for trade authorization and licensing procedures, qualification requirements and technology standards among member countries.This is designed to lower trade costs, with Korea's services industries standing to become key beneficiaries including the finance, transport and communications sectors.The announcement was made during a press conference in Geneva, Switzerland, a day earlier (local time), participated in by 67 WTO members including Korea, the U.S., the European Union, China, and Japan. The joint initiative seeks to help remove administrative and trade red tape, and buttress greate

Dec 3, 2021By Lee Kyung-min
WTO joint statement to enhance transparency in services industry
Economy

Inflation woes grip Korean economy

Deputy Prime Minister and Finance Minister Hong Nam-ki. Korea Times fileConsumer prices jump at fastest pace in nearly 10 years By Lee Kyung-min The much-dreaded persistence of inflation is no longer transitory, as implied by statistics agency data which showed Korea's consumer price growth registering 3.7 percent year-on-year in November. It was the second monthly consecutive increase exceeding the psychologically significant 3 percent mark, up from 3.2 percent in October.Statistics Korea data released on Thursday showed Korea registered its highest consumer price growth in nearly 10 years, since December 2011 when the figure was 4.2 percent. The fast inflation growth was driven by global price surges in oil and agricultural, livestock and fisheries produce as well as electricity, water, gas and housing costs. The government lowered the fuel tax by as much as 20 percent but it had little impact, as evidenced by a 35.5 percent rise in fuel-related goods. The prices of 141 frequently purchased goods and services registered an average year-on-year increase of 5.2 percent. The jump in t

Dec 2, 2021By Lee Kyung-min
Inflation woes grip Korean economy
previous page
752753754755756
next page

Most Read in Economy