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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

Supply chain chaos, Omicron pose unexpected challenge to 4% growth goal

International arrivals wear face shields, facemasks and protective gloves as they head to a bus after passing through immigration at Incheon International Airport, Nov. 30. YonhapBy Yi Whan-wooWith the end of the year around the corner, the disrupted global supply chain and newly identified coronavirus variant Omicron are posing last-minute challenges for Korea achieving an annual economic growth rate of 4 percent.Some analysts projected Wednesday that the 4-percent mark is unlikely, noting overall industrial output fell to its lowest level in 18 month and investment retreated to a 17-month low in the latest data released by Statistics Korea, Tuesday. Analysts also projected the country's economic recovery may lose steam and its upward momentum may sputter before the first half of 2022. They said the estimated effects of Omicron, which has been found in at least 20 countries ― but not yet in Korea ― is not represented in the Statistics Korea data.The monthly data dealt with industrial output and retail sales in October, whereas Omicron was first reported to the World Health Organizat

Dec 1, 2021By Yi Whan-woo
Supply chain chaos, Omicron pose unexpected challenge to 4% growth goal
Economy

POSCO shares rise on hopes of spinoff plan

Flags hang over the entrance to POSCO Center in Seoul, in this file photo. Courtesy of POSCOPOSCO Group Chairman Choi Jeong-wooBy Park Jae-hyukPOSCO's stock price surged to 277,000 won, Wednesday, up 6.13 percent compared to the previous close, after investors bet on the possibility of the steelmaker being spun off to set up a holding company in charge of managing eco-friendly businesses related to hydrogen fuel cells, advanced materials and renewable energy.The nation's sixth-largest company in terms of assets said the specifics of its governance reform remain uncertain.The steel giant was reported to have organized a task force recently to win support for its spinoff plan from its board members during the forthcoming Dec. 10 meeting, and from its shareholders, including the National Pension Service (NPS), which holds a 10-percent stake, and BlackRock, which holds a 5-percent stake, during the extraordinary general meeting of shareholders in January.Following these reports, POSCO's stock price briefly rose 8 percent in intraday trading, Wednesday. POSCO is expected to allow the curr

Dec 1, 2021By Park Jae-hyuk
POSCO shares rise on hopes of spinoff plan
Economy

Korea's exports hit fresh monthly high in Nov. on robust global demand for chips

gettyimagesbankSouth Korea's exports spiked 32.1 percent on-year to reach an all-time monthly high in November on the back of strong global demand for chips and petro products, data showed Wednesday.Outbound shipments came to $60.44 billion, compared with $45.75 billion from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.It marked the highest monthly figure since the country began compiling the data in 1956, and it is the first time that the monthly tally surpassed the $60 billion mark, the ministry said.The previous record was $55.92 billion posted in September this year. In October, exports came to $55.62 billion.Imports advanced 43.6 percent on-year to $57.36 billion last month, resulting in a trade surplus of $3.09 billion. It marked the 19th consecutive month that the country's exports exceeded imports, according to the ministry. (Yonhap)

Dec 1, 2021
Korea's exports hit fresh monthly high in Nov. on robust global demand for chips
Economy

KDB chief thanks FTC head for speeding up reviews of mega mergers

KDB chief Lee Dong-gull, left, and KFTC chief Joh Sung-wookBy Kim Yoo-chulKorea Development Bank (KDB) Chairman Lee Dong-gull thanked Korea Fair Trade Commission (KFTC) chief Joh Sung-wook for the anti-trust regulator's support to accelerate its review of two mega acquisition deals.“I appreciate KFTC chief Joh's recent moves regarding deals for the Korean Air-Asiana Airlines acquisition and Hyundai Heavy Industries' suggested acquisition of Daewoo Shipbuilding and Marine Engineering (DSME). I strongly hope to see positive results,” the chief of the state-run bank told reporters during an online briefing, Tuesday.Lee said the approval by the KFTC of the two pending deals will help boost the competitiveness of the relevant industries. “From that standpoint, it's imperative for South Korea's industries to become stronger with the KFTC approving the two pending deals,” Lee said.A few months ago, Lee asked the KFTC to swiftly complete its review of the two merger plans and voiced his dissatisfaction over the delay. The anti-trust regulator has been reviewing t

Nov 30, 2021By Kim Yoo-chul
KDB chief thanks FTC head for speeding up reviews of mega mergers
Economy

Omicron fears rout stock market

An employee at the headquarters of Hana Bank passes by a monitor in the bank's dealing room showing Tuesday's closing price, as the KOSPI hit a year-low at closing. YonhapBy Anna J. Park Korea's benchmark KOSPI plunged over the market's Omicron variant fears on Tuesday, dropping to the lowest point logged this year. The index closed at 2,839.01, a 2.42 percent fall from the previous trading day. Tuesday's closing is also the lowest level since last Dec. 29, when the index finished at 2,820.51 points.The market started off with a rather optimistic atmosphere, with a nearly 1 percent increase from the previous day, as the index recorded as high as 2,942.93 points at 9:06 a.m., a more than 30-point increase from Monday's closing index points. Yet, the index continued to drop during the trading session, with the fall accelerating starting around 2 p.m., when news of the Moderna chief's comment that existing vaccines would struggle with the Omicron variant hit local news stands. The KOSPI hit as low as 2,822.73 at 3:18 p.m., which is the lowest intra-trading point since last Dec. 29.The t

Nov 30, 2021By Anna J. Park
Omicron fears rout stock market
  • More money moving into safer assets
Economy

NPS's asset portfolio allows more local stocks

The headquarters of National Pension Service located in Jeonju / Yonhap By Anna J. ParkAs the benchmark KOSPI is undergoing a prolonged correction, market watchers are focusing on whether the massive buying power of the National Pension Service (NPS), the country's largest institutional investor, will be used to reverse the depressed local stock markets.The main bourse has been hovering below 3,000 points since September, due primarily to unfavorable external economic conditions, including global supply chains disruptions and increased uncertainty from the emergence of new COVID-19 variants. Its current level is down around 10 percent from the index's highest point this year. Some market insiders believe the NPS ― with estimated assets exceeding 918 trillion won ($772 billion) as of the end of September ― could fire up local markets by adding 10 trillion won worth of local stocks to its portfolio. According to data from the Korea Exchange (KRX), the NPS held 169.4

Nov 30, 2021By Anna J. Park
NPS's asset portfolio allows more local stocks
Economy

KIC hosts conference on ESG

Korea Investment Corp. (KIC) CEO Jin Seoung-ho delivers an opening speech during a conference hosted by the sovereign wealth fund and the International Finance Corp.'s Korean office at the Shilla Seoul, Tuesday. KIC said representatives from Blackstone, BlackRock, Carlyle, Macquarie and HSBC attended the event to discuss socially responsible investments. Courtesy of KIC

Nov 30, 2021By Park Jae-hyuk
KIC hosts conference on ESG
Economy

Industrial output falls by most in 18 months in October

gettyimagesbankSouth Korea's industrial output fell by the most in 18 months in October as production in the manufacturing sector lost steam amid global supply chain bottlenecks, data showed Tuesday.Industrial output declined 1.9 percent in October from the previous month, a turnaround from a 1.1 percent on-month gain in September, according to the data compiled by Statistics Korea.It marked the largest on-month fall since April 2020, when industrial output fell 2 percent.From a year earlier, industrial output rose 4.8 percent.Output in the manufacturing sector declined for the fourth consecutive month in October, affected by a global supply chain squeeze.Manufacturing output declined 3.1 percent on-month mainly because a global shortage of auto chips dented vehicle production. Auto production fell 5.1 percent last month.Retail sales, a gauge of private spending, rose for the second straight month in October as economic activity increased amid the vaccine rollout.Retail sales gained 0.2 percent on-month in October, compared with a 2.4 percent on-month increase in September.Facility i

Nov 30, 2021
Industrial output falls by most in 18 months in October
Economy

Gov't to introduce supply shock prevention measures

First Vice Finance Minister Lee Eog-weon / YonhapBy Lee Kyung-min The government will set up an early warning system for an acute shortage of 4,000 key import items, as part of a long-term plan to limit supply chain disruptions brought on by geopolitical volatility.The move follows a fiasco concerning the shortage of diesel exhaust fluid (DEF), a solution critical in operation of diesel engines, with Korea's vulnerability laid bare, as illustrated by the near-miss of the country's transport, logistics and emergency public services almost grinding to a halt. Also prompting the need for the critical measure ― albeit belated ― are drawn-out yet heightened concerns about the U.S.-China hegemonic war recently developing into a global supply chain feud.Chief among the measures will involve ways to reduce Korea's heavy dependence on China. Data from the Korea International Trade Association (KITA) showed Korea relied on China for over 80 percent of imports of each of the 1,850 items in the first nine months of this year. That number represents about half of the 3,941 import items that Korea

Nov 30, 2021By Lee Kyung-min
Gov't to introduce supply shock prevention measures
Economy

Parties agree to delay taxation on crypto gains

gettyimagesbankBy Park Jae-hyukThe ruling and main opposition parties reached an agreement on the idea of delaying taxation on the gains from cryptocurrency trading to 2023 from the initially planned 2022, in an apparent attempt to win support from voters in their 20s and 30s during the presidential election next year.Rep. Noh Woong-rae of the ruling Democratic Party of Korea (DPK) said Monday that the members of the subcommittee on taxation under the Strategy & Finance Committee of the National Assembly held an unofficial meeting a day earlier and agreed partially to his proposal of a revision to the Income Tax Act.According to the lawmaker, the subcommittee members supported his idea of putting off the introduction of the taxation by a year, although they did not accept his proposal of raising the threshold of the tax on gains from virtual asset transactions to 50 million won ($42,000) from 2.5 million won.“The delay is reasonable, considering that the government is not allowed to push ahead with such an underprepared taxation,” he said in a press release. “It

Nov 29, 2021By Park Jae-hyuk
Parties agree to delay taxation on crypto gains
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