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

Stocks extend losses on escalating Omicron fear

First Vice Finance Minister Lee Eog-weon speaks during a meeting with government officials at the Government Complex Seoul, Monday. YonhapWatchdogs pledge to tighten vigilance on possible stock fallBy Lee Min-hyungKorean stocks extended their losses Monday on a selling spree by retail investors after Wall Street and European stock markets tumbled amid growing fears over the spread of the Omicron variant of COVID-19.The benchmark KOSPI closed at 2,909.32, down 27.12 points or 0.92 percent from last week. The fall is attributable to renewed global alarm triggered by the new coronavirus strain. The main bourse dropped below the 2,900-mark at one time Monday morning. This is the first time in almost a year that the KOSPI failed to defend the level since Jan. 4.Retail investors sold shares worth 741.8 billion won, but institutional and foreign investors used this for bargain hunting as they purchased local stocks worth 684.2 billion won and 65 billion won, respectively.This is a drop for two consecutive trading days after the market slumped Friday in tandem with drastic falls on stock mar

Nov 29, 2021By Lee Min-hyung
Stocks extend losses on escalating Omicron fear
  • Omicron fears weigh on 2021 IPO plans
Economy

Korea to be less innovative with universal basic income

Samuel WilsonBy Samuel WilsonThere is a growing debate in many countries around the world about whether or not to start a universal basic income (UBI) system, which could possibly provide unconditional income to all residents regardless of status of employment, income or even need.Indeed, with the ongoing COVID-19 pandemic and the economic difficulty many people are currently facing in the Korean society, the government here is also discussing the pros and cons of introducing a UBI type of system. Yet, what really is a UBI?UBI is a government-guaranteed payment where money gained through tax revenue for example, is dispersed among all residence regardless of status and employment. In some countries, it may be referred to as citizen's income, guaranteed minimum income, or even a basic income.Furthermore, the idea behind UBI is to provide enough funding to cover the basic cost of living and establish a sense of financial security for everyone.Those that support UBI believe that such an initiative could possibly help reduce or eliminate poverty, improve income security for all and boost

Nov 29, 2021
Korea to be less innovative with universal basic income
Economy

Basic income is myopic antidote to 'Hell Joseon'

Koh Woo-sungBy Koh Woo-sungIn 1953, the Korean Demilitarized Zone (DMZ) split Korea in half. Decades later, one half evolved into an economic beacon iconized by a vibrant market economy, while the other remains untethered from the world. Capitalism has undoubtedly improved the welfare of the South Korean people but at the cost of socioeconomic equity.Consequently, the Korean people have become malcontent with their country. In 2020, amongst 38 OECD countries, Korea came 9th in income inequality and 4th in relative poverty. The modern Korean language captures their collective frustration well, anointing their homeland with the title, “Hell Joseon.”In response, a populist idea has been gaining traction: basic income.Its popularity is growing ― nurtured by the misfortunes of those on the bottom-right of the recent K-shaped recovery. It is hardly a new idea, aiming to guarantee minimum welfare through non-discriminatory cash handouts.Indeed, at face value, it is seductive and straightforward; but like most utopian ideas, the devil is in the details. Basic income will impose s

Nov 29, 2021
Basic income is myopic antidote to 'Hell Joseon'
Economy

Fundamental solution for AI lies in educational reforms

Lee Jae-hyeonBy Lee Jae-hyeonArtificial intelligence (AI) is one of the most overused terms that dominate heated discussions on future societies. The term carries hype and excitement towards an unprecedented era of exponential technological growth, as well as grave concern towards an unpredictable future.More often, the sense of unnervingness overshadows optimism, with emerging predictions of a bleak future characterized by automation, job displacement and mass unemployment. These daunting phrases reflect the central issue regarding the future of AI, as well as the need to prepare and adapt to the transforming labor market.I believe that the fundamental solution lies in education reforms and the development of effective labor models.Many students today strive to get into prestigious universities and earn unaffordable degrees only to confront job rejections and all-time high unemployment rates.Unemployment rates have increased significantly due to various factors. The level of education has increased, with the increase in tertiary education graduates since the 1940s. Due to globalizat

Nov 29, 2021
Fundamental solution for AI lies in educational reforms
Economy

Basic income system promotes social justice

Lee Yoon-kiBy Lee Yoon-kiWith the outbreak of the COVID-19 pandemic, Korea's economy not only recorded one of its worst economic contractions since the Great Recession of 2008, but also shrank for the first time in 22 years since the 1998 Asian Financial crisis. In the midst of this economic turmoil, a fundamental question lies at the heart of the discussion: how is the pandemic undermining social justice?Social justice means that everyone has an equal opportunity to education, employment, healthcare and security. However, the outbreak has amplified health, income and education inequalities, and also exacerbated economic polarization. To make matters worse, the “pandemic divide” has hit low-income earners and in-person service providers particularly hard and is widening the schism between Korea's haves and have-nots. Hence, an inclusive social safety net is required to reduce inequality and help those in desperate need. The COVID-19 pandemic has led to a marked increase in the public discourse of a universal basic income (UBI) throughout the world. UBI can be defined as a

Nov 29, 2021
Basic income system promotes social justice
Economy

Bridge gap between policy, theory to deal with questions on AI

Hwang Jee-seonBy Hwang Jee-seonThe human imagination, which projects our strongest desires and worst fears, has long been preoccupied with the idea of artificial intelligence (AI). Films, such as “The Matrix,” “A.I.,” and “Her” portray the dilemmas faced by humankind when creations of our making surpass, our expectations and limitations. Today, AI is no longer confined to the pages of books or movie screens.It is a reality, albeit one we are unsure how to deal with. Technology leaders Elon Musk, Stephen Hawking and Bill Gates have all cautioned against the potential dangers of AI. Indeed, the rapid development of AI in recent years has pushed humanity to question whether our use of AI as a tool is quickly approaching the limits of its viability.As AI systems continue to develop, the mystery remains: what is inside this Pandora's Box? To find the answer, we must first ask ourselves three questions.The first question we must ask ourselves is: what impact will AI have on our markets, and how will we distribute the gains?The rise of AI as a leading sec

Nov 29, 2021
Bridge gap between policy, theory to deal with questions on AI
Economy

Investments needed to retrain workers to adapt to AI

Kyle WardwellBy Kyle WardwellBetween 2016 and 2030, artificial intelligence (AI) and automation may displace up to 800 million workers globally, according to estimates and modeling done by McKinsey & Company. While that number sits at the highest end of estimates, it does paint a narrative of what immense transformations are already taking place, even further accelerated by the COVID-19 pandemic.The narrative of AI, rather automation, replacing human capital had long been prophesied by Karl Marx. While within business circles, the utterance of Marx in corridors may be seldom heard, what may surprise most is not that Marx was fervent about preventing such an eventuality.He knew well the disruption it would cause to the labor market, to the workforce and class whose jobs were most likely to be lost.“As soon as labor in the direct form has ceased to be the great well-spring of wealth, labor time ceases and must cease to be its measure, and hence exchange value [must cease to be the measure] of use value,” he wrote.It is in that sense, that this automation, this adoption

Nov 29, 2021
Investments needed to retrain workers to adapt to AI
Economy

ANALYSIS Omicron variant to sink travel, leisure stocks

Financial authorities set to deliver message to minimize market woesBy Lee Min-hyungThe spread of the Omicron variant will put a damper on travel and leisure stocks despite Korea's introduction of a “Living with COVID-19” scheme.With major economies ― such as the United States and the United Kingdom ― taking preemptive measures to block the spread of the new variant by reinforcing quarantine measures, the move is feared to weaken investor sentiment on aviation, travel and leisure stocks.Stock prices of Korean Air and Asiana Airlines ― Korea's two representative airlines ― plunged Friday on escalating concerns over the possible resurgence of the pandemic. Korean Air shares dropped by 3.37 percent on the last trading day from a day earlier. Asiana shares were also hit hard by the widening fear sentiment and closed with a fall of more than 4 percent during the same period.Starting from early September, domestic travel and aviation stocks showed signs of rebounding on hopes that the Korean government would join the global bandwagon on loosening anti-virus restrictions. But th

Nov 28, 2021By Lee Min-hyung
[ANALYSIS] Omicron variant to sink travel, leisure stocks
  • Investors to flock to makers of test kits, vaccines
Economy

Korea's exports of farm, fishery products top $10 billion this year

gettyimagesbankSouth Korea's exports of agricultural and fishery goods exceeded the US$10 billion mark for the first time this year, led by the popularity of "hallyu," the Korean wave of pop culture, data showed Sunday.Outbound shipments of foodstuffs came to $10.13 billion in the Jan. 1-Nov. 25 period, up 16.1 percent from the previous year, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs.It marked the first time that exports of agricultural and fishery goods have exceeded the $10 billion level since the country began compiling related data in 1971.In 2020, the country's exports of farm and fishery goods hit a yearly record high of $9.87 billion despite the fourth wave of the pandemic.The brisk exports for this year were led by increased shipments of strawberries, grapefruits and seaweed products, or "gim" in Korean, as well as traditional foodstuffs, such as kimchi and ginseng.South Korea's seaweed products were the No. 1 food export item, with their exports coming to $600 million in the cited period.Shipments of kimchi and ginseng also remaine

Nov 28, 2021
Korea's exports of farm, fishery products top $10 billion this year
Economy

Contribution Can Korea learn from ASEAN to navigate US-China tensions?

Bala RamasamyBy Bala RamasamyThe increasingly difficult U.S.-China relationship has left many East Asian countries caught in the cross-fire. Recent geopolitical developments have brought a clash of interests as far as trade and traditional security partnerships are concerned, and highlight the tightrope that many countries have to walk. One of the most pertinent questions today for many East Asian states is: How to maintain good relations with both the U.S. and China without jeopardizing economic links with either? Perhaps Korea can take a look at Southeast Asia's recent history and current challenges, in particular how individual neighboring countries can place emphasis on cooperating with each other, to try to plot a way ahead for itself.An important factor that has contributed to the economic success of countries in Southeast Asia has to be the peace and stability in the region, mainly brought about by their membership in ASEAN. For a region that is so diverse in terms of political systems, religion, economic development and culture, this achievement is unparalleled. But it should

Nov 28, 2021By Lee Kyung-min
[Contribution] Can Korea learn from ASEAN to navigate US-China tensions?
previous page
755756757758759
next page

Most Read in Economy