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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

Property owners cry foul over growing real estate tax burden

Some politicians, experts see new measures as 'double taxation'By Anna J. ParkWith the government sending out demands for real estate tax payments a week ago, those subject to them have begun expressing severe discontent at the sudden increase in their tax burden. Calling the Moon administration's tax “punitive,” some property owners are even attempting to form a resistance movement.The comprehensive real estate tax is levied upon those who own one home with a market price over 1.6 billion won ($1.35 million), or those who own multiple homes with each being worth more than 600 million won. The scheme, which some call “a tax on the rich,” was introduced in 2005 to discourage property speculation. The reason behind the massive outcry from property owners is that the burden from the tax has escalated substantially, with the country experiencing soaring housing prices during recent years and the government also greatly increasing the rate in 2021. Some 5.7 trillion won has been levied on 947,000 homeowners in co

Nov 27, 2021By Anna J. Park
Property owners cry foul over growing real estate tax burden
Economy

Korea, Uzbekistan vow to speed up negotiations for trade deal

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, left, shakes hands with Sardor Umurzakov, Uzbekistan's deputy prime minister for investment and foreign economic relations, after their meeting in Seoul, Nov. 26. YonhapKorea and Uzbekistan agreed Friday to expedite efforts to clinch a bilateral free trade agreement and to boost cooperation on stable supply chains of key industrial items, Seoul's finance ministry said.The agreement was made during a meeting in Seoul between Hong Nam-ki, Korea's deputy prime minister and minister of economy and finance, and Sardor Umurzakov, Uzbekistan's deputy prime minister for investment and foreign economic relations.During the talks, the two sides agreed to step up efforts for an early conclusion of FTA negotiations, which were launched in January, according to the Ministry of Economy and Finance.Hong and Umurzakov also vowed to work closely to forge stable supply chains by jointly developing technologies needed to produce key materials for advanced industry sectors.They also discussed measures to enhance cooperation in inform

Nov 26, 2021
Korea, Uzbekistan vow to speed up negotiations for trade deal
Economy

Lotte's reshuffle indicates less likelihood of Morgan Stanley's exit from Nolboo

A Nolboo restaurant selling “bossam,” boiled pork belly, and “budae jjigae,” sausage stew. Courtesy of Nolboo By Park Jae-hyukLotte Group's appointment of former Nolboo CEO Ahn Se-jin as the new leader of the group's hotel business in its latest reshuffle of top executives has unintentionally signaled that Morgan Stanley has become less likely to unload Nolboo in the near future.Nolboo is a Korean food restaurant franchise which was acquired by the U.S. investment bank's private equity investment team here for about 120 billion won ($100 million) in 2011.Ahn has been known for his expertise in devising business strategies, as he previously worked for global consulting firms ― A.T. Kearney and AlixPartners ― and served as an executive in charge of strategies at LG and LS. Those who led Nolboo before Ahn built most of their careers at the company or other restaurant franchises.When he started managing Nolboo from 2018 as the leader of an in-house operation team of Mor

Nov 26, 2021By Park Jae-hyuk
Lotte's reshuffle indicates less likelihood of Morgan Stanley's exit from Nolboo
Economy

BOK head hints at another rate hike in 1st quarter of 2022

Bank of Korea Governor Lee Ju-yeol speaks during an online press briefing held at the bank's headquarters in Seoul, Thursday. YonhapCentral bank raises key interest rate by 25 basis points to 1%By Lee Kyung-min Bank of Korea Governor Lee Ju-yeol hinted at another key rate hike in the first quarter of next year, Thursday, in a clear show of determination in monetary policy normalization from emergency, ultra-low easing brought on by COVID-19 pandemic. Most factored in was elevated concerns over inflation and soaring household debt.His remarks came less than an hour after the BOK monetary policy board voted to hike the key rate by 25 basis points to 1 percent, a widely expected move brought on by rising inflation but buttressed by the country's solid economic recovery. The effect of monetary policy could be undermined, in the governor's view, as outpaced significantly by the stronger-than-expected recovery in the real economy, a reason why Lee considers a prompt drawdown in easing as inevitable.Korea relative to its emerging market peers in his view is insulated from financial mar

Nov 25, 2021By Lee Kyung-min
BOK head hints at another rate hike in 1st quarter of 2022
Economy

Vidente considers acquiring controlling stake in Bithumb

The exchange rates and logos of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Monero (XMR) are seen on the display of a cryptocurrency ATM of the blockchain payment service provider Bity, at the House of Satoshi Bitcoin and blockchain store in Zurich, Switzerland, in this file photo. Reuters-YonhapBy Kim Yoo-chulVidente is considering acquiring a controlling stake in Bithumb, now that the country's largest cryptocurrency operator has received an operating license from the Financial Intelligence Unit (FIU), local investment banking sources told The Korea Times, Thursday.“Vidente is apparently interested in totally acquiring Bithumb Holdings. By issuing new shares on its affiliates, Vidente has increased its internal reserves to some 140 billion won. By the first quarter of next year, Vidente will increase its cash holdings to 210 billion won. Its cash stockpile is set to be used for acquiring a controlling stake in Bithumb,” a senior investment banking industry official said.On Thursday, Vidente shares spiked 22.86 percent to end at 30,100 won on the country's secondar

Nov 25, 2021By Kim Yoo-chul
Vidente considers acquiring controlling stake in Bithumb
Economy

Former UN chief not fully satisfied with COP26 results

Samil PwC ESG Platform leader Steven Kang, right, moderates a panel discussion during the COP26 Executive Briefing event at the Four Seasons Hotel in Seoul, Thursday. From left are Ministry of Foreign Affairs Director-General Tong-Q Lee, British Ambassador to Korea Simon Smith, former United Nations Secretary-General Ban Ki-moon and Kang. Courtesy of Samil PwCBritish envoy shows gratitude for Korea's commitment to net-zeroBy Park Jae-hyukFormer United Nations Secretary-General Ban Ki-moon expressed a sense of regret over the outcome of the recent U.N. Climate Change Conference (COP26), as he felt that the international community failed to come up with concrete measures to fight climate change during the global event, held between Oct. 31 and Nov. 13 in Glasgow, Scotland.“There was something regrettable about the fact that 11 years after the world leaders made a promise in Copenhagen's COP15, they were not able to make a firm decision on how they will provide $100 billion per year to developing countries,” he said. “They were supposed to provide $100 billion from thi

Nov 25, 2021By Park Jae-hyuk
Former UN chief not fully satisfied with COP26 results
Economy

For inclusive growth

Shinhan Bank CEO Jin Ok-dong, second from left, participates in a ribbon-cutting ceremony at a branch of 'S with,' a coffeehouse chain set up by the bank to foster job training and employment opportunities for the hearing-impaired, in Seoul, Thursday. Courtesy of Shinhan Bank

Nov 25, 2021By Lee Kyung-min
For inclusive growth
Economy

Bank of Korea raises key rate to 1 pct to tame inflation, household debt

YonhapSouth Korea's central bank raised its key policy rate Thursday to fight inflation and household debt, ending 20 months of the zero rate range put in place to stimulate the pandemic-hit economy.As widely expected, the monetary policy board of the Bank of Korea (BOK) voted to raise the benchmark seven-day repo rate by 0.25 percentage point to 1 percent.The hike put an end to 20 months of the policy rate staying in the zero range after the central bank slashed it by a half percentage point to 0.75 percent in March last year. Two months later, it trimmed the rate again to an all-time low of 0.5 percent. The rate had stayed at the record low level until August this year, when the central bank delivered its first pandemic-era rate hike of a quarter percentage point.Also Thursday, the BOK kept its 2021 growth outlook at 4 percent, while predicting a 3 percent advance in 2022, unchanged from its August projections. Still, the central bank revised up its inflation outlook for this year to 2.3 percent from 2.1 percent forecast three months earlier."The Korean economy has continued its so

Nov 25, 2021
Bank of Korea raises key rate to 1 pct to tame inflation, household debt
Economy

Kosdaq vulnerable to fake news

gettyimagesbankRegulators passive about crackdown on market manipulatorsBy Park Jae-hyukEasier methods of spreading fake news are enabling more frequent price manipulations of stocks listed on the tech-heavy Kosdaq market, which have relatively lower market capitalization and trading volume compared to the benchmark KOSPI market.Earlier this week, a fake press release of a Kosdaq-listed semiconductor and display chemical company, Ram Technology, was sent to journalists via email, leading some news outlets to report bogus news about the company's new patent on ultrapure hydrogen fluoride manufacturing technology.As a result, Ram Technology's stock price hit the daily price ceiling of 8,890 won, Monday. Its stock price hit the daily price ceiling of 11,550 won again on Tuesday morning, but the company issued a press release informing journalists and investors that it did not send Monday's controversial press release and its stock price dropped sharply to close at 7,410 won during Tuesday's session.The company pointed out some errors mentioned in the fake press release.“Although w

Nov 24, 2021By Park Jae-hyuk
Kosdaq vulnerable to fake news
Economy

Korea closer to legislating criminal punishment for crypto irregularities

Financial Services Commission Chairman Koh Seung-beom. Korea Times fileBy Lee Kyung-min Financial authorities are seeking to punish criminally those involved in illicit cryptocurrency trading, in a move to rein in the thriving digital asset market that remains tax-free, despite investors' hefty gains over the past few years.The first step toward legislation is expected to expedite the discussion on the need for prompt recognition of digital currencies as valid financial assets, establishing grounds for the government to impose a tax on gains from crypto trading as scheduled. According to a report submitted by the Financial Services Commission (FSC) to the National Assembly National Policy Committee, a minimum prison term of one year and a fine of up to five times the amount illicitly gained will be in store for those engaged in crypto market manipulation. The report will be used as a basis for the establishment of a law that governs the crypto market. Illicit gains are defined as those made from price manipulation schemes and the use of undisclosed information orchestrated and

Nov 24, 2021By Lee Kyung-min
Korea closer to legislating criminal punishment for crypto irregularities
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