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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

Imports of golf equipment at record high in first 10 months of this year

In this 2013 March file photo, people look at golf clubs and other related equipment at a sales event in Goyang, just north of Seoul. YonhapSouth Korea's imports of golf equipment rose to a record high in the first 10 months of this year on the back of strong demand amid the pandemic, customs data showed Wednesday.The imports of golf clubs and other related equipment reached US$601 million in the January-October period, up 29.3 percent from the previous year, according to the data from the Korea Customs Service.The reading hit an all-time high for any first 10 month period of the year. It was also higher than the yearly imports of golf products for the whole of 2020, valued at $542 million.The increase in imports came as more people viewed golf as a relatively safe sport amid the COVID-19 pandemic, according to the customs agency.By item, imports of golf clubs grew 32.2 percent on-year to $389 million, and those of golf balls increased 8.4 percent to $84 million.By country, Japan remained the biggest exporter of golf equipment to South Korea with $279 million.But the proportion of im

Nov 24, 2021
Imports of golf equipment at record high in first 10 months of this year
Economy

NN Investment Partners optimistic about Korea's IT sector

Marco Willner, NN Investment Partners (NNIP) head of investment strategy, speaks in Amsterdam during an online press conference with the Korean media at the Federation of Korean Industries headquarters building in Seoul, Tuesday. Courtesy of NNIPDutch asset manager views BOK's rate hikes as part of global normalizationBy Park Jae-hyukNN Investment Partners (NNIP) expressed an optimistic outlook for Korea's electronics consumer goods and software industries, regarding the IT sector as having long-term relevance which has also benefited from the ongoing supply chains issue and fiscal stimulus measures.“These sectors will continue to be strong themes in the coming years,” Marco Willner, NNIP's head of investment strategy, said in Amsterdam during an online press conference with Korean media, Tuesday. “That should help the Korean equity index.”The Netherlands-based asset management company, which is supposed to be acquired by Goldman Sachs during the first quarter of 2022, however, saw that Korea's other sectors are facing various problems, at least in the short r

Nov 23, 2021By Park Jae-hyuk
NN Investment Partners optimistic about Korea's IT sector
Economy

SC First Bank to hold promotional events for large deposit holders

A model advertises the “My Signature Account” promotion rolled out by SC First Bank. Courtesy of SC First BankBy Lee Kyung-minSC First Bank announced Tuesday that it will hold a promotional event until the end of the year to increase the number of new customers with large bank balances. The bank will give out Shinsegae mobile gift certificates in amounts of up to 400,000 won ($336) to those who open the new deposit account called “My Signature Account” with the bank. The larger the balance, the higher the gift certificate amount. A select number of those with a balance of over 50 million will be entered into a lottery and given a gold bar with a net weight of 37.5 grams.A Shinsegae mobile gift certificate worth 10,000 won will be given to a new deposit account holder with a monthly average balance of between 30 million won and 50 million won. The value of the gift certificate will increase to 20,000 won if the amount held is between 50 million won and 100 million won, and to 40,000 won if the figure is between 100 million won and 300 million won. Holders of be

Nov 23, 2021
SC First Bank to hold promotional events for large deposit holders
Economy

Major companies cut jobs amid pandemic

gettyimagesbankLarge South Korean companies have cut their combined workforce by more than 1 percent over the past two years amid the coronavirus pandemic, a corporate tracker said Tuesday.The number of workers hired by 313 out of the country's top 500 firms by sales came to 1.24 million as of end-September this year, down 1.02 percent, or around 12,800, from two years earlier, according to the Leaders Index.These companies removed some 18,200 regular jobs over the cited period, while increasing the number of non-regular workers by about 5,400.Women took the brunt of the job reductions as they accounted for 67 percent of those laid off. Male workers took up 74 percent of their combined workforce as of the end of September.Pharmaceutical firms, brokerage houses, information and technology companies, electric and electronic businesses, and state corporations added jobs, while trading firms, distributors and communication companies reduced their payrolls.IT and electric and electronic companies hired around 8,900 more workers during the two-year period, while retailers, wholesalers and

Nov 23, 2021
Major companies cut jobs amid pandemic
Economy

Korea to extend tax incentive for non-Middle East crude oil importers for 3 years

A driver fills up his car at a gas station in Seoul. Korea Times fileBy Lee Kyung-min The government has decided to extend tax incentives for importers of crude oil produced in non-Middle Eastern countries, in a measure to diversity procurement of the key import item, the energy ministry said Monday.The hastily arranged move was put in place due in large part to an acute shortage of diesel exhaust fluid (DEF), a solution critical to operating diesel vehicles. Also known as “urea water,” it is a nontoxic solution of 67.5 percent purified water and 32.5 percent ultra-pure automotive-grade urea. Korea experienced the shortage after China imposed a ban on Australia-produced coal ― from which it extracted urea ― in retaliation for Australia blaming China for the COVID-19 pandemic. Korea which almost exclusively relies on China for the cheap urea and the solution narrowly missed a full-fledged transport, logistics and public services crisis.The Ministry of Trade, Industry and Energy said the tax incentive granted to the importers set to expire this year will be extended fo

Nov 22, 2021By Lee Kyung-min
Korea to extend tax incentive for non-Middle East crude oil importers for 3 years
Economy

Korea asks US for immediate talks on steel tariffs

Trade Minister Yeo Han-koo speaks during a press briefing at the ministry in the Sejong Government Complex, Monday. Courtesy of Ministry of Trade, Industry and Energy.Quota-marred competitive edge of local steelmakers top concern By Lee Kyung-min The government has officially asked the U.S. to start talks on steel tariffs, as recent developments on the matter involving the European Union (EU) and Japan could hurt Korean steel companies' business interests in the world's largest economy, the country's top trade negotiator said Monday.“I have strongly raised the necessity of tariff negotiations with the U.S. over the EU and Japan, two major competitors of Korea in the global market," the country's top trade negotiator, Trade Minister Yeo Han-koo, said during a press briefing at the ministry in the Sejong Government Complex.Behind the rare statement was the U.S. and the EU recently reaching an agreement on Section 232 of national security tariffs the Trump administration placed on U.S. imports of steel, and Washington announcing ongoing talks on tariffs with Japan and the Uni

Nov 22, 2021By Lee Kyung-min
Korea asks US for immediate talks on steel tariffs
Economy

Hanssem faces more legal action from US hedge fund

A webpage of “Our Hanssem” opened by Teton Capital Partners / Screenshot from Our Hanssem websiteHanssem founder Cho Chang-gulTeton opens website to convince minority shareholdersBy Park Jae-hyukTeton Capital Partners will bring Hanssem to a local court later this week, if Hanssem's management fails to reply to its latest requests, according to the Texas-based hedge fund's attorney, Monday.As a relevant move, the U.S. firm,  the Korean furniture maker's second-largest shareholder with a 9.23-percent stake, opened a website, titled “Our Hanssem,” to convince the furniture maker's minority shareholders to support its claim that Hanssem's largest shareholder, Cho Chang-gul, and seven related persons, should allow other shareholders to enjoy the profits from the recent sale of the controlling stake to IMM Private Equity.“After we announced last week that Teton's stake in Hanssem rose to 9.23 percent from 8.62 percent, and that its purpose was changed to management participation from simple investment, we sent a letter to ask Hanssem's management to

Nov 22, 2021By Park Jae-hyuk
Hanssem faces more legal action from US hedge fund
Economy

Statistics Korea head shares knowledge of civil registration data

Statistics Korea Commissioner Ryu Keun-kwan participates virtually in the Second Ministerial Conference on Civil Registration and Vital Statistics in Asia and the Pacific, Nov. 19. Courtesy of Statistics KoreaBy Lee Kyung-min Statistics Korea Commissioner Ryu Keun-kwan attended the Second Ministerial Conference on Civil Registration and Vital Statistics in Asia and the Pacific, the agency said Monday.Ryu shared his knowledge of Korea's experience in managing registration data such as births, deaths and marriages, which was welcomed by other countries keen to learn through additional technological assistance, the agency said. He took part in the conference virtually on the last day of the four-day event held from Nov. 16 to 19 in Bangkok, Thailand, organized by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).Participants of the conference renewed their commitment to the vision “Get Every One in the Picture” declared at the previous conference in 2014 and ensured that all people in the region will benefit from universal and responsive ci

Nov 22, 2021By Lee Kyung-min
Statistics Korea head shares knowledge of civil registration data
Economy

Move to hinterland triggers brain drain at Korea's mega pension fund

NPS Investment Management in Jeonju, North Jeolla Province / Korea Times fileEarlier this year, Lee left her fund management job at South Korea's national pension fund, the world's third-largest, fed up with long commutes between her home in Seoul and her office in Jeonju, 200 kilometers away.For four years, Lee lived in a studio apartment in Jeonju, a city of 658,000, on weekdays, and traveled back to Seoul for the weekend. She feared her family would break up if she didn't make the hard decision to quit.Lee is one of some 140 money managers who has left the 930.5 trillion won ($788 billion) National Pension Service since 2016, shortly before it moved to Jeonju, a sleepy provincial capital, as part of the government's relocation of major agencies away from the capital Seoul.That is almost half the 320 currently working at the fund's investment arm, an alarming brain drain for the main public retirement plan of Asia's fourth-largest economy and a major investor in Korean blue-chips such as Samsung Electronics and Hyundai Motor."Staying in Jeonju for the weekdays, I felt I was missing

Nov 22, 2021
Move to hinterland triggers brain drain at Korea's mega pension fund
Economy

Bithumb set to break Upbit's monopoly

Bithumb Korea's customer service center in Seoul / YonhapBy Park Jae-hyukThe financial authorities have taken measures for Bithumb to prevent Upbit from solidifying its monopolistic status on the local market, by allowing the nation's second-largest cryptocurrency exchange to enable its users to exchange their cryptocurrencies for the Korean won.According to the Korea Financial Intelligence Unit (KoFIU), its committee for the screening of virtual asset service providers gave its approval last Friday on Bithumb's application, submitted Sept. 9.As a result, Bithumb became the latest cryptocurrency exchange to enable Korean won-based transactions, among the nation's four largest cryptocurrency exchanges that have been provided with real-name accounts from domestic commercial banks.In Korea, cryptocurrency exchanges that are not provided with real-name accounts from domestic commercial banks restrict users to exchanging their cryptocurrencies for different types of cryptocurrencies.“We will continue to make efforts to protect investors and improve our customer service, so that Bith

Nov 22, 2021By Park Jae-hyuk
Bithumb set to break Upbit's monopoly
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