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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

Household income grows at fastest pace in Q3 on relief funds

gettyimagesbankSouth Korean household income grew at its fastest pace in the third quarter thanks to the economic recovery and the government's emergency relief funds, data showed Thursday.The average household earned 4.73 million won ($4,000) per month in the July-September period, up 8 percent from the previous year, according to the data from Statistics Korea.It marked the fastest on-year growth since 2006, when the statistics agency began compiling related data.Household income rose in the last quarter, supported by job recovery and an improvement in pandemic-hit service sectors, according to the agency."The provision of emergency cash handouts and the impact of the fall harvest Chuseok holiday in September also helped boost household income," Jeong Dong-myeong, a senior official at Statistics Korea, told a press briefing.With an extra budget, the government doled out 11 trillion won in emergency relief funds to people in the bottom 88 percent income bracket.The monthly average transfer income backed by state support jumped 30.4 percent on-year to 583,000 won in the third quarter

Nov 18, 2021
Household income grows at fastest pace in Q3 on relief funds
Economy

SC set to focus on wealth management after Citi's exit

Standard Chartered Bank Korea CEO Park Jong-bok delivers a speech at its headquarters in Seoul, Jan. 6. Yonhap By Lee Min-hyungStandard Chartered (SC) Bank Korea is set to enhance its wealth management business as part of a key business strategy after Citibank Korea's exit from retail banking operations here.Citi's planned pullout of its retail banking operations raised alarm bells for SC Bank Korea, which will become the only non-Korean lender operating consumer banking here. HSBC also closed down its retail banking unit in Korea back in 2013.SC Bank Korea said it would place top priority on upgrading its expertise in wealth management targeting customers in the high-income bracket, thereby regaining investors' confidence in the post-pandemic world.“We are considering adopting specialized strategies in the area by launching a set of fresh financial products to attract more retail customers,” an official at the lender said.SC will focus on developing diversified wea

Nov 18, 2021By Lee Min-hyung
SC set to focus on wealth management after Citi's exit
Economy

Kyobo Life resumes IPO push

Kyobo Life Chairman Shin Chang-jaeBy Lee Kyung-min Kyobo Life Insurance confirmed its plan to resume stalled steps for an initial public offering (IPO) next year, buoyed by what it claims was a victory in a years-long dispute with a financial investor over a put option worth 2 trillion won ($1.6 billion). The insurer said it seeks to list on the benchmark KOSPI in the first half of next year. The firm held a board meeting, Tuesday, before filing a preliminary review for listing with the Korea Exchange next month.The IPO is aimed at diversifying capital procurement methods in preparation for new international accounting standards as outlined by International Financial Reporting Standard (IFRS 17) and Korea-Insurance Capital Standard (K-ICS) set to take effect in 2023, thereby laying the foundation to become a financial holding company. IFRS 17 issued by the International Accounting Standards Board in May 2017 standardizes insurance accounting globally to improve comparability and increase transparency. K-ICS was locally developed to measure the available capital-to-capital requirement

Nov 17, 2021By Lee Kyung-min
Kyobo Life resumes IPO push
Economy

Travel-related stocks yet to recover despite 'Living with COVID-19' scheme

The reception desk of a travel agency remains empty at Incheon International Airport in this photo taken in August. Korea Times fileBy Yi Whan-wooThe stock prices of travel agencies, airlines and duty free stores have yet to recover, although more than two weeks have passed since the beginning of the “Living with COVID-19” strategy, under which tourism and related sectors were anticipated to benefit promptly.The current scene is different from the eve of the fourth wave of the COVID-19 pandemic back in the early summer, when the accelerated vaccination rate raised hopes for eased travel restrictions and positively influenced investor sentiment.Analysts said Wednesday that, instead of “vague hope,” “tangible and practical” reasons are needed to draw investors to travel-related stocks, especially considering how some other industries are on the road to recovery under the “Living with COVID-19” strategy.Under the current circumstances, the special advisory against non-essential overseas travel remains effective, and that is making it uncer

Nov 17, 2021By Yi Whan-woo
Travel-related stocks yet to recover despite 'Living with COVID-19' scheme
Economy

Woori chief honing in on for 1st US roadshow

Woori Financial Group Chairman Son Tae-seung attends a meeting with Financial Supervisory Service Governor Jeong Eun-bo in Seoul, Nov. 3. Joint Press Corps-YonhapBy Lee Min-hyungWoori Financial Group Chairman Son Tae-seung is honing in on the United States for his first roadshow, if possible, amid growing hopes for the group's complete privatization by no later than the end of 2021, after state-run Korea Deposit Insurance Corporation (KDIC) completes the sale of its 10 percent stake in Woori to other investors.Details of his itinerary have not been fixed, but the Woori chief will soon head for the non-deal roadshow (NDR), according to a spokesman from the financial holding firm.“After a two-year hiatus, we decided to hold the event for overseas institutional investors amid eased COVID-19 lockdown restrictions,” the Woori official said without elaborating further. The Woori chief is considering visiting New York and Boston if his intended trip to the United States becomes a reality. But chances are he would attend meetings in Asian countries just as he has done for the pas

Nov 17, 2021By Lee Min-hyung
Woori chief honing in on for 1st US roadshow
Economy

Korean private equity firms raise bets on Southeast Asian ventures

gettyimagesbankBy Anna J. ParkLocal private equity companies are increasing their investment in Southeast Asian venture capital businesses, as they see further growth potential in the region.Vietnam, in particular, is one of their favored areas. Korea-headquartered STIC Investments recently decided to participate in the Series E round investment for Tiki, one of Vietnam's largest e-commerce businesses. The e-commerce company raised about $258 million in the Series E funding, boosting its corporate valuation to nearly $1 billion from the round.Mirae Asset-Naver Asia Growth Fund also participated in the fund raising, alongside global insurance firm AIA, Taiwan Mobile and Yuanta Fund. STIC Investments, which has diverse investment portfolios in the Southeast Asian region, including Vietnam and Malaysia, also stepped up as one of major shareholders of Carousell ― a Singapore-based online market place start-up ― a couple of months ago. The Korean PEF led the latest $100 million round of investment, bringing the start-up's valuation to over $1 billion. STIC Investments was also one of many

Nov 17, 2021By Anna J. Park
Korean private equity firms raise bets on Southeast Asian ventures
Economy

ANALYSIS Real estate tax policy bordering on populism stunt

An apartment complex in Seoul. Korea Times fileThe politically divisive issue to polarize public opinion By Lee Kyung-min Korea's two leading presidential contenders are reducing real estate tax policy to a populism stunt, in calculated moves fully aware of the political value of the highly divisive issue ― the chief failure of and cause for voter discontent with the Moon Jae-in administration.Ways to raise or cut taxes on the rich are taking center stage in the discussion, whereas little attention is being paid to how best to increase the housing supply in areas highly sought after for safe and healthy living environments or to improve the quality of state-built public housing. Voters galvanized by the emotionally charged issue of socioeconomic inequality between the haves and the have-nots are likely to be confused into thinking that electing either of the two will bring justice. Yet, the years of policy failures are certain to repeat themselves, unless the candidates understand that market expectations cannot be managed. Lee Jae-myung, the ruling party's presidential candidat

Nov 16, 2021By Lee Kyung-min
[ANALYSIS] Real estate tax policy bordering on populism stunt
  • Rival presidential candidates differ on housing policy
Economy

Experts back ruling party's proposal to delay crypto tax

Dongguk University economics professor Park Sun-young, second from left, speaks during the National Policy Committee's public hearing on the legislation on virtual assets at the National Assembly in Seoul, Tuesday. YonhapConcerns remain over side effects of legislation on virtual assetsBy Park Jae-hyukThe Ministry of Economy and Finance's plan to tax gains from cryptocurrency trading starting next year is losing ground as more industry experts are backing the ruling Democratic Party of Korea's (DPK) idea of delaying the taxation to 2023.At a National Assembly National Policy Committee public hearing on the legislation on virtual assets, Tuesday, none of five experts raised their hand when DPK lawmaker Kim Byung-wook asked them if there is anyone who objects to the delay of the taxation.“If the government wants to impose taxes on certain incomes and use the money, it must ensure the safety of transactions causing those incomes and protect the property rights of taxpayers,” Korea Capital Market Institute's financial consumer protection research center head Kim Kab-lae said.

Nov 16, 2021By Park Jae-hyuk
Experts back ruling party's proposal to delay crypto tax
Economy

Tesla's market value falls below $1 trillion after Musk tweets

This Feb. 9, 2019, file photo shows a sign bearing the company logo outside a Tesla store in Cherry Creek Mall in Denver. AP-YonhapTesla's stock extended its recent selloff on Monday as investors reacted to CEO Elon Musk's recent share sales of a combined $6.9 billion, as well as to his most recent tweets.Tesla's stock ended nearly 2 percent lower at $1,013.39, leaving the company's market capitalization down about $207 billion since before Musk began selling shares last week.The latest stock decline follows a Sunday dispute on Twitter between Musk, the world's richest person, and Bernie Sanders after the U.S. senator demanded that the wealthy pay their "fair share" of taxes.During Monday's session, Tesla traded as low as $978.60, pushing its stock market value below the $1 trillion mark on an intraday basis for the second time in four sessions. Tesla first hit the $1 trillion mark late last month."Tesla shares have been sinking post the sale based on a Twitter poll last week. And Musk's Sunday tweet deriding a senior politician may add pressure on the stock in the coming weeks," sai

Nov 16, 2021
Tesla's market value falls below $1 trillion after Musk tweets
Economy

Reporter's Notebook Authorities should not sit on hands while loan-deposit rate widens

Financial Services Commission Chairman Koh Seung-beom speaks during a National Assembly general meeting in Seoul, Nov. 10. Joint Press Corps-Yonhap By Lee Min-hyungKorea's financial authorities should keep tabs on banks to ensure that they are considering increasing the interest paid to customers for their deposits, rather than letting the lenders fatten their pockets at the expense of ordinary citizens by jacking up loan interest rates.According to data from the Bank of Korea (BOK), commercial lenders are moving to raise their loan interest rates at an alarming pace. As of June, the interest gap between banks' household loans and deposit savings products widened to 2.02 percentage points for the first time since 2017.There are growing concerns that the gap will expand further over the next few months as the central bank is set to raise the benchmark rate at least a couple of more times. The BOK sent repeated signals at the end of this month of an impending rate hik

Nov 16, 2021By Lee Min-hyung
[Reporter's Notebook] Authorities should not sit on hands while loan-deposit rate widens
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