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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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Economy

Finance subcommittee discusses delay of crypto tax

Rep. Kim Young-jin of the ruling Democratic Party of Korea, front left, bangs the gavel at the beginning of a subcommittee meeting under the Strategy and Finance Committee at the National Assembly in Yeouido, Seoul, Monday. YonhapRevision to minimum amount deductible, date of tax imposition on agenda By Lee Kyung-min A subcommittee under the National Assembly Strategy and Finance Committee discussed whether to delay taxing gains from cryptocurrency trading, Monday.High-ranking officials at the finance ministry and lawmakers of the ruling Democratic Party of Korea (DPK) and opposition parties sitting on the committee exchanged heated opinions during the much-anticipated government-legislative committee session, amid mounting public calls to postpone the taxation set to take effect next year.At issue is whether to delay the date of imposition by at least one year and increase the minimum amount deductible significantly from the current 2.5 million won ($2,125). Most adamant are people in their 20s and 30s who have invested heavily in digital assets. Both the ruling and opposition parti

Nov 15, 2021By Lee Kyung-min
Finance subcommittee discusses delay of crypto tax
Economy

NCSOFT's stock price spike comes under KRX's scrutiny

NCSOFT CEO Kim Taek-jin, left, and Korea Exchange (KRX) Chairman and CEO Sohn Byung-dooBy Anna J. ParkKorea Exchange (KRX) is currently investigating NCSOFT's stock price spike last Thursday to look for any signs of attempts to artificially inflate the stock price.On Nov. 11, the stock price of the country's signature online game developer soared to 786,000 won, a 29.92 percent increase, close to the highest possible jump under the exchange's daily 30 percent ceiling rule. A stock's price cannot increase or decrease by more than 30 percent in a single trading day. What shocked the market, just beyond the price hike, was that it turned out a stunning 25 percent of the day's stock price hikes came from a single account of a retail investor. It's very rare for a blue-chip stock to end near the daily limit in a single trading session. The case is now under investigation by the KRX, the country's bourse operator.“When a stock shows atypical movements, the first thing we check is whether there has been any insider trading or insider information leakage. If it's not the case, then we

Nov 15, 2021By Anna J. Park
NCSOFT's stock price spike comes under KRX's scrutiny
Economy

Tech supply crunch raises valuation issue on Hanon Systems

Seen is Hanon Systems' factory in Pyeongtaek, Gyeonggi Province. Courtesy of Hanon SystemsSecurities analysts say auto parts supplier faces challengesBy Park Jae-hyukThe continued global semiconductor shortage is putting a downward pressure on the valuation of Hanon Systems, amid attempts by its largest and second-largest shareholders to sell their combined 70 percent stake estimated to be worth up to 8 trillion won ($6.8 billion), according to securities analysts, Monday.A securities analyst said Hanon Systems' less-than-impressive third-quarter earnings results may lead its buyers and sellers to see its valuation differently.“Good performance gives sellers bargaining power, while a bad one empowers the buyers,” another local brokerage analyst said. “Although there are various reasons behind Hanon Systems' third-quarter performance, its latest quarterly reports showed the company could also be affected by external factors. The (potential) buyers are therefore expected not to offer higher prices.”Earlier this month, Hanon Systems said its third-quarter operati

Nov 15, 2021By Park Jae-hyuk
Tech supply crunch raises valuation issue on Hanon Systems
Economy

Will Hana chairman step down?

Hana Financial Group Chairman Kim Jung-tai attends a meeting with Financial Supervisory Service Governor Jeong Eun-bo in Seoul, Nov. 3. Joint Press Corps-YonhapBy Lee Min-hyungWith the year-end reshuffle of top management coming around the corner, Korea's financial circle is paying attention to whether Hana Financial Group Chairman Kim Jung-tai will be voted in again or have to step down from the top position as he approaches a decade of leadership there.Kim took office as the chairman of the financial holding firm in 2012, and set a record as the top executive by exuding leadership for the longest period of time among leaders in the nation's financial industry.Given his age of 69, critics have argued that he is unlikely to continue his career at the company. Kim also recently expressed his intention to step down from the post during a recent meeting with reporters.But as Hana Financial Group has yet to share a shortlist for the chairmanship, it still remains to be seen whether his term will be extended once again after his current tenure ends in March 2022.Three executives from Hana

Nov 15, 2021By Lee Min-hyung
Will Hana chairman step down?
Economy

Korea's household debt-GDP ratio highest in world: report

gettyimagesbankSouth Korea has the highest ratio of household debt to gross domestic product (GDP) among major economies in the world, a report showed Monday, indicating it could crimp consumption and weigh on the economy down the road.The country's household debt stood at 104.2 percent of its GDP as of end-June this year, the highest among 37 economies, according to the report by the Institute of International Finance.Hong Kong came next with 92 percent, followed by Britain with 89.4 percent, the United States with 79.2 percent, Thailand with 77.5 percent, Malaysia with 73.4 percent and Japan with 63.9 percent.South Korea's ratio was up 6 percentage points from a year earlier, also the fastest growth rate.South Korea is the only country among those economies that has more household debt than its economic size.South Korea is striving to rein in household debt, which has grown at a faster clip since 2020 amid nationwide efforts to stimulate the economy from the COVID-19 pandemic.Household credit reached a record high of 1,805.9 trillion won ($1.53 trillion) in June, up 41.2 trillion w

Nov 15, 2021
Korea's household debt-GDP ratio highest in world: report
  • Policy failure to tame soaring home prices brings social mobility crisis
Economy

Number of 'wealthy' Koreans grows to nearly 40,000 last year: report

gettyimagesbankThe number of “rich people” with financial assets worth 1 billion won ($847,000) or more increased nearly 11 percent in Korea last year from a year earlier largely on stock gains, a report showed Sunday.The number jumped 10.9 percent to 39,300 as of last year, around 0.76 percent of the country's total population of 52 million, and the proportion of property in their portfolio has increased, apparently driven by soaring apartment prices, according to the Korea Wealth Report 2021 released by the KB Financial Group Research Institute.The total financial assets owned by the rich jumped 21.6 percent on-year to 2,618 trillion won thanks to a surge in stock gains, the report said.Among them, 59 percent of the rich's wealth portfolio was made up of property assets, while 36.6 percent were invested in financial assets.The rich allocated a larger percentage of their total assets in property on the booming local housing market, up from 56.6 percent in 2020.Meanwhile, Koreans who owned less than 1 billion won allocated 78.2 percent in property assets and only 17.1 per

Nov 14, 2021
Number of 'wealthy' Koreans grows to nearly 40,000 last year: report
Economy

Retail investors dump Samsung Electronics shares

A trader points at an electronic board inside a dealing room at Hana Bank, Seoul, Friday. YonhapBy Lee Kyung-min Retail investors are offloading Samsung Electronics shares, frustrated by the continued price downtrend over the past year and signs of a further decline despite record-high profits achieved in the third quarter. The collective impatience is further compounded by an uncertain growth outlook of Samsung Electronics' foundry business, after U.S. rival Intel announced a $20 billion (23 trillion won) investment in two new chip-making facilities in March.Apple, Amazon, Qualcomm and Microsoft were among the key Samsung Electronics clients contacted by the U.S. firm for a change in business partnerships.“Samsung Electronics' operating profit is expected to fall through the second quarter of next year, but a further plunge in price is not likely given a low valuation and high dividend payout,” a report by Eugene Investment said.Data from the Korea Exchange showed that retail investors net-sold 259.4 billion won worth of Samsung Electronics shares over 10 consecutive tra

Nov 14, 2021By Lee Kyung-min
Retail investors dump Samsung Electronics shares
Economy

K bank unnerved by Dunamu's race for stake in Woori

From left are Dunamu CEO Lee Sirgoo and K bank CEO Suh Ho-sung / YonhapBy Lee Min-hyungDunamu's plan to acquire a stake in Woori Financial Group comes as the top challenging factor to K bank, which runs the risk of losing its partnership with Dunamu, the operator of Upbit, one of the nation's major cryptocurrency exchanges.K bank has been working closely with Dunamu by offering real-name bank accounts for Upbit users. Crypto exchanges in Korea are mandated to form such a partnership with a commercial bank in order to operate Korean won trading services.K bank was the top beneficiary from its partnership with Dunamu in terms of profit growth and broadening its client base. The mobile lender is set to see a turnaround this year after reporting operating losses since its launch in 2017. From the customer standpoint, K bank attracted 2.2 million customers as of the end of last year, and the figure increased to 6.6 million at the end of September this year.The lender is also enhancing its profitability as its user base expands. K bank reported a 16.8 billion won net profit for the third q

Nov 14, 2021By Lee Min-hyung
K bank unnerved by Dunamu's race for stake in Woori
Economy

NongHyup Bank's ESG committee meeting

Ji Joon-seop, the head of NongHyup Bank's environmental, social and corporate governance (ESG) committee, speaks during a meeting about its vision for more systematic ESG-oriented management next year, at its headquarters in Seoul, Friday. The lender pledged to realign its asset portfolio to reduce carbon emissions amid climate change, as part of its top priorities to achieve next year's ESG goals. Courtesy of NongHyup Bank

Nov 14, 2021By Lee Min-hyung
NongHyup Bank's ESG committee meeting
Economy

Borrowers hit hardest by loan interest hikes

The outer wall of a commercial bank in Seoul Korea Times fileBy Lee Kyung-min An increasing number of borrowers are expressing frustration over the sharp rise in loan rates, a result of lenders raising surcharge rates amid the government tightens lending rules put in place to curb household debt. A petition filed on the Cheong Wa Dae website demanding the government rein in the spiking surcharge rates has accumulated over 12,000 signatures in only less than a week after it was posted Nov. 5. The annual fixed mortgage rates offered by Korea's top four lenders ― KB Kookmin, Shinhan, Hana Bank and Woori ― had been between 3.97 and 5.38 percent as of Aug. 1. The figures are up almost a full percentage point, or 0.96 percent, as of last week compared to a range of between 2.92 and 4.42 percent in August. The average figure for variable mortgage rates during the same period rose 0.62 percentage points, while unsecured loans increased 0.51 percentage points.This means a lender who borrowed 200 million won ($169,500) at a fixed annual rate has to pay about 10.76 million won in annual interes

Nov 14, 2021By Lee Kyung-min
Borrowers hit hardest by loan interest hikes
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