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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

KB Financial chairman attends high-level meeting at COP26

KB Financial Group Chairman Yoon Jong-kyoo speaks during the High-Level Meeting of Caring for Climate Change, an event held virtually as part of the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Nov. 10 (local time). Courtesy of KB Financial GroupBy Lee Kyung-min KB Financial Group Chairman Yoon Jong-kyoo attended a high-level meeting at the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Nov. 10 (local time) to discuss ways to overcome climate challenges.During the “High-Level Meeting of Caring for Climate Change” event at the global conference, Yoon outlined his group's strategy to reorient its investment and growth portfolio to better navigate the climate crisis. “The strategy to exclude financing for heavy-carbon businesses will not be an effective and desirable way to meet the net-zero emissions goal by 2050,” he said. “The approach of granting larger and more efficient financing opportunities for businesses seeking to transition to green and sustainable business models therefore is the right

Nov 11, 2021By Lee Kyung-min
KB Financial chairman attends high-level meeting at COP26
Economy

Elon Musk sells $1.1 billion in Tesla shares

Tesla CEO Elon Musk departs from the justice center in Wilmington, Del., July 13. Musk sold approximately $1.1 billion in shares of his electric car company after indicating over the weekend he would sell 10 percent of his stock based on the results of a Twitter poll. AP-YonhapTesla CEO Elon Musk sold approximately $1.1 billion in shares of his electric car company, after indicating over the weekend he would sell 10 percent of his stock based on the results of a Twitter poll.However the sell was put in motion on September 14, according to documents filed Wednesday, meaning it was not spurred by the survey's outcome.Musk, the world's richest man, sold about 930,000 shares on Monday, a filing with the US Securities and Exchange Commission financial regulator showed.On Saturday, Musk polled his more than 62 million Twitter followers about whether he should sell 10 percent of his Tesla shares, insisting he would do as voters say. The people voted "yes."The electric car maker's query followed a proposal by U.S. Congressional Democrats to tax the super wealthy more heavily by targeting sto

Nov 11, 2021
Elon Musk sells $1.1 billion in Tesla shares
Economy

Hollys aims to go public in 2024

KG Hollys F&B CEO Lee Jong-hyun / Courtesy of KG Hollys F&BIPOs of Starbucks Korea, Twosome, Ediya remain unclearBy Park Jae-hyukHollys Coffee's franchiser recently unveiled plans to go public by the end of 2024, in an apparent attempt to outrun Starbucks Coffee Korea, A Twosome Place and Ediya Coffee, which have been viewed as candidates to become the first coffeehouse chain to be listed on the local stock market.“Until the end of 2024, I will extend our businesses horizontally and vertically to achieve the goal of an initial public offering (IPO),” Lee Jong-hyun, the former chief financial officer of KFC Korea who was appointed the new KG Hollys F&B CEO, said Wednesday.KG Group took over KFC's Korea operation in 2017 from CVC Capital, and acquired Hollys last year from IMM Private Equity. According to the company, the new CEO has specialized in drawing up brand strategies and conducting M&A projects.However, it is still unclear whether his ambitious IPO plan will succeed, considering that multiple coffee shop operators here, including Coffee Bean Korea,

Nov 11, 2021By Park Jae-hyuk
Hollys aims to go public in 2024
Economy

Urea crisis feared to pour cold water on COVID exit plan

First Vice Finance Minister Lee Eog-weon presides over a joint meeting with 12 ministries and affiliated agencies at the Government Complex in Seoul, Wednesday, to discuss updates on the government's countermeasures to the shortage of diesel exhaust fluid. YonhapGov't may be unable to reach annual growth target of 4%By Yi Whan-wooThe shortage of diesel exhaust fluid (DEF), also called “urea water,” is raising concern as the crisis could spread to a wide spectrum of businesses and thereby disrupt the government's recently-launched “Living with COVID-19” policy to restore industrial output, spending and corporate investment.Such a disruption is feared to put the brakes on economic growth for the fourth quarter, just as the fourth wave of the COVID-19 pandemic slowed growth in the third quarter, and accordingly, confound the government's aim of achieving annual growth of 4 percent.In response, the government has scrambled to secure additional sources of DEF, mobilizing the finance, foreign affairs and other relevant ministries to contact overseas exporters of the

Nov 10, 2021By Yi Whan-woo
Urea crisis feared to pour cold water on COVID exit plan
  • Korea says it can secure 3-month stockpile of urea solution for vehicles
  • Government under fire for diplomatic complacency on DEF shortage
Economy

Amid valuation controversy, Kakao's financial subsidiaries lose growth momentum

Kakao Pay CEO Ryu Young-joon speaks during an event to celebrate its KOSPI debut at the Korea Exchange's office in Seoul, Nov. 3. YonhapBy Lee Min-hyungKakao Pay's stock valuation is following in the footsteps of KakaoBank, in that it experienced a sharp decline after its initial public offering (IPO) and failed to bounce back to a previous high on lingering high valuation concerns.The stock price of Kakao Pay closed at a record high of 193,000 won ($163) on Nov. 3 on the first day of its listing on the main bourse, up 114 percent from its public offering price of 90,000 won. But the firm's stock valuation has since been on a downward curve, hovering around the 150,000 won range as of Wednesday.KakaoBank also enjoyed a rally only a few days after its IPO in August, but ended up losing growth momentum amid an unceasing controversy over its high valuation.Kakao Pay has been operating mobile payment services by taking advantage of Kakao's platform dominance here. Many critics argue that the firm's potential remains promising due to the rapid rise of digital banking and fintech platforms

Nov 10, 2021By Lee Min-hyung
Amid valuation controversy, Kakao's financial subsidiaries lose growth momentum
Economy

Shinhan Financial chief calls for joint efforts to achieve carbon neutrality at COP 26

Shinhan Financial Group Chairman Cho Yong-byoung speaks during a presentation at the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland. Courtesy of Shinhan Financial GroupBy Lee Kyung-min Shinhan Financial Group Chairman Cho Yong-byoung stressed the importance of the financial industry playing a bigger role together to advance green initiatives to meet the government's goal of achieving carbon neutrality by 2050. Cho, the first figure in the private sector invited to speak at the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland, gave a presentation on the group's measures put in place to reduce carbon emissions, Nov. 9 (local time).Cho introduced the “Zero Carbon Drive,” the first concrete de-carbonization strategy outlined among financial services firms in East Asia, including ways to measure carbon emissions caused by investment activities among firms in its asset portfolios.The drive announced last November maps out the group's investment strategies, including the revision of lending rules to offer greater financial as

Nov 10, 2021By Lee Kyung-min
Shinhan Financial chief calls for joint efforts to achieve carbon neutrality at COP 26
Economy

Yeouido's IFC Seoul up for sale

International Finance Center (IFC) Seoul located in the Yeouido financial district / Courtesy of IFC Seoul websiteBy Anna J. ParkToronto-based Brookfield Asset Management plans to sell International Finance Center (IFC) Seoul, located in the capital's Yeouido financial district, and the market's attention is now on how much profit the Canadian asset firm could reap after owning the property for the last five years. According to investment banking industry sources, Brookfield recently appointed Eastdil Secured, a top-tier global real estate investment banking company based in New York, to handle the sale. Eastdil Secured handled IFC Seoul's sale back in 2016 to Brookfield from the previous owner, AIG Group.Local real estate experts had anticipated the sale, because Brookfield's global infrastructure fund, which had been raised to finance the IFC Seoul purchase in 2016, is set to mature soon.Brookfield purchased IFC Seoul ― a complex consisting of IFC Office Towers, IFC Mall and Conrad Seoul Hotel ― for 2.5 trillion won ($2.15 billion) back in July 2016. The price of the complex is wid

Nov 10, 2021By Anna J. Park
Yeouido's IFC Seoul up for sale
Economy

Contribution ESG now mainstream

ESG investment trend to be further accelerated Kim Dong-yang, senior analyst at NH Investment & Securities / Courtesy of NH Investment & SecuritiesBy Kim Dong-yang Part of the backdrop for the fast-paced economic growth of Korea, also known as the “Miracle on the Han River,” are the dynamics represented by the common Korean phrase that translates to “quickly, quickly.” Despite being a relative latecomer to responsible investment, which is the consideration of environmental, social and corporate governance (ESG) factors in making investment decisions, Korea is rapidly embracing adoption.As one of the world's top-three pension funds, the National Pension Service (NPS) plays a significant role in responsible investment with its 900 trillion won ($770 billion) in assets under management (AUM). The NPS signed on to the U.N.'s Principles for Responsible Investment (PRI) in 2009, laid the legal basis for considering ESG factors with a revision of the National Pension Act in 2015 and is leading the spread of responsible investment in Korea via the introduction

Nov 10, 2021
[Contribution] ESG now mainstream
  • INTERVIEW 'ESG leadership is about walking the walk'
Economy

Job growth extended to 8th month in Oct. amid economic recovery

gettyimagesbankSouth Korea reported job additions for the eighth straight month in October in the latest sign the country's economic recovery has continued despite the fourth wave of the pandemic, data showed Wednesday.The number of employed people reached 27.74 million last month, 652,000 more than a year earlier, according to the data compiled by Statistics Korea.The reading was lower than an on-year increase of 671,000 in September when South Korea reported the largest job additions in more than seven years.But the country has reported job growth since March as Asia's fourth-largest economy is recovering from the pandemic. It also added more than 600,000 jobs for the second consecutive month in October.The country's jobless rate fell 0.9 percentage point on-year to 2.8 percent last month. The job recovery has been extended on the back of robust exports and last year's lower base, according to the statistics agency.The number of unemployed people came to 788,000 in October, down 241,000 from the previous year, the data showed.The country's jobless rate fell 0.9 percentage point on-

Nov 10, 2021
Job growth extended to 8th month in Oct. amid economic recovery
Economy

Samsung launches 1st global chip ETF

Samsung Asset Management Deputy CEO Bae Jae-kyuBy Kim Yoo-chulSamsung Asset Management in Hong Kong has officially launched the “Samsung Bloomberg Global Semiconductor ETF,” Tuesday.The product launches came amid expectation that Bae Jae-kyu, its deputy chief executive who is also in charge of the company's ETF business, may be ousted from his position during this year's planned annual reshuffle of its senior executives. Samsung Asset's share in the local ETF market once topped 50 percent, but it has seen its share fall below the 45 percent level.The ETF product tracks the Bloomberg Global Semiconductor Top 20 Index, which is listed on the Hong Kong Stock Exchange. The ETF sets the listing price at $2, with an initial investment of some $200 for a board lot size of 100 fund units.The listing's timing came amidst the still-ongoing global semiconductor shortage, with top-tier chip suppliers massively increasing their output levels to resolve the issue. This situation has brought investors' attention to more investments in chip-related stocks.On the day of the listing, the S

Nov 9, 2021By Kim Yoo-chul
Samsung launches 1st global chip ETF
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