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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

Bank of Korea expected to revise down 2022 GDP growth forecast

Bank of Korea Governor Lee Ju-yeol, right, talks with Finance Minister Hong Nam-ki while attending a National Assembly audit in Seoul, Thursday. Joint Press Corps-YonhapBy Lee Min-hyungThe Bank of Korea (BOK) is expected to lower its 2022 GDP growth forecast to below 3 percent due to downside risks facing the country, including continued supply chain bottlenecks, prolonged power shortages in China and the possible downsizing of growth predictions for the world's second largest economy.The BOK said earlier that it was maintaining its 3 percent target for 2022, expecting Asia's fourth-largest economy to continue slow but steady improvement from the impacts of the COVID-19 pandemic.However, there is the possibility of a downward revision to the mid- to low-2 percent level at the final monetary policy board meeting of the year in November. On Friday, Hana Institute of Finance forecast the economy would fail to meet its earlier GDP growth target for next year. The private local think tank projected Korea's GDP growth for next year at 2.8 percent because of a slowdown in exports and a weak

Oct 22, 2021By Lee Min-hyung
Bank of Korea expected to revise down 2022 GDP growth forecast
Economy

Korea to temporarily cut fuel taxes amid rising oil prices

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas, Aug. 22, 2018. The Korean government is planning to temporarily cut fuel taxes amid surging oil prices, a senior official said Friday. Reuters-YonhapSouth Korea plans to temporarily cut fuel taxes in a bid to ease upward pressure on inflation amid surging oil prices, a senior government official said Friday.First Vice Finance Minister Lee Eog-weon also said the government plans to additionally cut import tariffs on liquid natural gas (LNG), currently at 2 percent, as part of efforts to ease people's burdens on a hike in energy costs."The government will unveil details about fuel tax cuts, including the timing and the scope, next week," Lee said at a government meeting.Oil prices have been on the rise amid the global economic recovery.Prices of Dubai crude, South Korea's benchmark, neared $84 per barrel this month, up from an average of $72.63 in September.The country's consumer prices rose 2.5 percent on-year in September and inflation growth is likely to exceed 3 percent in October due to last year's lo

Oct 22, 2021
Korea to temporarily cut fuel taxes amid rising oil prices
Economy

IMM PE primes pump for Able C&C deal

Shin Yoo-jungBy Lee Kyung-min IMM Private Equity (IMM PE) is accelerating efforts to bolster the corporate value of Able C&C, a Seoul-based cosmetics and household goods manufacturer, in hopes of turning the loss-reporting firm into another success story in the local mergers and acquisitions (M&As) market, following Hollys Coffee.Able C&C said Thursday that it has appointed Shin Yoo-jung as head of its brand strategy department overseeing product development, platform operation, marketing and direct-to-consumer (D2C) marketing. The private equity firm expects a performance equally stellar or even greater by the former CEO of Hollys F&B, or Hollys Coffee, who played a key role in the successful sale of the coffee franchise to KG Group in 2020 alongside the current Able CEO Kim Eugene. Kim is Shin's prodecessor at Hollys.Kim EugeneShin's previous experience includes a variety of consumer satisfaction enhancement initiatives encompassing marketing, development, employee training and quality management. She completed post-merger integration as Hollys CEO for the 10 month

Oct 21, 2021By Lee Kyung-min
IMM PE primes pump for Able C&C deal
Economy

Starbucks under scrutiny of financial watchdog

A Starbucks store in Seoul is seen in this July file photo. YonhapMergepoint fiasco sparks probes into digital cash issuersBy Park Jae-hyukStarbucks Coffee Korea has been included in the Financial Supervisory Service's (FSS) inspection of the financial soundness of 58 digital cash issuers that are not registered as electronic financial business operators, the financial watchdog said Thursday.Coupang was initially thought to be included in the 58 companies as well, but the FSS said that the e-commerce firm's mobile payment unit is a registered electronic financial business operator subject to its supervision.“We have received Coupang Pay's financial data,” said an FSS official in charge of supervising electronic financial business operators.The latest inspection is intended to prevent the recurrence of incidents similar to a case involving Mergepoint, an electronic payment service provider that abruptly blocked customers from using their pre-paid coupons at its affiliated stores in August, triggering a fiasco similar to a bank run.The Electronic Financial Transactions Act

Oct 21, 2021By Park Jae-hyuk
Starbucks under scrutiny of financial watchdog
Economy

Bank of Korea, financial authorities responsible for household debt: BOK chief

Bank of Korea Governor Lee Ju-yeol, right, answers questions from lawmakers during a National Assembly audit in Seoul, Thursday. On his left is Finance Minister Hong Nam-ki. Joint Press Corps-YonhapToughened loan regulation will be announced next weekBy Lee Min-hyungThe Bank of Korea (BOK) and financial authorities should bear collective responsibility for the surging household debt and widening financial imbalance here, BOK Governor Lee Ju-yeol said Thursday during a National Assembly audit.“Any problems induced by the financial imbalance cannot be solved by a single organization, and all the related financial authorities should share the blame,” Lee told lawmakers during the annual audit.Korea's financial imbalance has deepened at an alarming rate since the pandemic began in earnest in March of last year. The central bank had to maintain a record-low interest rate to help revitalize the economy. But the financial imbalance has worsened in Korea because a growing number of households took advantage of cheap loans to purchase assets.Recognizing the urgent need to address

Oct 21, 2021By Lee Min-hyung
Bank of Korea, financial authorities responsible for household debt: BOK chief
Economy

Bitcoin storms above $66,000 for first time

A representation of the virtual cryptocurrency bitcoin is seen in this picture illustration taken Oct. 18. Reuters-YonhapBitcoin stormed above $66,000 for the first time on Wednesday, riding a wave of excitement about how the financial establishment is increasingly accepting the digital currency's rise. Bitcoin was trading at $66,631, up 5.2 percent, as of 2:30 p.m. Eastern time, after earlier climbing as high as $66,974.77. It has roared back after sinking below $30,000 during the summer to top its prior record set in April. That previous all-time high was nearly $64,889, according to CoinDesk.The surge has come as more businesses, professional investors and even the government of El Salvador buy into Bitcoin, further broadening its base beyond its initial core of fanatics. The latest converts came into the world of crypto on Tuesday, when the first exchange-traded fund linked to Bitcoin found huge interest from investors. Shares of the ProShares BitCoin Strategy ETF changed hands 24.1 million times in a resounding debut. It was off to another strong start Wednesday, with volume top

Oct 21, 2021
Bitcoin storms above $66,000 for first time
Economy

High inheritance tax hampering entrepreneurship

In this 2010 file photo, late Samsung Group Chairman Lee Kun-hee, center, is seen with his family members at the Consumer Electronics show held in Las Vegas. Courtesy of Samsung GroupBy Yoon Ja-youngOct. 25 marks the first anniversary of the death of Samsung Group Chairman Lee Kun-hee. During the past year, the bereaved family handled a huge task: paying 12 trillion won ($10.1 billion) in inheritance tax. The family, which obtained loans to pay the tax, recently decided to sell 2 trillion won worth of shares. The story has turned the spotlight on Korea's high inheritance tax, which the business circle says hampers entrepreneurship, and has prompted the government to consider revising the taxation systemNecessary but too muchFew people would disagree with the view that inheritance tax is necessary for a healthy society by lowering the concentration of wealth and enhancing equity. It is also true that only a handful of the rich are subject to the tax. According to the National Tax Service, only 2.9 percent of the heirs of deceased persons were subject to inheritance taxes last year.Bus

Oct 21, 2021By Yoon Ja-young
High inheritance tax hampering entrepreneurship
Economy

Tailim Paper IPO draws controversy

Stacks of corrugated sheets of cardboard. Korea Times fileBy Lee Kyung-min Criticism is mounting against a planned bid for an initial public offering (IPO) by Tailim Paper, a delisted corrugated cardboard manufacturer blasted for its widely undervalued share price and high dividend payouts upon delisting in 2016.Minority shareholders claim they were essentially forced to sell their shares at around only a fourth of the market price, in what they consider abuse of a tender offer by IMM Private Equity. The local private equity fund (PEF) acquired the Gyeonggi Province-based manufacturer and its shipping affiliate in July 2015 for 400 billion won ($340 million) and sold it to Sae-A, an apparel manufacturer, for 730 billion won in 2019. The deal was inked after the PEF, with over a 95-percent stake, exercised a put option in November 2017 to sell the remaining 5 percent of shares held by retail investors at a per-share price of 3,600 won, far lower than then market price in the mid-10,000 won area. Many minority shareholders had no choice but to follow. This was because the commercial la

Oct 20, 2021By Lee Kyung-min
Tailim Paper IPO draws controversy
Economy

Fitch warns Korea about weakening export demand

Fitch Ratings Director Jeremy Zook speaks during the 2021 Fitch on Korea webinar, Wednesday. Screenshot from Fitch Ratings' websiteBy Park Jae-hyukFitch Ratings viewed weakening demand for Korea's exports as a bigger risk to the country's sovereign rating than the snowballing household debt problem and surging housing prices, which are regarded by government officials as the biggest problems at this moment.“Exports are robust, driving strong manufacturing sector performance, but they are likely to slow on supply chain disruptions and moderating global demand,” Jeremy Zook, the director of Fitch's Asia-Pacific Sovereigns team, said during a webinar, Wednesday.The global credit ratings agency has already warned that signs of supply chain disruptions are starting to deal a blow to Korean manufacturers, when it cut the country's GDP growth outlook to 4 percent in September from 4.5 percent in July.Fitch noted at the time that disruptions faced by industries in Southeast Asia, particularly in Vietnam, began to hit Korean manufacturers due to the deep supply chain links in elec

Oct 20, 2021By Park Jae-hyuk
Fitch warns Korea about weakening export demand
Economy

ANALYSIS US bitcoin ETF debut will not boost crypto growth in Korea

A digital banner for the newly listed ProShares Bitcoin Strategy ETF is displayed on the floor of the New York Stock Exchange (NYSE) on Tuesday in New York City. AFP-YonhapRegulation will curb qualitative growth of crypto market in KoreaBy Lee Min-hyungThe much-anticipated debut of the first U.S. bitcoin-linked exchange-traded fund (ETF) will not help drive the qualitative growth of the cryptocurrency industry in Korea unless financial watchdogs here shift their current stance of maintaining stiff regulatory scrutiny over any trading of virtual assets, bank industry officials said Wednesday.Officials from the Financial Services Commission (FSC), the country's top financial policy regulator, were unavailable for comment regarding the possible future effects of the debut of U.S. bitcoin ETF on the local financial market. The Bank of Korea, the country's central bank, only said that the bank will be monitoring any developments of the issue. “We will keep enhancing our monitoring of the issue,” a BOK official said. “We do not have any official comment regarding the U.S.

Oct 20, 2021By Lee Min-hyung
[ANALYSIS] US bitcoin ETF debut will not boost crypto growth in Korea
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