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    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

Korea falls far behind in decarbonization: climate advocacy

Activists from the Seoul-based climate advocacy Solutions for Our Climate hold a protest decrying Korea's coal-heavy energy policies near where the 2018 United Nations Climate Change Conference was held in Katowice, Poland, Dec. 13, 2018. Korea Times file By Lee Kyung-min Korea's overall climate action remains highly insufficient, as indicated by its heavy reliance on fossil fuels for energy generation, government financing for coal projects and a shortfall in its carbon emissions target, global climate advocacy said Monday. Korea should promptly phase out coal power by 2030, halt construction of new coal plants, streamline operation approval for generators of renewables and improve grid access, according to Climate Transparency, a global partnership of 16 think tanks and non-governmental organizations (NGOs). The entity comprises experts from the majority of G20 member nations with a mission of advocating for stronger climate action by the G20 countries.Climate Tr

Oct 18, 2021By Lee Kyung-min
Korea falls far behind in decarbonization: climate advocacy
  • Korea to raise goal of cutting emissions to 40% by 2030
Economy

Support for 2030 Busan expo bid

Kim Young-ju, the chairman of the Committee for World Expo 2030 Busan, and Chung Man-ki, the former vice trade minister and incumbent head of the Korea Industry Alliance Forum, pose with copies of a joint agreement to bolster cooperation on the port city's expo bid during their meeting in Seoul, Monday. The government-recognized Korea Industry Alliance Forum consists of 15 smaller business associations in the automotive, machinery, trade, textile and other industries. Yonhap

Oct 18, 2021By Yi Whan-woo
Support for 2030 Busan expo bid
Economy

No borders in climate cooperation

gettyimagesbankKorea catches up fast in green campaign among OECD membersBy Frank RijsbermanInternational climate scientists agree that to keep global warming to within 1.5 degrees Celsius, and avoid climate impacts with disastrous consequences, the world needs to reach net zero by 2050. Despite having reached the most far-reaching climate accord in Paris in 2015, the international community has not made much progress towards this goal as recent U.N. reports show. Frank RijsbermanThe good news is that there has been an avalanche of promises and commitments in the last two years. The Republic of Korea has made rapid and very impressive progress. From a position somewhere at the back of the pack of OECD countries, Korea is catching up with the frontrunners. The National Assembly confirmed Korea's net zero 2050 target into law last August and President Moon Jae-in will formally commit to a more ambitious Nationally Determined Contribution (NDC) at COP26, with an increase of 40 percent. The next step will be to find the solutions that the government ― and the private sector ― can pu

Oct 18, 2021
No borders in climate cooperation
Economy

Tightening lending rules to hit young, low-income borrowers hardest

Bank of Korea Governor Lee Ju-yeol speaks during an audit of the central bank at the National Assembly, Oct. 15. YonhapPressure furthered from Bank of Korea's probable November rate hike By Lee Kyung-min Borrowers in need of loans for “jeonse,” or Korean-style deposit lease payments, remain highly concerned, despite a recent government announcement that mortgage loan seekers will not be subject to tightening lending rules implemented to curb snowballing household debt over the course of the COVID-19 pandemic. Unique to Korea, jeonse is a home-renting system whereby tenants pay a refundable lump sum deposit instead of a monthly rent. Young, low-income borrowers who took out cheap loans enabled by the pandemic-induced expansionary monetary policies will be squeezed by rising interest payments, as inferred by Bank of Korea Governor Lee Ju-yeol who expressed little concern about a key rate hike wreaking havoc on the economy. “Our economic forecast showed that borrowers would experience limited difficulty even when we raise the key rate in November,” Lee said durin

Oct 17, 2021By Lee Kyung-min
Tightening lending rules to hit young, low-income borrowers hardest
Economy

Dollar set to continue rally against won

An electronic board in Hana Bank's dealing room shows the slight fall of the won-dollar exchange rate, Friday. YonhapForeign exchange market predicted to stabilize next yearBy Lee Min-hyungThe U.S. dollar will continue gaining ground against the Korean won until the end of the year amid persisting external financial uncertainties, especially a top Chinese real estate developer's default risk and imminent signs of U.S. tapering, analysts said Sunday.Such assessment comes amid the continued steep rise of the won-dollar exchange rate. Last week, the rate reached this year's high of 1,200 won, currency dealers said. Of particular note is the rapid pace of the dollar's appreciation. The rate hovered around 1,150 won as of early September, but it has since jumped to the level of 1,200 won the following month. The trend was interpreted as a demonstration to justify investors' preference for safer assets after China's Evergrande-related risk started escalating and the U.S. Fed continues sending signals of beginning to reduce its bond-buying campaign.Experts predicted that the volatile curren

Oct 17, 2021By Lee Min-hyung
Dollar set to continue rally against won
Economy

Finance minister joins gov't efforts to voice concerns over US pressure on Samsung

Korea's Finance Minister Hong Nam-ki, left, stands next to U.S. Treasury Secretary Janet Yellen ahead of their bilateral talks in Washington D.C., Thursday. YonhapBy Anna J. ParkFinance Minister Hong Nam-ki joined a recent series of government actions to voice concerns about the U.S. government's move to pressure Samsung Electronics to provide sensitive information about its supply chain. During a meeting with his U.S. counterpart Janet Yellen on Thursday, local time, in Washington D.C., Hong officially conveyed the concerns voiced by Korean conglomerates about the U.S. government's request to submit internal information on supply chains. “While concerted worldwide efforts are needed to solve the disrupted global supply chain, the Korean government highly values the U.S. move to proactively solve the issue,” Hong said, as he relayed the concerns of Korean companies about the recent request by the U.S. for information. “I hope the two countries could continue close consultations through a cooperative bilateral channel established in May, following the summit talks be

Oct 15, 2021By Anna J. Park
Finance minister joins gov't efforts to voice concerns over US pressure on Samsung
Economy

BOK continues to normalize monetary policy to ease 'financial imbalances'

Bank of Korea Governor Lee Ju-yeol speaks during a parliamentary audit, Oct. 15. YonhapThe Bank of Korea will continue adjusting its accommodative monetary policy and determine the timing of another rate hike in a way that could ease "financial imbalances" caused in part by rising household debt, Gov. Lee Ju-yeol said Friday.Lee made the remarks days after the central bank kept its policy rate unchanged at 0.75 percent for October but hinted at the possibility of an additional rate increase before the end of this year to rein in inflation and household debt."Financial imbalances have deepened due to the concentration of funds in the asset market and a cumulative increase in household debt, which are serving as a factor that weighs on our economy's sustainable growth," Lee told lawmakers during a parliamentary audit. "Taking them into consideration, the BOK has steadily normalized its monetary policy stance that has been significantly eased in the wake of the COVID-19 outbreak," he added. "Going forward, the BOK will adjust the extent of its accommodative policy in accordance with imp

Oct 15, 2021
BOK continues to normalize monetary policy to ease 'financial imbalances'
Economy

Korea faces continued economic uncertainty: finance ministry

This Oct. 8 file photo shows closed stores in the shopping district of Myeongdong in downtown Seoul amid the COVID-19 pandemic. YonhapThe South Korean economy is facing continued uncertainty as slumps in person-to-person service sectors have extended amid the latest spike in COVID-19 cases, the finance ministry said Friday.The government said the on-year growth of consumer prices could exceed 3 percent in October ― higher than the central bank's inflation target of 2 percent ― due to last year's low base. In its monthly economic assessment report, the ministry said the country's exports remained robust, while the job market has markedly improved despite the fourth wave of the pandemic."Economic uncertainty persists, led by (slumps) in the face-to-face service segments," the Ministry of Economy and Finance said in the Green Book.Asia's fourth-largest economy is on a recovery track, supported by brisk exports of chips and autos. But the recovery of private spending remains fragile as the country has maintained the toughest-ever virus curbs to stem the resurgence in virus cases.For abou

Oct 15, 2021
Korea faces continued economic uncertainty: finance ministry
Economy

Korea to resume discount coupon program to spur spending

This Sept. 12 file photo shows people shopping at a traditional market in Busan ahead of the fall harvest Chuseok holiday. YonhapSouth Korea plans to resume discount coupon programs aimed at boosting private spending as the country is preparing to move into a phase of "living with COVID-19" in early November, a senior government official said Friday.Except for food delivery via apps, the country suspended the coupon programs for sports, accommodations, tourism, cultural performances, and railway and bus service due to the resurgence of virus cases. The government earlier said the resumption will depend on the vaccine rollout."The government will consider resuming the consumption coupon programs after consulting with health authorities in a bid to help boost private spending under the 'living with COVID-19' phase," First Vice Finance Minister Lee Eog-weon told a government policy meeting.The government is preparing to gradually move into the "With Corona" scheme around Nov. 9, under which COVID-19 will be treated as an infectious respiratory disease, like seasonal influenza, with ease

Oct 15, 2021
Korea to resume discount coupon program to spur spending
Economy

Reporter's notebook National Tax Service is complicit in suicide of sexual assault victim

National Tax Service (NTS) Commissioner Kim Dae-ji speaks during a parliamentary audit of the tax agency at the National Assembly in Yeouido, Seoul, Oct. 8. YonhapBy Lee Kyung-min What makes sexual assault victims commit suicide?I can't even imagine how unbearable and pointless they found life to be before concluding that giving up altogether is the only answer. But I'm becoming more and more convinced that the suicide of a tax official a few months ago was not due to a sudden impulse or desperation from the incident itself, but because of a sense of injustice that continued along the way. According to files submitted by the National Tax Service (NTS) to Rep. Yong Hye-in of the minor opposition Basic Income Party as part of an audit of the tax agency, the victim who worked at the Incheon tax office committed suicide in May, about four years after she was sexually assaulted by her superior in a karaoke bar during an after-work get-together on Sept. 27, 2017. She had since been treated for depression. The files included criminal complaints, court rulings and the tax agency's

Oct 14, 2021By Lee Kyung-min
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