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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

Financial watchdog vows to tighten controls on Naver, Kakao

Financial Supervisory Service Governor Jeong Eun-bo, right, replies to questions from lawmakers during a National Assembly audit in Seoul, Thursday. Joint Press Corps By Park Jae-hyukFinancial Supervisory Service (FSS) Governor Jeong Eun-bo expressed his intention to impose tougher regulations on Naver, Kakao and other large tech firms in the financial sector, Thursday, in line with the government's ongoing attempts to tighten controls on the country's online platform operators.This was his first direct mention of regulations on big tech firms.“Following big tech firms' accelerated entries into the financial sector, we will regulate their operations and come up with reasonable supervisory measures to enable fair competition between digital platform providers and financial companies,” he said at his first National Assembly audit following his appointment to head the ministry in August.Given that Financial Services Commission (FSC) Chairman Koh Seung-beom also emphasi

Oct 7, 2021By Park Jae-hyuk
Financial watchdog vows to tighten controls on Naver, Kakao
Economy

Korea issues $1.3 bil in forex bonds at record-low spread

Ministry of Economy and Finance International Finance Bureau Director General Kim Seong-wook speaks during a briefing at Sejong Government Complex, Thursday. Courtesy of Ministry of Economy and FinanceSeoul-Washington currency swap needs to be extendedBy Lee Kyung-minKorea has issued $1.3 billion (1.5 trillion won) in dual-tranche dollar- and euro-denominated bonds at a record-low spread, lifted by a high assessment of the Korean economy by overseas investors, the finance ministry said Thursday. The dollar bond sale was four times greater than the initial purchase order, while the euro bond sale was six times greater. Among the buyers were central banks and sovereign wealth funds from the U.S., Europe, the Middle East, Asia and Africa.The spread between $500 million worth of 10-year dollar-denominated bonds with a yield of 1.769 percent and U.S. Treasuries with the same maturity was 25 basis points.The spread between 700 million euros worth of five-year euro-denominated bonds with a negative yield of 0.053 percent and benchmark euro mid-swap was 13 basis points.The record-low spread

Oct 7, 2021By Lee Kyung-min
Korea issues $1.3 bil in forex bonds at record-low spread
Economy

Lawmaker questions validity of M&A deals by PEFs

Rep. Ryu Ho-jeong of the Justice Party questions Trade Minister Moon Sung-wook during a National Assembly audit in Seoul, Tuesday. Joint Press Corps-YonhapTrade ministry fails to specify plans for how to block outflow of key tech By Lee Min-hyungA lawmaker has urged the government to strengthen its supervision of local private equity firms (PEF) pushing to sell off Korean tech firms to overseas rivals, amid concerns over possible technology outflow.Rep. Ryu Ho-jeong of the minor social democratic Justice Party took issue with Hahn & Company's move to sell Hanon Systems to overseas PEFs or rival auto part suppliers. Hanon Systems is one of the world's biggest automotive air conditioning system vendors. Hahn & Company holds a 50.5 percent stake in Hanon Systems.Under the mega deal, a 70 percent stake in Hanon Systems ― currently owned by Hahn & Company and Hankook Tire & Technology ― is up for sale, with a valuation expected to reach as high as 8 trillion won ($6.72 billion).A shortlist of interested buyers included global PEFs and overseas auto parts suppliers ― such a

Oct 7, 2021By Lee Min-hyung
Lawmaker questions validity of M&A deals by PEFs
Economy

Lina Korea extends term of 1st female CEO

By Lee Min-hyungLina Korea CEO Cho Jee-eunLina Korea has extended the term of CEO Cho Jee-eun for another year until the end of 2022, the insurer's CEO recommendation committee said Thursday.“We will reappoint her as our CEO in recognition of her management achievement demonstrated by stable organizational operation despite the pandemic-induced difficult market environment,” the committee said.Cho made headlines last year as the only female CEO in Korea's insurance industry. Born in 1975, she is also the youngest CEO in the industry.Lina Korea reported sound earnings in the first half of 2021, despite a resurgence of the pandemic here. Its net profit between January and June came in at 165 billion won ($138.7 million), declining slightly from 174 billion won a year ago. But given the pandemic-sparked financial uncertainties here and abroad, the performance is considered to be solid within the industry.Cho's extension of term will be confirmed during an upcoming shareholders' meeting.One of her core tasks this year is to speed up the establishment of Lina's digital insurer

Oct 7, 2021By Lee Min-hyung
Lina Korea extends term of 1st female CEO
Economy

Korean economy faces growing downside risks: KDI

This Sept. 6 file photo shows a sign announcing a temporary closure over COVID-19 at a convenience store in Seoul's nightlife district of Itaewon. YonhapThe South Korean economy is facing increasing downside risks as the uptick in COVID-19 cases is delaying the recovery of private spending amid heightened uncertainty about the global economic recovery, a state-run think tank said Thursday.Asia's fourth-largest economy is on a recovery track driven by solid exports, but slumps in the face-to-face service sector are deteriorating during the current spike in coroanvirus cases, according to a monthly economic assessment report by the Korea Development Institute (KDI)."Korea's economic recovery is slowing on the contraction in the face-to-face service industry, and downside risks are running high on growing global uncertainty," the English-language report showed.South Korea is grappling with another wave of the pandemic as its daily new cases have topped 1,000 for more than three months.Since July 12, the greater Seoul area, home to half of the country's population of 52 million, has been

Oct 7, 2021
Korean economy faces growing downside risks: KDI
Economy

Korea sells $1.3 billion of foreign exchange stabilization bonds

gettyimagesbankSouth Korea said Thursday it has successfully sold about $1.3 billion worth of foreign exchange stabilization bonds.The government sold U.S. dollar-denominated bonds worth $500 million with a maturity of 10 years and five-year euro-denominated debts worth $700 million, according to the finance ministry.The dollar bonds carry a yield of 1.769 percent, or 25 basis points more than the rate of U.S. 10-year Treasuries, while the euro bonds carry a yield of minus 0.053 percent, it added.Currency stabilization bonds are designed to raise money needed for the government to keep foreign exchange rates stable. Their yields often serve as a benchmark for Korean bonds being traded in international financial markets. (Yonhap)

Oct 7, 2021
Korea sells $1.3 billion of foreign exchange stabilization bonds
Economy

Korea logs current account surplus for 16th month in August

In this Aug. 25 file photo, stacks of containers are seen at a port in Busan. YonhapSouth Korea posted a current account surplus for the 16th straight month in August as exports remained robust and revenue from cargo shipping rose amid the global economic recovery, the central bank said Thursday.The current account surplus reached $7.51 billion in August, down from $8.21 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The current account has been in the black since May last year. In April 2020, South Korea suffered a deficit of $3.33 billion on faltering exports caused by the pandemic.The goods balance logged a surplus of $5.64 billion in August, smaller than a surplus of $5.73 billion the previous month.Exports, which account for half of the South Korean economy, rose 31.2 percent on-year to $52.2 billion, while imports increased 42.4 percent to $46.6 billion.The service account, which includes outlays by South Koreans on overseas trips, logged a surplus of $1 billion in August, a turnaround from a d

Oct 7, 2021
Korea logs current account surplus for 16th month in August
Economy

Seoul stocks skid for 3rd day to this year's low

Employees at the headquarters of Hana Bank look at monitors, as KOSPI finishes at 2,908.31 at Wednesday's closing. YonhapKorean stocks fell nearly 2 percent Wednesday, while the Korean won fell to a 14-month low against the U.S. dollar amid ongoing investor concerns over the debt crises of Chinese property developers and the impasse in the U.S. Congress on raising the debt limit.The benchmark Korea Composite Stock Price Index (KOSPI) fell 53.86 points, or 1.82 percent, to close at 2,908.31 points, the lowest finish since Dec. 30 last year.Trading volume was moderate at about 887.63 million shares worth some 15.4 trillion won (US$13 billion), with losers outnumbering gainers 780 to 118.Foreigners sold a net 278.7 billion won, while retail investors bought a net 176.8 billion won. Institutions purchased a net 84.2 billion won.Local stocks got off to an upbeat start tracking overnight Wall Street gains before turning lower as investor sentiment worsened after New Zealand's central bank raised interest rates for the first time in seven years."While the hike was expected, recently worsen

Oct 6, 2021
Seoul stocks skid for 3rd day to this year's low
Economy

Korean financial firms suffer limited impact from Evergrande shock

A man walks past the entrance of the headquarters of China Evergrande Group in Hong Kong, Monday. AP-YonhapChina's economic slowdown remains big fear factor for Korean economyBy Lee Min-hyungFinancial firms and institutional investors here appear to be exposed to minimal risk amid Evergrande's debt crisis, even as few of them turned out to have made direct investments into the Chinese real estate developer, data showed Wednesday.Even if the possible default of Evergrande does not pose any serious threats to most financial firms here, including banks, insurers or securities companies in the short run, experts voiced the need for market players to remain vigilant over the issue due to the Korean economy's huge reliance on China.The National Pension Service (NPS) is by far the biggest victim of botched investments in Evergrande, with the pension fund suffering a loss of 4.2 billion won ($3.52 million) after investing over 41 billion won since 2016, according to data released by Rep. Kim Sung-joo of the ruling Democratic Party of Korea.Aside from the institutional investor, however, Kore

Oct 6, 2021By Lee Min-hyung
Korean financial firms suffer limited impact from Evergrande shock
Economy

Finance minister unflinching about taxing crypto gains

Deputy Prime Minister and Finance Minister Hong Nam-ki attends a parliamentary audit of the Ministry of Economy and Finance at the National Assembly in Yeouido, Seoul, Wednesday. YonhapFSC chair pledges tighter scrutiny for Upbit operator's monopoly By Lee Kyung-min Deputy Prime Minister and Finance Minister Hong Nam-ki said that taxation on gains from cryptocurrency trading will take effect next year as planned, in a clear show of distance from mounting calls from both ruling and opposition party lawmakers to delay the enforcement ahead of next year's presidential election.The finance ministry initially planned to impose a 20 percent tax starting Oct. 1 on gains of over 2.5 million won ($2,125) made in a one-year period, but it was delayed for three months due to a lack of taxation infrastructure.“Any further delay in the already postponed enforcement will lead to the loss of public trust in government policy and undermine stability in the legal system,” he said during a parliamentary audit of the Ministry of Economy and Finance at the National Assembly on Yeouido,

Oct 6, 2021By Lee Kyung-min
Finance minister unflinching about taxing crypto gains
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